New operating methods for raising liquidity to finance development programmes
Dal April 6th companies will be able to present warranty claims for “basket bonds”, which make it possible to find liquidity to finance development programs in a medium-long term perspective.
The new methods for granting guarantees on bond portfolios have several new features. The main one concerns the inclusion, among the subjects who can request the guarantee, of vehicle companies (SPV) which, within the context of the basket bond programs, subscribe the securities issued by the companies, financing themselves in turn through an issue of subscribed securities by institutional investors. Possible applicants for the Fund’s guarantee include, as previously, banks, financial intermediaries, insurance companies, collective savings organizations and consortia.
With the new operating methods, in addition to small and medium-sized enterprises, the so-called also become eligible Mid Capi.e. enterprises with fewer than 499 employees but other than SMEs.
The percentage of the guarantee is also growing, which can reach up to 25% (it was 8% in the old operating methods) of the total amount of the portfolio (which must be between 40 and 300 million euro), while for individual bonds an amount between 2 and 8 million euros is envisaged (and a maximum duration of 10 years), in any case not exceeding 5% of the total amount of the portfolio.
The resources assigned to Special section of the Fund dedicated to the granting of guarantees regulated by the new operating methods amount to 200 million euros.