Barometro https://azimutdirect.com/it it Il Barometro Minibond: dati al 31.12.2023 https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-31122023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: dati al 31.12.2023</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/189" typeof="schema:Person" property="schema:name" datatype="">glomaestro</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Gio, 02/01/2024 - 08:26</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 01.02.2024</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Anche nell’ultimo trimestre del 2023 si è protratto il trend di riduzione delle emissioni cominciato a inizio anno. Durante gli ultimi tre mesi, sono state, infatti, registrate 45 emissioni (nessuna quotata sul segmento ExtraMOT Pro<sup>3</sup> di Borsa Italiana), il cui controvalore totale nel quarter ammonta a EUR 255,5M.</p> <p>Il <strong>mercato italiano dei Minibond conclude l’anno con 131 emissioni</strong>, per un controvalore totale di EUR 721,4M. Questi numeri sono in netta riduzione rispetto al 2022, anno record in cui furono registrate 302 emissioni per un controvalore complessivo pari a EUR 1.726,9M. </p> <p>I valori medi dei minibond emessi durante l’ultimo trimestre sono i seguenti:</p> <ul><li>Taglio EUR 5,9M.</li> <li>Cedola annua 8,66% (calcolata sulle sole emissioni a tasso fisso).</li> <li>Scadenza 5,2 anni.</li> </ul><p> </p> <h2>I dati di mercato dal 2018 ad oggi</h2> <p>Dal 2018 ad oggi (arco di tempo su cui concentriamo la nostra analisi) i minibond emessi in totale sono stati 1.300, di cui 152 quotati sul segmento ExtraMOT Pro<sup>3</sup> e 1.148 collocati privatamente, per un controvalore totale di circa EUR 7,6Mld.</p> <p>Di seguito le caratteristiche medie delle emissioni dal 2018 ad oggi:</p> <ul><li>Taglio EUR 6,1M;</li> <li>Cedola annua 4,48%;</li> <li>Scadenza 5,7 anni.</li> </ul><p>Taglio e scadenza media rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro. La cedola annua invece in aumento rispetto al valore registrato al 31.12.2022 (4,36%). </p> <p>Per quanto riguarda la localizzazione geografica, il 71% circa delle emissioni si concentra in cinque regioni: Lombardia, Veneto e Emilia-Romagna, Piemonte e Lazio per un controvalore pari a circa EUR 5,4Mld.</p> <p>Infine, per quanto riguarda la concentrazione settoriale, la maggior parte dei minibond è stata emessa da imprese industriali, con 233 emissioni per un ammontare totale superiore a EUR 1,3 Mld.</p> <p> </p> <h2>Il punto di vista Azimut Direct</h2> <p>Possiamo ragionevolmente affermare che il calo di emissioni nel 2023 segue il generale calo delle erogazioni di credito alle imprese conseguente al rialzo dei tassi di interesse. Ha inoltre, molto probabilmente, un legame con la maggiore facilità per le imprese di accedere al credito sotto forma di direct lending garantito, grazie alle garanzie pubbliche SACE e MCC, oggi in fase di riformulazione. </p> <p>In un contesto economico caratterizzato da un costante mutamento, emerge in modo inequivocabile il ruolo cruciale rivestito dalle Piccole e Medie Imprese all'interno del panorama economico italiano. Queste imprese costituiscono un pilastro fondamentale per la crescita economica, l'innovazione e la generazione di occupazione, contribuendo in maniera imprescindibile alla competitività e alla resilienza dell'economia nazionale.</p> <p>Tuttavia, molte PMI si trovano ad affrontare sfide significative quando cercano di accedere ai mercati finanziari per finanziare i propri progetti di espansione e sviluppo. Le barriere che si frappongono all'ottenimento di finanziamenti adeguati possono spesso rivelarsi intricate e costose, limitando di conseguenza il loro potenziale di crescita e la loro capacità di cogliere nuove opportunità di business.</p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/2024-02/20240201_Barometro_def.pdf">Scarica il report</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 3 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Thu, 01 Feb 2024 08:26:47 +0000 glomaestro 486 at https://azimutdirect.com Il Barometro Minibond: dati al 30.09.2023 https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-30092023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: dati al 30.09.2023</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/189" typeof="schema:Person" property="schema:name" datatype="">glomaestro</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Gio, 10/19/2023 - 13:48</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 19.10.2023</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Anche il terzo trimestre del 2023 prosegue il trend di riduzione delle emissioni cominciato da inizio anno: negli ultimi tre mesi sono state 29 le emissioni (nessuna quotata sul segmento ExtraMOT Pro<sup>3</sup> di Borsa Italiana), per un controvalore totale di EUR 176,4M. Il totale da inizio anno segna 76 emissioni per un controvalore di EUR 451,4M.</p> <p>Nei primi mesi del 2022 le emissioni furono ben 226, per un controvalore totale pari a EUR 1.267M.</p> <p>I valori medi dei <a href="https://azimutdirect.com/it/servizi/minibond">minibond</a> emessi durante l’ultimo trimestre sono i seguenti:</p> <ul><li>taglio EUR 6,3M</li> <li>cedola annua 7,39% (calcolata sulle sole emissioni a tasso fisso)</li> <li>scadenza 5,2 anni</li> </ul><p> </p> <h2>I dati di mercato dal 2018 ad oggi</h2> <p>Dal 2018 ad oggi (arco di tempo su cui concentriamo la nostra analisi) i minibond emessi in totale sono stati 1.245, di cui 151 quotati sul segmento ExtraMOT Pro<sup>3</sup> e 1.094 collocati privatamente, per un controvalore totale di oltre EUR 7,3Mld.</p> <p>Di seguito le caratteristiche medie delle emissioni dal 2018 ad oggi:</p> <ul><li>taglio EUR 6,1M</li> <li>cedola annua 4,45% (calcolata sulle sole emissioni a tasso fisso)</li> <li>scadenza 5,6 anni</li> </ul><p>Taglio e scadenza media rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro. La cedola annua invece è aumentata rispetto al valore registrato al 31.12.2022 (4,36%).</p> <p>Si osserva una sempre crescente numerosità delle emissioni a tasso variabile: nel 2022 e nei primi nove mesi del 2023 oltre il 50% delle emissioni (191 titoli su 378 totali) sono caratterizzate da una cedola variabile, in genere indicizzata all’Euribor.</p> <p>Tipologia di obbligazioni in cui è comune trovare una cedola variabile è quella dei Sustainability-Linked Bond (“SLB”), che si caratterizzano per meccanismi di riduzione del tasso cedolare in base al conseguimento di obiettivi di sostenibilità stabiliti al momento dell’emissione. Nell’ultimo trimestre sono stati emessi 9 SLB (di cui 6 nell’ambito di un Basket Bond promosso da UniCredit), per un controvalore di EUR 63,5M (ovvero il 37% del controvalore totale del periodo).</p> <p>Per quanto riguarda la <strong>localizzazione geografica</strong>, il 71% circa delle emissioni si concentra in cinque regioni: Lombardia, Veneto, Emilia-Romagna, Piemonte e Campania, per un controvalore pari superiore a EUR 5,2Mld.</p> <p>Infine, per quanto riguarda la concentrazione settoriale, <strong>la maggior parte dei minibond è stata emessa da imprese industriali,</strong> con 226 emissioni per un ammontare totale superiore a EUR 1,3 Mld.