Italy’s Minibond PMI Italia fund, managed by Finanziaria Internazionale Investments SGR and aimed at widening access to credit for local SMEs, has subscribed its first investments with five Italian firms.
Eurotranciatura, Gruppo PSC, USCO, MEP and Molinari, all active in the mechanical and infrastructure industries, have issued minibonds for a total amount of €5m, almost half of the fund’s capacity.
Finanziaria Internazionale said it aims at closing the first round of investments by the end of 2014.
The firms selected for this first round of investments all have a developed international presence and a stable management team. The average rating is within BB+ and BBB- and the average investment rate is around 500bps above Italian government bonds return over a four-year horizon.
Monte dei Paschi Capital Services is assisting issuers by acting as arranger, while Orrick Herrington & Sutcliffe is acting as legal adviser.