Nordea Kredit Investor Presentation 2015 Q3
|
|
- Milo Wells
- 7 years ago
- Views:
Transcription
1 Nordea Kredit Investor Presentation 2015 Q3 Published 11 November, 2015 Nordea Kredit
2 Introduction and contact information This Investor Presentation has been compiled by Nordea Kredit for information purposes only and offers facts and figures on Nordea Kredit and the mortgage collateral supporting outstanding covered mortgage bonds and mortgage bonds. If you have any questions, please feel free to contact: Finn Nicolaisen, First Vice President, TALM Exposures, phone Juho-Pekka Jääskeläinen, Senior Treasury Manager, TALM Exposures, phone Contents: Nordea Kredit in brief Ratings and OC Loan portfolio LTV 2
3 Nordea Kredit in brief I Founded in 1993, number of employees (in FTEs) 111 (as per 2015 Q2) New issues are covered mortgage bonds (SDROs), exclusively All bonds issued by Nordea Kredit are rated AAA (by S&P) and Aaa (by Moody s) Profit before tax 2015, 1H, DKK 830m and Cost/Income ratio 11.1% Mortgage loans at nominal value 2015 Q3: DKK 381.3bn (2015 Q2: DKK 379.4bn) Mortgage loans at fair value 2015 Q3: DKK 383.0bn (2015 Q2: DKK 381.5bn) Market share 2015 Q3: 15.0% (2015 Q2: 15.0%) (Mortgage loans at nominal value as a share of all Danish mortgage bank loans) 3
4 Nordea Kredit in brief II Weighted average LTV 2015 Q3: 63% (2015 Q2: 66%) Total capital ratio at end of 2015 Q2: 28.6% and Tier 1 capital ratio 28.6% (excl. transitional rules) Match-funded Pass Through setup complying with the Danish specific balance principle Late payments by borrowers 2015 Q2: 0.18% (2015 Q1: 0.20%) (Residential properties and holiday homes, 3½ months after the June 30, 2015 payment date) Danish mortgage banks are regulated and supervised by Finanstilsynet (The Danish FSA) All covered bonds issued by Nordea Kredit are ECBC-labeled see - Investor information 4
5 Nordea Kredit ratings and over-collateralisation Moody s S&P CC 1 CC2 CC1 CC 2 Ratings of issued bonds Aaa Aaa AAA AAA Required OC / CE for Aaa and AAA rating, % TPI leeway/unused uplift OC and CE requirements as set by Moody s and S&P, respectively TPI leeway and unused uplift as defined by Moody s and S&P, respectively OC data in the lower right hand box as computed by Nordea Kredit OC per Q3 2015, % CC1: 7.3 CC2:
6 per cent Nordea Kredit`s market shares - outstanding loans in per cent of all Danish mortgage credit loans Q32012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q3 Other properties Commercial Owner occupied dwellings and holiday homes Private rental housing Agriculture All segments 6
7 Net new lending DKK bn Nordea Kredit profit and net new lending << Net new lending DKK bn (lhs) Profit before tax DKK m (rhs) >> Profit before tax for H was DKK 830m Profit before tax DKK m H 7
8 Nordea Kredit capital centers CCs I&II, 2015 Q3: DKK 383.0bn (mortgage loans at fair value) CC I, RO: DKK 18.8bn, 4.9 % Nordea Kredit has two capital centers: CC I: Mortgage Bonds (Realkreditobligationer, RO ) No open series. Close to 85% of the bonds in CC I are grandfathered covered bonds according to UCITS/CRD. CC II: Covered Mortgage Bonds (Særligt dækkede realkreditobligationer, SDRO ) are issued out of CC II ( ). All bonds in CC II are covered bonds according to UCITS/CRD. CC II, SDRO: DKK 364.2bn, 95.1 % 8
9 Match-funded setup due to the specific Balance Principle Borrower Interest payment Principal payment Interest payment Principal payment Investor Contribution fee Nordea Kredit Nordea Kredit complies with the specific Balance Principle and has a match-funded Pass Through setup. Nordea Kredit has no prepayment risk and only negligible interest rate and foreign exchange risk. 9
10 Nordea Kredit loan portfolio split by property categories Capital centres I & II, 2015, Q3 at fair value: DKK 383.0bn Distribution of all loans by property category DKK 47.8bn, 12.5% DKK 10.6bn, 2.8% DKK 41.2bn, 10.8% DKK 255.7bn, 66.7% DKK 27.7bn, 7.2% Owner occ. dwellings & holiday homes Private rental housing Commercial Agriculture Other properties 10
11 Nordea Kredit loan portfolio - loan type split Capital centres I & II, 2015, Q3 at fair value: DKK 383.0bn Distribution of all loans by loan type DKK 3.3bn, 0.9% DKK 32.1bn, 8.4% DKK 45.6bn, 11.9% DKK 96.3bn, 25.0% DKK 2.6bn, 0.7% DKK 60.4 bn 17.6% DKK 54.7bn, 14.3% Fixed Fixed IO ARM ARM IO FRN capped FRN capped IO FRN DKK 94.0bn, 24.6% DKK 54.4bn, 14.2% FRN IO 11
