The Italian case study: the largest retail bond market in Europe
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1 The Italian case study: the largest retail bond market in Europe Alberto Mancuso, Global Head of Sales & Distribution Banca IMI - Intesa Sanpaolo Group
2 Agenda 1 Historical evolution of italian household savings 2 Fixed Income market 3 A new distribution channel 4 Banca IMI experience 2
3 Historical drivers and features Since the 70s: Italian Investors have been traditionally big purchasers of Bonds issued by their Government Bank Deposits 45% Financial Wealth: Italian Families 1995 Italian Government Bonds 24% Since the end of 2011: The stock of Italian Govies in customers portfolio has gradually reduced by roughly 70% Corporate and Financial Bonds, Shares & Funds 31% Bank Deposits 39% 2013 Italian Government Bonds 7% Strong «simplification» of pay-off Corporate and Financial Bonds, Shares & Funds 54% 3 Source: Banca d Italia
4 Retail Bonds market: the evolution Fixed Income securities owned by Italian Retail Investors (EUR bln) % 49.42% 47.41% 31.40% 35.84% Italian Government Bonds Corporate and Financial Bonds 4 Source: Banca d Italia
5 The evolution: different answers to changing market conditions Interest rate Italy 10Y 8,00% Italian Public Debt BTP Italia - amount issued by year (EUR bln) Introduction, in 2012, of the new «BTP Italia» linked to inflation ,00% 4,00% 2,00% 0,00% Italian Banks Average duration of ISP fixed income securities issued by year offered to BdT Network Shift from shorter maturities to new issues characterized by longer maturities
6 Agenda 1 Historical evolution of italian household savings 2 Fixed Income market 3 A new distribution channel 4 Banca IMI experience 6
7 Current market analysis: MOT bond market Market structure Annual Turnover 2014 MOT EUR bln DomesticMOT EuroMOT EUR bln 10.8 EUR bln Debt securities in Euro Italian government securities Eurobonds, ABSs, foreign government securities, securities of supranational issuers 7
8 Evolution of the MOT market Aggregate turnover MOT - EUR bln * Turnover by Issuer (non-government) MOT - EUR bln ,8 176,5 288,9 227,9 203,7 321,5 329,9 323, ,9 10,5 8,8 5,4 4,7 3,2 2,4 0,7 1,0 12,8 11,1 9,6 4,2 2,4 2,1 0, * It includes Governative, Financial Institutions and Corporates Bonds Financial Institutions Bonds Corporates Bonds 8
9 Current market analysis Turnover by structure type 2014 * Most traded securities on MOT December 2014 * Financial Institutions Bonds Name EUR mln Contracts IMI Opera V TF 3% NV 21 USD IMI Dual Cur TF 10% NV16 BRL Mediobanca TF 3% OT 19 USD Corporates Bonds Name EUR mln Contracts General Elect TF 2.5% MZ20 USD Enel TF Enel TV * Governative Bonds excluded 9
10 Agenda 1 Historical evolution of italian household savings 2 Fixed Income market 3 A new distribution channel 4 Banca IMI experience 10
11 Direct Listing Direct Listing process Key attributes ISSUER Liquidity Provider The MOT is directly accessible by the widest audience of investors; Being a secondary market, it is not possible to distinguish a priori the true nature of retail investor; MOT Regulated Market The price of the security varies constantly, depending on market conditions; INVESTORS No subscription period - direct access In case of immediate good performance of the security, it would be immediately listed above par. 11
12 Distribution channels Public Subscription Offer - Bank Network distribution Direct listing - MOT Distribution Fees for distributor Sales / marketing taken care of by the distributor No fees for distributor Need for targeted marketing / brand strength Size Possibility to agree on minimum sold amounts Uncertainty about sold amounts Sophistication Easier to sell products with relatively more sophisticated payoffs Need for quick-to-understand payouts, reaching the investor with no intermediation 12
13 Agenda 1 Historical evolution of italian household savings 2 Fixed Income market 3 A new distribution channel 4 Banca IMI experience 13
14 Our Experience The reasons of the success Product Type: Plain vanilla bonds (fix or fix-to-floater payout) Direct Listing 12 different currencies 28 Product type Trading Sales & Distribution Market Enviroment: Fall of EUR (against other currencies) Fall of EuroZone interests rates Marketing Enviroment Marketing Campaign: 2 Marketing Campaign High investment in communication Online campaign Press campaign Events and seminars Simple and transparent messages 14
15 Our Experience The efficiency of the advertising campaign Direct Listing Target: Retail Investors 28 Trading Sales & Distribution Goals: Consolidating the brand Stimulate interest in the product Explain the characteristics of the bonds 2 Graphics: Simple and easily identifiable: the symbol is the frame Flags: immediate understanding of the currency denomination 15
16 Our Experience Market Hub is the brokerage division of Banca IMI offering a Multi Asset Class Electronic Execution service combined with voice brokerage: Direct Listing Fixed Income Equities Listed & Otc Derivatives Forex The platform provides one of the most advanced solutions in terms of integrated access to financial markets and Best Execution. Banca IMI Volume Market Volume FIXED INCOME MOT (Euro/1000) FIXED INCOME EUROTLX (Euro/1000) Market Share 20 % 27 % Ranking
17 Our Experience Direct Listing 17
18 Contacts Alessandra Annoni Head of Listed Products Global Markets Sales & Distribution Foreign & PB Networks Largo Mattioli, Milan Italy Phone Mob Mail alessandra.annoni@bancaimi.com Donato Finardi Head of Foreign Networks Global Markets Sales & Distribution Foreign & PB Networks Largo Mattioli, Milan Italy Phone Mob Mail donato.finardi@bancaimi.com 18
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