CaixaBank - Covered Bond Investor presentation

Transcription

1 CaixaBank - Covered Bond Investor presentation Data as of 30 th June 2015

2 Mortgage Covered Bond Programme CaixaBank Programmes - Main figures Jun '15 MORTGAGE COVER POOL 30/06/2015 MORTGAGE COVERED BONDS 30/06/2015 Cover Pool Size (mill ) Outstanding nominal (mill ) Residential Assets ,1% OC (total) 245% Comercial Assets ,9% Elegible Pool (mill ) OC (legal - eligible portfolio) 134% Number of loans Issuing Capacity (mill ) Average loan Balance ( ) Average Maturity (years) 5,87 WA Seasoning (years) 7,7 yrs RATINGS WA Remaining Term (years) 18,6 yrs WA LTV 54,2% Moody's Aa2 WA LTV Elegible Pool 46% S&P A Spanish Public Sector Covered Bond Programme PUBLIC SECTOR COVER POOL Cover Pool Size (mill ) 30/06/ Number of loans Average loan Balance ( ) WA Seasoning (years) 3 yrs WA Remaining Term (years) 6,3 yrs PUBLIC SECTOR COVERED BONDS 30/06/2015 Outstanding nominal (mill ) OC 198% Issuing Capacity Average Maturity (years) 4,1 RATINGS Moody's Aa2 Issuing capacity & Collateral type Remaining Issuing Capacity Mn Collateral by Type Public Sector CB; ,4% 10,3% Mortgages CB; ,3% Residential Commercial Public Sector 2

3 CaixaBank Mortgage Covered Bond Programme Jun '15 Remaining Issuing Capacity Data in million Mortgages Mortgages Public Sector Total Collateral for Total Collateral for Eligible 145,758 Portfolio ,659 Elligible Portfolio 101,130 11,659 In Billion Total Collateral (Mortgages+Public Sector) Elegible vs nonelegible 113 bn 157 bn 57,1 44 bn REMAINING ISSUING CAPACITY: 3.8 Bn Cédulas Hipotecarias Cédulas Hipotecarias Cédulas Territoriales Used Collateral Used Collateral 99,199 9,571 Covered Bond Issued Amount Covered Bond Issued Amount 79,359 6,700 Over Collaterization Over Collaterization (**) 245% 184% 174% Available Collateral Available Collateral 1, ,087 REMAINING ISSUING REMAINING CAPACITY ISSUING (*) CAPACITY 1,545 (*) ,461 Mn Max. CB Issuance Outstanding CBs 126,6 E 89,1 bn L I 69,5 G 86,1 bn I B L E 3,006 Available Issuing Capacity x 80% 3,8 3 bn I Remaining 55,6 s s 51,7 Issuing u Capacity e d (*) Issuing Capacity= 80% of Collateral Available for C. Hipotecarias and 70% for C. Territoriales (**) Due to the early amortisation of 3 Bn of retained cedulas on April 15th, OC ratio is currently higher Data in Million Maturity Profile Total Collateral Eligible vs noneligible Max. CB Issuance Total -> Mn Public -> Mn Retained -> Mn Outstanding CBs vs Remaining Issuing Capacity Public Issues Retained Issues 3

4 CaixaBank Mortgage Covered Bond Programme Jun '15 OC Evolution , , , , ,000 Decision of generating additional collateral for the ECB credit facility to anticipate any potential deterioration in markets 249% 262% 178% 181% 259% 252% 187% Banca Cívica integration 249% 183% 186% 187% 178% Retained Amortizations 224% 237% 259% 181% 187% 183% BBSAU integration 255% 251% 254% 186% 187% OC Legal 134% 300% 300% 245% 250% 224% 250% 200% 200% 150% 150% , , , % 100% 50% 50% - 0% Q1 Q1 '12 '11 Q2 '12 Q2 '11 Q3 '12Q3 '11Q4'12 Q4 '11 Q1'13 Q1 Q2'13 '12 Q3'13 Q2 '12 Q4'13 Q3 '12 Q1'14 Q4'12Q2'14 Q1'13 Q3'14 Q2'13 Q4'14 Q1'15 Q3'13 Q2'15 Q4'13 Total Total Collateral Collateral for Covered for Bonds (mill (mill ) ) Covered Bonds Issued Issued Amount Amount (mill ) (mill ) Retained Retained issues issues OC (%) OC (%) 0% Active and prudent collateral management, focus on adding value to investors TOTAL OC: 245% OC comfortably above the legally required ratio LEGAL OC: 134% 4

