Minibond of the Puglia Region. Total emissions of 150 million
Date:
22/12/2023
With issues by 39 small and medium-sized enterprises reaching 150 million euros, the Minibonds of the Puglia Region complete the 2014-2020 regional planning cycle. The latest issues, just concluded, continue to demonstrate the effectiveness of the instrument which, for the first time in Puglia and among the first cases in Italy, has allowed small and medium-sized enterprises to access the capital market with the issuing of loans bonds. Thus , thanks to public intervention, SMEs have had access to alternative forms of financing to innovate, expand and become more competitive.
An opportunity born in 2019 and not to be taken for granted considering the events that characterized the following four years, from the pandemic to the war in the heart of Europe, from the energy crisis to the conflict in the Middle East. And, despite all this, companies have continued to invest, increasing their level of process and product innovation.
This is demonstrated precisely by the latest issues which range from the clothing sector to logistics services and which also involve other sectors such as the distillation of alcoholic beverages, the development and organization of sales networks, transport, tourist-accommodation facilities, diffusion of electrically powered vehicles, software development. In this latest closing , 12 companies issued the Minibonds for a total value of 38.9 million euros.
This is Airon (Barletta – Bat ); Zero & Company (Terlizzi – Ba ); Levante Logistics (Modugno – Ba ); Bartin Distillery (Mottola – Ta ); Mana (Monopoly – Ba ); Stante Logistics (Modugno – Ba ); Ilog & T (Modugno and Corato – Ba ); Apulia Hotel (Castellana Grotte – Ba and Ostuni – Br); T&M Integrated Logistics (Modugno – Ba ); Dom.Pla (Altamura – Ba ); Omnitech (Modugno – Ba ); Sidea Group (Fasano – Br and Bari).
The financial instrument, designed in the form of a basket bond, is the result of collaboration between multiple parties. The Fund, wanted by the Puglia Region, is managed by the in-house and regional financial company Puglia Sviluppo which ensures a portfolio guarantee equal to 25% of the total amount of securities issued and sees UniCredit operating as originator and arranger and Cassa Depositi e Prestiti and Mediocredito Centrale as institutional investors who financially support the projects.
Thanks to Minibonds, companies can finance extraordinary operations, investments and working capital. The operation was possible thanks to resources of almost 40 million euros made available by the regional finance company and used as portfolio guarantee. The 150 million euros of emissions represent a significant result for such an innovative measure, implemented in a southern region and in a scenario complicated by unexpected global events with a very strong impact on the economic system.
“By measuring itself with this innovative finance instrument which opens up to the capital market – underlined the President of the Puglia Region Michele Emiliano – the Puglia production system, made up mainly of small and medium-sized enterprises, has shown proof of dynamism, courage and above all vision. The Apulian Minibonds create a successful precedent that we will also take into high consideration in the 2021-2027 planning cycle. We are thinking of a new edition of the measure that is even more innovative and ready to face new challenges."
“ Minibonds are proof that in Puglia you can dare even with particularly innovative measures,” added the councilor for economic development of the Puglia Region Alessandro Delli Noci. “But they also represent our pass to the future because they offer companies valid support to also address issues such as the digital and energy transition. The history of our Minibonds developed in a global context that was impossible to predict, but despite everything the measure continued to allow issues of 150 million euros. It is the demonstration that the capital market, thanks also to public guarantees, is a valid resource for the development of the territory".
“Thanks to this result – underlined the president of Puglia Sviluppo Grazia D'Alonzo – the innovative finance instruments are a candidate to be part of the package of regional measures managed by Puglia Sviluppo, also in the 2021-2027 regional programme. The industrial policy of the Puglia Region has the advantage of integrating financial instruments with other development measures, encouraging full complementarity. Together they have guaranteed important support in recent years, which has mobilized investments of over 8.4 billion euros and contributed to improving the economic reputation of Puglia".
