Capital markets
Mediobanca is an active player on both the primary and secondary markets for equities, fixed income securities, foreign exchange, and credit, interest rate and exchange rate derivatives.
Primary
Financial instruments are offered to investors for the first time on this market via specific circuits and placing procedures. Mediobanca has three different desks operating here:
- Equity capital markets (ECM):
structures and places equity offerings, e.g. in the form of IPOs and rights issues, and equity-linked products such as convertible/exchangeable bonds and warrants on behalf of Mediobanca clients - Debt capital markets (DCM):
structures and places debt securities such as bonds and/or asset-backed securities issued by corporate or financial clients - Funding:
structures and places debt-based products (structured and unstructured) for the bank's own funding purposes
Secondary
This covers all regulated markets (trading-floor and screen-based) and non-regulated markets (OTC) on which financial assets are traded subsequent to their issue. Mediobanca is a player on the secondary market both in its own right and on behalf of its customers, with a vast range of equity products, fixed income securities, and interest rate, credit, exchange rate and equity derivatives. The areas of the bank involved in such activities are:
- Equity and derivatives trading desk (own trading) *
- Equity sales and research (client trading and order collection) *
- ALM, treasury and fixed income and derivatives trading (own trading) *
- Proprietary trading
* Mediobanca has laid down and adopted an order execution and transmission policy in order to comply with the obligations set out by MIFID.