5 CaixaBank Mortgage Covered Bond Programme Jun '15 RESIDENTIAL ASSETS Cover Pool Description Main figures Total Mortgage Loans (ex securitization) ( k) WA LTV (%) 54,6% Number of loans First Rank 94,1% Average Loan balance ( ) Floating Rate loan Interest Rate type: 99,3% Number of Borrowers WA Interest Rate (Floating Rate loans) 2,0% Number of properties WA Interest Rate (Fixed Rate loans) 5,1% WA Seasoning in months 95,4 7,9 yrs WA Remaining term in months 245,9 20,5 yrs Portfolio Breakdown Unindexed LTV Ranges Distributions Total Loan Balance (ex sec) k 0-40% ,9% >40%- 50% ,3% >50%- 60% ,6% >60%- 70% ,7% >70%- 80% ,0% >80%- 85% ,0% >85%- 90% ,1% >90%- 95% ,1% >95%- 100% ,5% >100%- 105% ,2% >105% ,6% % 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% 92% of the loans with LTV < 80% 22,9% 19,6% 15,3% < 12 3,8% 21,7% 13,0% 3,0% Seasoning 2,1% 92% of the pool with LTV <80% 1,1% 0,5% 0,2% 0,6% Seasoning (months) k % 12-<24 2,6% < ,8% 12-< ,6% 24-< ,4% 36-< ,5% ,7% Total: <36 36-< ,4% 11,5% 78,7% 5

6 RESIDENTIAL ASSETS CaixaBank Mortgage Covered Bond Programme Jun '15 Property type k % First Home ,3% Second Home ,6% Not Owner occupied ,2% Other ,9% Total: Loan Purpose k % Adquisition % Re-mortgage % Equity release % Rehabilitation % New construction % Other % Total: Regional Distribution k % Catalonia ,7% Andalusia ,2% Madrid ,0% Valencia ,9% Canary Islands ,3% Balearic Islands ,0% Castile León ,7% Castile La Mancha ,2% Navarra ,0% Basque Country ,8% Murcia ,6% Galicia ,1% Aragon ,7% Cantabria ,9% Extremadura ,9% Asturias ,8% Others/ No info ,7% La Rioja ,5% Ceuta ,1% Melilla ,0% Total: % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 70% 60% 50% 40% 30% 20% 10% 0% 90% 8% First Home Second Home Not Owner occupied 65% 18% 1% 1% First home loans represent 90% of the residential pool Other 4% 6% 4% Adquisition Re-mortgage Equity release Rehabilitation New construction Other Acquisitions led to a more diversified regional distribution of the assets > 20% Between 10% - 20% Between 5% - 10% Between 3% - 5% Between 1% - 3% < 1% 2% 6

7 COMMERCIAL ASSETS CaixaBank Mortgage Covered Bond Programme Jun '15 Cover Pool Description Main figures Total Mortgage Loans (ex securitization) ( k) WA LTV (%) 52,9% Number of loans Floating Rate loan Interest Rate type: 96,5% Average Loan balance ( ) WA Interest Rate (Floating Rate loans) 2,6% Number of Borrowers WA Interest Rate (Fixed Rate loans) 5,1% Number of properties WA Seasoning in months 80,9 6,7 yrs WA Remaining term in months 150,0 12,5 yrs Portfolio Breakdown Unindexed LTV Ranges Distribution Total Loan Balance (ex sec) k % 35% 30% 32,5% 0-40% ,5% >40%- 50% ,6% >50%- 60% ,1% >60%- 70% ,0% >70%- 80% ,8% >80%- 85% ,6% >85%- 90% ,2% >90%- 95% ,6% >95%- 100% ,6% >100%- 105% ,3% >105% ,8% Total: Property Type k % Offices ,9% Commercial stores ,2% Industrial ,9% Hotel ,5% Flats & Houses ,7% Land ,3% Mixed Use ,7% Others ,8% Total: % 20% 15% 10% 5% 0% 25% 20% 15% 10% 5% 0% 4,9% 15,6% 17,1% 14,0% 18,2% 9,9% 8,8% 5,5% 2,6% 2,2% 1,6% 1,6% 1,3% 2,8% 21,7% 10,3% 19,7% Offices Commercial stores Industrial Hotel Flats & Houses Land Mixed Use Others RE (Flat & Houses) assets steadily declining 9,8% 7

