CaixaBank - Covered Bond Investor presentation

Transcription

1 CaixaBank - Covered Bond Investor presentation Data as of 30 th September 2016

2 CaixaBank Covered Bonds Programme - Highlights High quality collateral & strong overcollateralization Ratings: Moody s Investors Service Aa2 A+ Low risk profile: mortgage portfolio prudently managed 75,3 of residential loans, out of which: 95,0 with LTV < First home Solid OC levels AA (high) Best treatment as regards LCR and risk weighting purposes Total OC: 240 -> and flexibility to optimize our collateral: 20,1 bn of retained Covered Bonds Legal OC: 146 Comfortably above the legally required ratio (125)..Despite following strict eligibility criteria Remaining Issuing Capacity: 8,0 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: 2

3 Mortgage Covered Bond Programme CaixaBank Covered Bonds Programmes - Main figures MORTGAGE COVER POOL MORTGAGE COVERED BONDS Cover Pool Size (mill ) Outstanding nominal (mill ) Residential Assets ,3 OC (total) 240 Comercial Assets ,7 OC (legal - eligible portfolio) 1 Elegible Pool (mill ) Issuing Capacity (mill ) Number of loans Average Maturity (years) 5,9 Average loan Balance ( ) WA Seasoning (years) 8,2 yrs RATINGS WA Remaining Term (years) 17,5 yrs Moody's Aa2 WA LTV 5 DBRS AA (high) WA LTV Elegible Pool 44 S&P A+ Spanish Public Sector Covered Bond Programme PUBLIC SECTOR COVER POOL PUBLIC SECTOR COVERED BONDS Cover Pool Size (mill ) Outstanding nominal (mill ) Number of loans OC 157 Average loan Balance ( ) Issuing Capacity 692 WA Seasoning (years) 3,5 yrs Average Maturity (years) 3,0 WA Remaining Term (years) 5,9 yrs RATINGS Moody's Aa2 Issuing capacity & Collateral type Remaining Issuing Capacity Mn Collateral by Type 3

4 CaixaBank Mortgage Covered Bond Programme Remaining Issuing Capacity Data in million Mortgages Total Collateral for Covered Bonds Eligible Portfolio Cédulas Hipotecarias Used Collateral Covered Bond Issued Amount Over Collaterization 240 Available Collateral REMAINING ISSUING CAPACITY (*) (*) Issuing Capacity= 80 of Collateral Available for C. Hipotecarias and 70 for C. Territoriales Maturity Profile Total Covered Bonds -> Mn Public -> Mn Retained -> Mn 4

5 CaixaBank Mortgage Covered Bond Programme OC Evolution Active and prudent collateral management, focus on adding value to investors TOTAL OC: 240 OC comfortably above the legally required ratio LEGAL OC: 146 5

6 CaixaBank Mortgage Covered Bond Programme RESIDENTIAL ASSETS Cover Pool Description Main figures Total Mortgage Loans (ex securitization) ( k) Number of loans 75, Average Loan balance ( ) WA LTV () 51,0 First Rank 93,6 Floating Rate loan Interest Rate type: 96,5 Number of Borrowers WA Interest Rate (Floating Rate loans) 1,5 Number of properties WA Interest Rate (Fixed Rate loans) 2,8 WA Seasoning in months 103,9 8,7 yrs WA Remaining term in months 229,4 19,1 yrs Portfolio Breakdown Unindexed LTV Ranges Distributions Total Loan Balance (ex sec) k 95,0 of the pool with LTV < ,7 > , > , > ,5 > ,6 > ,8 > ,3 > ,7 > ,4 > ,2 > , Seasoning Seasoning (months) k < ,4 12-< ,8 24-< ,5 36-< ,0 80,3 6