12 Nordea Kredit loan portfolio - loan type split (Developments from 2014, Q3-2015, Q3 nominal value) 100% 90% 80% 70% 60% 50% 40% 38,1bn 10,4% 34,5bn 9,4% 45,3bn 12,2% 24,3bn 6,6% 28,4bn 7,6% 49,8bn 13,5% 52,7bn 14,2% 58,1bn 15,8% 48,2bn 13,0% 28,9bn 7,8% 47,6bn 12,7% 30,6bn 8,2% 56,6bn 15,1% 24,7bn 6,7% 62.4% 27,2bn 62.1% 7,3% 31,6bn 8,4% 40,1bn 10,7% 24,2bn 6,4% 61.5% 47,0bn 12,4% 31,7bn 8,4% 59,1bn 15,6% 33,6bn 8,8% 36,7bn 9,7% 22,0bn 5,8% 60.7% 48,8bn 12,8% 34,6bn 9,1% 59,5bn 15,6% 33,8bn 8,8% 32,5bn 8,5% 19,4bn 5,1% 59.9% 30% 54,2bn 14,7% 53,2bn 14,3% 53,3bn 14,2% 54,3bn 14,3% 55,0bn 14,4% 20% 37.6% 37.9% 38.5% 39.3% 40.1% 10% 84,5bn 22,9% 88,2bn 23,7% 91,6bn 24,4% 95,4bn 25,1% 98,1bn 25,7% 0% Q Q Q Q Q Fixed rate - amort Fixed rate - IO ARMs 1-2 years - amort ARMs 1-2 years - IO ARMs 3-10 years - amort ARMs 3-10 years - IO Cita, Cibor, cap - amort Cita, Cibor, cap - IO 12
13 Nordea Kredit loan type split for owner occupied dwellings Owner occupied dwellings and holiday homes, capital centres I & II, 2015, Q3 at fair value: DKK 255.7bn Distribution of loans by loan type DKK 4.6bn, 1.8% DKK 2.3bn, 0.9% DKK 74.6bn, 29.2% DKK 3.2bn, 1.2% DKK 60.4 bn 17.6% DKK 8.6bn, 3.4% DKK 79.3bn, 31.0% Fixed Fixed IO ARM ARM IO FRN capped FRN capped IO FRN DKK 36.4bn, 14.2% DKK 46.7bn, 18.3% FRN IO 13
14 Nordea Kredit - loans by Danish regions and property categories Capital centres I & II, 2015, Q3 at fair value: All property categories: DKK 383.0bn Owner occupied dwellings & holiday homes: DKK 255.7bn Geographical distribution by Danish regions DKK 17.2bn, 4.5%* DKK 10.5bn, 4.1%** (0.58m citizens 10.3%) North Denmark Region DKK 88.5bn, 23.1%* DKK 55.8bn, 21.8%** (1.28m citizens 22.7%) Central Denmark Region Capital Region of Denmark DKK 143.7bn, 37.6%* DKK 104.5bn, 40.9%** (1.77m citizens 31.2%) DKK 60.7bn, 15.8%* DKK 34.8bn, 13.6%** South Denmark Region Region Zealand (1.21m citizens 21.3%) DKK 72.9bn, 19.0%* DKK 50.1bn, 19.6 %** (0.82m citizens 14.5%) * All segments ** Owner occupied dwellings and holiday homes Total number of citizens 5.7m, April 1, 2015 Source: Statistics Denmark 14
15 per cent Asset quality - late payments by borrowers, 2015 Q2 0,70 Owner occupied dwellings and holiday homes, arrears as a percentage of the Q2, 2015 scheduled payments - 3½ months after due date 0,60 0,50 All mortgage banks* Nordea Kredit All mortgage banks 0.24% (last 0.27%) 0,40 0,30 0,20 0,10 Nordea Kredit 0.18% (last 0.20%) 0, Q1 2014Q3 2014Q1 2013Q3 2013Q1 2012Q3 2012Q1 2011Q3 2011Q1 2010Q3 2010Q1 2009Q3 2009Q1 2008Q3 2008Q1 2007Q3 2007Q1 2006Q3 2006Q1 2005Q3 *) Including Nordea Kredit 15
16 Asset quality - loss guarantee by Nordea Bank Danmark Nordea Bank Danmark takes first losses on Nordea Kredit loans according to the table below: Property type Guarantee period * Guarantee level ** Owner occupied dwellings Lifetime of loan 25 per cent Holiday homes Lifetime of loan 25 per cent Subsidized property Lifetime of loan 10 per cent Housing for youth/elderly Lifetime of loan 10 per cent Agricultural property Lifetime of loan 25 per cent Commercial property Lifetime of loan 25 per cent *) The guarantee period starts when a loan is disbursed or remortgaged. The former guarantee period of 5 or 10 years, respectively was changed to the lifetime of the loans on December 9, **) As a percentage of the original principal disregarding all amortisation -The guarantee amount is not reduced during the guarantee period, but cannot exceed the outstanding debt. -By the end of Q loss guarantees from Nordea Bank comprised loans totalling DKK 379.8bn. The actual loss guarantees amounted to DKK 98.1bn. 16
17 Mortgage loans nominal value, DKKm Net losses in per cent of mortgage loans at nominal value Mortgage loans at nominal value Net loss for the year in per cent of mortgage loans at nominal value (rhs) 1,00% 0,80% 0,60% 0,40% 0,20% Losses % of mortgage loans, nominal value 0 0,00% H Note : The net losses for 2015, 1H are calculated at an annualised rate 17
18 Nordea Kredit LTV, loan-to-value 2015 Q3 (2015 Q2) LTV CC I & II LTV CC I LTV CC II 2015Q3 2015Q2 2015Q3 2015Q2 2015Q3 2015Q2 Owner occupied dwellings Private rental housing Commercial Agriculture Other properties Total The figures are weighted averages for the respective property categories - Please also see the information about Nordea Kredit in the ECBC covered bonds labelling 18
19 Legislation Danish mortgage financing is regulated and supervised by the DFSA (Finanstilsynet): Some legislation can be found in English at the DFSA s English website: All relevant legislation can be found in Danish at the DFSA s Danish website: 19