8 CaixaBank Mortgage Covered Bond Programme Jun '15 COMMERCIAL ASSETS Portfolio Breakdown Loan Maturity (yrs) k % ,0% > ,5% > ,1% > ,5% > ,9% Total: >5-10 > ,0% 21,1% 25,5% Regional Distribution k % Catalonia ,0% Andalusia ,0% Madrid ,0% Canary Islands ,1% Valencia ,5% Basque Country ,4% Balearic Islands ,2% Castile León ,3% Castile La Mancha ,0% Navarra ,5% Murcia ,0% Others/ No info ,9% Aragon ,6% Galicia ,5% Extremadura ,8% Cantabria ,6% Asturias ,4% La Rioja ,3% Ceuta ,1% Melilla ,0% Total: % >15-25 > ,9% > 20% Between 10% - 20% Between 5% - 10% Between 3% - 5% Between 1% - 3% < 1% 28,5% 8

9 CaixaBank Public Sector Covered Bond Programme Jun '15 Remaining Issuing Capacity Data in million Mortgages Public Sector Public Sector Total Collateral for Total Collateral for Eligible 145,758 Portfolio ,659 Elligible Portfolio 101,130 11,659 Cédulas Hipotecarias Cédulas Territoriales Cédulas Territoriales Used Collateral Used Collateral 99,199 9,571 Covered Bond Issued Amount Covered Bond Issued Amount 79,359 6,700 Over Collaterization (**) Over Collaterization 184% 198% 174% In Billion Total Collateral (Mortgages+Public Sector) Elegible vs nonelegible Max. CB Issuance Outstanding CBs 14,5 89,1 bn 86,1 bn 157 bn 113 bn x 70% 10,1 44 bn I s 3 bn s Remaining u Issuing e Capacity d REMAINING ISSUING CAPACITY: 2.8 Bn 2,8 7,3 Available Collateral Available Collateral 1, ,087 REMAINING ISSUING REMAINING CAPACITY ISSUING (*) CAPACITY 1,545 (*) ,461 Mn (*) Issuing Capacity= 80% of Collateral Available for C. Hipotecarias and 70% for C. Territoriales (**) Due to the early amortisation of 3 Bn of retained cedulas on April 15th, OC ratio is currently higher Data in Million Maturity Profile ,006 Available Issuing Capacity Total Collateral Max. CB Issuance Outstanding CBs vs Remaining Issuing Capacity Total -> Mn Public -> 88 Mn Retained -> Mn Public Issues Retained Issues 9

10 CaixaBank Public Sector Covered Bond Programme Jun '15 Cover Pool Description Main figures Total Loans (ex securitization) ( k) Floating Rate loan Interest Rate type: 84,5% Number of loans WA Interest Rate (Floating Rate loans) 2,19% Average Loan balance ( ) WA Interest Rate (Fixed Rate loans) 1,92% Number of Borrowers Average exposure to borrowers ( ) WA Remaining term in months 75 6,3 yrs WA Seasoning in months 35 3 yrs Portfolio Breakdown Loans Maturity Loan Maturity k % < % 12-< % 24-< % 36-< % % Total: < <24 3% 30% 24-<36 4% Loans in Arrears % 36-<60 11% <2m 0,09% 2m - <6m 0,11% 6m - <12m 0,02% 12m 0,94% 60 52% 10

11 CaixaBank Programme - Highlights Rated by Moody s and S&P: Moody s Investors Service Aa2 High quality collateral & strong overcollateralization Low risk profile: mortgage portfolio prudently managed 76% of residential loans, out of which: 92% with LTV < 80% 90% First home Solid OC levels A Total OC: 245% -> and flexibility to optimize our collateral: 22,8 bn of retained Legal OC: 134% Comfortably above the legally required ratio (125%)..Despite following eligibility criteria stricter than legal Remaining Issuing Capacity: 6,7 Bn (mortgage & public sector CB) Always aiming to the best market standards Covered Bond Label Compliant since 1 st January 2013 Transparency: complete quarterly information available in our web page: 11

