Several projects are under way to create instruments for investing in bonds or loans of unlisted companies, most of them based on the creation of closed-end credit funds. This may help to channel funds rapidly to issuers and create a market that could, as it reaches a suitable size and becomes sufficiently liquid, attract even major institutional investors.
The success of such projects depends on a high degree of transparency, simple structures, low leverage, and limited maturity mismatching. 22  See A. Franzosi and E. Pellizzoni, “Gli effetti della quotazione.