MPS launches bond fund for Italian SMEs

Monte dei Paschi di Siena (MPS) has launched Minibond, the first fund in Italy to allow investors access to bonds issued by unlisted Italian SMEs.

Minibond was presented by MPS chief executive Fabrizio Viola, and it comes as a result of a partnership between the bank and Finanziaria Internazionale Investment SGR (FinInt) and Confindustria.

The new vehicle will be a closed-end fund for qualified investors and will invest in debt instruments, mainly so-called ‘minibonds’ issued by Italian SMEs .

The Minibond fund will have a maximum duration of 7 years and will initially consist of a total between €100 and €150. The minibonds will be senior unsecured titles that will expire within a maximum of 5 years and their yield will be calculated at the time of their issue according to the market yields.

“Minibond fund is the first of its kind in Italy and it represents important news in the current situation,” Viola explains.

“Such initiative has been taken to provide SMEs greater access to liquidity and a wider choice in fund sources.”

“We hope that Minibond will pave the way for similar actions and for the development of the SME titles market,” Confindustria’s vice-president Vincenzo Boccia added.


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