This could reflect not only a traditional reluctance to enter the capital market,11 but also the fact that the smallest firms are still largely unaware of the new opportunities. Placements may therefore increase over time. The characteristics of the loans also act as a brake on issuance.
Even once the system is fully operational, the small size of potential borrowers will tend to translate into bond placements of low amount, low liquidity, high risk and high return. These features make the individual operations unattractive to institutional investors, as well as to the issuers themselves.