Invest, stabilise, expand:

Vision requires capital.

Corporates & Markets

Small and medium-sized enterprises do not always have easy access to credit. Alternatively, they can raise liquidity via the capital market. mwb fairtrade is your specialist when it comes to structuring and placing bonds, or carrying out IPOs and capital increases. As entrepreneurs ourselves, we understand what enterprises require.

Our extended range of capital markets services includes serving institutional investors, executing equities and fixed income orders for institutional market participants and designated sponsoring for selected equities. This enables us to cover virtually every aspect in the Corporates & Markets segment.

Issuance consulting & listings
Designated sponsoring
Debt capital markets
Equity capital markets
Institutional client services
Order execution

Get in touch

Kai Jordan

phone +49 40 360995-20 
corporates-markets(at)mwbfairtrade(dot)com

Alexander Deuss

phone +49 40 360995-22
corporates-markets(at)mwbfairtrade(dot)com

Issuance consulting & listings

Your path to the market

So you're thinking about an IPO? Or about issuing a bond? mwb fairtrade offers you unbiased, independent advice – with a well-founded understanding of which approach makes most sense for your company. We have held an underwriting business licence since 2006 and have been helping small and medium-size enterprises access the market since then.

The admission process is usually quick and straightforward when listing a security. Listing simply makes your stock or bond tradable on the exchange. Things are slightly more complicated in the case of an IPO (initial public offering). First it must be clarified, which exchange and which segment are the best fit for your shares. Once this has been resolved, the prospectus is drafted and the admission process and placement are initiated. As an experienced underwriter, mwb fairtrade will assist you in each of these steps.

mwb fairtrade AG is a proud member of the Federal Association of Securities Trading Firms (Bundesverband der Wertpapierfirmen an den deutschen Börsen e.V.). We are admitted at the following exchanges and trading venues:

Frankfurter Wertpapierbörse
XETRA Handel
Börse München
Börse Berlin
Börse Hamburg
Börse Hannover
Börse Düsseldorf
Börse Stuttgart
Tradegate Exchange Berlin

We are a Deutsche Börse Capital Market Partner, underwriting experts for the m:access segment and Capital Market Partner in the Mittelstandsbörse Deutschland, the mid-cap segment of the Hamburg and Hanover stock exchanges.

So you want to list your company?

"Liberate yourself from banks and credit ratings."

Investment and growth require capital. Yet due to the strict requirements set out in Basel III, commercial banks often play hard to get when it comes to lending. One good alternative is to raise equity on the stock exchange. Kai Jordan, Head of the Corporates & Markets segment at mwb, lays out the options in the interview.

Mr Jordan, many SMEs are far too wary of the capital market. Why is that?

In Germany, relationships between entrepreneurs and their banks have a long history. In some cases, the ties are even personal in nature. This is a firmly rooted tradition that has been slow to change. Moreover, entrepreneurs in Germany lack a fundamental understanding of capital market finance.

So you're saying that many entrepreneurs don't even know their options?

Indeed. Most of them think: I'm far too small for an IPO. Or: it's far too complicated.

How do you dispel these concerns?

By using examples of successful transactions in similar sectors to show them how capital market financing works. These kind of practical examples demonstrate that it's possible to generate considerable capital resources and keep the associated costs in check. We also deal with enquiries honestly, and advise prospective clients against transactions we don't think make sense.

How do you decide which solution is right for a company?

We begin by having our research partners look into the company, its sector and the opportunities awaiting it on the capital market. We square the client's expectations against their chances on the market. We treat our clients fairly from the outset: if we don't think the securities can be placed at an appropriate price, we discuss this openly with them.

What happens once a client decides to issue securities?

We devise the basic concept for the transaction. This means identifying an appropriate stock market segment, establishing milestones and assisting with due diligence. Then comes market cultivation. We help prepare the prospectus and the presentation. Market sounding is one of our key services.

What is that?

