Challenges in minibond issuance. Analysis of implications for corporates and financial investors.

This dissertation addresses the topic of minibonds, a bond raising instrument of financial resources used by SMEs and developed in Italy as a result of regulatory innovations since 2012. Specifically, the thesis is divided into three main sections. The first chapter addresses historical, regulatory and technical issues related to minibonds. In addition, a relevant part of the chapter punctually describes the issuances of the last three years. Finally, the main contributions of the academic literature in this area are presented. In the second chapter, a quantitative analysis of issuances in the last three years by SMEs in the Triveneto region is carried out. Specifically, the financial statements from 2020 to 2023 of the issuing companies considered are reviewed, in order to perform an analysis of both the sample features (geographic, industrial, and size distribution) and the main financial robustness ratios pre-, during, and post-issuance. Specifically, a comparison is made with the results of the thesis of a former Ca' Foscari student, Luca Benvenuti, who analyzed these ratios of Triveneto SMEs issuing minibonds from 2013 to 2017. In the third and final chapter, thanks also to the support of Dr. Marco Cavasin of Veneto Sviluppo, cases of minibond issuance failure are discussed. The final objective is to investigate the reasons that prevented these companies from issuing minibonds.