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MINIBOND SCORECARD: MARKET TRENDS Main indicators as of July 31th 2015
1. Main indicators as of July 31st 2015
Minibond Scorecard
Market trends
Source: Elaboration by Epic and Business Support based on data provided by Osservatorio Minibond, Politecnico di Milano โ School of Management, Borsa Italiana and
corporate sites
MiniBondItaly.it is the first informational web portal and news aggregator overviewing the Italian minibond market. MiniBondItaly.it is developed and updated on a daily
basis by Business Support, a financial advisory and management consulting firm
Epic is the new fintech financing platform that directly connects private capital and SMEs
2. 2
oโฏ 128 issued minibonds for a total value of approximately โฌ5.2 bn (+4,7% vs
previous quarter)
oโฏ increase of minibonds below โฌ50 M in face value: in fact 18 out of 19 new
issues in the Apr-July period fall into this category
oโฏ decrease of the average maturity and coupon rate, consistent with the
previous quarter, confirming the market consolidation trend
oโฏ Food&Beverage registered the highest variation (+63% of volumes issued vs
April), thanks to new issues by Ferrarini (cured meats) and Terre Cortesi
Moncaro (wines)
oโฏ strong concentration of issues in Northern Italy is confirmed
Evolution of the Minibond market: main trends
As of July 31st 2015
3. Evolution of the Minibond market: main indicators
April 30th 2015 โ July 31st 2015
(*) Data from Minibond Scorecard โ Market trends as of 30.04.2015
3
+ =
109 4,963
13 3,475
6 615
90 873
9.7
93
5.80%
5.6
As of April 30th 2015 *
From April 30th 2015
to July 31st 2015
As of July 31st 2015
(**) Average maturity is about 4.3 years
if financial bills are included
Issued
(no.)
Face Value
(โฌ M)
Issued
(no.)
Face Value
(โฌ M)
Issued
(no.)
Face Value
(โฌ M)
Total market
of which: 150 โ 500 Mโฌ
of which: 50 โ 150 Mโฌ
of which: 0 โ 50 Mโฌ
Average issuer revenues (Mโฌ)
Average face value (Mโฌ)
Average annual coupon (%)
Average maturity (Y)
19 232
- -
1 100
18 132
7.3
89
5.12%
5.4**
128 5,195
13 3,475
7 715
108 1005
9.4
92
5.66%
5.4
4. 4
Minibond market as of July 31st 2015
Snapshot
oโฏ In the Italian Minibond Market issues with
face value below โฌ50 M represents
approximately 19% of the total value
issued
oโฏ Minibonds ranging from โฌ50 M to โฌ150 M
represent approximately 14% of the total
value issued
oโฏ The majority of the total value issued
originates from a handful (13) of issues
characterized by large face values (more
than โฌ150 M each)
Average Maturity
Pay-Back Structure
Average Annual
Coupon Rate
Secured / Rated
Issuer Average
Revenues
Average Face Value
5.4 Years
54% Bullet / 46% Amortizing
Approx. 5.66%
โค 20% of issues
Approx. โฌ92 M
Average main indicators
of the Minibond โค 50 million EUR
โฌ9.4 M
5. 23%
14%
16%
22% 22%
3%
โฌ715 M
โฌ1,005 M
โฌ3,475 M
Face Value
โฌ150-50 M
Face Value
โฌ500-150 M
Face Value
โค โฌ50 M
Total
Issued
โฌ5,195 M
5
Total Minibond issues listed on the ExtraMOT PRO
Recap by size as of July 31st 2015
Issuer revenues
Minibonds not exceeding โฌ50 M in face value
<= โฌ10 M
โฌ10 โ 25 M
โฌ25 โ 50 M
โฌ50 โ 100 M
โฌ100 โ 500 M
> โฌ500 M
(xx) volume
(25)
(15)
(17)
(24)
(3)
(1)
80.7
ย %
ย
19.3
ย %
ย
13 7 108
Average
turnover
โฌ92 M
(24)
Number of
Minibonds issued
6. 6
Issues not exceeding โฌ50 M in face value
Main indicators as of July 31st 2015
As of July 31st 2015: 108 Minibonds issued for a total value of โฌ1,005 M
Secured
Annual coupon rate
Face value
52%
22%
16%
10%
Average
value
โฌ9.4 M <= 5 Mโฌ
5 โ 10 Mโฌ
10 โ 20 Mโฌ
20 โ 50 Mโฌ
30%
30%
23%
7%
5%
5%
2% โ 5%
5% โ 6%
6% โ 7%
7% โ 8%
> 8%
Variable
Average
coupon
5.66%
(3)
(24)
(xx) volume
volume
(56)
(17)
(11)
(25)
(32)
(32)
(8)
(5)
(6)
(xx)
(5)
(6)
Main technical features
Pay-Back
structure
Rated
Maturity
29%
43%
18% 10%
<= 3 years
3 โ 5 years
5 โ 7 years
> 7 years
Average
maturity
5.4 years
(xx) volume
(31)
(47)
(19)
(11)
(4)
(7)
46% Amortizing 54% Bullet
26% Yes 74% No
18% Yes 82% No
0% 100%
(2)
7. 7
Issues not exceeding โฌ50 M in face value
Summary by industry as of July 31st 2015
Industry breakdown
Data in โฌ M
% total value
issued
no. issues
32.2% 13.0% 10.0% 7.3% 6.5% 6.2% 5.9% 5.5% 4.9% 8.5%
108
-2.6% +3.8% +1.1% -1.0% -1.1% +0.9% -0.9% -0.7%-0.8% +1.3%Variation vs
30th April '15
59
Construct.
66
Consulting
49
Media
& ICT
55
Food &
Beverage
Financial
Services
1.005
101
Totale Industrials
324
131
Power &
Utilities
73
Gaming
86
62
Consumer
& Retail
Other
19
15
20
2
3
13
4
11
6
15
8. 8
Issues not exceeding โฌ50 M in face value
Geographical breakdown as of July 31st 2015
Issuers of minibond are concentrated in Northern
Italy, in fact 5 regions account for 80% of total
issues:
oโฏ Veneto: approx. โฌ280M, corresponding to 28%
of total value issued
oโฏ Lombardy: approx. โฌ211M, corresponding to
21% of total value issued
oโฏ Emilia Romagna: approx. โฌ176M,
corresponding to 17.5% of total value issued
oโฏ Piedmont: approx. โฌ79M, corresponding to
7.9% of total value issued
oโฏ Tuscany: approx. โฌ57M, amounting to 5.7% of
total value issued
10. 10
Methodological notes
1.โฏ Issuer revenues: the total revenues of the issuer during the fiscal year preceding the issue
2.โฏ Issues listed on the ExtraMOT PRO, segment of Borsa Italiana (Italian Stock Exchange), not exceeding
the 50 million EUR size
3.โฏ Face Value: the nominal value of each Minibond issued, as indicated by the official data of Borsa Italiana
4.โฏ Maturity: the period of time (in years) for which the Minibond remains outstanding, before the remaining
portion of the invested capital is paid back to the holder of the instrument
5.โฏ Coupon: interest periodically paid to the Minibond holder. The coupon is typically cashed quarterly, semi-
annually or annually and may be fixed or variable
6.โฏ The average coupon is calculated as the arithmetic mean of those Minibonds with fixed coupon rate (103
of 108 Minibond issued)
7.โฏ The collaterals are defined as mortgages on properties, stock pledges or guarantees provided by qualified
third parties