Bonds and promissory notes
Instruments for diversifying the sources of corporate financing
ICO’s catalogue of products also includes complementary financing instruments to enable companies to diversify the channels through which they secure resources for their development plans as a means of boosting their growth.
Through the development of these instruments, ICO contributes added value to corporate financing, expanding the range of products on offer and promoting additional sources of financing.
- Programme for the Purchase of Corporate Bonds and Promissory Notes issued through the Alternative Fixed Income Market (MARF): aimed at helping issuers, especially medium-sized companies and midcaps, to access financing to cover their short- and medium-term liquidity needs.
- Purchase of corporate bonds programme: issued by Spanish companies that are preferably certified as responsible issuers or listed in sustainability indices, providing companies with the necessary financing to undertake their medium and long-term investment plans.
- Purchase of project bonds programme: as a financing instrument particularly linked to large infrastructure financing operations.
- Asset-backed securities programme: the ICO began its work as an investor in asset-backed securities in 2017, when the ICO approved a framework for investment in bonds, in accordance with its Strategic Plan. This framework establishes the characteristics of the operations to be considered in terms of asset type, credit quality and period. ICO's participation seeks to ensure an impact on new credit-granting in general, and credit aimed at the productive framework in particular, as well as alignment with its objectives, particularly its sustainability objective. Towards the end of 2022, ICO had invested close to 1.3 billion euros in more than 10 operations.
In addition, to complement our product catalogue, we also collaborate in new forms of financing, participating in Aquisgrán, a pioneering initiative in Europe that finances SMEs through Mutual Guarantee Societies (MGS). Aquisgrán is a securitisation fund that improves access to credit for SMEs and those that are self-employed living in Spain, broadening their sources of financing beyond traditional banking channels and raising funds in the fixed income market. The loans are guaranteed by the MGS and backed by the ICO as an investor and the EIF (European Investment Fund) as a guarantor. The fund finances loans to SMEs of around 100,000 euros on average, come from and guaranteed by MGSs, which benefit from a counter-guarantee from the Ministry of Industry through CERSA. Aquisgrán finances the loans through the issuance of up to 150 million euros in securitisation bonds progressively subscribed by the ICO, backed by a bilateral guarantee from the EIF. By the end of 2022, we had already subscribed 83 million euros. The bonds are listed on the Alternative Fixed-Income Market (Mercado Alternativo de Renta Fija: MARF).
More information: Aquisgrán’s website