Funding and rating

Our funding strategy has changed and diversified significantly over the years. Bond issues now account for less than half of our funding, compared with more than 60% in 2005, in 2008 we launched CheBanca! to access retail deposits.
 

Overall 60% of our funding now comes from retail investors: 62% of our bonds are sold to retail customers, while 35% of our funding is raised from Wealth Management deposit.

Our dedicated Proprietary Funding website contains all the details for our issues (prospectuses, types, maturities, recipients, etc.).
 

FUNDING COMPOSITION as at 31/12/16 (billion euros and percentage values)
 

Wealth Management deposits
 

MB bond by type
 

raccolta 1
 

Funding characteristics:

  • Diversified sources of funding
  • Total bonds: 19.7 billion euros (14.9 billion euros of which senior, 2.5 billion euros lower T2, and 2.3 billion euros covered bonds)
  • Wealth Management deposits at € 17.4bn
  • Net stable funding ratio (NSFR) and liquidity coverage ratio (LCR) above 100%

The sale of our bonds is well diversified between retail and institutional clients:

  • Approx. 62% of the bonds issued are placed with retail clients, in particular through direct listing on the Mercato delle Obbligazioni Telematico (MOT), through third-party networks (other banks, Poste Italiane, etc.) and via CheBanca!
  • Approx. 38% of the bonds issued are placed with institutional investors in the form of private placements and public offerings.

 

Last update: 20/03/2017