Mikro Kapital’s ALTERNATIVE Fund debuts on the Luxembourg Stock Exchange with its bonds issued under the EMTN programme
3 NOV, 2025
By Joanna Piwko from RankiaPro Europe
The listing celebrates a decade of growth driven by positive impact, transparency, opportunity, and financial innovation.
ALTERNATIVE, a Luxembourg-based securitisation fund that has been offering investors access to high-impact opportunities in emerging markets for over a decade, has successfully listed, for the first time on the Luxembourg Stock Exchange (LuxSE), its bonds issued under the EMTN programme.
The admission to trading of bonds under the EMTN programme marks ALTERNATIVE’s first listing on LuxSE and reflects Mikro Kapital’s long-term strategy of combining solid governance, transparency, and regulatory alignment with its mission to generate measurable social and economic impact.
The listing of our bonds on the Luxembourg Stock Exchange is a milestone for ALTERNATIVE and Mikro Kapital. It reflects our ongoing commitment to providing investors with transparent access to financing instruments that support entrepreneurs and small businesses in emerging markets, creating positive impact.
Johannes Feist, CEO of Mikro Kapital
Since its inception in 2015, ALTERNATIVE has built a strong reputation for connecting global investors with micro, small, and medium-sized enterprises across Europe, Central Asia, and other emerging markets. Over the past ten years, the fund has raised more than €550 million in bonds denominated in euros, Swiss francs, and U.S. dollars. Additionally, ALTERNATIVE has issued over $10 million in tokenized bonds, and the companies in its portfolio have expanded to nearly 170 locations across 10 countries.
Citibank N.A., London Branch, acts as Paying and Settlement Agent under the EMTN programme. Linari Law Firm provided legal counsel to the issuer, offering valuable support throughout the structuring and listing process.
