July 2025 – Kinstellar is pleased to have supported Banca Intesa with the first issuance of collateral-free mini bonds in Serbia - a significant milestone in the development of the local capital market.
This innovative transaction, worth RSD 470 million, was arranged for Diopta, a leading optical retailer in the Western Balkans. It marks a significant advancement in the expansion of financing opportunities for SMEs.
Throughout this pioneering issuance, we advised Banca Intesa, ensuring a secure and efficient legal framework aligned with the highest market standards. The deal forms part of the Minibond initiative by the Intesa Sanpaolo Group, which aims to promote sustainable economic growth and develop capital markets across the region.
Led by Partner Petar Kojdić and Senior Associate Nevena Miloaević, our Belgrade team advised Banca Intesa on all aspects of the transaction, thereby laying the groundwork for future mini-bond issuances.
We are proud to have played a direct role in shaping the future of SME corporate finance in Serbia.