“With these latest issues, the experience of the first and largest regional basket bond at market level is successfully completed,” explained Remo Taricani , deputy head for Italy at UniCredit. “The initiative has allowed many Apulian companies to make a qualitative leap in terms of opening up to the capital market, placing Puglia among the top regions in Italy in terms of minibond issuers , a sign of a growing financial maturity of the system local production. We are proud to have played an important role in this operation which, alongside the Region, Puglia Sviluppo, Cassa Depositi e Prestiti and Mediocredito Centrale, allowed us to mobilize new resources to support the investment projects of local companies, additional compared to our traditional lending activity , confirming us among the main architects of the region's economic growth".
“The increasingly widespread diffusion of basket bonds is the best and most evident evidence of how alternative finance constitutes a consolidated tool capable of effectively supporting dynamic and innovative companies such as those in Puglia. The recently finalized program, the result of synergies between the Public Administration, institutional investors and the banking system, demonstrates how the diversification of financing sources represents an important success factor for entrepreneurial entities with ambitious growth plans at both a national and international level", he commented Andrea Nuzzi, head of Businesses and Financial Institutions of Cassa Depositi e Prestiti. “This initiative is a further important piece of the strategy undertaken by CDP to actively support the territories of Southern Italy”.
"As an investor in basket bonds, we support Puglia companies in their development and growth path”, commented Francesco Minotti , CEO of Mediocredito Centrale. “We are very proud of this collaboration with Puglia Sviluppo, one of the first regional financial companies to having launched a tool that encourages the opening of local SMEs to the capital market. Our Group supports the southern production system both by using innovative finance instruments such as basket bonds and by ensuring credit and services to businesses every day through its branches. BdM Banca (formerly Banca Popolare di Bari), a Group company rooted in and dedicated to Southern Italy".
Business projects
Heron Ltd deals in Barletta ( Bat ) with mass production of clothing. With a Minibond worth 2.2 million euros it invests in the same city for a business development project which in three years will lead to the development of turnover on the "Markup" and " Urban Ring" brands. To achieve these innovations, the company will focus on the creative contribution of designers and professionals as well as on collaboration with the supplier of the raw material.
Zero & Company Srl , a company from Terlizzi ( Ba ) engaged in the manufacturing of clothing, intends to strengthen its business capabilities along two lines with a Minibond of 3.2 million euros: the first is represented by the creation of both a productive and logistics equipped with technologies suitable for improving the traceability of raw materials and packaged garments; the other is represented by the creation of a software infrastructure that allows it to enhance its B2B capacity.
Levante Logistica Srl , with registered office in Bari, deals with logistics services for the distribution of goods and through a 2.2 million euro Minibond will create a new production unit in Modugno ( Ba ) and build a building for office and storage use . The undertaking involves the study and development of a Digital Twin of the Organization ( Dto ) with the aim of improving the business process by providing a transparent vision and automating management actions to address existing and probable risks.
Bartin Distillery Srl of Bari, with a Minibond of 6.4 million euros, invests in Mottola ( Ta ) to improve the existing production cycle both in qualitative and quantitative terms. The process innovation linked to the application of an innovative treatment of the incoming matrices will maximize the yield of current products such as grape seeds, grappa, raw alcohol and the waste disposal service. Furthermore, the investment will allow us to increase the range of products offered with the launch of “Alcool Buongusto” on the market.
Mana Srl , a Bari company engaged in the development of retail networks on behalf of international brands, invests in Monopoli ( Ba ) with a 2 million euro Minibond . The company aims to manage and coordinate a business model that will be adopted by virtue of precise commercial agreements with brands such as Yamamay , Carpisa , Mango and Adidas, and will follow the subsequent phases, such as location scouting ; identification of the optimal location; recruiting and staff training activities . In the development plan, the company envisages the creation of a database of loyal customers managed with highly advanced software.
