Minibonds passed the milestone of 1,500 issues
(Teleborsa) – In this first quarter of 2023, the Italian minibond market has passed an important milestone: that of 1,500 issues from 2014 to today, with over 1,000 companies that have decided to use the tool. From 2018 to today, the period in which the analysis is concentrated, a total of 1,186 minibonds were issued, of which 150 listed on the segment ExtraMOT Pro and 1,036 privately placed, for a total value of approximately 7 billion euro.
After a record 2022 – characterized by 302 issues for a total value of over 1.7 billion – the first quarter of 2023 saw a decrease in the number of issues, only 17 (of which one listed on the ExtraMOT Pro segment of Borsa Italiana) for a total value of 110.3 million.
An ever increasing number of floating rate issues can be observed: in 2022 and in the first quarter of 2023 almost 50% of issues (152 securities out of a total of 319) are characterized by a variable coupon, generally indexed to the Euribor.
The variable coupon linked to the green
Another type of variable coupon can be found in the Sustainability-Linked Bond, bonds that are issued to finance corporate strategies focused on the Sustainable Development Goals of the UN 2030 Agenda. These instruments envisage mechanisms for reducing the coupon rate upon the achievement of pre-established sustainability objectives for the issue such as, for example, the reduction of CO2 emissions, the increase in the shares of renewable energy used or the obtaining of ESG ratings by independent agencies.
Despite a first quarter of 2023 characterized by a contraction in emissions, the record numbers recorded in 2022 confirm the effectiveness of the minibond instrument in supporting the growth of Italian SMEs.
(Foto: Photo by Mathieu Stern on Unsplash)