The Covid-19 pandemic has brought the Italian economy to its knees and, now that the recovery is starting to show itself, it is necessary to find strategies and tools that can enhance growth. The priority is to allow companies that have faced and continue to face the difficulties of the emergency to find the liquidity necessary to finance the medium-long term objectives, but also to strengthen the capital structure both in terms of diversification of sources and maturity.
One claims it position paper developed by Cassa Depositi e Prestiti together with the CELF study center of the Orrick law firm and the Politecnico di Milano, according to which both needs can be covered by minibonds and basket bonds, constantly growing markets capable of ensuring the development of investments by SMEs and which offer ample opportunities to be used as alternative finance instruments. "The allocated funds could in fact also be channeled through operations for the issue of dond baskets in favor of small and medium-sized enterprises", reads the report.
The study underlines that the Italian and also European institutions have already decided to combine traditional forms of financing, alternative ways of sourcing resources financial ones such as basketball and minibonds. "Regardless of the exceptional economic situation in which the country finds itself - underlines the paper - the complementarity of alternative instruments with respect to the banking system, a typical approach of evolved markets, has the potential to support businesses (also in bonis) in obtaining medium/long-term finance". Not only that, in the recent past, "the possibility of structuring Basket Bond transactions has made it possible to combine the need to obtain credit from SMEs at competitive costs and over medium-long term time horizons, with obtaining a risk mitigation not possible in stand alone emissions. In the main operations carried out in Italy up to now, opportunities and benefits have been found both by the public institutions that have participated in these initiatives and by companies”, continues the paper.
To confirm as soon as they arrive regional data in which the minibond market has established itself. We are talking, for example, of Lombardy and Trentino in the north and of Puglia and Campania in the south. Well, in these territories "the advantages in economic terms for the business sector have been evident", reads the research which highlights how, on average, the value of the issue of minibonds represents i32,86% of the turnover of SMEs operating in central and northern Italy (and is equal to 4,43 million euros) while in Southern Italy the average amount of the value of minibonds constitutes 27,6% of the entire turnover of the issuing companies (and amounts to 2,98 million euros).
Finally, the research underlines how an increase in the size of the market can translate into support for the growth of the entrepreneurial system and the number of jobs.