12 Appendix 1: CaixaBank Covered Bond Issuances Spanish Mortgages - Pubic Deals ISIN Currency Issue Date Outstanding ( ) Maturity Date Coupon Investor Type ES EUR 05/10/ /10/2015 3,25% Institutional ES EUR 15/10/ /10/2015 3,74% Institutional ES EUR 22/02/ /02/2016 5,00% Institutional ES EUR 31/03/ /03/2016 3,50% Institutional ES EUR 27/04/ /04/2016 5,13% Institutional ES EUR 16/06/ /06/2016 Eur 3m+0.06% Institutional ES EUR 20/04/ /06/2016 Eur 3m+0.1% Retail ES EUR 18/09/ /09/2016 Eur 3m+0.1% Retail ES EUR 28/11/ /11/2016 Eur 3m+0.06% Institutional ES EUR 28/06/ /01/2017 4,25% Institutional ES EUR 14/11/ /01/2017 4,25% Institutional ES EUR 16/02/ /02/2017 4,00% Institutional ES EUR 30/03/ /03/2017 Eur 3m+0.045% Institutional ES EUR 13/07/ /03/2017 Eur 3m+0.045% Institutional ES EUR 22/01/ /03/2017 Eur 3m +0.00% Retail ES EUR 30/07/ /07/2017 Eur 3m+0.50% Institutional ES EUR 22/09/ /09/2017 Eur 3m + 1,50% Institutional ES EUR 09/05/ /09/2017 Eur 3m+0.1% Retail ES EUR 09/01/ /01/2018 Eur 3m+0.075% Institutional ES EUR 22/03/ /03/2018 3,00% Institutional ES EUR 02/07/ /07/2018 Eur 3m+0.439% Institutional ES EUR 31/10/ /10/2018 4,75% Institutional ES EUR 07/05/ /05/2019 Eur 3m+0.439% Institutional ES EUR 04/06/ /06/2019 4,625% Institutional ES EUR 18/01/ /01/2021 3,625% Institutional ES EUR 14/05/ /05/2021 Eur 3m+1% Institutional ES EUR 28/06/ /01/2022 4,500% Institutional ES EUR 21/03/ /03/2024 2,625% Institutional ES EUR 17/02/ /02/2025 3,880% Institutional ES EUR 27/03/ /03/2025 0,625% Institutional ES EUR 13/06/ /06/2038 5,432% Institutional 12

13 Appendix 1: CaixaBank Covered Bond Issuances Spanish Mortgages - Retained Deals ISIN Currency Issue Date Outstanding ( ) Maturity Date Coupon Investor Type ES EUR 27/04/ /03/2016 Eur 12m+0.15% Institutional ES EUR 27/04/ /06/2019 Eur 12m+0.20% Institutional ES EUR 26/07/ /07/2020 Eur 6m+4.70% Institutional ES EUR 07/06/ /06/2022 Eur 6m +3.85% Institutional ES EUR 27/04/ /09/2022 Eur 12m+0.25% Institutional ES EUR 07/06/ /06/2023 Eur 6m +3.80% Institutional ES EUR 07/06/ /06/2024 Eur 6m +3.80% Institutional ES EUR 07/06/ /06/2025 Eur 6m +3.75% Institutional ES EUR 19/06/ /06/2026 Eur 6m +3.75% Institutional ES EUR 03/07/ /07/2027 Eur 6m+4% Institutional ES EUR 17/07/ /07/2027 Eur 6m+4.25% Institutional ES EUR 02/08/ /08/2027 Eur 3m+3.85% Institutional ES EUR 17/07/ /07/2028 Eur 6m+4.25% Institutional ES EUR 10/07/ /07/2024 Eur 12m+0.82% Institutional Registered - ISIN Currency Issue Date Outstanding ( ) Maturity Date Coupon Investor Type EUR 12/12/ /12/2016 Eur 3m +0.00% Institutional EUR 01/10/ /10/2048 5,32% Institutional Spanish Mortgages - (non ) ISIN Currency Issue Date Outstanding Maturity Date Coupon Investor Type XS GBP 30/09/ /09/2015 Libor 1A+0.02% Institutional XS USD 01/11/ /02/2037 Libor 3m +0.00% Institutional 13

14 Appendix 1: CaixaBank Covered Bond Issuances Spanish Public Sector - ISIN Currency Issue Date Outstanding ( ) Maturity Date Coupon Investor Type ES EUR 27/01/ /01/2016 6,00% Institutional ES EUR 01/02/ /02/2017 6,50% Institutional ES EUR 07/06/ /06/2018 3,00% Institutional ES EUR 24/05/ /05/2018 4,90% Institutional ES EUR 24/05/ /05/2019 5,20% Institutional ES EUR 19/06/ /06/2019 Eur 6m+0.20% Institutional ES EUR 26/03/ /03/2020 Eur 6m+0.95% Institutional ES EUR 19/06/ /06/2021 Eur 6m+0.25% Institutional Spanish Multi-Issuers - Public Código ISIN Divisa Fecha emisión CaixaBank Contribution ( ) Total Issue Outstanding ( ) Maturity Date Coupon Investor Type ES EUR 04/12/ /12/2015 Eur 3m % Institutional ES EUR 25/02/ /03/2016 4,39% Institutional ES EUR 12/12/ /03/2016 3,50% Institutional ES EUR 22/03/ /03/2016 3,50% Institutional ES EUR 29/05/ /04/2016 Eur 3m +0.06% Institutional ES EUR 13/06/ /06/2016 4,76% Institutional ES EUR 18/12/ /12/2016 4,01% Institutional ES EUR 19/03/ /03/2017 4,00% Institutional ES EUR 26/05/ /05/2017 Eur 3m+0.086% Institutional ES EUR 15/06/ /06/2017 3,50% Institutional 14

