Countries across Europe are taking steps to help smaller companies access the bond market. Spain is said to be close to launching its new fixed income alternative market (Mercado Alternativo de Renta Fija) to allow companies with average revenues of a modest €100m to issue debt.

Germany has taken the lead in developing funding avenues for companies in Europe via exchanges, according to S&P. Over 55 companies have approximately €3bn in debt that is actively traded across the country's three main stock exchanges, of which 51 have revenues of below €500m.