12.11.2012 - Pressezitat
12-14. November 2012 - Conference Magazine No 3 - EK Forum 2012 - Stumbling blocks on the road to SME bonds
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GBC in der Presse – 12-14. November 2012 – Conference Magazine No 3 – EK Forum 2012 – Stumbling blocks on the road to SME bonds
The most common mistakes in the issuing process
and how they can be avoided…
"It is no secret that bonds have been a popular financing option for large institutions since the 20th century. Whether wars, railways or business expansions, much has been successfully funded in this way. Bonds are seeing a renaissance in the SME sector, too, finally enabling them to curtail the dominance of bank financing.
As a classic substitute for conventional bank financing, their use in this sector has been limited until now. This brings us to the first misconception about bonds: namely, that the conditions attached to them are comparable to those of current bank financing. After all, if we aim for a purely quantitative comparison, bonds most obviously come out in second place. Naturally, the advantages of the bond are primarily qualitative, such as a long-term guaranteed availability of funds (usually around five years) or the high degree of flexi – bility in the use of funds. It is also important to emphasise that the issuer may individually provide the creditor with security rights, although they are not mandatory"…..
Quelle: Deutsche Börse, Conference Magazine No. 3, 12.-14. November 2012
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