The issuer introduces itself to a few selected investors to get some initial feedback, which is then used to fine-tune the transaction. After that comes the roadshow, where the securities are offered to investors. I should point out here that mwb's many years of experience places it at an advantage, as we enjoy solid relationships with many institutional investors - this is one of our strengths.

What happens with the actual issuance?

We provide all-around support for listings and new issuances on the regulated or open market, whether it be in Frankfurt or on a regional stock exchange. Our expertise also includes capital increases and secondary placements. On the day of the initial listing, we join the issuer on the exchange floor - it's an exciting leap into the future.

Do you provide your clients with support after the issuance?

This is of paramount importance to us. We continue to advise them and manage the issuance. For instance if price stabilisation measures become necessary or we serve as a designated sponsor, providing liquidity support for the security and ensuring that it remains tradable at all times.

mwb is itself a listed company. How does this help you in your work?

It mainly helps the client. We are on an equal footing and understand the requirements of the capital market based on our own experience. The fact that we also serve as "Deutsche Börse Capital Market Partner" and "Munich Stock Exchange Issuance Experts" also underscores our expertise. This makes us one of the most recognised stock market experts in Germany.

Thank you for taking the time to speak with us!

Designated sponsoring

Small and mid-caps deserve support, too.

mwb fairtrade is admitted as a designated sponsor on the Frankfurt Stock Exchange and currently manages 70 equities along with its own shares. 

On behalf of the issuers, we ensure that shares are tradable at all times. To that end, we regularly quote bid and ask prices to the XETRA trading system, thus providing the necessary liquidity. In the event of an imbalanced order book or heavy share price volatility, we leap to action in order to achieve a guaranteed minimum trading volume. This process is crucial in order for small and mid-caps to even be visible to investors.

Debt capital markets

We bring firms and investors together

Successful bond issues offer companies greater financial leeway. Yet this success depends on convincing prospective investors – particularly when it comes to corporate bonds for companies which are not known nationally.

mwb fairtrade therefore does not consider itself a mere underwriter, but rather an interface between companies and the capital markets. Our team has longstanding contacts and knows which investors are the right match for which bonds. Before we advise you to issue a bond, we first analyse your company and discuss with you which conditions make the best fit for you. Whether it be the term, coupon (interest rate) or the right trading venue. Our analysis may well prompt us to advise against issuing a bond, but that's because it's about doing the responsible thing and not simply serving our own interests.

Three steps to bond issuance

Analyse the companyEvaluate its opportunities on the capital market
Market researchDefine potential and benchmarking
RatingIf necessary, select and engage a ratings agency
Set milestonesDetermine all necessary steps, including issue date  
Develop presentationCompile all relevant information for investors
Market soundingPresent investment story to selected investors and obtain reliable feedback
Determine issuance volumeSet a realistic volume based on sounding
Determine the termDetermine maturity date for corporate bond
Coupon amountUse sounding to determine the interest rate that will be attractive to investors
Define covenantsAgree on clauses in bond terms and conditions to limit investor risk
Select trading venueDetermine trading venue which appears most suitable for an issuance 
Select market segmentDetermine the segment that offers the greatest chances for success 
Due diligence Risk review on behalf of mwb 
Draft prospectusAssist in preparing a prospectus
RoadshowPresent investment story to investors 
Visit trading floorVisit venue on day of initial listing and provide additional support with future PR work
Aftermarket supportWhere necessary, stabilise trading and secure liquidity through market making

Equity capital markets

Money doesn't grow on trees. It's made in the stock markets.

As a specialist for equity capital markets, mwb fairtrade is the first port of call for SMEs. We focus solely on small and mid-caps and have built up in-depth expertise in this segment. 

If you are looking to bolster your equity, we can assist you with your initial public offering (IPO), capital increases or secondary placements. We also possess expertise when it comes to issuing convertible bonds. These can be exchanged for shares at a later date. 

