-based funding opportunity for unlisted firms. Using the Italian Credit Register, we investigate the impact of minibond issuance on … bank credit conditions for issuer firms, both at the firm-bank and firm level. We compare new loans granted to issuer firms … addition, issuer firms reduce the amount of used bank credit but increase the overall amount of available external funds …

regulatory reform which allowed unlisted firms to issue minibonds. Using the Italian Credit Register, we compare new loans … power with banks. Issuer firms also reduce the amount of used bank credit, expand their total and fixed assets, and raise …

opportunity for unlisted firms. Using the Italian Credit Register, we investigate the impact of minibond issuance on bank credit … reduce the amount of used bank credit but increase the overall amount of available external funds, pointing to a substitution … with bank credit and to a diversification of corporate funding sources. Studying their ex-post performance, we find that …

question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …