An approach on the financing of French and Spanish midsize Companies
Fuente: Análisis Financiero
martes, 23 de febrero de 2016
Joining other European markets in the context of the MiFID directive is a key driver for an effective midsize company’bond market to function well in Spain. This is even more important due to the particularly difficult credit conditions. Spanish companies need a larger and more liquid credit market. Setting up a domestic bond market for Spanish SMEs may not be feasible in the very short term in the absence of domestic institutional investor interest for such an asset class. But on the positive side one should recognize that some European institutional investors are reallocating part of their money into investments on corporate debt. This has somehow materialized in France since the beginning of the year and insurance companies are expected to become more visible as corporate lenders. As geography also plays a role in the “diversity score” of portfolios, Spanish companies with good financials - there are many - could also attract interest of “cross border” institutional investors and should take advantage of that.
Keywords: to compensate for the lack of bank credit and of a domestic bond market Spanish midzize companies should contemplate tapping other european bond markets that are developping».
JEL Classification: G1, G2.

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