(Sustainable financing for SMEs: a study of ESG bonds in the MARF)

(Sustainable financing for SMEs: a study of ESG bonds in the MARF)

Abstract:

This paper examines the issuance of ESG bonds (environmental, social and governance) in the Spanish Alternative Fixed-Income Market (MARF) since the introduction of these instruments in the market until 2024.

While sustainable finance has traditionally been used by large corporations, it has recently emerged as an alternative financing mechanism for small and medium-sized enterprises (SMEs).

The exploratory analysis covers all ESG issuances, identifying their main characteristics, the profile of the issuers, the profitability of emissions, the
sustainability objectives set, and the projects financed.

The findings highlight the growing role that the MARF may play as a platform for
sustainable financing for SMEs in Spain.

Keywords: Sustainable finance, ESG bonds, green bonds, MARF, SME financing.