</p> <p> </p> <h2>Il punto di vista Azimut Direct</h2> <p>Come leggere questi dati? Il calo di emissioni in questo 2023 potrebbe essere legato alla disponibilità per le imprese di accedere al credito sotto forma di direct lending garantito, per mezzo delle garanzie pubbliche SACE e MCC, in essere dalla metà del 2022. </p> <p>Se le PMI rappresentano un pilastro fondamentale per la crescita, la competitività e la resilienza dell'economia nazionale, è altrettanto vero che, oggi, molte imprese si trovano di fronte a sfide significative quando cercano di <a href="https://azimutdirect.com/it/richiedi-capitali">accedere ai mercati finanziari</a> per sostenere i propri progetti di espansione e sviluppo.</p> <p>Per questo Azimut Direct ha fatto sua la missione di facilitare questo accesso attraverso l'attività congiunta di consulenza e strutturazione di strumenti di finanza alternativa per la raccolta di capitali presso investitori qualificati.</p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/2023-10/20230930_Barometro_Minibond_def.pdf">Scarica il report</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 3 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Thu, 19 Oct 2023 13:48:08 +0000 glomaestro 461 at https://azimutdirect.com Il Barometro Minibond: Dati al 30.06.2023 - Azimut Direct https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-30062023-azimut-direct <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: Dati al 30.06.2023 - Azimut Direct</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/187" typeof="schema:Person" property="schema:name" datatype="">lbramati</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Lun, 07/31/2023 - 10:09</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 31.07.2023</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Anche il secondo trimestre del 2023, come il primo, mostra una riduzione delle emissioni rispetto allo stesso periodo del 2022: in questi ultimi 3 mesi sono state 19 le emissioni (di cui una sola quotata sul segmento ExtraMOT Pro<sup>3</sup> di Borsa Italiana), per un controvalore totale di EUR 107,3M. Il totale da inizio anno segna 44 emissioni per un controvalore di EUR 260,5M. </p> <p>I valori medi dei minibond emessi durante l’ultimo trimestre sono i seguenti:</p> <ul><li>Taglio EUR 5,6M;</li> <li>Cedola annua 4,93% (calcolata solo sulle emissioni a tasso fisso);</li> <li>Scadenza 4,8 anni.</li> </ul><p> </p> <h2>I dati di mercato dal 2018 ad oggi</h2> <p>Dal 2018 ad oggi (arco di tempo su cui concentriamo la nostra analisi) i minibond emessi in totale sono stati 1.213, di cui 151 quotati sul segmento ExtraMOT Pro<sup>3</sup> e 1.062 collocati privatamente, per un controvalore totale di oltre EUR 7,1Mld, di cui EUR 6,3Mld ancora in essere alla data odierna.</p> <p>Di seguito le caratteristiche medie delle emissioni dal 2018 ad oggi:</p> <ul><li>Taglio EUR 6,1M;</li> <li>Cedola annua 4,44% (calcolata solo sulle emissioni a tasso fisso);</li> <li>Scadenza 5,6 anni.</li> </ul><p>Taglio e scadenza media rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro. La cedola annua (per le emissioni a tasso fisso) è aumentata rispetto al valore registrato al 31.12.2022 (4,36%). </p> <p>Si osserva una sempre crescente numerosità delle emissioni a tasso variabile: nel 2022 e nel primo semestre del 2023 quasi il 50% delle emissioni (163 titoli su 346 totali) sono caratterizzate da una cedola variabile, in genere indicizzata all’Euribor. </p> <p>Per quanto riguarda la localizzazione geografica, il 71% circa delle emissioni si concentra in cinque regioni: Lombardia, Veneto e Emilia-Romagna, Piemonte, Campania per un controvalore pari superiore a EUR 5,0Mld.</p> <p>Infine, per quanto riguarda la concentrazione settoriale, la maggior parte dei minibond è stata emessa da imprese industriali, con 221 emissioni per un ammontare totale superiore a EUR 1,2 Mld.</p> <p> </p> <h2>Il punto di vista Azimut Direct</h2> <p>In un panorama economico in continua evoluzione, la costante è rappresentata dalla centralità delle PMI nel tessuto economico del nostro Paese. Queste imprese rappresentano un'importante fonte di crescita, innovazione e creazione di occupazione, oltre a svolgere un ruolo essenziale nel mantenimento della competitività e della resilienza del sistema economico italiano.</p> <p>Tuttavia, molte PMI si trovano ad affrontare sfide significative quando cercano di accedere ai mercati finanziari per finanziare i propri progetti di crescita e sviluppo. Spesso, le barriere per l'accesso a capitali adeguati possono risultare complesse e onerose, rallentando il loro potenziale di espansione e limitando la loro capacità di sfruttare nuove opportunità di business.</p> <p>È proprio in questo contesto che si inserisce l’operatività del Gruppo Azimut: il nostro obiettivo è quello di costruire un solido ponte tra gli investitori istituzionali e le PMI italiane, per facilitare l'accesso di queste aziende ai mercati dei capitali. I risultati del Gruppo relativi alla raccolta nel primo semestre del 2023 ne sono la testimonianza concreta: l’investimento sui private markets ha raggiunto quota EUR 7,1Mld (oltre il 12% delle masse gestite), con un incremento di oltre EUR 300M rispetto a quanto registrato a fine 2022.</p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/20230630_Barometro_Minibond_0.pdf">Scarica il report</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 3 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Mon, 31 Jul 2023 10:09:12 +0000 lbramati 452 at https://azimutdirect.com Il Barometro Minibond: Dati al 31.03.2023 - Azimut Direct https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-31032023-azimut-direct <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: Dati al 31.03.2023 - Azimut Direct</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/187" typeof="schema:Person" property="schema:name" datatype="">lbramati</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mar, 04/18/2023 - 13:48</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 18.04.2023</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Dopo un 2022 record – caratterizzato da ben 302 emissioni per un controvalore complessivo di oltre EUR 1,7Mld – il primo trimestre del 2023 mostra una riduzione del numero delle emissioni, solamente 17 (di cui una quotata sul segmento ExtraMOT Pro<sup>3</sup> di Borsa Italiana) per un controvalore complessivo pari a EUR 110,3M.<br /> Nonostante questa contrazione, è stato superato un importante traguardo: quello delle 1.500 emissioni dal 2014 ad oggi, con oltre 1.000 aziende che hanno deciso di ricorrere allo strumento.</p> <p>I valori medi dei minibond emessi durante l’ultimo trimestre sono i seguenti:</p> <ul><li>Taglio EUR 6,9M;</li> <li>Cedola annua 7,11%;</li> <li>Scadenza 4,4 anni.</li> </ul><p> </p> <h2>I dati di mercato negli ultimi 5 anni</h2> <p>Dal 2018 ad oggi (arco di tempo su cui concentriamo la nostra analisi) i minibond emessi in totale sono stati 1.186, di cui 150 quotati sul segmento ExtraMOT Pro<sup>3</sup> e 1.036 collocati privatamente, per un controvalore totale di circa EUR 7,0Mld.