Italian SMEs set to bypass banks

摘要

Bankers are working on a new financing technique that would allow Italy's SMEs to bypass bank lending and access market funding directly through a securirisation of their corporate bonds. One bank aims to close a deal by the end of the month, market observers say. It would be the first time that the small and medium-cap universe has been able to fund itself through non-bank channels using securitisation. The securitisation would be backed by individual SME bonds - so-called minibonds - pooled together in an aggregator vehicle and sold into the capital markets.