tailieunhanh - Business Angels in Germany EIF’s initiative to support the non-institutional financing market

CP is normally issued with maturities of 270 days or less, though most CP has maturities of 90 days or under. Yields vary with maturity and credit quality, but CP normally offers a higher yield than Treasuries or agencies. Because CP has such a short maturity, the companies that issue it are almost constantly raising money in the market, rolling over or replacing CP that has just matured, as part of a commercial paper program. Since the CP market is generally open only to issuers with strong credit ratings, there have been few defaults over the years—but there have been some. As a result, credit analysis is important. | INVESTMENT FUND Business Angels in Germany EIF s initiative to support the non-institutional financing market Helmut Kraemer-Eis Markus Schillo lllllllll Working Paper 2011 11 EIF Research Market Analysis Author Helmut Kraemer-Eis heads EIF s Research Market Analysis. Contact Tel. 352 42 66 88 394 Markus Schillo heads the ERP-EIF Dachfonds and EIF s Business Angel CoInvestment activity. Contact Tel. 352 42 66 88 284 Editor Helmut Kraemer-Eis Head of EIF s Research Market Analysis Contact European Investment Fund 96 Blvd Konrad Adenauer L-2968 Luxembourg Tel. 352 42 66 88 1 Fax 352 42 66 88 280 Luxembourg November 2011 Disclaimer The information in this working paper does not constitute the provision of investment legal or tax advice. Any views expressed reflect the current views of the author s which do not necessarily correspond to the opinions of the European Investment Fund or the European Investment Bank Group. Opinions expressed may change without notice. Opinions expressed may differ from views set out in other documents including other research published by the EIF. The information in this working paper is provided for informational purposes only and without any obligation. No warranty or representation is made as to the correctness completeness and accuracy of the information given or the assessments made. Reproduction is authorized except for commercial purposes provided the source is acknowledged. 2 Abstract Business Angels BAs are an important financing source for SMEs and seed and start-up companies in particular. BAs are even more important in countries and regions lacking an institutionalised VC infrastructure often being the only major source of equity finance for young innovative SMEs. An important additional element of their activity is often the provision of non-financial benefits like mentoring advice contacts etc. However especially in comparison with the US the European BAs segment is still in

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