Dentro de las medidas adoptadas  por el Gobierno para el  apoyo al emprendedor y de estímulo del crecimiento y de la creación de empleo, se ha decidido la implementación del Mercado Alternativo de Renta Fija, en adelante MARF.

As part of the measures that the Spanish Government has adopted to support entrepreneurs and stimulate employment creation and growth, it has decided to implement the Alternative Bond Market, hereinafter, ABM.

As part of the measures that the Spanish Government has adopted to support entrepreneurs and stimulate employment creation and growth, it has decided to implement the Alternative Bond Market, hereinafter, ABM.

El MARF es un mercado de Renta Fija para emisiones de medianas empresas, que podría equipararse al Mercado Alternativo Bursátil (renta variable) para aquellas empresas que por restricción legal no pudieran acceder al mercado continuo. La idea es facilitar el acceso de las empresas a los inversores en renta fija, superando las dificultades que encuentran en el actual mercado de deuda aquellas empresas que no tienen una gran dimensión.

Así, en las recientes reformas se han introducido medidas como la eliminación de los límites del artículo 405.1 de la Ley de sociedades de capital para las emisiones de obligaciones (que limita el importe total de las emisiones al capital social desembolsado más las reservas que figurasen en el último balance aprobado y las cuentas de regularización y actualización de balances, cuando hubiesen sido aceptadas por el Ministerio de Economía), siempre y cuando vayan dirigidas a inversores institucionales o el valor nominal del título o de la inversión de cada titular en su conjunto sea superior a 100.000 euros.

El principal problema que plantea en la implantación de este mercado es el de información a los inversores, este problema podría quedar solucionado con la creación de una Agencia de Rating, que por lo que parece podría ser AXESOR.

Entre los requisitos exigidos para la emisión de bonos y obligaciones podríamos destacar:

  • Solicitar un rating.
  • Registrar un folleto de emisión.
  • Publicidad de las cuentas anuales.
  • Información periódica de la actividad, así como los resultados, endeudamiento y situación financiera de la empresa.
  • Las empresas deberán tener un Ebitda superior a 12 millones de euros.

 

Por otro lado es importante destacar que no es necesaria la aprobación del folleto por la CNMV por lo que el proceso en principio será bastante ágil.

Pasamos a señalar las características básicas del MARF:

  • Las emisiones deberán tener un volumen de entre 20 y 100 millones de euros.
  • Se espera que la rentabilidad media ronde un 7%.
  • Se estima que los costes fijos (asesores, colocadores y folleto), se sitúen en torno al 3% del capital.
  • En principio se prevé como una inversión institucional por lo que el ICO pondrá a disposición de las entidades de crédito, como gestores de la inversión entre 1.500 y 3.000 millones de euros.
  • Las emisiones contarán con un nominal unitario de 100.000 euros.

 

Por su parte el Proyecto de Ley de Emprendedores aprobado el 3 de Julio ha introducido ciertas modificaciones para la implementación de este mercado:

  • Se modifica el artículo 13 del Real Decreto 44/2002 sobre medidas de reforma del mercado financiero del permitiendo a las entidades de crédito emitir valores de renta fija con la denominación Cédulas territoriales, cuyo capital e intereses estarán especialmente garantizados por las Entidades Públicas.
  • Los tenedores de las cédulas tendrán derecho preferente sobre los derechos de crédito sobre la entidad emisora en los términos del artículo 1922 del Código Civil.
  • Se prevé la implementación de cédulas o bonos  de internalización.
  • Se permite emitir cédulas o bonos de internalización a Bancos, Instituto de Crédito Oficial, cajas de ahorro, cooperativas de crédito y a los establecimientos financieros de crédito.
  • El capital y los intereses de las cédulas de internacionalización estarán especialmente garantizados por todos los créditos y préstamos vinculados a la financiación de contratos de exportación de bienes y servicios o a la internacionalización de empresas.

 

En el siguiente cuadro se puede observar como la implementación de este mercado puede ser muy interesante para la inversión en empresas españolas dado que el bajo coste de la emisión de los bonos permite ofrecer un rendimiento muy elevado:

Desde el compromiso de LeQuid de apoyo a la empresa en su expansión consideramos que estos mercados son una alternativa muy interesante que unida a un asesoramiento legal integral configuran una estrategia de negocio de éxito.

 

The ABM (or MARF, in Spanish) is a Bond market for emissions of medium sized enterprises, which could be compared to the Alternative Stock Market (equity market) for those companies that, due to legal restrictions, may not access the continuous market. The idea is to facilitate access for companies to investors in fixed income, beating the difficulties that companies of smaller size face in the current debt market.

Thus, in recent reforms, measures have been introduced such as removing the limits of article 405.1 of the Law of venture capitalists for emissions of obligations (which limits the total amount of emissions for social capital paid out, as well as the reserves as shown on the latest approved balance sheet and adjustment accounts, once they have been accepted by the Ministry of Finance), as long as they are directed at institutional investors or the security’s par value or the total investment of all title holders exceeds 100,000 euros.

