{"id":44211,"date":"2017-08-01T04:06:20","date_gmt":"2017-08-01T02:06:20","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/mittelstand-bonds-booming-are-they-competing-with-private-equity\/"},"modified":"2017-08-01T04:06:20","modified_gmt":"2017-08-01T02:06:20","slug":"medium-sized-bond-boom-are-you-in-competition-with-private-equity","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/medium-sized-bond-boom-are-you-in-competition-with-private-equity\/","title":{"rendered":"Mittelstand Bonds Booming \u2014 Are They Competing with Private Equity?"},"content":{"rendered":"

Dr. Sven Jans\u00adsen<\/strong> \u2014 Head of Capi\u00adtal Markets Close Brot\u00adhers Seyd\u00adler Bank AG, Frankfurt\/Main<\/p>\n","protected":false},"excerpt":{"rendered":"

For a long time, it was diffi\u00adcult for smal\u00adler medium-sized compa\u00adnies to access the capi\u00adtal market by issuing a bond. Inte\u00adres\u00adt\u00adingly, this has chan\u00adged in the wake of the finan\u00adcial market crisis. For many compa\u00adnies, the crisis has sever\u00adely strai\u00adned rela\u00adti\u00adons with their prin\u00adci\u00adpal bank. As a result of banks\u2019 reluc\u00adtance to lend, more SMEs have approa\u00adched the capi\u00adtal market directly in recent years. This solu\u00adtion, which was born out of neces\u00adsity for some issuers, has now deve\u00adlo\u00adped into a much-used and estab\u00adlished instru\u00adment of corpo\u00adrate finan\u00adcing. At the same time, special segments for SME bonds were crea\u00adted on all major German stock exchanges.<\/strong><\/p>\n

Equity or debt capital?<\/strong><\/p>\n

A funda\u00admen\u00adtal distinc\u00adtion must also be made between equity and debt instru\u00adments in the finan\u00adcing of medium-sized compa\u00adnies. The equity capi\u00adtal, which in medium-sized compa\u00adnies is often in the hands of a family, is fully liable for any losses incur\u00adred by the company, but also parti\u00adci\u00adpa\u00adtes in full in the profits.<\/p>\n

In simple terms, equity is the portion of the liabi\u00adli\u00adties side of the balance sheet that remains after offset\u00adting all receiv\u00ada\u00adbles and liabi\u00adli\u00adties. Abstractly, it repres\u00adents the contri\u00adbu\u00adtion to be made by the owners of the company. The equity inves\u00adtors own the company and are also respon\u00adsi\u00adble for its manage\u00adment or the appoint\u00adment of compe\u00adtent mana\u00adgers. Among other things, the owner\u00adship struc\u00adture of the equity is decisive here. Whereas in the case of a poly\u00adpo\u00adlar struc\u00adture exter\u00adnal mana\u00adgers are most likely to run the company, in the case of a single owner or a nume\u00adri\u00adcally smal\u00adler owning family a family member is often the mana\u00adging direc\u00adtor of the company.<\/p>\n

Borro\u00adwings are gene\u00adrally fixed-term and callable. It estab\u00adlishes a remu\u00adne\u00adra\u00adtion claim of the capi\u00adtal provi\u00adder against the issuer and is accor\u00addin\u00adgly not liable. In contrast to equity, the risk of default is signi\u00adfi\u00adcantly lower here, while at the same time there is no owner\u00adship of the company. On the debt side, the tradi\u00adtio\u00adnal finan\u00adcing instru\u00adments available to SMEs were bank loans and junior loans, supple\u00admen\u00adted by invoice and facto\u00adring products. In addi\u00adtion, there has been an increase in promis\u00adsory bills and also corpo\u00adrate bonds in recent years. These instru\u00adments can be distin\u00adgu\u00adis\u00adhed prima\u00adrily in terms of their senio\u00adrity and thus the risk of default.<\/p>\n","protected":false},"featured_media":41414,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2602,2603],"product_tag":[1706,2337,2340,2346],"class_list":{"0":"post-44211","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2014-en","8":"product_cat-dr-sven-janssen-en","9":"product_tag-capital-market","10":"product_tag-janssen-en","11":"product_tag-sven-en","12":"product_tag-mittelstandsanleihen-en","13":"pa_sprache-english-3","14":"pa_sprache-german","16":"first","17":"outofstock","18":"taxable","19":"shipping-taxable","20":"purchasable","21":"product-type-variable"},"yoast_head":"\nMittelstand Bonds Booming - Are They Competing with Private Equity? - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/medium-sized-bond-boom-are-you-in-competition-with-private-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mittelstand Bonds Booming - Are They Competing with Private Equity? - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"For a long time, it was difficult for smaller medium-sized companies to access the capital market by issuing a bond. Interestingly, this has changed in the wake of the financial market crisis. For many companies, the crisis has severely strained relations with their principal bank. As a result of banks' reluctance to lend, more SMEs have approached the capital market directly in recent years. This solution, which was born out of necessity for some issuers, has now developed into a much-used and established instrument of corporate financing. At the same time, special segments for SME bonds were created on all major German stock exchanges. Equity or debt capital? A fundamental distinction must also be made between equity and debt instruments in the financing of medium-sized companies. The equity capital, which in medium-sized companies is often in the hands of a family, is fully liable for any losses incurred by the company, but also participates in full in the profits. In simple terms, equity is the portion of the liabilities side of the balance sheet that remains after offsetting all receivables and liabilities. Abstractly, it represents the contribution to be made by the owners of the company. The equity investors own the company and are also responsible for its management or the appointment of competent managers. Among other things, the ownership structure of the equity is decisive here. Whereas in the case of a polypolar structure external managers are most likely to run the company, in the case of a single owner or a numerically smaller owning family a family member is often the managing director of the company. Borrowings are generally fixed-term and callable. It establishes a remuneration claim of the capital provider against the issuer and is accordingly not liable. In contrast to equity, the risk of default is significantly lower here, while at the same time there is no ownership of the company. On the debt side, the traditional financing instruments available to SMEs were bank loans and junior loans, supplemented by invoice and factoring products. In addition, there has been an increase in promissory bills and also corporate bonds in recent years. 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