20 DISCLAIMER IMPORTANT NOTICE This presentation and any information contained in this presentation or supplied in connection therewith, whether in writing or not, are provided for information purposes only. Nordea Bank AB (publ) including its subsidiaries ( Nordea ) is not acting as your financial adviser or in any other fiduciary capacity and this presentation should not be treated as if Nordea is giving investment advice. This presentation and any information contained in this presentation or supplied in connection therewith, whether in writing or not, do not constitute or form a part of, and should not be construed as, an offer, recommendation, advertisement of an offer or invitation to subscribe for or purchase any securities of any Nordea Group company anywhere in the world or a solicitation of any such offer, and shall neither form the basis of, or be relied on in connection with, any offer or commitment whatsoever. Information contained in this presentation is derived from publicly available sources which Nordea believes are reliable, and includes market information based on data provided by third party sources identified herein and estimates, assessments, adjustments and judgments that are based on Nordea's experience and familiarity with the sectors in which it operates. Even though Nordea believes the third party sources to be reliable no independent verification has been made, consequently the correctness and completeness in the information can not be guaranteed. There is no assurance that such estimates, assessments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein. This presentation contains forward-looking statements that reflect management's current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors. Important factors that may cause such a difference for Nordea include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in interest rate and foreign exchange rate levels and (iv) change in the regulatory environment and other governmental actions. This presentation does not imply that Nordea has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. Neither Nordea nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation. Neither Nordea nor any its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. This presentation (i) does not and will not constitute or include an invitation to tender for purchase or sale, an advertisement or an offer of any securities in circumstances which could qualify as a public offer (oferta pública) or as a private offer (oferta particular) pursuant to the Portuguese Securities Code (Código dos Valores Mobiliários) enacted by Decree Law no. 486/99, of 13 November, and published by Decree Law no. 357-A/2007 of 31 October, as amended from time to time and (ii) complies with all applicable laws and regulations of the Republic of Portugal. You may not distribute this presentation, in whole or part, without our prior express written permission. This presentation is not for release, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan or the United States of America.. 20
DLR Kredit's General Capital Centre Covered Bond Issuances Assigned 'AAA/A-1+' Ratings; Outlook Stable
DLR Kredit's General Capital Centre Covered Bond Issuances Assigned 'AAA/A-1+' Ratings; Outlook Stable Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper_andersen@standardandpoors.com
More informationSolid operating profit in Q1 2016 28 April 2016
Investor Presentation Solid operating profit in Q1 2016 28 April 2016 Árni Ellefsen, CEO Disclaimer This presentation contains statements regarding future results, which are subject to risks and uncertainties.
More informationRating Action: Moody's assigns Aaa to mortgage covered bonds of Raiffeisen- Landesbank Steiermark
Rating Action: Moody's assigns Aaa to mortgage covered bonds of Raiffeisen- Landesbank Steiermark Global Credit Research - 11 Oct 2012 EUR8 million of debt affected London, 11 October 2012 -- Moody's Investors
More informationToday, the Board of Directors of DLR Kredit A/S approved the Interim Report for the first three quarters of 2014.
23 October 2014 To NASDAQ Copenhagen ------------------------------------- Today, the Board of Directors of DLR Kredit A/S approved the Interim Report for the first three quarters of 2014. We enclose the
More informationToday, the Board of Directors of DLR Kredit A/S approved the Interim Report for the first quarter of 2014.