</p> <p>Di seguito le caratteristiche medie delle emissioni dal 2018 ad oggi:</p> <ul><li>Taglio EUR 6,1M;</li> <li>Cedola annua 4,43%;</li> <li>Scadenza 5,6 anni.</li> </ul><p>Taglio e scadenza media rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro, la cedola annua invece è aumentata rispetto al valore registrato al 31.12.2022 (4,36%). </p> <p>Si osserva una sempre crescente numerosità delle <strong>emissioni a tasso variabile</strong>: nel 2022 e nel primo trimestre del 2023 quasi il 50% delle emissioni (152 titoli su 319 totali) sono caratterizzate da una cedola variabile, in genere indicizzata all’Euribor.</p> <p>Altra tipologia di cedola variabile è riscontrabile nei Sustainability-Linked Bond, obbligazioni che vengono emesse per finanziare strategie aziendali incentrate sui Sustainable Development Goals dell’Agenda 2030 dell’ONU. Questi strumenti prevedono meccanismi di riduzione del tasso cedolare al raggiungimento di <strong>obiettivi di sostenibilità</strong> prefissati all’emissione quali, ad esempio, la riduzione delle emissioni di CO<sub>2</sub>, l’incremento delle quote di energia rinnovabile utilizzate o l’ottenimento di rating ESG da parte di agenzie indipendenti.</p> <p>Per quanto riguarda la <strong>localizzazione geografica</strong>, il 71% circa delle emissioni si concentra in cinque regioni: Lombardia, Veneto e Emilia-Romagna, Piemonte, Campania per un controvalore pari a circa EUR 5,0Mld.</p> <p>Infine, per quanto riguarda la concentrazione settoriale, la maggior parte dei minibond è stata emessa da imprese industriali, con 214 emissioni per un ammontare totale superiore a <strong>EUR 1,2 Mld</strong>.</p> <p> </p> <h2>Il punto di vista Azimut Direct</h2> <p>Nonostante un primo trimestre del 2023 caratterizzato da una contrazione delle emissioni, i numeri record registrati nel 2022 confermano la bontà dello strumento minibond per le PMI italiane ad alto potenziale di sviluppo. Il Gruppo Azimut è in prima linea quando si parla di <strong>economia reale</strong>, come evidenziato dai risultati del primo trimestre 2023, che indicano un investimento sui private markets per EUR 6,7Mld (circa il 12% delle masse gestite), in crescita del 5% rispetto quanto registrato a fine 2022.</p> <p>Il focus sull’economia reale e sul finanziamento delle PMI è uno dei punti cardine della strategia del Gruppo e Azimut Direct è un elemento centrale in questo senso: il nostro obiettivo è quello di costruire un ponte tra gli <strong>investitori istituzionali e le PMI italiane</strong>, andando quindi a facilitare l’accesso di queste ultime ai mercati dei capitali.</p> <div class="text-center"> <p><strong>Vuoi ricevere i prossimi numeri del Barometro? Iscriviti alla mailing list</strong></p> <p><a class="btn btn-primary button button-primary" href="/it/mailing-list">Iscriviti</a></p> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/20230331_Barometro_Minibond.pdf">Scarica il report</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 3 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Tue, 18 Apr 2023 13:48:01 +0000 lbramati 447 at https://azimutdirect.com Il Barometro Minibond: dati al 31.12.2022 https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-31122022-1 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: dati al 31.12.2022</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/187" typeof="schema:Person" property="schema:name" datatype="">lbramati</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mar, 01/24/2023 - 10:01</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 24.01.2023</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Il mercato italiano del minibond ha registrato valori record nel 2022: secondo le informazioni raccolte da Azimut Direct, nel corso dell’anno sono stati emessi 238 minibond, per un controvalore pari a EUR 1.568M.</p> <p>Nell’ultimo trimestre del 2022 sono stati emessi 46 minibond, tutti in private placement, per un controvalore totale pari ad EUR 364M.</p> <p>I valori medi delle nuove emissioni durante l’ultimo trimestre sono i seguenti:</p> <ul><li>Taglio EUR 8,3M;</li> <li>Cedola annua 5,14%;</li> <li>Scadenza 5,8 anni.</li> </ul><p>Il numero di emissioni, 46, risulta inferiore ai dati registrati negli altri tre trimestri del 2022 (66 nel Q1, 55 nel Q2 e 71 nel Q3), in netta controtendenza con il trend registrato nel periodo 2018-2021, che vede un picco delle emissioni nell'ultimo trimestre di ogni anno. Nonostante questo lieve calo nel numero, il controvalore è comunque in linea con quello dei trimestri precedenti. </p> <p>Il 2022 è stato un anno record per le emissioni di Green Bond, obbligazioni utilizzate per finanziare progetti legati alla sostenibilità ambientale, fra cui quelli relativi all’economia circolare, alla riduzione delle emissioni, alle energie rinnovabili e allo sviluppo di processi produttivi sostenibili. Nel 2022 si contano ben 42 emissioni di Green Bond, per un controvalore di circa EUR 205M. Ci aspettiamo che lo strumento acquisirà sempre più importanza quest’anno e ci auguriamo che il numero di emissioni e il controvalore a fine 2023 sia di gran lunga superiore ai dati registrati nel 2022.</p> <p> </p> <h2>I dati di mercato al 31.12.2022</h2> <p>Dal 2018 ad oggi i minibond emessi in totale sono stati 1.105, di cui 149 quotati sul segmento ExtraMOT Pro<sup>3</sup> e 956 collocati privatamente, per un controvalore totale superiore a EUR 6,7Mld. Le caratteristiche medie rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro: taglio di EUR 6,2M, cedola pari al 4,36% e maturity pari a 5,7 anni.</p> <p>Per quanto riguarda la localizzazione geografica, il 71% circa delle emissioni si concentra in cinque regioni: Lombardia, Veneto e Emilia-Romagna, Piemonte, Campania per un controvalore superiore a EUR 4,7Mld.</p> <p>In controtendenza rispetto agli anni precedenti, nel 2022 abbiamo assistito all’aumento del fatturato medio degli emittenti. Nel 2022, il valore medio complessivo – EUR 64,7M – e il valore calcolato escludendo gli outlier (ovvero non considerando i dati inferiori al 5° e superiori al 95° percentile) – EUR 40,2M – risultano superiori ai valori registrati nel 2021 – rispettivamente EUR 49,0M e EUR 31,4M. Questo dato non sorprende: lo strumento è stato utilizzato da società più mature e con dimensioni più grandi, come testimoniato dall’aumento del taglio medio delle nuove emissioni.</p> <p> </p> <h2>Il punto di vista Azimut Direct </h2> <p>Nonostante un ultimo trimestre con un numero di emissioni inferiori alle aspettative, il mercato italiano dei minibond prosegue nel proprio cammino di crescita stabilendo un nuovo record per controvalore complessivo: EUR 1.568M, oltre EUR 200M in più rispetto a quanto registrato nel 2021 (EUR 1.306,5M). </p> <p>“<em>Nonostante le difficoltà a livello macroeconomico, il mercato italiano dei minibond è in continuo sviluppo e consente ad un numero sempre crescente di PMI di accedere ai mercati dei capitali</em>” sottolinea <a href="https://www.linkedin.com/in/francesca-bartoli/">Francesca Bartoli</a>, responsabile analisi economiche Azimut Direct. “<em>Il Gruppo Azimut è all’avanguardia in tema di economia reale, come testimoniato dai risultati 2022 del gruppo, che indica masse sui private markets per EUR 6,5Mld (12% sul totale masse gestite), in crescita del 42% rispetto all’anno precedente. Azimut Direct è elemento cardine della strategia del Gruppo: il nostro obiettivo è quello facilitare l’accesso delle PMI italiane ai mercati dei capitali, andando a coprire quello spazio di mercato lasciato libero dagli operatori tradizionali</em>”.