Accola is a leading player in the development of the small and mid-sized corporate bond market.

Accola initiated and arranged the first French small cap bond fund, MICADO France 2018, opening the bond market to small caps in France.

In September 2012, 14 small caps raised individual financing via fixed rate 6 year bullet bonds bought by MICADO France 2018.

This financing has allowed midcap companies to access non-banking financing solutions at an attractive rate thanks to the pooling of companies, offering diversification to MICADO’s investors.

Investors gained exposure to new corporate players previously unavailable to the market.

MICADO France 2018 was a promising foray into an untapped type of corporate financing.  Disintermediation is developing considerably as a financing option for small caps.



Participating companies in MICADO France 2018:

Affine, Business&Decisions, Delfingen Industry, Delta Plus,EPC Group, Groupe Gorgé, Homair Vacances, Lafuma, Manitou, Orapi, Quantel, Solucom Group, Touax, VM Matériaux.