Danske Markets, CIB & Equities
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1 Capital Markets Day 4 December 2002 Danske Markets, CIB & Equities 1
2 Mission Statement Danske Bank wants to be a dominant Scandinavian trading bank with a broad European product palette Customer-driven focus should support CIB
3 Agenda Profile Business Concept Business Areas
4 Danske Markets, CIB & Equities Henrik Normann Secretariat John Rasmussen ALCO Cato Baldvinsson Danske Research Jørgen Birger Christensen Equities, Fund Rating & Selection Jeppe Christiansen *) Fixed-Income & Derivatives Trading Steen Blaafalk Foreign Exchange & Liquidity Market Making Jens Peter Neergaard Investment Portfolios, Fixed Income & Foreign Exchange Michael Nørgaard Large Corporates Angus Maclennan *) New York London Stockholm Norway Helsinki Corporate Finance Jens Peter Toft Debt Capital Markets Thomas Borg Dideriksen Syndicated loans Liz Williams Securitisation Geoff Simms *) Associate member of the Executive Committee
5 Areas of Responsibility Liquidity Managing the Bank s short-term liquidity Pricing Sales Treasury Setting prices of fixed-income, currency and equity products for the Danske Bank Group Providing fixedincome, currency and equity products to wholesale customers. Providing funding for wholesale customers Research Handling the Bank s investment portfolios of listed and unlisted securities Asset/liability management, including liquidity and funding Corporate Finance, CIB Providing solutions to customers fast, flexibly and with consistently high quality
6 FX & Money Markets Primary dealer in SEK Market maker in NOK and DKK Market maker in all the majors Market maker in CZK and PLN, and active in most emerging market currencies 24-hour trading Trading centres in Copenhagen, Stockholm, London and New York Offices in Oslo, Trondheim and Helsinki
7 Derivatives - Swaps and Options Scandi: Market maker in DKK, NOK and SEK Majors: Market maker in EUR, USD, GBP, CHF and JPY Market maker in PLN and active in most emerging market currencies Dealing in structured derivatives (2nd and 3rd generation) in all currencies
8 Debt Capital Markets Note: Bookrunner, joint lead, co-lead, manager and positions. Danske Bank is the leading Nordic bank in international credit bonds, and in arranging domestic credit bonds In 2002 we have participated in more than 100 international bond issues As a joint- and co-lead manager, as well as manager, Danske Bank is the highest ranking Nordic bank in the top-50 league tables for 2002 Our strategy is based on strong research and distribution capabilities
9 Equities Trading: Effective execution and competitive spreads for both institutional clients and personal customers in Denmark, Norway and Sweden Sales: Swift, seamless and when it suit the customer Research: New concept that focuses on creating value for customers and optimising the Bank s resources
10 Corporate Finance, CIB Focus on costumer needs Solutions- and ideas-driven Consistent contact Speedy response/decision-making Ready to use bank s balance sheet
11 Research Specialised units Macro: International and Nordic Retail customers: Household finances, Denmark Quantitative Research: Financial models, advanced interest rate products Financial Strategies: Interest rates, FX and stocks Equities 200 companies covered Core processes Fixed income: Modelling Mortgage bonds New instruments Currencies: Hedging strategies Equities: Focus on value drivers and market conditions Portfolio allocation strategies 60 employees
12 Core Earnings before Provisions DKK m Q 2Q 3Q 4Q Fall in core earnings relative to first nine months of 2001 in line with expectations Earnings remain sound Costs fell by 11% owing to launch of implementation of measures to enhance efficiency and round-the-clock operations Third quarter of 2001 saw a significant fall in international interest rates
13 Internal vs. Statutory Accounts Internal Statutory The difference between Danske Markets internal accounting and the statutory accounts: Internal accounting: All products are marked to market External accounting: Some products are not marked to market (e.g. deposits)
14 Products Listed Commodities Advanced Government bonds Mortgage bonds Corporate bonds Certificates Futures/Options Equities Spot Deposits Forwards FX swaps FRAs Certificates Swaps Options Asset/liability management Research-driven sales Business Advisory Structured Products
15 Quality Chain Recommendations Price Settlement Research Local flavour Knowledge of customer Product palette Speed Size / Risk Few mistakes Within 24 hours Accessible Documentation
16 Business Mix - Fixed income, Money Markets and FX Earnings Value drivers 15% Margin Business Customer Relationship Competition Volatility Volume Brand Name BUSINESS MIX Products 50-60% Spread Trading Customer Flow Market Share Volatility Rating/Brand 25-50% Flow Trading Customer Flow Volatility Dealers Risk Management Skills set 0-30% Flow Positions Risk Management Dealers Trend
17 Critical Mass Earnings Market share
18 Value Creation What we do best: Serving customers Scandinavian markets Risk management Mortgage finance Risk Sources of value creation: Volume Optimising flows from customers
19 Could It Happen Here? Bankers Trust LTCM Baring s Nick Leeson Salomon Brothers
20 Risk Management Sharpe Ratio VaR Nominal Limits Basis Point Value Culture
21 FX Income from Customer Trading Nordic 19% Others 20% Denmark 61% Others 17% Nordic 36% Denmark 47% Increased focus on the Scandies Full effect in 2002 of the closure of the Singapore and Hong Kong branches
22 Fixed Income and Derivatives by Currency Bonds Derivatives NOK, SEK 36% US, EUR, JPY, GBP 51% 2001 US, EUR, JPY, GBP 0% DKK 64% DKK 38% NOK, SEK 11% NOK, SEK 34% US, EUR, JPY, GBP 23% NOK, SEK 13% 2002 US, EUR, JPY, GBP 0% DKK 66% DKK 64% Greater customer demand for hedging interest rate risk via swaps Income from US- and EURdominated derivatives is lower in 2002 compared to One explanation is the significant fall in interest rates
23 Spot & Money Market Deals by Currency DKK 12% DKK 6% Spot US, EUR, JPY, GBP 53% NOK, SEK 35% US, EUR, JPY, GBP 53% NOK, SEK 41% More focus on the Scandies A dominant player in DKK MoneyMarket US, EUR, JPY, GBP 58% DKK 32% NOK, SEK 10% US, EUR, JPY, GBP 48% NOK, SEK 12% DKK 40%
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