2024 was a positive year for the minibond, After the braking recorded the previous year, unique since 2013 to have recorded a slowdown. The year just ended has in fact recorded one collection of 1.515 billion of euros, in 32% increase compared to the previous year. This is what emerges from the Observatory on the minibonds of the School of Management of the Polytechnic of Milan.
The minibond market is Growing up every year since 2013except in 2023, reaching a nominal value I complex of 12.56 billion Euro and attracting new companies, thanks above all to the contribution of programs supported by public guarantees and system operations such as Basket Bond. But there are also braking factors that still limit the thickness of the market, such as direct emission costs.
Growth favored by larger companies
The increase is to be attributed exclusively to larger companiesi, as the capital that belongs to SMEs amounts only 686 million euros, down on the previous year. In 2024 the emissions of debt securities lower than 50 million euros were 208 against 188 in 2023 (out of a total of 1,977 since 2013). The amount is less than 2 million euro for 26% of cases.
“In the face of the uncertainties that characterize the economy, between geopolitical tensions and risks of recession, the theme of supporting access to capital for SMEs is very current”, explains Giancarlo Giudici, head of the observatory.
The audience of the issuers
The Observatory identified 178 MINIBOND broadcasters in 2024 (126 overlooking the market for the first time), slightly increased compared to 168 of 2023and 105 of them are SMEs. It is for 64% of spa (growing compared to 2023) and 33.2% of Srl, to which are added 3 cooperative companies and 2 foreign vehicles of Italian groups. The listed broadcasters on the stock price There were 15 (in 11 cases on Euronext Growth Milan).
As for the activity sector, the sector manufacturing is always in the lead (24.7%) but decreasing compared to 2023, followed by financial holding (13.1%) and trade (12.5%).
From a geographical point of view, the Lombardy is always on pole (71 broadcasters, equal to 39.9%) followed by Lazio (23, equal to 12.9%) and Veneto (20, equal to 11.2%). Following Emilia-Romagna and Campania (15), undermined by second place in 2023.
Who signs the minibonds
As for the Main investors who signed the minibonds, 2024 sees the primacy dFunds and foreign banks with 33% of the volumes (they invested in a few operations but with significant cuts), followed by Italian banksand (31%), from the funds of private debt (18%) and from Cassa Depositi e Prestiti (10%).
They brake crowdfunding platforms, With a volume of titles placed that drops from 22.17 million euros of 2023 to 13.4 millionel 2024.
The players in the sector who contributed to research are ADB Corporate Advisory, Finint Banca Valsabbina, Cassa Depositi e Prestiti, Cerved Rating Agency, F&P Frigiolini & Partners Merchant, Hogan Lovells, Central Mediocredito, Mediocredito Trentino-Alto Adige, ModeFinance, Sella Investment Banking, Bag italiana, BEBEEZ, BEBEEZ, BEBEEZ
The minibonds esg are always welcome
Also in 2024 Minibond emissions were seen with Esg performance indexed coupon of the company (19), while the securities without guarantees are still a minority of the market and descend from 25% of 2023 to 22%. The prediction of call or put options for refund is quite frequent. The use of the rating issued by authorized agencies remained minority in 2024 (21% of emissions required it). The main motivation of the placement remains forcefully the internal growth. In the 2024 sample we find 20 MINIBDD GREEN, 3 Social and 19 Sustainability-Linked Minibonds, For a value DThe 233.70 million euros and a market share equal to 15% of the annual collection.
What are the minibonds
By minibond we mean the debt securities (bonds and financial bills) of an amount of less than 50 million euros issued by Italian companies non -financial (in particular capital company or cooperatives having its own operations) unlisted on lists open to retail investors. The tool represents a form of alternative and complementary financing to bank credit To diversify the sources and access the competitive market of professional investors, mostly in preparation of subsequent more complex operations such as private equity or stocking listing.