15 Appendix 1: CaixaBank Covered Bond Issuances Spanish Multi-Issuers - Public Código ISIN Divisa Fecha emisión CaixaBank Contribution ( ) Total Issue Outstanding ( ) Maturity Date Coupon Investor Type ES EUR 20/02/ ,000,000 1,195,000,000 20/02/2018 Eur 3m % Institutional ES EUR 12/06/ ,000,000 2,230,000,000 12/06/ % Institutional ES EUR 23/10/ ,000,000 1,150,000,000 19/10/ % Institutional ES EUR 02/12/ ,322,580 2,100,000,000 02/12/ % Institutional ES EUR 16/11/ ,658,537 1,100,000,000 16/11/ % Institutional ES EUR 15/03/ ,958,334 1,500,000,000 15/03/ % Institutional ES EUR 13/06/ ,000,000 1,250,000,000 13/06/ % Institutional ES EUR 22/03/ ,000,000 1,500,000,000 22/03/ % Institutional ES EUR 29/03/ ,000,000 1,250,000,000 29/03/ % Institutional ES EUR 25/05/ ,000,000 2,310,000,000 10/04/ % Institutional ES EUR 16/02/ ,000,000 1,300,000,000 21/02/ % Institutional ES EUR 12/12/ ,222,224 1,400,000,000 12/12/ % Institutional ES EUR 23/10/ ,000,000 1,600,000,000 23/10/ % Institutional ES EUR 28/06/ ,205,128 2,000,000,000 28/06/ % Institutional ES EUR 28/03/ ,000,000 1,310,000,000 28/03/ % Institutional ES EUR 23/05/ ,000,000 1,545,000,000 23/05/ % Institutional ES EUR 10/04/ ,000,000 1,310,000,000 08/04/ % Institutional Spanish Multi-Issuers - Retained Código ISIN Divisa Fecha emisión CaixaBank Contribution ( ) Total Issue Outstanding ( ) Maturity Date Coupon Investor Type ES EUR 21/11/2008 1,050,000,000 4,105,000,000 22/11/2015 Eur 3m % Institutional ES EUR 19/10/ ,000,000 2,810,000,000 21/10/2017 Eur 3m+0.165% Institutional ES EUR 21/01/ ,000,000 2,810,000,000 21/10/2017 Eur 3m % Institutional ES EUR 16/04/ ,000,000 2,810,000,000 21/10/2017 Eur 3m % Institutional ES EUR 16/04/ ,000,000 2,810,000,000 21/10/2017 Eur 3m % Institutional 15

16 Disclaimer The purpose of this presentation is purely informative. In particular, regarding the data provided by third parties, neither CaixaBank, S.A. ( CaixaBank ) as a legal entity, nor any of its administrators, directors or employees, is obliged, either explicitly or implicitly, to vouch that these contents are exact, accurate, comprehensive or complete, nor to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in any medium, CaixaBank may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in the case of any deviation between such a version and this one, assumes no liability for any discrepancy. This document has at no time been submitted to the Comisión Nacional del Mercado de Valores (CNMV the Spanish Stock Markets regulatory body) for approval or scrutiny. In all cases its contents are regulated by the Spanish law applicable at time of writing, and it is not addressed to any person or legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions. This presentation on no account should be construed as a service of financial analysis or advice, nor does it aim to offer any kind of financial product or service. In particular, it is expressly remarked here that no information herein contained should be taken as a guarantee of future performance or results. Without prejudice to legal requirements, or to any limitations imposed by CaixaBank that may be applicable, permission is hereby expressly refused for any type of use or exploitation of the contents of this presentation, and for any use of the signs, trademarks and logotypes which it contains. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion into any other medium, for commercial purposes, without the previous express permission of CaixaBank and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal infraction which may be sanctioned by the prevailing laws in such cases 16