<br />  </p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/20221231_Barometro_Minibond.pdf">Scarica il report</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 3 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Tue, 24 Jan 2023 10:01:02 +0000 lbramati 441 at https://azimutdirect.com Il Barometro Minibond: dati al 30.09.2022 https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-30092022 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: dati al 30.09.2022 </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/187" typeof="schema:Person" property="schema:name" datatype="">lbramati</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mer, 10/12/2022 - 15:15</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 12.10.2022</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Il mercato italiano dei minibond è in forte crescita anche nel 3Q 2022: secondo le informazioni disponibili al momento, nel corso del trimestre sono stati emessi 65 minibond, per un controvalore pari a EUR 433M. Anche per questo trimestre la quasi totalità dei minibond (62 emissioni) è stata collocata privatamente. Gli unici 3 minibond quotati sul segmento ExtraMOT Pro<sup>3</sup> di Borsa Italiana sono parte di un programma basket bond strutturato da Banca Sella.</p> <p>I valori medi delle nuove emissioni durante l’ultimo trimestre sono i seguenti:<br /> •    Taglio EUR 6,8M;<br /> •    Cedola annua 5,32%;<br /> •    Scadenza 5,3 anni.<br /><br /> Nel corso di questi primi nove mesi del 2022 si registrano ben 183 emissioni, per un controvalore che sfiora EUR 1,2Mld. Il 2022 si appresta quindi ad essere un anno da record per il mercato italiano dei minibond: nei primi nove mesi del 2021 le emissioni furono 155, per un controvalore di circa EUR 880M. Se consideriamo che storicamente il quarto trimestre è quello caratterizzato dal maggior numero di emissioni (oltre 80 in ciascuno degli ultimi 3 anni) e controvalore, l’obiettivo dei 250 strumenti emessi per un totale di EUR 1,5Mld è ragionevolmente prevedibile per fine 2022. </p> <p>Altro ambito in cui il 2022 sta registrando risultati record è quello relativo ai <a href="https://azimutdirect.com/it/blog/green-bond-standard-obiettivi">Green Bond</a>, obbligazioni utilizzate per finanziare progetti legati alla sostenibilità ambientale, fra cui ad esempio le energie rinnovabili, l’uso sostenibile delle risorse, la messa a punto di processi industriali a zero emissioni, la mobilità elettrica, la bioedilizia, l’economia circolare. Nel 2022 si registrano infatti 41 emissioni sul segmento minibond, per un controvalore pari a EUR 200M, numeri già superiori a quanto registrato in tutto il 2021 (rispettivamente 25 emissioni per EUR 171,6M).</p> <p> </p> <h2>I dati di mercato al 30.09.2022 </h2> <p>Dal 2018 ad oggi i minibond emessi in totale sono stati 1.050, di cui 149 quotati sul segmento ExtraMOT Pro<sup>3</sup> e 901 collocati privatamente, per un controvalore totale superiore a EUR 6,3Mld. Le caratteristiche medie rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro: taglio di EUR 6,1M, cedola pari al 4,35% e maturity pari a 5,7 anni.</p> <p>Per quanto riguarda la localizzazione geografica, il 56,5% delle emissioni si concentra in sole tre regioni: Lombardia, Veneto e Emilia-Romagna per un controvalore di circa EUR 3,6Mld.</p> <p>Di grande rilevanza in questo ultimo trimestre sono le emissioni di basket bond, per un controvalore complessivo di EUR 125M.</p> <p> </p> <h2>Il punto di vista Azimut Direct </h2> <p>Nonostante il contesto macroeconomico meno ottimista e caratterizzato da alcune turbolenze, il mercato italiano dei minibond prosegue nel proprio cammino di crescita e si appresta a superare i record di numero di emissioni e controvalore stabiliti negli anni precedenti. Il lancio di due nuovi programmi di basket bond per complessivi EUR 400M confermano inoltre l’interesse che gli investitori istituzionali hanno nei confronti dello strumento.</p> <p class="MsoNormal"><em>"Come Azimut Direct crediamo fortemente nel continuo sviluppo del mercato" </em>sottolinea <a href="https://www.linkedin.com/in/francesca-bartoli/">Francesca Bartoli</a>, responsabile analisi economiche Azimut Direct.<em> "Azimut Direct è la piattaforma fintech per l’economia reale nata per soddisfare i bisogni di finanza straordinaria delle imprese italiane attraverso strumenti alternativi come i minibond, e l’impiego di capitali pazienti. Economia reale e PMI sono elementi centrali della strategia di Azimut, con risultati all’avanguardia già da diversi anni: i numeri del Gruppo a settembre 2022 indicano che il segmento Private Markets ha superato quota EUR 6,3Mld, con un incremento del 39% dall’inizio dell’anno”.</em></p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/20220930_Barometro_Minibond.pdf">Scarica il report</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 3 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Wed, 12 Oct 2022 15:15:25 +0000 lbramati 432 at https://azimutdirect.com Il Barometro Minibond: dati al 30.06.2022 https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-30062022 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: dati al 30.06.2022</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/51" typeof="schema:Person" property="schema:name" datatype="">fbartoli</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mar, 07/05/2022 - 15:50</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 06.07.2022</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Nel corso di questo secondo trimestre del 2022, il panorama italiano dei minibond si sta avvicinando ad un importante traguardo: quello delle 1.000 emissioni dal 2018 ad oggi, periodo in cui il mercato si è consolidato e focus delle nostre analisi. In questi ultimi 4 anni si registrano infatti 981 minibond per 741 emittenti unici e un controvalore di oltre EUR 5,9Mld.</p> <p>In questo 2Q 2022, secondo le informazioni disponibili al momento, sono stati emessi 49 minibond per un ammontare complessivo pari a EUR 338,1M. Come ormai di consuetudine, la maggior parte delle nuove emissioni – 42 – è stata effettuata tramite collocamenti privati. È da evidenziare però una ripresa delle emissioni quotate nel giugno 2022, con ben 5 minibond – Keelt Group, Epico, Davis &amp; Morgan, Meglioquesto ed Eagleprojects – collocati sul segmento <a href="https://www.borsaitaliana.it/pro-link/home.htm">ExtraMOT Pro<sup>3</sup></a>, per un controvalore di EUR 26,8M.</p> <p>I valori medi delle nuove emissioni durante l’ultimo trimestre, indipendentemente dal mercato di quotazione, sono i seguenti:</p> <ul><li>Taglio EUR 7,3M;</li> <li>Cedola annua 4,98%;</li> <li>Scadenza 3,9 anni.