24 April 2014 To NASDAQ OMX Copenhagen -------------------------------------------- Today, the Board of Directors of DLR Kredit A/S approved the Interim Report for the first quarter of 2014. We enclose
More informationInterest Only Expiry. July 2013
Interest Only Expiry July 213 Regulation on Interest Only Regulation requires residential borrowers to amortise within 3 years even if the loan to value ratio is below the regulatory maximum of 8 percent
More informationInterest-Only Loans Could Destabilize Denmark's Mortgage Market
STRUCTURED FINANCE RESEARCH Interest-Only Loans Could Destabilize Denmark's Mortgage Market Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper_andersen@standardandpoors.com Table
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationGjensidige Insurance Group Q4 2008 and preliminary 2008
Gjensidige Insurance Group Q4 2008 and preliminary 2008 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such
More informationECBC Label Template for Danish Issuers 2015
ECBC Label Template for Danish Issuers 2015 Information on frontpage: Issuer: Nordea Kredit Realkreditaktieselskab Issuer type: Specialized mortgage bank Cover pool: Capital Centre 2 Cover pool setup:
More informationECBC Label Template for Danish Issuers 2016
ECBC Label Template for Danish Issuers 2016 Information on frontpage: Issuer: Nordea Kredit Realkreditaktieselskab Issuer type: Specialized mortgage bank Cover pool: Capital Centre 1 Cover pool setup:
More informationBRFKREDIT INTERIM REPORT Q1 2016. Published 28 April 2016
BRFKREDIT INTERIM REPORT 2016 Published 28 April 2016 Agenda Financials 2016 Capital and Rating Credit quality and the housing market Funding Appendices 2 The positive trend continues Positive developments
More informationOverview of the new Danish covered bond legislation addressing refinancing risk. Prepared as a joint effort of the Danish mortgage banks
Overview of the new Danish covered bond legislation addressing refinancing risk Prepared as a joint effort of the Danish mortgage banks Last update 23 May 2014 1 Contents 1. Overview of new Act Page 3
More informationDanish Bank Packages. 11 November 2011
Danish Bank Packages 11 November 2011 Danish bank packages Timeline, contents and purpose of the bank packages (BP I to IV) BP I: Stability Package (8 October 2008 to 30 September 2010) Unlimited state
More informationMortgage Cover Pool 30/09/2015
Mortgage Cover Pool 30/09/2015 Mortgage Cover Pool, 30/09/2015 Cover Pools Mortgage Cover Pool Cover Funds by Region EUR billions (Nominal) 6.9 7.1 31/12/2014 Total: EUR 13.5 bn 1 30/09/2015 Total: EUR
More informationCaixaBank - Covered Bond Investor presentation
CaixaBank - Covered Bond Investor presentation Data as of 30 th June 2015 Mortgage Covered Bond Programme CaixaBank Programmes - Main figures Jun '15 MORTGAGE COVER POOL 30/06/2015 MORTGAGE COVERED BONDS
More informationUpdate following the publication of the Bank of England Stress Test. 16 December 2014
Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress
More informationGLOBAL INTERNATIONAL CREDIT GROUP LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationKLP Boligkreditt Mortgage Covered Bonds Programme Covered Bonds / Norway
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS KLP Boligkreditt Mortgage Covered Bonds Programme Covered Bonds / Norway Contacts Faure, Alix - +33 (1) 5330-1038 - Alix.Faure@moodys.com Grnac, Jan
More informationSEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013
SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB
More informationSecond Quarter Results 2014 Investor presentation
Second Quarter Results 2014 Investor presentation Second Fourth Quarter and Results 2015 Full Year Results 2014 Press conference Christian Investor Clausen, presentation President and Group CEO Christian
More informationResearch Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings. Table Of Contents
May 31, 2012 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings Primary Credit Analyst: Per Tornqvist, Stockholm (46) 8-440-5904;per_tornqvist@standardandpoors.com Secondary
More informationContents. Financial statements Income statement and Comprehensive income 17 Balance sheet 18 Statement of capital 19 Cash flow statement 23 Notes 24
Annual Report 2015 Contents Management s report Financial highlights 2 Financial review 3 The year 2015 3 Results 3 Balance sheet 4 Capital and solvency 4 Fourth quarter 2015 4 Outlook for 2016 5 Property
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationBase prospectus for mortgage bonds and mortgage-covered bonds issued by Realkredit Danmark A/S
w Base prospectus for mortgage bonds and mortgage-covered bonds issued by Realkredit Danmark A/S 24 June 2015 Translation from Danish the Danish version prevails. Contents 1. Introduction... 3 2. Summary...
