Bond maturities and composition
We regularly access the financial markets through the issuance of bonds which are placed with both retail and institutional investors.
The Proprietary Funding division is responsible for structuring, issuing and placing these debt instruments, the proceeds from which serve to finance our activities. Our fund-raising, supported by our high credit rating, is carried out chiefly through the issuance of securities, both plain vanilla and structured.
Our bond issuance policy pursues the dual objective of reducing the overall cost of funding and maintaining adequate liquidity levels.
Bonds in issue by type of investor (December 2018)
Our objective is to maintain a balanced profile between bond maturities and issues.
Bond maturities (December 2018, billion euros)