</li> </ul><p>Tra le operazioni in private placement del secondo trimestre 2022, segnaliamo quella di S.P., una tra le più grandi e moderne riserie in Europa. L’<a href="https://azimutdirect.com/it/blog/sp-spa-minibond-eur-5m-con-azimut-direct">emissione obbligazionaria</a>, di ammontare pari a EUR 5M e durata pari a 6 anni, è stata perfezionata grazie ad Azimut Direct. La nuova finanza è a supporto del programma strategico di presenza internazionale dell’azienda e del capitale circolante per ampliamento dei canali di fornitura, in un’ottica di diversificazione negli approvvigionamenti strategici della materia prima.</p> <p> </p> <h2>I dati di mercato al 30.06.2022</h2> <p>Dal 2018 ad oggi i minibond emessi in totale sono stati 981, di cui 146 quotati sul segmento ExtraMOT Pro<sup>3</sup> di Borsa Italiana e 835 collocati privatamente, per un controvalore totale superiore a EUR 5,9Mld. Le caratteristiche medie rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro: taglio di EUR 6,1M, cedola pari al 4,32% e maturity pari a 5,7 anni.</p> <p>Per quanto riguarda la localizzazione geografica delle emissioni, il 70% delle emissioni si concentra in cinque regioni: Lombardia, Veneto, Emilia-Romagna, Campania e Piemonte per un controvalore di circa EUR 4,1Mld.</p> <p>Di grande rilevanza è il forte incremento delle emissioni riguardanti obbligazioni Green, utilizzate per finanziare progetti sostenibili. In linea con una sempre maggiore attenzione per il tema della sostenibilità, negli ultimi tre anni il numero e l’ammontare di minibond Green è aumentato notevolmente, toccando quota 35 emissioni e EUR 172,3M di controvalore nel 2022. Tra queste, 24 emissioni – per un controvalore superiore a EUR 120M – sono da ricondursi al programma «<em>Property Improvements Bonds</em>» (PIB), promosso da LBO France per finanziare interventi di miglioramento dell’efficienza energetica del patrimonio immobiliare italiano.</p> <p>Infine, continua il trend che vede una progressiva riduzione del fatturato degli emittenti. Nel 2022, sia il valore medio complessivo – EUR 46,7M – che il valore calcolato escludendo gli outlier (ovvero non considerando i dati inferiori al 5° e superiori al 95° percentile) – EUR 26,7M – risultano inferiori rispetti ai valori registrati nel 2021 – rispettivamente EUR 49,0M e EUR 31,2M. La progressiva riduzione del fatturato degli emittenti è segno che lo strumento minibond è sempre più accessibile anche per imprese di dimensioni ridotte.</p> <p> </p> <h2>Il punto di vista Azimut Direct</h2> <p>Il mercato italiano dei minibond in questa prima metà del 2022 si sta sviluppando a ritmi superiori a quelli del 2021, nonostante un contesto macroeconomico caratterizzato da prospettive meno ottimiste. Secondo le informazioni disponibili al momento, nei primi sei mesi del 2022 sono stati emessi 114 minibond, per un controvalore pari a circa EUR 760M. Nel primi sei mesi dell'anno precedente le emissioni erano state 80, per un controvalore di EUR 483. Mantenendo questi ritmi anche per la seconda metà dell’anno, si raggiungerebbero valori record sia per numero di emissioni che per controvalore complessivo, superando i già ottimi risultati ottenuti nel 2021.</p> <p>"<em>Come Azimut Direct crediamo nel continuo sviluppo del mercato dei minibond</em>" sottolinea <a href="https://www.linkedin.com/in/francesca-bartoli/">Francesca Bartoli</a>, nostra responsabile analisi economiche - "<em>Azimut Direct è la fintech del Gruppo Azimut dedicata all’economia reale nata per soddisfare i bisogni di finanza straordinaria delle imprese italiane attraverso strumenti alternativi al credito bancario come, appunto, i minibond. La nostra recente operazione con SP SpA è testimonianza concreta sia del nostro impegno a supporto delle imprese, sia della bontà dello strumento minibond per reperire i capitali necessari ai piani di crescita di un’azienda</em>".</p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/20220630_Barometro_Minibond.pdf">Scarica il report</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 4 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Tue, 05 Jul 2022 15:50:12 +0000 fbartoli 427 at https://azimutdirect.com Il Barometro Minibond: dati al 31.03.2022 https://azimutdirect.com/it/blog/barometro/il-barometro-minibond-dati-al-31032022 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il Barometro Minibond: dati al 31.03.2022</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/51" typeof="schema:Person" property="schema:name" datatype="">fbartoli</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Lun, 04/11/2022 - 09:53</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 11.04.2022</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Nel corso del primo trimestre 2022 il mercato dei minibond ha superato un importante traguardo: sono oltre 1.000 strumenti emessi dal 2014 (anno di "nascita" dei minibond) ad oggi. Nello specifico, al 31.03.2022 si registrano 1.090 minibond per 742 emittenti unici e un controvalore di oltre EUR 7,1Mld.</p> <p>Nei primi tre mesi del 2022 si contano, secondo le informazioni disponibili al momento, 42 nuove emissioni per un ammontare complessivo pari a EUR 262,7M. Di queste, ben 41 sono state effettuate in private placement e l’unico titolo di nuova emissione quotato sul segmento <a href="https://www.borsaitaliana.it/pro-link/home.htm">ExtraMOT Pro</a><sup>3</sup> è quello di Europa Factor. Segnaliamo che altri due titoli – emessi da Boman e Società Dolce Cooperativa Sociale – sono stati quotati sull’ExtraMOT Pro<sup>3</sup> dopo essere stati collocati privatamente nel corso del 2021.</p> <p>Il numero di emissioni risulta inferiore ai dati registrati negli ultimi due trimestri del 2021 (73 nel Q3 e 81 nel Q4), ma è in linea con il trend che vede una riduzione delle emissioni nel primo trimestre di ogni anno. Questo primo trimestre del 2022 ha infatti registrato valori comparabili al 2021: nel Q1 dello scorso anno furono emessi 44 minibond per un controvalore complessivo di EUR 230,3M.</p> <p> </p> <h2>L’identikit delle nuove emissioni </h2> <p>I valori medi delle nuove emissioni sono i seguenti:</p> <ul><li>Taglio EUR 6,3M;</li> <li>Cedola annua 4,20%;</li> <li>Scadenza 9,8 anni.</li> </ul><p>Il dato che più salta all’occhio è quello relativo alla scadenza, molto alta rispetto ai 6 anni di media calcolata su tutte le emissioni dal 2018 ad oggi. Questo dato è da attribuire in gran parte al basket bond denominato <a href="https://www.viveracqua.it/infrastrutture-viveracqua-hydrobond-2022-conclusa-la-quarta-emissione-per-1485-milioni-di-euro/">“Viveracqua Hydrobond 2022”</a>, che conta 12 emissioni a beneficio di sei gestori della rete idrica del Veneto e i cui proventi saranno utilizzati per interventi di miglioramento delle reti fognarie e degli impianti di depurazione. Questo basket bond prevede infatti un’emissione per totali EUR 148,5M, di cui EUR 74,25M con scadenza nel 2038 e EUR 74,25M con scadenza nel 2046.