ScandiNotes Five p.l.c. ScandiNotes V. Investor Report 31 st May 2008

Transcription

1 ScandiNotes Five p.l.c. ScandiNotes V Investor Report 31 st May 2008

2 Disclaimer This Investor Report is prepared by HSH Nordbank AG, Copenhagen Branch in its capacity as Investment Advisor and Arranger, on behalf of ScandiNotes Five p.l.c. (the Issuer) as an introduction only and as a platform for further discussions Any specification of terms, conditions and levels contained in the presentation is to be considered as examples of the advisory and structuring possibilities offered by HSH Nordbank AG, only This Investor Report is not to be considered a commitment on behalf of or invitation by the HSH Nordbank AG to engage in any form of transaction The analysis and levels used are indicative only and may change during the course of time Changes of market conditions can cause variations to the assumptions employed as well as proposals and recommendations presented in this Investor Report Furthermore, information amendments and additions received after the preparation of this Investor Report may cause changes in the analysis and market perceptions We request recipients of this Investor Report to be mindful that any obligation which the HSH Nordbank AG might be requested to undertake will require prior approval from the respective granting committees and authorities The material in this Investor Report is prepared for the Investor and may not be reproduced or distributed either electronically, telegraphically or otherwise without prior written approval from HSH Nordbank AG

3 1) General Information on Notes Series ScandiNotes V Class A, Super senior ScandiNotes V Class B, Senior ScandiNotes V Class C, Mezzanine Scandinotes V Class D, Junior Issuer ScandiNotes Five p.l.c. ScandiNotes Five p.l.c. ScandiNotes Five p.l.c. ScandiNotes Five p.l.c. Moody s Rating Aaa Aaa Aaa Ba3 ISIN code DK DK DK DK Issue date Expected maturity Legal maturity Call feature The Issuer has the right, but not the obligation, to call the notes at par on 5, 2012 and hereafter semiannually The Issuer has the right, but not the obligation, to call the notes at par on 5, 2012 and hereafter semiannually The Issuer has the right, but not the obligation, to call the notes at par on 5, 2012 and hereafter semiannually The Issuer has the right, but not the obligation, to call the notes at par on 5, 2012 and hereafter semiannually Coupon 3-months Cibor + 30 bps, each 13 Mar, 13 Jun, 13 Sep & 13 Dec (excl. 13 Dec 2007), i.e. quarterly (act/360) up to and incl. Sep 2012, thereafter 6-month Cibor + 30bps + Step-up margin, each 5 Dec and 5 Jun, i.e. semi-annually 3-months Cibor + 10 bps, each 13 Mar, 13 Jun, 13 Sep & 13 Dec (excl. 13 Dec 2007), i.e. quarterly (act/360) up to and incl. Sep 2012, thereafter 6-month Cibor + 10bps + Step-up margin, each 5 Dec and 5 Jun, i.e. semi-annually 4% p.a. on 13 (excl. 13 Dec 2007), i.e. annually (act/act) up to and incl. Dec 2011 and then on 5 Dec 2012, thereafter 4% + Step-up margin, each 5 Jun & 5 Dec, i.e. semi-annually 4% p.a. on 13 (excl. 13 Dec 2007), i.e. annually (act/act) up to and incl. Dec 2011 and then on 5 Dec 2012, thereafter 4% + Step-up margin, each 5 Jun & 5 Dec, i.e. semi-annually Step-up margin If the notes are not redeemed at the expected maturity date (5 2012), a Step Up Margin will be added to the Coupon. If the notes are not redeemed at the expected maturity date (5 2012), a Step Up Margin will be added to the Coupon. If the notes are not redeemed at the expected maturity date (5 2012), a Step Up Margin will be added to the Coupon. If the notes are not redeemed at the expected maturity date (5 2012), a Step Up Margin will be added to the Coupon. Latest indicative price levels Bid/Ask 6M Euribor %/0.20% 6M Euribor %/0.10% DKK 5Y swap %/0.10% DKK 5Y swap %/2.25% Nominal amount DKK 218,100, DKK 672,000, DKK 417,900, DKK 255,000,000.00

4 2) Underlying obligors in ScandiNotes V Obligor Domicile Share (%) Sparekassen Himmerland Spar Nord bank Alm Brand Bank Roskilde Bank Diba Bank 10.0 Østjydsk Bank Amagerbanken Skjern Bank Sparekassen Himmerland 6.7 Middelfart Sparkasse 6.7 Spar Nord Bank 6.7 Roskilde Bank Århus Lokalbank 5.0 Østjysk Bank 5.0 Aarhus Lokalbank Lån & Spar Bank 5.0 Skjern Bank Lån & Spar Bank Alm. Brand Bank Skæelskør Bank Max Bank Tønder Bank Amagerbanken Totalbanken 1.7 Diba Bank Max Bank Tønder Bank Middelfart Sparekasse Totalbanken Skælskør Bank

5 3) Nominal Amounts ScandiNotes V DKK Alm.Brand ,3% Amagerbanken ,0% Diba ,0% Hadsten (Aarhus Lokalbank) ,0% Lån &Spar ,0% Max Bank ,3% Middelfart ,7% Roskilde Bank ,3% Skælskør Bank ,3% Skjern Bank ,7% Sparekassen Himmerland ,7% Spar Nord ,7% Totalbanken ,7% Tønder ,3% Østjysk Bank ,0% Total: ,0%

6 4) Key Figures of the Underlying Obligors I Country Obligors Amounts in DKK m Total Assets Total Equity Subordinated Debt Tier 2 ratio % Loans and advances Alm. Brand Bank ,1 11, Amagerbanken ,7 12, Aarhus Lokalbank ,9 12, DiBa Bank ,7 12, Lån & Spar Bank ,8 10, Max Bank ,6 14, Middelfart Sparekasse ,6 14, Roskilde Bank ,8 11, Skjern Bank ,2 13, Skælskør Bank ,6 12, Sparekassen Himmerland ,194 14,4 13, Spar Nord Bank ,8 11, Totalbanken ,9 12, Source: Annual Tønder reports Bank ,0 14, Østjydsk Bank ,5 13,

7 4) Key Figures of the Underlying Obligors II Country Amounts in DKK m Obligors Source: Annual reports 2007 Loan Loss Reserves/ Provisions/Total Loan Total Loans and Operating Income** and Guarantees guarantees Cost/Income ratio Alm. Brand Bank ,2% -0,3% 1,2% 0,7% 67,1% 71,4% Amagerbanken ,0% 0,1% 1,5% 1,2% 42,6% 54,3% Aarhus Lokalbank ,1% 0,0% 0,6% 0,3% 54,1% 61,0% DiBa Bank ,5% -0,3% 1,3% 0,8% 66,7% 83,3% Lån & Spar Bank* ,3% -0,1% 0,4%* 0,2% 90,9% 90,9% Max Bank ,2% -0,1% 1,2% 0,9% 58,1% 75,8% Middelfart Sparekasse ,0% 0,3% 1,1% 1,2% 66,7% 83,3% Roskilde Bank ,0% 0,6% 0,7% 1,2% 38,9% 71,4% Skjern Bank ,1% 0,3% 1,5% 1,5% 60,2% 74,1% Skælskør Bank ,3% 0,4% 0,9% 0,9% 67,1% 69,4% Sparekassen Himmerland ,5% -0,2% 3,0% 2,0% 34,6% 39,2% Spar Nord Bank ,7% 1,0% 1,3% 1,0% 63,3% 64,5% Totalbanken ,1% -0,2% 1,2% 0,9% 41,8% 43,3% Tønder Bank ,3% 0,3% 2,0% 1,7% 64,5% 64,5% Østjydsk Bank ,1% 0,2% 2,1% 1,7% 54,3% 56,8% *Loan Loss Reserves/Total Loans and guarantees has been estimated by HSH Nordbank and calculated the following way: Provisions for Impairments/ (Guarantees + Loans to customers + Provisions for Impairments) **Operating income has been calculated by HSH Nordbank in the following way: Net interest & Net Fees + Trading Gains + Other Income

8 4) Key Figures of the Underlying Obligors III Net Commision & interest Total impairments of Net Profit after tax income Income/Cost ratio loans and advances Excess liquidity cover % Country Obligors Amounts in Alm. Brand Bank ,5 1,4 (27) (50) DKK m Amagerbanken ,4 1,8 (10) Aarhus Lokalbank ,9 1,6 (5) (1) DiBa Bank ,5 1, Lån & Spar Bank ,1 1, Max Bank ,7 1,3 (14) (7) Middelfart Sparekasse ,5 1, Roskilde Bank ,6 1, Skjern Bank ,7 1, Skælskør Bank ,5 1, Sparekassen Himmerland ,9 2, Spar Nord Bank ,6 1, Totalbanken ,4 2, Source: Annual Tønder reports Bank ,6 1,6 (7) (5) Østjydsk Bank ,8 1,

9 5) Ratings of underlying obligors Internal ratings conducted by HSH Nordbank AG Ratings AAAA AAA AA+ AA AA- A+ A A ,0 5,0 10,0 15,0 20,0 25,0 30,0 Approx. Share of underlying assets in the issue in % Rating as per 31-May 2008 Rating on issue date Note: HSH Nordbank AG s internal rating scale runs over 25 steps from 1(AAAA) as the best rating to 18 as the poorest rating.

10 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 6) Performance of expected & ordinary payments I Performance of expected and ordinary payments: Class A and Class B Notes March 2008 June 2008 September March 2009 June 2009 September March 2010 June 2010 September March 2011 June 2011 September March 2012 June 2012 September June June June Interest dates Expected ordinary payments Executed ordinary payments Fullfilment

11 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 6) Performance of expected & ordinary payments II Performance of expected and ordinary payments: Class C and Class D Notes June June June Interest dates Expected ordinary payments Executed ordinary payments Fullfilment

12 Contacts: Torben Lykke Hansen Head of Capital Markets Structuring Jens Leyde Credit Analyst/Client Executive FIO Nordic Area Niklas Ripa Originator/Solutions sales FIO Nordic Area Christian Smaragdis Structurer Ken Øxby Controller