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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| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2014
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| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | 1 Online-Ressource (24 p.) 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 VerfasserIn 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 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource 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 MitwirkendeR ctb Enthalten in OECD Journal: Financial Market Trends Vol. 2014, no. 1, p. 139-162 volume:2014 year:2014 number:1 pages:139-162 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-2014-5jxx05svvw34 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_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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