New Finance for Italian Firms. Issues of Mini-Bonds and SME Entering the Stock Exchange are the Most Promising Novelties

Abstract

The difficulties of bank lending to Italian firms create an urgent need for new finance from alternative channels. This is essential to catch the recovery in 2014. More resources should come from private equity and mezzanine finance. Good news arrive from small and medium-sized enterprises (SME) accessing the stock-exchange. A promising novelty are the Mini-Bonds which try to open the corporate bond market to SME. We need to revive the securitization of loans. District and local bonds are little exploited. Positive development was recently seen in network finance. Confidi and Fondo Centrale di Garanzia should be strengthened to support access to credit.

<c.rapacciuolo@confindustria.it>, Research Department. I wish to thank Francesca Brunori, Pasquale Capretta, Giovanna Labartino and Luca Paolazzi (Confindustria) and an anonymous referee for useful comments on an earlier draft, Francesco Grande (CRIF) for valuable help in the analysis of the mini-bond market, Giacomo Fumeo (Filca) for telling a success story with mini-bond issues.