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationThe Danish mortgage system: Advantages, challenges, and lessons learned
The Danish mortgage system: Advantages, challenges, and lessons learned 1 ICELAND PRESENTATION JULY 1, 2014 J E S P E R R A N G V I D P R O F E S S O R, C B S C H A I R M A N, D A N I S H F I N A N C I
More informationFinal terms Series 11T
Final terms Series 11T Issued by Realkredit Danmark A/S in Capital Centre T Non-callable floating annuity bonds with interest only-periods Translation from Danish. The Danish version prevails. Capital
More informationDwelling prices, total. Apartment prices. House prices. Net wages
Macro Research Macro Research - The Estonian Economy 22 September, 215 The Estonian Economy Newsletter Risks at the housing market Growth of house prices one of the fastest in Europe House prices have
More informationGjensidige Bank ASA Investor Presentation 2013. 19. March 2013
Gjensidige Bank ASA Investor Presentation 2013 19. March 2013 Agenda Gjensidige Bank in Brief (Hans Harèn - GB CEO) p. 3-6 Gjensidige Group capital position (Linn Soltvedt - Investor Relations Officer)
More informationStatement by the management 16. Supplementary information 17. Realkredit Danmark First Quarter 2015 2/17
Interim Report First Quarter 2015 Management s report Financial highlights Realkredit Danmark Group 3 Overview, first quarter 2015 4 Mortgage credit market 4 Results 4 Balance sheet 5 Capital and solvency
More informationDanish Covered Bond Handbook
Investment Research 30 October 2014 Danish Covered Bond Handbook The covered bond handbook of mortgage banks in Denmark Chief Analyst & Head of Fixed Income Research, Arne Lohmann Rasmussen, +45 45 12
More informationContents. Management s report. Financial statements. Statement and reports. Directorships. Supplementary information 61
Annual Report 2012 Contents Management s report Financial highlights 2 Financial review 3 Results 3 Balance sheet 3 Capital and solvency 3 Fourth quarter 2012 4 Outlook for 2013 4 Property market 5 Lending
More informationCCID CONSULTING COMPANY LIMITED* (a joint stock limited company incorporated in the People s Republic of China)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationDenmark Update Experiences with negative rates Nordea Research, 13 February 2014
Denmark Update Experiences with negative rates Nordea Research, 13 February 2014 Deposit rate is the key monetary policy tool Large effect on the FX market Banks penalised for parking excess liquidity
More informationFact sheet Fixed-rate callables
Fact sheet Fixed-rate callables June 2007 Investor Relations FIXED-RATE CALLABLE ANNUITY BONDS In brief Nykredit offers a range of long-term fixed-rate callable annuity bonds with varying maturities, coupons
More informationNEGATIVE MORTGAGE RATES. Working Group on Negative Mortgage Rates
NEGATIVE MORTGAGE RATES Working Group on Negative Mortgage Rates APRIL 2015 2 TABLE OF CONTENTS 1. Background... 4 2. Interest rate development... 4 2.1 Impact of monetary policy rates on mortgage rates...
More informationS&P Takes Rating Actions On Section 15 Bonds Issued By Various Danish Mortgage Banks
S&P Takes Rating Actions On Section 15 Bonds Issued By Various Danish Mortgage Banks Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper.andersen@standardandpoors.com Secondary
More informationROSNEFT INVESTOR DAY FINANCIALS. Svyatoslav I. Slavinskiy April 23, 2013
ROSNEFT INVESTOR DAY FINANCIALS Svyatoslav I. Slavinskiy April 23, 2013 TNK-BP Acquisition: Financing Sources Uses Existing cash resources Cash equivalents and short-term financial assets on the balance
More informationDISCLOSEABLE TRANSACTION RELATING TO THE PROVISION OF LOANS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationHelgeland Boligkreditt AS - Mortgage Covered Bonds
Prog INTERNATIONAL STRUCTURED FINANCE COVERED BONDS Helgeland Boligkreditt AS - Mortgage Covered Bonds Covered Bonds / Norway Contacts Savoye, Elise - +33 (331) 533-01079 - Elise.Savoye@moodys.com Silenzio,
More informationFinal terms Series 12T
Final terms Series 12T Issued by Realkredit Danmark A/S in Capital Centre T Translation from Danish. The Danish version prevails. Non-callable floating rate bonds Capital centre Bond Class Currency Opening
More informationAnnual Report 2015 Nordea Kredit Realkreditaktieselskab. Business registration number 15134275
Annual Report 2015 Nordea Kredit Realkreditaktieselskab Business registration number 15134275 Nordea Kredit Realkreditaktieselskab is part of the Nordea Group. Nordea s vision is to be a Great European
More informationErste Group Sale of non-core insurance business 26 March 2008, Vienna Preferred partnership with Vienna Insurance Group
Erste Group Sale of non-core insurance business 26 March 2008, Vienna Preferred partnership with Vienna Insurance Group Disclaimer Cautionary note regarding forward-looking statements THE INFORMATION CONTAINED
