Non-bank debt financing for SMEs: The role of securitisation, private placements and bonds
Reducing bank dependence in financing small-and medium-sized enterprises (SMEs) that are key contributors to economic growth and job creation should help making them more resilient to financial shocks. Various non-bank debt financing alternatives are available and were the focus of a Roundtable disc...
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| Main Author: | |
|---|---|
| Other Authors: | |
| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
Paris
OECD Publishing
2014
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| Subjects: | |
| Online Access: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Summary: | Reducing bank dependence in financing small-and medium-sized enterprises (SMEs) that are key contributors to economic growth and job creation should help making them more resilient to financial shocks. Various non-bank debt financing alternatives are available and were the focus of a Roundtable discussion that this article draws on. Revitalising securitisation, tarnished during the crisis, is important, by making it safer, simpler and more transparent, and perhaps also by offering some (initial) government and regulatory support. Similarly, covered bonds can be attractive instruments for SME finance. For mid-sized companies, bond issuance and private placements may also provide useful alternatives. All these instruments can and should be tailored to fit the investors' needs. There is no "silver bullet" for SME finance which is exceptionally complex due to the diversity of SMEs themselves. Data transparency, standardisation, regulatory support and raising awareness about available financing options should be among the issues to be addressed. JEL classification: G1, G2, G23, G28 Keywords: SME finance, non-bank finance, (high-quality) securitisation, asset-backed securities (ABS), SME CLO (collateralised loan obligation), (covered) bonds, private placements, European DataWarehouse, Prime Collateralised Securities (PCS) initiative |
| Physical Description: | 1 Online-Ressource (24 Seiten) 21 x 28cm |
| DOI: | 10.1787/fmt-2014-5jxx05svvw34 |
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| 520 | |a Reducing bank dependence in financing small-and medium-sized enterprises (SMEs) that are key contributors to economic growth and job creation should help making them more resilient to financial shocks. Various non-bank debt financing alternatives are available and were the focus of a Roundtable discussion that this article draws on. Revitalising securitisation, tarnished during the crisis, is important, by making it safer, simpler and more transparent, and perhaps also by offering some (initial) government and regulatory support. Similarly, covered bonds can be attractive instruments for SME finance. For mid-sized companies, bond issuance and private placements may also provide useful alternatives. All these instruments can and should be tailored to fit the investors' needs. There is no "silver bullet" for SME finance which is exceptionally complex due to the diversity of SMEs themselves. Data transparency, standardisation, regulatory support and raising awareness about available financing options should be among the issues to be addressed. JEL classification: G1, G2, G23, G28 Keywords: SME finance, non-bank finance, (high-quality) securitisation, asset-backed securities (ABS), SME CLO (collateralised loan obligation), (covered) bonds, private placements, European DataWarehouse, Prime Collateralised Securities (PCS) initiative | ||
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| spelling | Kaousar Nassr, Iota Verfasser aut Non-bank debt financing for SMEs The role of securitisation, private placements and bonds Iota Kaousar Nassr and Gert Wehinger Paris OECD Publishing 2014 1 Online-Ressource (24 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier Reducing bank dependence in financing small-and medium-sized enterprises (SMEs) that are key contributors to economic growth and job creation should help making them more resilient to financial shocks. Various non-bank debt financing alternatives are available and were the focus of a Roundtable discussion that this article draws on. Revitalising securitisation, tarnished during the crisis, is important, by making it safer, simpler and more transparent, and perhaps also by offering some (initial) government and regulatory support. Similarly, covered bonds can be attractive instruments for SME finance. For mid-sized companies, bond issuance and private placements may also provide useful alternatives. All these instruments can and should be tailored to fit the investors' needs. There is no "silver bullet" for SME finance which is exceptionally complex due to the diversity of SMEs themselves. Data transparency, standardisation, regulatory support and raising awareness about available financing options should be among the issues to be addressed. JEL classification: G1, G2, G23, G28 Keywords: SME finance, non-bank finance, (high-quality) securitisation, asset-backed securities (ABS), SME CLO (collateralised loan obligation), (covered) bonds, private placements, European DataWarehouse, Prime Collateralised Securities (PCS) initiative Finance and Investment Wehinger, Gert ctb https://doi.org/10.1787/fmt-2014-5jxx05svvw34 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kaousar Nassr, Iota Non-bank debt financing for SMEs The role of securitisation, private placements and bonds Finance and Investment |
| title | Non-bank debt financing for SMEs The role of securitisation, private placements and bonds |
| title_auth | Non-bank debt financing for SMEs The role of securitisation, private placements and bonds |
| title_exact_search | Non-bank debt financing for SMEs The role of securitisation, private placements and bonds |
| title_exact_search_txtP | Non-bank debt financing for SMEs The role of securitisation, private placements and bonds |
| title_full | Non-bank debt financing for SMEs The role of securitisation, private placements and bonds Iota Kaousar Nassr and Gert Wehinger |
| title_fullStr | Non-bank debt financing for SMEs The role of securitisation, private placements and bonds Iota Kaousar Nassr and Gert Wehinger |
| title_full_unstemmed | Non-bank debt financing for SMEs The role of securitisation, private placements and bonds Iota Kaousar Nassr and Gert Wehinger |
| title_short | Non-bank debt financing for SMEs |
| title_sort | non bank debt financing for smes the role of securitisation private placements and bonds |
| title_sub | The role of securitisation, private placements and bonds |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-2014-5jxx05svvw34 |
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