There is still a great deal of potential in this respect in Germany especially, but also other European countries, compared with the English-speaking world. For this reason, I take a thoroughly positive view of the increased importance of bonds, securitisations and borrowers’ notes, even in the SME sector.
It is particularly important, however, to pay attention to the quality of these instruments, especially in such a young market segment. Thus, even SME bonds do not provide a real way out of the funding problems of weak enterprises, but instead are a suitable instrument for larger SMEs with high credit quality. 6.