Minibonds Scorecard as of 31.03.2019

Submitted by fbartoli on Wed, 04/17/2019 - 12:56
17.04.2019
  • 356 bonds issued on the ExtraMOT Pro market since 2014, with a corresponding face value of EUR 20,799M. Minibonds (i.e. securities with face value not exceeding EUR 50M) reach 297 issues, with a corresponding face value of EUR 2,081M.
  • Minibonds still outstanding at the end of 1Q2019 are 166, accounting for a face value at issue of EUR 1,491M (EUR 1,343M the current size, given early repayments and amortizing structures). 33 minibonds will expire in the next months of 2019, for an original face value of EUR 236M (EUR 213M the current size).
  • In the 1Q2019 the number of new issues decreased q/q (9 vs 15), whereas their corresponding face value increased (EUR 61M vs EUR 37M).
  • Average size (EUR 6.96M) and average coupon (5,06%) further reduced, confirming an ongoing trend. From an industry point of view, the quarter is characterized by an increase in Industrial and Natural Resources firms, (countervalue of approx. EUR 44M). We register also new issues from firms having already recurred to minibonds (Werther International, IMI Fabi, TSW Industries). Of special interest is the case of IMI Fabi, one of the most important company active in the extraction and production of mineral talc. After two previous issues in 2016 and 2014, in this quarter the company listed two new minibonds on the ExtraMOT Pro, collecting EUR 30M in total.

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