Publication CEPYME500 2017

#BME
MARF’S FINANCING ROLE
With data for the whole of 2016, a total of 45 Spanish non-financial companies were financed in
the Fixed Income markets along the year, thus setting a new historical maximum. The volume
issued in 2016 by these 45 companies that used the Fixed Income markets reached 23.037
billion euros.
Within this growing trend for Spanish companies, MARF's role should be highlighted. By means
of this market, the Spanish stock market has contributed significantly to expand the financing
options for companies.
The MARF is an electronic platform that offers transparency and liquidity in the Fixed Income
Markets and guarantees the best order execution. Its creation responds to the needs of medium-sized
companies and reduces the issuance terms of Fixed Income instruments.
Over the course of its still short history, issuances of companies of various sizes, which did not
have a presence in the capital markets, have been performed.
The MARF has reached its fourth year of life by successfully fulfilling the objective for which it
was created: contributing to the financing of Spanish companies as a new source of complementary
financing to bank credit through issuances of promissory notes, simple bonds and
project bonds.
This market closed 2016 with a strong balance of Corporate Debt issues of 1.612 billion euros,
distributed in just over 1.120 billion euros in bonds and the rest in promissory note programs.
Compared to the previous year closing, the outstanding balance amounts to 56.6%. The bonds
grew by 59% and 52% in the companies' promissory notes balance. Halfway through the present
year, the market exceeded 1 billion euros of outstanding balance for the first time.
In 2016, 19 companies used the MARF to meet financing needs. Of the entire amount, it was the
first time for 10 of them; the other 9 had already resorted to it before. Twelve firms currently have
open promissory note programs at MARF.
At the close of 2016, a total amount of 32 companies had been financed in the Alternative
Fixed Income Market since its creation. That year, the volume of admissions to trading at MARF
amounted to 2.280 billion euros, a figure that represents an increase of 174% over the previous
year and multiplies by 4.6 times the amount corresponding to 2014, its first full year of operation.
The year 2017 is offering solid data too. The issuing trading volume included in the MARF until
July rise to 2.655 billion euros, which represents an increase of 105.3% as compared to the same
period of the previous year. The outstanding balance at closing of that month was 2.353 billion
euros, with an increase of 54.4% in relation to the same date of 2016.
The MARF is, in short, BME's commitment to financing in a moment of special relevance for
small and medium-sized businesses. But it is not the only one.
CEPYME500 | 047