Bond issuance and capital markets
In the sixth episode of the 2026 edition of Gamma Explains, we explore the topic of bonds and corporate bond issuance through the perspectives.
Against this backdrop, Andrea Beltratti (Chairman of the EFG Gamma Foundation and Full Professor at Bocconi University) Tobias Schmelz (Head of Corporate Treasury at EFG International) and Dario Bojocchi (EFG Talent) define what is a bond, which are the key types of bonds and what are the different investment grades. They also explained how corporate bonds work in the primary and secondary markets and why companies issue bonds. They emphasised that timing, clear objectives, cost analysis, investor demand, and a strong team are crucial for the success of a bond in the market.
Andrea Beltratti
Andrea Beltratti is Full Professor in the Department of Finance at Bocconi University, Academic Director of the Executive Master in Finance – EMF at SDA Bocconi School of Management, Chairman of Revo Insurance and Chairman of the EFG Gamma Foundation.
He had been Chairman of Eurizon Capital until 2024 and of the Management Board of Intesa Sanpaolo until May 2013.
Andrea has a Ph.D. in Economics from Yale University, where he wrote a dissertation on financial market volatility under the supervision of Prof. Robert Shiller.
He has been member of the Board of Directors of EFAMA (European Fund and Asset Management Association), President of the FEDUF (Fondazione per Educazione Finanziaria), and part of Investment Committees of institutional investors.
Tobias Schmelz
Tobias Schmelz has been the Head of Corporate Treasury at EFG International based in Zurich since April 2025. In his role, Tobias handles funding planning, intra-group transactions, and illiquid assets.
Before taking his current role, Tobias was EFG’s Chief of Staff for Global Markets & Treasury from January 2020 to March 2025 and Head of Capital Markets for Group Treasury / EFG Bank since 2011, working with fixed-income investors and capital market transactions.
Prior to EFG, he worked in fund management at Berenberg and trading strategies at Warburg Alternative Investments AG. With a robust skill set that includes Alternative Investments, Kaizen Leadership, Portfolio Management, Capital Markets, Derivatives and more Tobias Schmelz holds an experience as Teaching Assistant – Postgraduates in Money Market at azek – the Swiss training Centre for investment professionals from 2013 to 2019.
