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Corporate bond financing of Italian non-financial firms


  • Giorgio Meucci

    (Bank of Italy)

  • Fabio Parlapiano

    (Bank of Italy)


This work analyses the main trends in bond financing by Italian non-financial firms and its role in relation to bank credit across different economic phases. The first part of the analysis refers to the 2008-2019 period, characterized by both crisis and recovery episodes, while the second part focuses on the specific effects of the recent pandemic crisis. The corporate bond market experienced substantial growth over the years, with an increasing number and more diverse types of issuers tapping the market. At the same time, not all crises episodes have had similar effects for bond financing. The 2008 and 2012 crises encouraged non-financial firms, especially the larger ones, to use bond instruments as an alternative to (rationed) bank credit, highlighting substitutability between market and bank-based financing channels. Instead, during the 2020 pandemic crisis, both bond issuances and bank credit expanded at unprecedentedly high rates, highlighting complementarities.

Suggested Citation

  • Giorgio Meucci & Fabio Parlapiano, 2021. "Corporate bond financing of Italian non-financial firms," Questioni di Economia e Finanza (Occasional Papers) 655, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:opques:qef_655_21

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    References listed on IDEAS

    1. Altavilla, Carlo & Pariès, Matthieu Darracq & Nicoletti, Giulio, 2019. "Loan supply, credit markets and the euro area financial crisis," Journal of Banking & Finance, Elsevier, vol. 109(C).
    2. De Santis, Roberto A. & Geis, André & Juskaite, Aiste & Cruz, Lia Vaz, 2018. "The impact of the corporate sector purchase programme on corporate bond markets and the financing of euro area non-financial corporations," Economic Bulletin Articles, European Central Bank, vol. 3.
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    More about this item


    non-performing loans; firm distress; firm recovery;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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