Abstract
The idea of creating a new capital market instrument emerged from the concept of Capital Markets Union. It draws inspiration primarily from the very good experience of covered bonds, which provide a stable, long-term and relatively cheap source of financing banking activities, while contributing to building the stability of the financial system. European Secured Notes fulfill the aims of the Capital Markets Union by supporting the financing of small and medium enterprises, which are the backbone of the EU economy, and which have been severely impacted by the Covid-19 crisis. The first implementations of ESNs allow for drawing preliminary conclusions regarding the effectiveness of this new capital instrument, which are presented in this article
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