</p> <p>Per quanto riguarda invece il fatturato degli emittenti, sia il valore medio complessivo – EUR 61,3M – che il valore calcolato escludendo gli outlier (ovvero non considerando i dati inferiori al 5° e superiori al 95° percentile) – EUR 38,5M – risultano in crescita rispetto ai valori registrati nel 2021 – rispettivamente EUR 44,3M e EUR 30,7M. Questa situazione è dovuta ad alcune emissioni da parte di aziende con dimensioni largamente superiori alle emittenti tipo di minibond. È bene sottolineare però che il fatturato mediano complessivo è pari a EUR 23,8M, segnale che anche aziende di piccole dimensioni hanno fatto ricorso allo strumento durante questo primo trimestre del 2022.</p> <p> </p> <h2>I dati di mercato al 31.03.2022 </h2> <p>Dal 2018 ad oggi i minibond emessi in totale sono stati 766, di cui 148 quotati sul segmento ExtraMOT Pro<sup>3</sup> di Borsa Italiana e 618 collocati privatamente, per un controvalore totale superiore a EUR 4,4Mld. Le caratteristiche medie rimangono sostanzialmente stabili a quanto già presentato nei precedenti numeri del Barometro: taglio di EUR 5,8M, cedola pari al 4,13% e maturity pari a 6 anni.</p> <p>Per quanto riguarda la localizzazione geografica delle emissioni, il 67,5% delle emissioni si concentra in cinque regioni: Veneto, Lombardia, Emilia-Romagna, Lazio e Campania per un controvalore di circa EUR 3Mld.</p> <p> </p> <h2>Il punto di vista Azimut Direct</h2> <p>I dati di questo primo trimestre confermano che lo strumento Minibond può essere di fondamentale importanza per il finanziamento di PMI in fase di sviluppo e crescita. La finanza alternativa risulta essere sempre più una modalità con cui le PMI possono reperire capitali senza passare dai canali bancari tradizionali che, spesso, non riescono a fornire servizi pensati appositamente per imprese di dimensioni minori.</p> <p>Il focus sull’economia reale e sul finanziamento delle PMI è uno dei punti focali della strategia di Azimut, aspetto su cui il Gruppo è già all’avanguardia da diversi anni e che si è rafforzato con il progetto “neo-financing” e con il lancio di Azimut Direct, la fintech specializzata in strutturazione e collocamento presso investitori istituzionali di strumenti di finanza alternativa, tra cui i <a href="https://azimutdirect.com/it/servizi/minibond">minibond</a>. L’impegno di Azimut sull’economia reale è testimoniato dai risultati finanziari del 2021, che indicano EUR 4,6Mld di masse gestite nei private markets, ovvero l’8,4% sul totale masse (valore due volte quello registrato a fine 2020), e una previsione di arrivare al 15% entro il 2024.</p> <p> </p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/20220331_Barometro_Minibond.pdf">Scarica l&#039;ultimo numero del Barometro</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 4 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Mon, 11 Apr 2022 09:53:15 +0000 fbartoli 412 at https://azimutdirect.com Il nuovo Barometro Minibond: dati al 31.12.2021 https://azimutdirect.com/it/blog/barometro/il-nuovo-barometro-minibond-dati-al-31122021 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Il nuovo Barometro Minibond: dati al 31.12.2021</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/51" typeof="schema:Person" property="schema:name" datatype="">fbartoli</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Gio, 01/27/2022 - 11:40</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 27.01.2022</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>I minibond sono dei prestiti obbligazionari a medio-lungo termine di importo inferiore a EUR 50M introdotti in Italia nel 2012 con il decreto Sviluppo (Decreto-legge 22 giugno 2012 n.83), e funzionali al finanziamento di piani di investimento.</p> <p><strong>I minibond permettono alle PMI di aprirsi al mercato dei capital</strong>i, riducendo la dipendenza da un sistema bancario che spesso non riesce a fornire un servizio pensato per <strong>soddisfare pienamente le esigenze di crescita delle imprese</strong>.</p> <p> </p> <h2>I minibond: i servizi forniti da Azimut Direct</h2> <p>In Azimut Direct abbiamo scommesso sin dell’inizio sul ruolo chiave di questo strumento, tanto è che la piattaforma fintech su cui si basa la nostra operatività era nata nel 2014 (come Epic SIM) proprio per permettere una distribuzione efficiente dei minibond presso investitori qualificati. <strong>Oltre a fornire un servizio di strutturazione e collocamento di minibond, pubblichiamo da diversi anni il Barometro Minibond</strong>, un documento trimestrale redatto in collaborazione con Business Support che fino ad oggi forniva uno sguardo d’insieme sul mercato italiano dei titoli quotati sull’ExtraMOT Pro3, il segmento di Borsa Italiana dedicato ai minibond fino a EUR 50M.</p> <p><strong>Da questa edizione il Barometro è stato completamento rinnovato</strong> sia nell’aspetto grafico che nei contenuti. Scopriamo insieme quali sono le principali novità. </p> <p> </p> <h2>Barometro Minibond: cosa c'è di nuovo</h2> <p>La novità più importante di questo nuovo Barometro è sicuramente il perimetro di analisi, con l’<strong>inclusione delle statistiche riguardanti i minibond collocati privatamente o eventualmente quotati su altri mercati europei</strong> (come, ad esempio, il Third Market della Borsa di Vienna), raggruppati sotto la <strong>categoria “private placement”. </strong></p> <p>Malgrado non sempre l’informativa sulle emissioni in private placement sia di immediata reperibilità come nel caso dei titoli quotati su Borsa Italiana, l’introduzione di questi dati è fondamentale per fotografare dimensione ed evoluzione del mercato. Basti pensare che, se nel 2018 per ogni nuova emissione quotata se ne registravano due non quotate, nel 2021 questo rapporto è diventato di 1 a 4, fenomeno in parte legato alla nascita e diffusione dei basket bond, ovvero portafogli costituiti da emissioni obbligazionarie di PMI diverse ma con un qualche denominatore comune (come ad esempio stesso territorio, stesso settore o magari stesso obiettivo di investimento), tipicamente coperti da garanzia pubblica e sottoscritti da una società veicolo, che a sua volta emette Asset-Backed Securities destinate a investitori istituzionali.</p> <p>L’analisi è stata arricchita andando poi a distinguere tra numero di emissioni ed emittenti unici. L’analisi del fatturato degli emittenti è stata maggiormente dettagliata: il dato sul fatturato medio è stato ricalcolato per anno, e abbiamo altresì evidenziato il dato al netto degli outlier (ovvero escludendo i dati inferiori al 5° e superiori al 95° percentile). L’esclusione di questi dati “anomali”, specie per quanto riguarda imprese di grosse dimensioni che hanno emesso un minibond una tantum, ci permette infatti di avere un’idea più chiara sulla reale dimensione delle aziende emittenti. </p> <p>Infine, abbiamo introdotto un nuovo grafico per rappresentare la <strong>relazione tra cedola e classe di rischio</strong>, utilizzando come come proxy per quest’ultima la probabilità di default, distinguendo per durata e tenendo in debita considerazione la struttura a scadenza dei rendimenti. Questa nuova visualizzazione grafica permette di evidenziare in maniera rapida e intuitiva come all’aumentare della rischiosità e della scadenza corrisponda tendenzialmente un aumento della cedola. Oltre alla classe di rischio, ci sono altri fattori che possono influenzare positivamente o negativamente la cedola, come ad esempio presenza di garanzie o l’aggregazione in programmi di basket bond.