More informationTransaction Update: Swedbank Mortgage AB's Covered Bond Program
Transaction Update: Swedbank Mortgage AB's Covered Bond Program Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper.andersen@standardandpoors.com Secondary Contact: Judit O Woelk,
More informationNational Policy Statement 29 Mutual Funds Investing in Mortgages SECTION III INVESTMENT POLICY SECTION IV DISCLOSURE
National Policy Statement 29 Mutual Funds Investing in Mortgages SECTION I SECTION II APPLICABILITY DEFINITIONS SECTION III INVESTMENT POLICY SECTION IV DISCLOSURE National Policy Statement 29 Mutual Funds
More informationLOANLINER Business Lending and Deposit Compliance Overview
LOANLINER Business Lending and Deposit Compliance Overview Credit union member business lending (MBL) is heavily regulated by the Federal Credit Union Act and NCUA MBL rules. These laws impose a number
More informationReliance Commercial Finance. Loan Against Property. September 2015
Reliance Commercial Finance Loan Against Property September 2015 Disclaimer This presentation does not constitute a prospectus, an offering circular, an advertisement, a private placement offer letter
More informationDeutsche Wohnen AG.» Full Year Results 2009. Conference Call, 26 March 2010
Deutsche Wohnen AG» Full Year Results 2009 Conference Call, 26 March 2010 1 » Agenda 1. Results of the financial year 2009 2. Financial highlights 2009 3. Strategic objectives 4. Forecast 2 » 1 Results
More informationContents. Financial statements Income statement and Comprehensive income 15 Balance sheet 16 Statement of capital 17 Cash flow statement 21 Notes 22
Annual Report 2014 Contents Management s report Financial highlights 2 Financial review 3 The year 2014 3 Results 3 Balance sheet 4 Capital and solvency 4 Fourth quarter 2014 4 Outlook for 2015 4 Property
More informationBOŚ S.A. GROUP Q3 2012
BOŚ S.A. GROUP Q3 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group after Q3 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank Ochrony
More informationAnnual Report 2014 Nordea Kredit Realkreditaktieselskab. Business registration number 15134275
Annual Report 2014 Nordea Kredit Realkreditaktieselskab Business registration number 15134275 Nordea Kredit Realkreditaktieselskab is part of the Nordea Group. Nordea s vision is to be a Great European
More informationAnnual Report 2013 Nordea Kredit Realkreditaktieselskab. Business registration number 15134275
Annual Report 2013 Nordea Kredit Realkreditaktieselskab Business registration number 15134275 Nordea Kredit Realkreditaktieselskab is part of the Nordea Group. Nordea s vision is to be a Great European
More informationNORDEA KREDIT REALKREDITAKTIESELSKAB
NORDEA KREDIT REALKREDITAKTIESELSKAB BASE PROSPECTUS FOR COVERED MORTGAGE BONDS (SDRO) Nordea Kredit Realkreditaktieselskab ( Nordea Kredit ) has given its consent to Nordea Bank Danmark A/S ( Nordea Bank
More informationFurther focus on retail banking
Further focus on retail banking Building a platform for future growth Tonny Thierry Andersen, CFO, Danske Bank 2 December 2004 Executive summary High rated retail bank focusing on the north European markets
More informationAnalysts & Press Presentation. Fabrizio Viola - CEO Bernardo Mingrone - CFO
Analysts & Press Presentation Fabrizio Viola - CEO Bernardo Mingrone - CFO Siena 24 th September 2015 Executive Summary Settlement agreement with Nomura on the Alexandria transaction Closing of the last
More informationInterim Report 2 nd quarter 2014 Nordea Eiendomskreditt AS
Interim Report 2 nd quarter 2014 Nordea Eiendomskreditt AS Nordea Eiendomskreditt AS is part of the Nordea group. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior
More informationDanish Mortgage Lenders
Banking System Outlook December 2006 Contact Phone London Janne Thomsen 44.20.7772.5454 Lynn Valkenaar Adel Satel Danish Mortgage Lenders Proposed amendments to the legislative framework may challenge
More informationOpinion of the European Banking Authority on the partial waiver of Article 129(1)(c) of the CRR
EBA/Op/2014/13 19 December 2014 Opinion of the European Banking Authority on the partial waiver of Article 129(1)(c) of the CRR Introduction and legal basis The EBA competence to deliver an opinion is
More informationErste Group Bank AG as of 31.12.2012. 1. OVERVIEW in mn. EUR
Erste Group Bank AG as of 31.12.2012 Mortgage covered bonds 1. OVERVIEW in mn. EUR Total outstanding liabilities 6,915 Total assets in the cover pool 9,932 Issuer senior unsecured rating A3 Covered bonds
More informationSpecial Report 2012/17
Special Report 2012/17 A slice of Danish: are there reasons to follow the Danish mortgage model? Dutch gross mortgage debt totals 106% of GDP, which is higher than in any other EU country. Apart from the
More informationB U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference
B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P BMO 2013 Technology and Digital Media Conference Forward-Looking Statements This presentation contains certain statements that
More informationAcquisition of Westdeutsche ImmobilienBank AG
LOCAL EXPERTISE MEETS GLOBAL EXCELLENCE Acquisition of Westdeutsche ImmobilienBank AG February, 22 nd 2015 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO Agenda Strategic rationale Transaction structure
More informationAnalysts and Investors conference call Q1 2014 results 15 May 2014
Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made
More informationX5 Retail Group Capital Markets Day
X5 Retail Group Capital Markets Day Presentation for Investors Janusz Lella 11 th October, 2013 General Director of Perekrestok 11 October 2013 Disclaimer This presentation does not constitute or form
More informationThe Danish Act on Government Tier 1 Hybrid Capital Injections in Credit Institutions and other Credit Package Initiatives
The Danish Act on Government Tier 1 Hybrid Capital Injections in Credit Institutions and other Credit Package Initiatives 1 Introduction On 10 October 2008, the Danish Parliament passed a legislative package,
More informationPohjola Group. Boston - New York 22-23 May 2008 with Handelsbanken. Group CFO Ilkka Salonen Head of Non-Life Insurance Tomi Yli-Kyyny
Pohjola Group Boston - New York 22-23 May 28 with Handelsbanken Group CFO Ilkka Salonen Head of Non-Life Insurance Tomi Yli-Kyyny 2 Pohjola Group Growth remained strong Customer business improved profitability
More informationFINANCIAL SECTOR ASSESSMENT PROGRAM SYSTEMIC ISSUES IN MORTGAGE LOANS AND COVERED BOND FINANCE TECHNICAL NOTE
December 2014 DENMARK FINANCIAL SECTOR ASSESSMENT PROGRAM IMF Country Report No. 14/349 SYSTEMIC ISSUES IN MORTGAGE LOANS AND COVERED BOND FINANCE TECHNICAL NOTE This Technical Note on Systemic Issues
More informationResearch Update: Nykredit Realkredit A/S Assigned 'A+' L-T Ratings, Outlook Stable; Covered Bonds Rated 'AAA'
November 5, 2008 Research Update: Nykredit Realkredit A/S Assigned 'A+' L-T Ratings, Outlook Stable; Covered Bonds Rated 'AAA' Primary Credit Analyst: Miguel Pintado, Stockholm (46) 8-440-5904;miguel_pintado@standardandpoors.com
More informationHow To Manage A Bank'S Finances
To Nasdaq Copenhagen and the press 13 May 2015 INTERIM REPORT NYKREDIT REALKREDIT GROUP 1 JANUARY 31 MARCH 2015 Michael Rasmussen, Group Chief Executive, comments on Nykredit's Q1 Interim Report 2015 We
More informationCELEBRATE INTERNATIONAL HOLDINGS LIMITED 譽 滿 國 際 ( 控 股 ) 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationInvestor Presentation: Pricing of MRU s Private Student Loan. July 7, 2008 NASDAQ: UNCL
Investor Presentation: Pricing of MRU s Private Student Loan Securitization July 7, 2008 NASDAQ: UNCL Disclaimer and Disclosure Statement 1 Except for historical information contained herein, this presentation
More informationDISCLOSEABLE TRANSACTION: INVESTMENT IN THE JV COMPANY AND MAKING OF SHAREHOLDERS LOAN ADVANCE TO AN ENTITY
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationImprovements across the board
Improvements across the board Lars Stensgaard Mørch Executive Board member Global head of Business Banking 10 September 2015 Nordic Universal bank with a strong and integrated platform Facts 3.6 million
More informationTerms and Conditions for Pledging of Collateral for Credit Facilities in Euro at Danmarks Nationalbank
Terms and Conditions for Pledging of Collateral for Credit Facilities in Euro at Danmarks Nationalbank The collateral pledged for credit facilities in euro at Danmarks Nationalbank may be VPregistered
More informationDeutsche Wohnen AG.» German Jour Fixe 1-1 Conference Merrill Lynch. London, 27 April 2010
Deutsche Wohnen AG» German Jour Fixe 1-1 Conference Merrill Lynch London, 27 April 2010 1 » Agenda 1. Deutsche Wohnen at a glance 2. Results of the financial year 2009 3. Financial highlights 2009 4. Strategic
More informationSPAR NORD AND SPARBANK CONTEMPLATE MERGER
Skriv dato in Vis hjælpeli ved placerin 1. Højreklik og vælg g 2. Sæt kryds hjælpelinj 3. Vælg OK SPAR NORD AND SPARBANK CONTEMPLATE MERGER Investor and analyst briefing 18 September 2012 DISCLAIMER The
More informationHow To Sell The Lily Funding Pty.Linconsistency Mortgage Backed Notes
INTERNATIONAL STRUCTURED FINANCE PRE SALE REPORT Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes CLOSING DATE: September 12, 2001 AUTHOR: Australia-RMBS This pre-sale report
More informationSydbank s preliminary announcement of 2006 annual results
Copenhagen Stock Exchange London Stock Exchange Bourse de Luxembourg Other stakeholders Stock Exchange Announcement No 01/07 Group Executive Management Peberlyk 4 PO Box 1038 DK-6200 Aabenraa Tel +45 74
More informationAtrium Mortgage Investment Corporation (TSX: AI) Record Year / Shares at Attractive Entry Levels. Sector/Industry: Mortgage Investment Corporation