Thanks to our close partnership with the Hamburg-based research institution SRH AlsterResearch, we are always on top of the latest market data and are able to draw up IPO studies for you. And what's more: Since we work as order book managers and designated sponsors, we can continue to assist you after your IPO if you like.

A full range of financial markets services

IPO
You wish to float your shares on the stock exchange

Capital increase
You wish to increase the number of subscribed shares

Secondary placement
You wish to sell shares held by existing shareholders to new ones

Listing
You wish to have your shares included in or admitted to trading without an IPO

Convertible bond
You wish to issue a bond with the option of subsequently acquiring shares

Institutional client services

Professional capital market services for professionals

Thanks to our experience on the capital markets, we are a reliable partner for institutional investors. Whether they be banks, insurers, fund companies or family offices – we help them trade securities and make investment decisions. Our focus is on clients in Germany, Austria, Switzerland, Liechtenstein and Luxembourg.

Our teams in Hamburg and Frankfurt present interesting small and mid caps, either at roadshows or in specialist meetings. By doing this, we raise the profile of the securities with institutional clients. On the other hand, we also provide major investors with special investment opportunities above and beyond the usual blue chip stocks. Our data is based on extensive analyses carried out with our partners SRH AlsterResearch in Hamburg and Ruland Research in Eppstein, Hesse.

Alexander Deuss

phone +49 40 360995-22
adeuss(at)mwbfairtrade(dot)com

Order execution

We act on your behalf. Just as conscientiously as you would do.

We execute equity and fixed income orders on behalf of institutional clients such as banks, insurers, fund companies and pension funds. This means that we act as a sort of outsourced trading desk for companies that do not wish to carry out their transactions on their own.

This work requires a high level of responsibility. Absolute reliability and transparency are of paramount importance to ensure that every order is replicable at any time.

Are you looking for a partner to take over order execution for you?

"The major players also benefit from our know-how."

Institutional investors have external securities trading banks execute their orders. Detlef Glatz, Head of Institutional Sales & Execution at mwb fairtrade Wertpapierhandelsbank, explains why.

Mr Glatz, why is it that institutional investors outsource their order business to external service providers such as mwb?

That's a classic outsourcing issue: they turn to us rather than employing an in-house trading desk - or to relieve the burden on it.

Which client groups do you serve in the institutional segment?

Primarily banks and the asset managers of wealth management companies, investment firms and insurance companies. Our client roster includes small commercial banks all the way through to the largest investment firms in Germany and abroad.

This means you also work for really big names?

Yes. These clients place great value on absolute reliability and utmost professionalism. They are looking for a solid partner with a clear strategy who is not going to simply vanish from the market overnight.

So you're saying that it's not enough to merely offer the best and fastest computerised trading systems, but rather good old-fashioned business values too?

You know, technologies are a dime a dozen nowadays. Values aren't. At mwb, our team sets itself apart through fairness, transparency and a high level of individualised support.

How big a role does individuality play in buying and selling securities?

In most cases, we operate according to clearly defined client requirements. Trading can take place over long timescales, weighted by volume or in accordance with certain market conditions. Moreover, in many cases we serve not only as an execution partner but also as an advisor.

Meaning that even proven financial market professionals follow your advice?

What I said earlier about outsourcing also applies here. Our clients rely on our comprehensive financial market expertise rather than devoting the time and energy themselves. If they wish, we develop commercial ideas, identify trends and issue trading recommendations. Our understanding of the small- and mid-cap market also plays a vital role. We often identify hidden investment opportunities in this segment which don't even show up on many investors' radar screens.

How do you obtain the relevant data?

As well as a thorough in-house analysis of the news, we also rely on the findings of research firms with which we work closely.

So you could say, you approach your clients as equals?

Our business model wouldn't work otherwise. We understand institutional investors' needs and are always on hand to help them. In order to stay close to our clients, we run our institutional order business at three trading venues in Germany - Hamburg, Frankfurt and Munich.

Thank you for taking the time to speak with us!