</p> <p> </p> <h2>I dati di mercato </h2> <p>Dall’inizio del mercato nel <strong>2014 a oggi sono stati emessi 970 minibond, per 652 emittenti unici e un controvalore di circa EUR 6,6Mld.</strong> Le nostre analisi, tuttavia, si concentrano principalmente sui minibond emessi a partire dal 2018, anno in cui il mercato è diventato più maturo e le informazioni sui collocamenti privati sono più affidabili.</p> <p>In questi ultimi 4 anni i minibond emessi in totale sono stati 646, di cui 152 quotati sul segmento ExtraMot Pro3 di Borsa Italiana e 494 collocati privatamente, per un controvalore totale di EUR 3,9Mld. Per quanto riguarda le caratteristiche economiche si osserva in media, indipendentemente dal mercato di quotazione, un taglio pari a EUR 6,1M, una cedola del 4,13% e una durata all’emissione di 5,8 anni. Il 65,8% delle emissioni si concentra in cinque regioni: Lombardia, Veneto, Campania, Lazio ed Emilia-Romagna per un controvalore di circa EUR 2,6Mld. La maggior parte dei minibond è stata emessa da imprese del settore Industrials, per un ammontare totale pari a EUR 1 Mld (circa il 25% del controvalore totale).</p> <h4>Il mercato dei minibond nel 2021</h4> <p>Per quanto riguarda invece l’andamento del mercato nel 2021, si contano <strong>150 emissioni totali, di cui 26 quotate su Borsa Italiana e 124 collocate privatamente, per un controvalore complessivo di EUR 894,7M e 134 emittenti unici</strong>.</p> <p>Le caratteristiche sono sostanzialmente stabili rispetto a quanto registrato negli anni precedenti: taglio medio pari a EUR 6,3M per le emissioni in private placement, EUR 4,7M sui minibond quotati, una cedola media in area 3,5%-4,5% e una durata media all’emissione tra i 5 e i 6 anni. </p> <h4>I trend in atto</h4> <p>Dal 2018 ad oggi stiamo assistendo ad una costante diminuzione del fatturato medio degli emittenti, segno che <strong>sempre più aziende di dimensioni minori fanno ricorso ai minibond.</strong> Il valore medio è infatti sceso da EUR 88,3M del 2018 a EUR 58,7M nel 2021; al netto degli outlier si passa invece da EUR 59,3M a EUR 34,4M.</p> <p>Si osserva inoltre una <strong>sempre maggiore importanza dei mercati privati:</strong> nel 2018 le emissioni in private placement rappresentavano il 62% del totale mercato (ovvero meno di 2 emissioni in private placement per emissione quotata); nel 2021 la loro quota è salita all’83% (ovvero circa 4 emissioni in private placement per emissione quotata). Come già evidenziato, l’espansione dei private markets è in parte legata al fenomeno basket bond. Dal 2019 (anno di diffusione dello strumento) a oggi, sono stati infatti emessi 172 minibond all’interno di programmi Basket Bond, di cui 46 nel 2021.</p> <p> </p> <h2>Il punto di vista Azimut Direct</h2> <p>I trend di mercato confermano la <strong>validità dello strumento minibond per finanziare piani strategici di crescita di lungo periodo delle PMI</strong>. "<em>Già oggi la finanza tradizionale e fintech hanno allargato l’offerta di soluzioni per imprese ad alto potenziale. Nel 2022 ci aspettiamo un allargamento agli strumenti di finanza straordinaria di debito come minibond o anche obbligazioni convertibili, oltre a equity per le PMI. Una giusta evoluzione che risponde ad esigenze di capitale per cavalcare la ripresa, a complemento dei canali di finanziamento tradizionali. Sarà chiave la presenza costante di consulenza qualificata</em>” sottolinea <a href="https://www.linkedin.com/in/francesca-bartoli/">Francesca Bartoli</a>, responsabile analisi economiche Azimut Direct.</p> <p>Nel concreto, questo è quello in cui si sostanzia l’esperienza di avanguardia che Azimut ha lanciato da qualche anno e che si è rafforzata con il lancio di Azimut Direct in seno al cosiddetto <strong>progetto “neo-financing</strong>”. Tra i punti cardine della strategia del Gruppo, il focus su fintech ed economia reale, con l’obiettivo di diventare <strong>interlocutore privilegiato per tutte le imprese italiane che cercano accesso al mercato dei capitali di debito ed equity e servizi di advisory ad alto valore aggiunto.</strong> Un impegno su economia reale testimoniato anche dai numeri espressi nella previsionale a fine 2021, che indica masse per 4,6 miliardi di Euro (8,4% sul totale masse gestite), più del doppio di quanto registrato a fine valore 2020, grazie anche allo sviluppo di nuovi prodotti di investimento per la propria clientela. <br />  </p> <p><br />  </p> <p> </p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/documents/AzimutDirect_Barometro_Miinbond_20221231.pdf">Scarica l&#039;ultimo numero del Barometro</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 6 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Thu, 27 Jan 2022 11:40:52 +0000 fbartoli 404 at https://azimutdirect.com Barometro Minibond: Market Trends. Dati al 30.09.2021 https://azimutdirect.com/it/blog/barometro/barometro-minibond-market-trends-dati-al-30092021 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--analisi.html.twig x field--node--title.html.twig * field--node--analisi.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Barometro Minibond: Market Trends. Dati al 30.09.2021</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--analisi.html.twig x field--node--uid.html.twig * field--node--analisi.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> <span lang="" about="/it/user/51" typeof="schema:Person" property="schema:name" datatype="">fbartoli</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--analisi.html.twig x field--node--created.html.twig * field--node--analisi.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mer, 10/13/2021 - 08:16</span> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'layout__onecol' --> <!-- FILE NAME SUGGESTIONS: x layout--onecol.html.twig x layout--onecol.html.twig * layout.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-data-news-eventi.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-data-news-eventi"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-data-news-eventi--analisi--default.html.twig * field--node--field-data-news-eventi--analisi.html.twig * field--node--field-data-news-eventi.html.twig * field--node--analisi.html.twig x field--field-data-news-eventi.html.twig * field--datetime.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> <span><i class="far fa-calendar-alt"></i> 13.10.2021</span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-data-news-eventi.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--addtoany-block.html.twig * block--addtoany.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-addtoany block-addtoany-block"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'addtoany_standard' --> <!-- BEGIN OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> <span class="a2a_kit a2a_kit_size_14 addtoany_list" data-a2a-url="https://azimutdirect.com/it/taxonomy/term/54/feed" data-a2a-title="Azimut Direct"><a class="a2a_dd addtoany_share" href="https://www.addtoany.com/share#url=https%3A%2F%2Fazimutdirect.com%2Fit%2Ftaxonomy%2Fterm%2F54%2Ffeed&amp;title=Azimut%20Direct"><img src="/sites/default/files/share.png" alt="Share"></a></span> <!