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: ICO began its activity as an investor in asset-backed securities in 2017, when ICO approved a framework for investment in securitisations, 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 maturity. In order to invest, ICO requires an explicit commitment from the originating institution to generate new financing for companies and the self-employed in Spain. This ensures that the impact of ICO's investment is reflected in new credit in general, and credit directed at the productive fabric in particular. In 2020, ICO invested in 5 asset-backed securities for an amount of EUR 303 million.