The Export Development Fund signed a 12.5 million euro bond issued by De Cecco company, SACE Reported. The Fund has been created to underwrite the mini-bonds of export focused small and medium Italian businesses who need funding that is different from bank’s lending to fuel their expansion. “It’s the first operation by the Export Development Fund, set up to support the export and the internationalization of Italian businesses by opening the domestic market to medium long term funding sources in addition to the banking channel” SACE said.
De Cecco company, which is present in 120 markets, is issuing the bond to support its brand development in key markets such as United States, Japan, England, Germany, France and South-East Asia. This is not a new partnership. There were two stages in the successful development of De Cecco business played by Sace: in 2011 financing of around 16 million euro for the acquisition of First Pasta brand, which is ranked the second player in Russian pasta market; in 2014 financing of around 10 million euro for the purchase of raw materials, particularly wheat.
