Research conducted by Cerved Rating reveals the sound health of Italy's production fabric, suggesting that more than 1,100 companies could issue minibonds of up to €15bn without compromising their financial solidity. Of these, 540 are active in the sectors most involved in the ecological and energy transition, with a potential of EUR 6.6 billion for mini green bonds. These figures emerge from the analysis conducted by Cerved Rating Agency (CRA), which specialises in assessing the creditworthiness and ESG performance of companies, part of the ION Investments group.
The analysis took into consideration over 15,000 non-financial companies, selecting a representative sample of the Italian economy in terms of sectors, geographical distribution, size, legal form and financial structure. Among these, 1,133 companies with a turnover between EUR 5 and 500 million were identified, which could issue minibonds without compromising their financial equilibrium. To identify eligible companies, the agency applied several filters, including an investment grade rating, a turnover growth rate over the past three years of more than 10 per cent and an EBITDA interest coverage of more than 3x.
This approach resulted in a total of EUR 15.2 billion of potential minibonds, mainly distributed in Northern Italy. Lombardy leads the ranking with 312 potential issuers for EUR 5.06 billion, followed by Veneto and Piedmont. Companies interested in ecological transition represent a significant subgroup, with 540 potential issuers for EUR 6.6 billion of mini green bonds.
The analysis shows a similar geographical distribution between minibonds and mini green bonds, with the North-West leading for both. The risk assessment shows that companies interested in servitisation and sustainability maintain low risk levels, with lower probability of default variations than the overall sample. These results confirm the significant role that minibonds and mini green bonds can play in financing the transition to more sustainable and service-oriented business models, thus contributing to the growth and innovation of the Italian economy.
We at 2meet2biz have always been committed to facilitating the financing process for companies aiming to achieve their green or energy transition, as well as the transition to servitisation. Our platform offers a comprehensive and transparent solution to connect companies with investors interested in supporting innovative and sustainable projects. We are here to provide support and advice throughout the minibond issuance process, helping companies achieve their growth and sustainability goals.
If you are a company wishing to explore financing opportunities for your transition to a more service-oriented and sustainable business model, please do not hesitate to contact us. We are ready to help you realise your potential and contribute to a greener and more prosperous future.