di Stefania Peveraro
Borsa Italiana will present ExtraMot Pro3 tomorrow, the new ExtraMot segment to give more evidence to SMEs debt issues, separating them from those of other types of issuers that in the meantime had listed their securities on the original market, such as some securitization SPVs.
In practice, however, the result is not quite so clear, given that the criteria for defining admission to the new segment have in any case led to the transfer of as many as 163 bonds by issuers that also include Aeroporti di Roma, Sisal or Rekeep (ex Manutencoop) , which are not really SMEs. We need to understand what will remain on the original ExtraMot Pro segment, but this will be explained to us tomorrow by Borsa Italiana top management. Meanwhile, the readers of BeBeez News Premium can read here the BeBeez Insight View which summarizes the selection criteria of the bonds admitted to the new segment and the list of the issues transferred.
Meanwhile, again with regard to private debt, the publication of the new Consob Regulation on equity crowdfunding is imminent after the consultation on a series of hypotheses regarding potential investors in bonds on the platforms. It will be interesting to see if, at the end, an intermediate category of investors between the professional investors and the private individuals admitted to the subscription of these instruments will be introduced. It would be an important step forward for the development of the private debt market in Italy and could be a prelude to other changes in this regard, perhaps related to the underwriting of securities issued by SPV securitization of bonds issued by SMEs.