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 about 60% of our funding now comes from retail investors: 58% of our bonds are sold to retail customers, while 35% of our funding is raised from Wealth Management deposit.
FUNDING COMPOSITION as at March 2017
(billion euros and percentage values)
Wealth Management deposits
MB bond by type
- Diversified sources of funding
- Total bonds: 19.6 billion euros (14.8 billion euros of senior, 2.5 billion euros lower T2, and 2.3 billion euros covered bonds)
- Wealth Management deposits at € 17.3bn
- 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. 58% 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. 42% of the bonds issued are placed with institutional investors in the form of private placements and public offerings.