-- END OUTPUT from 'modules/contrib/addtoany/templates/addtoany-standard.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--body.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisibody"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--analisi--default.html.twig * field--node--body--analisi.html.twig * field--node--body.html.twig * field--node--analisi.html.twig * field--body.html.twig x field--text-with-summary.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><strong>Segnali decisamente positivi</strong> nel terzo trimestre 2021: dieci nuove emissioni quotate sull’ExtraMOT Pro3, il segmento di Borsa italiana dedicato ai minibond (emissioni obbligazionarie fino a EUR 50M), per un controvalore pari a EUR 35M. Valori che risultano in aumento sia rispetto al trimestre precedente, sia rispetto allo stesso periodo del 2020 e del 2019.</p> <p>Complessivamente, il trimestre si chiude con un <strong>totale di 368 Minibond</strong> quotati su Borsa italiana dall’inizio del mercato ad oggi, per un <strong>controvalore pari a EUR 2.404M</strong>. Considerando i rimborsi già avvenuti, a oggi risultano in essere 129 emissioni, per un controvalore di EUR 869M.</p> <p><strong>L’identikit aggiornato del minibond</strong> è il seguente:</p> <ul><li>Taglio medio EUR 6,5 M</li> <li>Scadenza media: 4,8 anni</li> <li>Struttura del rimborso: 47% bullet (tutto a scadenza) / 53% con piano di ammortamento</li> <li>Cedola media annua: 4,96%</li> <li>Fatturato medio emittente: EUR 82,5M</li> </ul><h2>I trend in atto</h2> <p>Il 79% delle nuove emissioni fa riferimento ad imprese attive nei settori Power &amp; Utilities e Industrials. Tra queste, di particolare interesse Biogas Sardegna Green, che ha emesso a luglio <strong>project green bond</strong> per complessivi EUR 12,85M, collegati all’obiettivo 7 dei Sustainable developments Goals «Affordable and clean energy», uno dei 17 obiettivi dell’Agenda 2030 UN per lo Sviluppo Sostenibile.</p> <p>Prosegue il <strong>trend di riduzione del fatturato</strong>, segnale di un progressivo ricorso allo strumento anche da parte di imprese di dimensioni minori: considerando i dati da inizio mercato, il fatturato medio è pari a EUR 82,5M, valore che si dimezza, scendendo a EUR 45,5M se si considerano solo gli emittenti del 2020. Stabili le restanti caratteristiche economiche.</p> <h2>Il nostro punto di vista</h2> <p>I dati mostrano un recupero rispetto a inizio anno, e confermano la validità dello strumento minibond per <strong>finanziare piani strategici di crescita di medio-lungo periodo</strong>, tanto per le imprese più strutturate quanto per quelle di dimensioni minori.</p> <p>Occorre oggi continuare a lavorare sulla <strong>definizione di un ampio ecosistema</strong> a supporto dell’economia italiana, in cui <strong>finanza tradizionale e fintech collaborino alla creazione di un hub </strong>per PMI ad alto potenziale. </p> <p>Nei prossimi anni assisteremo inevitabilmente a un allargamento agli strumenti di finanza straordinaria di debito (quali appunto i minibond) e di equity per le PMI, una evoluzione che risponde ad esigenze di capitale che non possono essere soddisfatte dai canali di finanziamento tradizionali. Occorre tuttavia creare un <strong>ponte tra imprese ed investitori</strong>: per cogliere al meglio le opportunità del mercato dei capitali sarà di fatto chiave la presenza di <strong>consulenza qualificata</strong>.</p> <p>Nel concreto, questo è quello in cui si sostanzia l’esperienza di avanguardia che il Gruppo Azimut ha lanciato da qualche anno e che si è rafforzata con il lancio di <strong>Azimut Direct</strong> in seno al cosiddetto <strong>progetto “neo-financing”</strong>.</p> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--text-with-summary.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-link-news-eventi-01.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-link-news-eventi-01"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-link-news-eventi-01--analisi--default.html.twig * field--node--field-link-news-eventi-01--analisi.html.twig * field--node--field-link-news-eventi-01.html.twig * field--node--analisi.html.twig x field--field-link-news-eventi-01.html.twig * field--link.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> <span><i class="fas fa-arrow-down"></i> <a href="https://azimutdirect.com/sites/default/files/documents/Azimut_Direct_BAROMETRO_MINIBOND_3Q2021.pdf">Scarica l&#039;ultimo numero del Barometro</a></span> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/field--field-link-news-eventi-01.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--field-block--node--analisi--field-tags.html.twig * block--field-block--node--analisi.html.twig x block--field-block--node.html.twig * block--field-block.html.twig * block--layout-builder.html.twig * block.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <div class="block block-layout-builder block-field-blocknodeanalisifield-tags"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--analisi--default.html.twig * field--node--field-tags--analisi.html.twig x field--node--field-tags.html.twig * field--node--analisi.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden clearfix"> <ul class='links field__items'> <li><a href="/it/blog/barometro">Barometro</a></li> <li><a href="/it/blog/minibond">Minibond</a></li> <li><a href="/it/blog/mercati">Mercati</a></li> </ul> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/field/field--node--field-tags.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/azimutdirect/templates/block--field-block--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--reading-time.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="block block-layout-builder block-extra-field-blocknodeanalisireading-time"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'reading_time' --> <!-- BEGIN OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> 2 minuti <!-- END OUTPUT from 'modules/contrib/node_read_time/templates/reading-time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'block' --> <!-- FILE NAME SUGGESTIONS: * block--extra-field-block--node--analisi--links.html.twig * block--extra-field-block--node--analisi.html.twig * block--extra-field-block--node.html.twig * block--extra-field-block.html.twig * block--layout-builder.html.twig x block.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> <div class="_none block block-layout-builder block-extra-field-blocknodeanalisilinks"> <div class="content"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links--inline.html.twig * links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/navigation/links--inline.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/contrib/bootstrap_barrio/templates/block/block.html.twig' --> </div> </div> <!-- END OUTPUT from 'core/modules/layout_discovery/layouts/onecol/layout--onecol.html.twig' --> Wed, 13 Oct 2021 08:16:28 +0000 fbartoli 381 at https://azimutdirect.com