Minibond Initiative

Privredna banka Zagreb (PBZ), part of Intesa Sanpaolo Group’s International Subsidiary Banks Division (ISBD), served as the sole issuing agent and investor for Viator’s corporate bond offering. This marks the second minibond issuance under the Minibond Initiative, supported by ISBD’s Corporate & SME Department, enabling Viator to raise capital on the Croatian market to fuel its future growth.

The minibonds, issued on September 25, 2024, will mature in 2031 with a total nominal value of EUR 10 million. Minibonds provide small and medium-sized enterprises (SMEs) with an alternative to traditional bank loans. These bonds are typically issued by SMEs and traded in specialized segments of the financial market.

Viator d.o.o., a car rental company based in Split, was founded in 2006 and now operates 11 branch offices in key cities including Dubrovnik, Zadar, Rijeka, Krk, Pula, and Zagreb. Over the years, Viator has earned a loyal customer base and formed successful partnerships, establishing itself as a leader in the automotive industry with ambitions for future expansion. The company also supports local communities through numerous partnerships and sponsorships, particularly in education and sports. In 2023, Viator's revenue reached EUR 18.5 million. In addition to short-term car rentals, Viator offers long-term vehicle leasing through its Viator Drive brand, serving both individuals and businesses with customizable leasing solutions. Today, Viator is one of Croatia’s largest car rental companies.

Trpimir Botica, Board Member of Viator, commented: "We are proud to be among the first Croatian SMEs to issue a minibond as an innovative financing instrument. We hope our minibond will contribute to the development of the Croatian capital market and inspire other companies to explore capital raising through market transactions. Our collaboration with PBZ and ISP, who introduced minibonds in Croatia, was smooth, and the transaction was executed very professionally."

With 24 years of experience in structuring debt and equity securities, PBZ is proud to have pioneered this initiative, which is gaining traction as more SMEs consider raising funds through capital markets. The primary objective is to prepare companies for capital market access, especially for future initial public offerings, while contributing to the growth of domestic capital markets.

Vedrana Jelušić Kašić, Member of the Management Board of PBZ  responsible for Corporate and SME Division, said: "We are pleased that Viator, one of Croatia’s largest car rental companies, has recognized minibonds as an alternative financing tool for their continued growth and business development, successfully raising EUR 10 million."

Giuseppe Ferraro, Executive Director at Intesa Sanpaolo and Head of the Corporate & SME Department - International Subsidiary Banks Division, added: " Viator’s successful minibond issuance represents a pivotal moment in the advancement of the Croatian capital market. We are thrilled to witness more SMEs adopting this innovative financial tool to secure funding, which in turn propels their growth and enhances their competitive edge. This underscores our dedication to fostering the local entrepreneurial ecosystem and demonstrates the real impact of such initiatives on the broader development of local economies."