Siddharth Rajeev, B.Tech, MBA, CFA Analyst February 17, 2016 Atrium Mortgage Investment Corporation (TSX: AI) Record Year / Shares at Attractive Entry Levels Sector/Industry: Mortgage Investment Corporation
More informationGlobal Markets Research COMMONWEALTH PROGRAMS. BUSINESS AS USUAL SCENARIO (% of GDP) UNDERLYING BUDGET BALANCE (% of GDP)
Global Markets Research COMMONWEALTH PROGRAMS 6. Average annual growth to 223/24 (pa) Source: National Commission of Audit 4. 2. NDIS Childcare & Paid Parental Leave Schools Hospitals Job Seeker Income
More informationQ2 and H1 2014 results. Investor presentation. Follow us on Twitter: @TrygIR
Q2 and H1 2014 results Investor presentation Follow us on Twitter: @TrygIR Contents Highlights Q2 2014 3 Premiums and portfolio 9 Claims 14 Investment and capitalisation 19 For new investors 23 Appendix
More informationANZ Covered Bond Guide
ANZ Covered Bond Guide November 2013 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Contents Covered Bond Programme Overview Mortgage Portfolio and Cover Pool Cover Pool and Mortgage Portfolio Policy
More informationBOŚ S.A. GROUP 1H 2012
BOŚ S.A. GROUP 1H 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group in 1H 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank structure
More informationHoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm
Press release Stockholm 26 February 2015 Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm Hoist Finance AB (publ) ( Hoist Finance or the Company
More informationMAJOR TRANSACTION FORMATION OF JOINT VENTURE COMPANY
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationHow To Understand The Turkish Economy
BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government
More informationSUPPLEMENTAL BASE PROSPECTUS
SUPPLEMENTAL BASE PROSPECTUS AIB MORTGAGE BANK (a public unlimited company incorporated under the laws of Ireland with registration number 404926) 15,000,000,000 MORTGAGE COVERED SECURITIES PROGRAMME This
More informationGeoff Miller CEO. GLI Finance. February 2014
Geoff Miller CEO GLI Finance February 2014 1 Disclaimer IMPORTANT NOTICE These presentation materials (the "Presentation Materials") are being solely issued to and directed at persons who are qualified
More informationCaisse centrale Desjardins Legislative Covered Bond Programme Monthly Investor Report
This report contains information regarding loans or other assets, as the case may be, (the Cover Pool) securing the obligations under the covered bonds issued by La du Québec (CCDQ or ) under the Legislative
More informationNOBINA AB INVESTOR PRESENTATION, Q3, SEPTEMBER NOVEMBER 2015
NOBINA AB INVESTOR PRESENTATION,, SEPTEMBER NOVEMBER 2015 LARGEST PUBLIC TRANSPORT COMPANY IN THE NORDIC REGION Nobina s economies of scale, market expertrise and outstanding bus fleet, combined with long-term
More informationDanish Covered Bond Handbook
Investment Research 14 May 2013 Danish Covered Bond Handbook The covered bond handbook of mortgage banks in Denmark Investment Research 14 May 2013 Danish Covered Bond Handbook 2013 In this document, we
More informationFor personal use only
Deal Name: Driver Australia One Issuer: Perpetual Corporate Trust Limited (ABN 99 000 341 533) of Level 12, 123 Pitt Street, Sydney NSW 2000 Australia in its capacity as trustee of the Driver Australia
More informationNeo Telemedia Limited 中 國 新 電 信 集 團 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8167)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationAnnouncement: Moody's assigns Aaa/MR1 bond fund and market risk ratings to IMET 1-3 Year Fund Global Credit Research - 13 Jan 2012
Announcement: Moody's assigns Aaa/MR1 bond fund and market risk ratings to IMET 1-3 Year Fund Global Credit Research - 13 Jan 2012 New York, January 13, 2012 -- Moody's Investors Service has assigned a
More information24/ 01 / 2008. EUR 5.5 bn CAPITAL INCREASE
24/ 01 / 2008 EUR 5.5 bn CAPITAL INCREASE Disclaimer Participants are invited to read the prospectus to be approved by the Autorité des Marchés Financiers or AMF (French Securities Regulator) that will
More informationDISCLOSEABLE TRANSACTION IN RELATION TO PROVISION OF FINANCIAL ASSISTANCE
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationGjensidige Pensjonsforsikring AS (GPF) Investor presentation. June 2016
Gjensidige Pensjonsforsikring AS (GPF) Investor presentation June 2016 Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige
More informationSwedbank Finans Årsredovisning 2010
Swedbank Finans Årsredovisning 2010 Contents 3 About Swedbank Mortgage 5 Key financial highlights 2010-2014 6 Five-year summary 7 Income statement, Statement of comprehensive income 8 Balance sheet 9 Statement
More informationNord Gold N.V. Separation. December 5, 2011. London
Nord Gold N.V. Separation December 5, 2011. London Disclaimer Page 2 NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, THE RUSSIAN FEDERATION OR ANY JURISDICTION WHERE TO DO SO WOULD VIOLATE
More information