7 CaixaBank Mortgage Covered Bond Programme RESIDENTIAL ASSETS 90 Property type First Home Second Home Not Owner occupied Other k First home loans represent 90 of the residential pool Loan Purpose k Adquisition Re-mortgage Equity release Rehabilitation New construction Other First Home 70 Second Home Not Owner occupied Other Regional Distribution k 10 0 Catalonia Andalusia Madrid Adquisition Re-mortgage 5 6 Equity release Rehabilitation Valencia Canary Islands Balearic Islands Castile León Castile La Mancha CATALUÑA Navarra Basque Country Murcia Galicia Aragon 2 VALENCIA 8 Extremadura Asturias Others/ No info Ceuta Melilla Other New construction MADRID Regions with weight >5.0 Cantabria La Rioja 4 > 20 CANARIAS 7 ANDALUCIA 18 Between Between 5-10 Between 3-5 Between - 3 < 7

8 CaixaBank Mortgage Covered Bond Programme COMMERCIAL ASSETS Cover Pool Description Main figures Saldo total de los préstamos (ex-titulizaciones) (miles ) LTV medio ponderado () 51,5 Número de préstamos Préstamos a tipo variable: Saldo medio préstamos ( ) Tipo medio ponderado (de préstamos a tipo variable) 2,2 Tipo medio ponderado (de préstamos a tipo fijo) 5, Número de deudores Número de propiedades 95, Antigüedad media ponderada (meses) 82,8 Vencimiento residual medio ponderado (años) 149,6 6,9 años 12,5 años Portfolio Breakdown Unindexed LTV Ranges Distribution Total Loan Balance (ex sec) k ,8 > ,7 > ,9 > ,3 > ,7 > ,3 > ,4 > ,5 > ,2 > ,6 > , RE (Flat & Houses) assets steadily declining Property Type k Offices ,6 Commercial stores , Industrial ,8 Hotel ,6 Flats & Houses ,5 Land ,0 Mixed Use , , Others 8

9 CaixaBank Mortgage Covered Bond Programme COMMERCIAL ASSETS Portfolio Breakdown Loan Maturity (yrs) k ,2 > ,4 > ,5 > ,6 > , Regional Distribution k Catalonia ,6 Madrid ,7 Andalusia , Valencia ,9 Canary Islands ,7 Balearic Islands ,3 Castile León ,9 Navarra ,5 Castile La Mancha ,4 Basque Country ,9 Galicia ,8 Murcia ,7 MADRID Others/ No info ,6 19 Aragon ,6 Asturias ,9 Extremadura ,7 Cantabria ,5 La Rioja ,3 Ceuta ,0 Melilla , CATALUÑA 24 VALENCIA 9 > 20 CANARIAS 9 ANDALUCIA 17 Between Between 5-10 Between 3-5 Between - 3 < 9

10 CaixaBank Public Sector Covered Bond Programme Remaining Issuing Capacity Data in million Public Sector Total Collateral for Covered Bonds Eligible Portfolio Cédulas Territoriales Used Collateral Covered Bond Issued Amount Over Collaterization Available Collateral REMAINING ISSUING CAPACITY (*) (*) 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 Maturity Profile Total Covered Bonds -> Mn Public -> 88 Mn Retained -> Mn 10

11 CaixaBank Public Sector Covered Bond Programme Cover Pool Description Main figures Total Mortgage Loans (ex securitization) ( k) Number of loans Average Loan balance ( ) Number of Borrowers WA Interest Rate (Floating Rate loans) Average exposure to borrowers ( ) WA Interest Rate (Fixed Rate loans) 89, 2, WA Remaining term in months WA Seasoning in months Floating Rate loan Interest Rate type: (1) 70,7 5,9 yrs 41,8 3,5 yrs Avg LTV () 53,3 WA LTV () 63,3 Portfolio Breakdown Loans Maturity k Loan Maturity < < < < Loans in Arreas <2m 2m - <6m 6m - <12m 12m 0,4 0,5 0,7 1,7 11

