Italian private debt closed-end fund managed by Bnp Paribas Investment Partners sgr and focusing on investments in non-listed small and medium enterprises bonds (so-called minibond) reached a first closing at 56 million euros, the ceo Marco Barbaro said to MF-Milano FInanza last Saturday August 2nd.
The fund, named Bnp Paribas Bond Italia Pmi, ha a 7 years life starting after fundraising will close and has a 150 million euros target. Banks of group BnpParibas originating the minibond issues will be compelled to invest in the originated minibond for at least a 20% of the minbond size.
The fund will invest in senior unsecured minibonds with a 5-7 years maturity with a preference for amortizing structures. The bonds should have a rating of at least B2.2 by Cerved Rating Agency (the same of a BB- by S&P’s ora a Ba3 by Moody’s). The fund has a 6% gross Irr target. The minibonds will be listed on the ExraMot Pro market managed by Borsa Italiana.
As for the first investments, Barbaro said: “The first issue will be ready in August and we are working on other six issues”.