Stante Logistics Spa , a company from Modugno ( Ba ) that deals with transport and logistics, intends to invest, through a Minibond of 5.3 million euros, to expand the current operational headquarters by creating a new covered logistics area of 7,500 m2. The intervention will allow Stante Logistics to double the space intended for third-party warehousing. The new area will be appropriately set up with shelving and material handling systems equipped with the most advanced 4.0 technologies. The objectives that the company sets itself will be supported by research and development and innovation projects and by specific actions for company internationalization.
Ilog & T Srl , a Milan-based company that manages logistics services for the distribution of goods, implements projects in Modugno and Corato with a 6.4 million euro Minibond . The investment takes the form of the construction of a new production unit in the Asi area of Modugno ( Ba ) and the expansion of the local unit of Corato ( Ba ) to improve the performance of logistics activities. With reference to investments in industrial research and experimental development, the company intends to invest in logistics solutions capable of improving the management of the automated warehouse during the processes of receiving, storing and picking goods.
Apulia Hotel Srl , company of Foggia engaged in the management of tourist accommodation facilities, with a Minibond of 2 million euros, will provide for the construction of new accommodation facilities through the acquisition of the Hotel Semiramide in Castellana Grotte ( Ba ); of the shareholding of the company Città Bianca Srl ; of the Hotel Resort Città Bianca in Ostuni. The structures, after the acquisition of the property, will be subject to modernization and adaptation interventions aimed at increasing their commercial potential.
T&M Logistica Integrata Srl , a Rome-based company that provides logistics services for the distribution of goods, will invest in Modugno ( Ba ) with a 3.2 million euro Minibond . The proposed industrial project will allow the construction of a new factory in the Asi area of Modugno to be used for the construction of an automated warehouse equipped with innovative technological and IT infrastructures to improve operational procedures by automating some phases of the process. The company also plans to invest in industrial research and experimental development and in innovation.
Sun. Pla Srl , a company from Altamura ( Ba ), engaged in the road transport of goods sector, through a 2 million euro Minibond , invests in the creation of an operational and management center 24 hours a day, 365 days a year, in the Altamura headquarters . The objective is to create and develop a control center aimed at managing all transport activities and the management of complex tenders which involve the acquisition of goods and their widespread distribution. Furthermore, the company plans investments aimed at the growth of activities relating to cleaning services as well as the acquisition of companies operating in the reference sector or related sectors.
Omnitech Srl of Modugno ( Ba ) with a Minibond of 2 million euros, plans to expand its business linked to the rental of machines and equipment, through the diffusion among public bodies and publicly held companies of the use of electrically powered vehicles for the transport of tools to be used for street sweeping and for urban hygiene services in general.
Sidea Group Srl , a Fasano company, engaged in the ICT sector , plans to invest in Bari and Fasano in software development, acquisition of patents and expenses relating to the market launch of the " Deep " product Rfm Analytics”. Furthermore, the company intends to join the " supported by Gartner " plan , an internal skills development program based on publications, research and best practices that Gartner Inc. (world leading company in the field of strategic consultancy) will offer directly to Sidea Group. In addition to the purchase of this platform, the company plans other investments in the inclusion of other innovative technological solutions in its portfolio.
Minibond tool worked
To access the Minibonds of the Puglia Region, the interested company submitted the application to Puglia Sviluppo which assessed the requirements, the investment plan, and carried out all the further checks required by the procedure.
UniCredit, in collaboration with the institutional investors represented by Cassa Depositi e Prestiti and Mediocredito Centrale, carried out the merit analysis of both the company and the investment and, subsequently, defined the overall portfolio of suitable companies. The arranger fully subscribed to the bond loan and subsequently, through a special purpose vehicle ( SPV ), placed the Minibonds (through a securitization operation) with institutional and professional investors. The companies therefore received from 2 to 8 million euros depending on the amount of the Minibond issued and invested in tangible or intangible assets, but also obtained support for the working capital linked to the investment to be made.