12 Appendix 1: CaixaBank Covered Bond Issuances Spanish Mortgages - Public Deals Covered Bonds ISIN Currency Issue Date ES /11/2006 ES /06/2006 ES /11/2011 ES ES Outstanding ( ) Maturity Date Coupon Investor Type /11/2016 Eur 3m /01/2017 4, /01/2017 4,25 16/02/ /02/2017 4,00 30/03/ /03/2017 Eur 3m ES /07/ /03/2017 Eur 3m ES /01/ /03/2017 Eur 3m Retail ES /07/ /07/2017 Eur 3m+0.50 ES /09/ /09/2017 Eur 3m + 1,50 ES /05/ /09/2017 Eur 3m+0. Retail ES /01/ /01/2018 Eur 3m ES /03/ /03/2018 3,00 ES ES /07/ /10/ /07/ /10/2018 Eur 3m ,75 ES /05/ /05/2019 Eur 3m ES /06/ /06/2019 4,625 ES /11/ /11/2020 0,625 ES /01/ /01/2021 3,625 ES /05/ /05/2021 Eur 3m+ ES /06/ /01/2022 4,500 ES /02/ /02/2023 1,000 ES /03/ /03/2024 2,625 ES /02/ /02/2025 3,880 ES /03/ /03/2025 0,625 ES /06/ /06/2038 5,432 12

13 Appendix 1: CaixaBank Covered Bond Issuances Spanish Mortgages - Retained Deals Covered Bonds ISIN Currency Issue Date ES /04/2009 ES /07/2012 ES ES ES Outstanding ( ) Maturity Date Coupon Investor Type 27/06/2019 Eur 12m /07/2020 Eur 6m /06/ /06/2022 Eur 6m /04/ /06/ /09/ /06/2023 Eur 12m+0.25 Eur 6m ES /06/ /06/2024 Eur 6m ES ES /06/ /06/ /06/ /06/2026 Eur 6m Eur 6m ES /07/ /07/2027 Eur 6m+4 ES /07/ /07/2027 Eur 6m+4.25 ES /08/ /08/2027 Eur 3m+3.85 ES /07/ /07/2028 Eur 6m+4.25 ES /07/ /07/2024 Eur 12m+0.82 Maturity Date Coupon Investor Type Registered - Covered Bonds ISIN Currency Issue Date Outstanding ( ) /12/ /12/2016 Eur 3m /10/ /10/2048 5,32 Maturity Date Coupon Investor Type 02/02/2037 Libor 3m Spanish Mortgages - Covered Bonds (non ) ISIN XS Currency Issue Date USD 01/11/2006 Outstanding

14 Appendix 1: CaixaBank Covered Bond Issuances Spanish Public Sector - Covered Bonds ISIN Currency Issue Date ES /02/2012 ES /06/2013 ES /05/2012 ES ES Outstanding ( ) Maturity Date Coupon Investor Type /02/2017 6, /06/2018 3, /05/2018 4,90 24/05/ /05/2019 5,20 19/06/ /06/2019 Eur 6m+0.20 ES /03/ /03/2020 Eur 6m+0.95 ES /06/ /06/2021 Eur 6m

15 Appendix 1: CaixaBank Covered Bond Issuances Spanish Multi-Issuers - Public Covered Bonds Código ISIN CaixaBank Contribution ( ) Divisa Fecha emisión ES /12/ ES /03/ ES /05/2006 ES ES Total Issue Outstanding ( ) Maturity Date Coupon Investor Type /12/2016 4, /03/2017 4, /05/2017 Eur 3m /06/ /06/2017 3,50 20/02/ /02/2018 Eur 3m ES /06/ /06/2018 4,25 ES /10/ /10/2018 4,00 ES /12/ /12/2018 4,76 ES /11/ /11/2019 4,26 ES /03/ /03/2020 4,00 ES /06/ /06/2020 3,5 ES /03/ /03/2021 4,00 ES /03/ /03/2021 4,0 ES /05/ /04/2021 4,13 ES /02/ /02/2022 4,5 ES /12/ /12/2022 3,75 ES /10/ /10/2023 4,25 ES /06/ /06/2025 3,75 ES /03/ /03/2027 4,25 ES /05/ /05/2027 4,76 ES /04/ /04/2031 4,25 Maturity Date Coupon Investor Type Spanish Multi-Issuers - Retained Covered Bonds Código ISIN CaixaBank Contribution ( ) Total Issue Outstanding ( ) Divisa Fecha emisión ES /10/ /10/2017 Eur 3m ES /01/ /10/2017 Eur 3m ES /04/ /10/2017 Eur 3m ES /04/ /10/2017 Eur 3m

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