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The MARF Channels Over €12.7 Billion in Financing in Just Five Years

In just five years, the Alternative Fixed-Income Market (MARF), promoted by Bolsas y Mercados Españoles (BME), has funneled €12.75 billion in financing to 57 companies, establishing itself as a key solution for mid-sized firms seeking alternatives to bank credit. 

Launched at a critical time following the European debt crisis—when many solvent companies found their traditional credit lines cut off—MARF was created as a way to diversify corporate financing sources. “The goal was to improve access to markets for SMEs, especially in a context where banks couldn’t take on additional risk,” explains Gonzalo Gómez Retuerto, managing director of MARF. 

A Growing Market 

Since its inception, MARF has recorded €11.085 billion in commercial paper issuances, with over €1.6 billion currently outstanding. This short-term debt has proven attractive to both issuers and fixed-income investors seeking competitive returns. Banca March leads the commercial paper segment, managing over 50% of the outstanding balance and 12 of the 28 programs in 2018. 

“Commercial paper is an ideal entry point into capital markets: it’s a competitive, stable solution that helps build a future investor base,” notes Wafi Saleh, partner at PKF Attest, a firm specializing in corporate debt issuance advisory. 

As for medium- and long-term debt, MARF has facilitated €1.673 billion since its founding, with an upward trend. “This market is designed for companies with minimum revenues of €300 million,” says Carlos Stilianopoulos, CEO of Beka Finance, the leading firm in medium- and long-term debt mandates on MARF. 

A Robust Ecosystem with No Defaults 

MARF has been characterized by rigorous issuer selection, which has prevented defaults to date—a crucial factor in maintaining market trust. “CFOs now understand they must diversify their funding sources to achieve greater stability and efficiency,” says Jokin Cantera, partner at PKF Attest. 

According to BME, current challenges include attracting larger-volume transactions and continuing to strengthen the MARF ecosystem. “Technically, we’re ready for a significant bond issue by a mid-sized company. We just need to find the right candidate,” concludes Gómez Retuerto.