Italian Government has recently approved measures to promote the development of a bond market for small and medium-sized enterprises. The new rules have stimulated the launch of such instruments. Operators are now required to develop the best practices needed to complete the market

The aim of the paper is to assess the efficiency of public aid in form of a guarantee, given the Ec State aid law. A State aid element valuation method for guarantee schemes, which highlights the effect of State aid on credit risk mitigation and takes into account the criteria for Ec...

In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...