The main problem that arises for the implementation of this market is in informing the investors, this problem could be resolved if a Rating Agency was created, like for example AXESOR.

Among the requirements needed for the emission of payments and obligations, the following can be highlighted:

  • Apply for a rating.
  • Issue a prospectus.
  • Publish annual accounts.
  • Regular information of activity, as well as results, debt and the financial situation of the company.
  • Companies must have an Ebitda that exceeds 12 million euros.

On the other hand it is important to highlight that it is not necessary to get the prospectus approved by the CNMV, so the process should be quite flexible.

Here we indicate the basic characteristics of the ABM:

  • Emissions must have a volume of between 20 and 100 million euros.
  • The profitability is expected to be around 7%
  • It is calculated that fixed costs (advisors, underwriters and prospectus), are around 3% of the capital.
  • It is normally foreseen as an institutional investment, so the ICO will make credit entities available, such as investment managers of between 1,500 and 3,000 million euros.
  • Emissions will have a unit face value of 100,000 euros.

For its part, the Draft Law for Entrepreneurs approved on July 3rd introduced certain modifications for the implementation of this market:

  • Modification of article 13 of the Royal Decree 44/2002 concerning reform measures of the finance market, allowing credit entities to emit fixed income values called Cédulas territoriales (local bonds), whose capital and interests will be especially guaranteed by Public Entities.
  • Holders of these local bonds will have preferential right of credit entitlements for emission entities under the terms of article 1922 of the Spanish Civil Code.
  • The implementation of internationalisation bonds is foreseen.
  • The emission of internationalization bonds is allowed for Banks, the Official Credit Institute, savings banks, credit unions and financial establishments for credit.
  • Capital and internationalization bond interests will be especially guaranteed by all credits and loans linked to the financing of contracts for the exportation of goods and services or for the internationalization of companies.

The following image shows how the implementation of this market may be very interesting for investment in Spanish companies given that the low cost of the emission of bonds allows for a high yield.

Within LeQuid’s commitment of support to companies during their expansion, we consider these markets to be very interesting alternatives that, together with comprehensive legal advice, may add up to a successful business strategy.

 

The ABM (or MARF, in Spanish) is a Bond market for emissions of medium sized enterprises, which could be compared to the Alternative Stock Market (equity market) for those companies that, due to legal restrictions, may not access the continuous market. The idea is to facilitate access for companies to investors in fixed income, beating the difficulties that companies of smaller size face in the current debt market.

Thus, in recent reforms, measures have been introduced such as removing the limits of article 405.1 of the Law of venture capitalists for emissions of obligations (which limits the total amount of emissions for social capital paid out, as well as the reserves as shown on the latest approved balance sheet and adjustment accounts, once they have been accepted by the Ministry of Finance), as long as they are directed at institutional investors or the security’s par value or the total investment of all title holders exceeds 100,000 euros.

The main problem that arises for the implementation of this market is in informing the investors, this problem could be resolved if a Rating Agency was created, like for example AXESOR.

Among the requirements needed for the emission of payments and obligations, the following can be highlighted:

  • Apply for a rating.
  • Issue a prospectus.
  • Publish annual accounts.
  • Regular information of activity, as well as results, debt and the financial situation of the company.
  • Companies must have an Ebitda that exceeds 12 million euros.

On the other hand it is important to highlight that it is not necessary to get the prospectus approved by the CNMV, so the process should be quite flexible.

Here we indicate the basic characteristics of the ABM:

  • Emissions must have a volume of between 20 and 100 million euros.
  • The profitability is expected to be around 7%
  • It is calculated that fixed costs (advisors, underwriters and prospectus), are around 3% of the capital.
  • It is normally foreseen as an institutional investment, so the ICO will make credit entities available, such as investment managers of between 1,500 and 3,000 million euros.
  • Emissions will have a unit face value of 100,000 euros.

For its part, the Draft Law for Entrepreneurs approved on July 3rd introduced certain modifications for the implementation of this market:

  • Modification of article 13 of the Royal Decree 44/2002 concerning reform measures of the finance market, allowing credit entities to emit fixed income values called Cédulas territoriales (local bonds), whose capital and interests will be especially guaranteed by Public Entities.
  • Holders of these local bonds will have preferential right of credit entitlements for emission entities under the terms of article 1922 of the Spanish Civil Code.
  • The implementation of internationalisation bonds is foreseen.
  • The emission of internationalization bonds is allowed for Banks, the Official Credit Institute, savings banks, credit unions and financial establishments for credit.
  • Capital and internationalization bond interests will be especially guaranteed by all credits and loans linked to the financing of contracts for the exportation of goods and services or for the internationalization of companies.

The following image shows how the implementation of this market may be very interesting for investment in Spanish companies given that the low cost of the emission of bonds allows for a high yield.

Within LeQuid’s commitment of support to companies during their expansion, we consider these markets to be very interesting alternatives that, together with comprehensive legal advice, may add up to a successful business strategy.