Press Briefing on Capital Markets Activities Frankfurt, 13 December 2011

Transcription

1 Press Briefing on Capital Markets Activities Frankfurt, 13 December 2011

2 Successfull Year 2011 (Figures as of ) High demand for KfW promotional funding Commitments of 52.9 bn EUR in Germany and abroad Essential contribution to support the German economy Focus on sustainability Along with SME promotion, the most important promotional priorities are environmental and climate protection Strong financial figures Balance sheet total of bn EUR Tier 1 ratio of 16.1 % Consolidated profit 1.8 bn EUR 2

3 Funding: 3-pillar strategy (Figures as of ) Funding volume 2011: EUR 78.5 bn Benchmark Programmes Large-volume and liquid global bonds in EUR and USD Maturities: at least 3y, 5y and 10y Issuance volumes: 3-5 bn EUR / USD Other Public Transactions Large-volume and liquid public bonds in core and other currencies Other structured public bonds in various currencies Private Placements Bonds tailored to the specific needs of individual investors Flexible with view to currency, structure and maturity 2011: 12 transactions 2011: 160 transactions 2011: 140 transactions 54% 41% 5% 3

4 Funding: Currency overview Currencies 2010 Currencies 2011 as of % 2% 4% 7% 5% 2% 2% 3% 6% 7% 42% 38% EUR USD AUD GBP SEK JPY Other 30% 50% EUR USD AUD GBP NOK JPY Other EUR and USD again most important currencies of our funding EUR volume increases to approx. 50% USD volume slightly decreases to approx. 30% Approximately 20% of funding raised in non-core currencies 4

5 Funding: Success factors Status-specific success factors Explicit, direct government guarantee increasingly important Outstanding credit quality of Germany KfW internationally recognised as safe haven Strategy-specific success factors Transparent, comprehensible funding strategy Consistency and professionalism Issuance according to market demand Flexibility in timing Pricing in line with market conditions KfW benefits from flight to quality, reliable strategy is a major factor in its successful funding 5

6 Capital market-related products and asset securitisation European securitisation market held its own German share relatively small with approx. 4% Securitisation as funding tool gains importance due to crisis KfW s support in SME-Securitisation: Securitisation Platform PROMISE Investor in securitisation transactions of lease and loan receivables 6

7 Funding: Outlook for 2012 Funding volume for 2012 remains at about EUR 80 bn Continuation of the successful and proven 3-pillar strategy Benchmarks remain most important pillar Broad variety of products for investors worldwide KfW is able to respond with flexibility to investor preferences and market conditions 7

8 Appendix 8

9 Funding as of 30 November 2011 by currencies and instruments 2011 target: EUR 80 bn November 30, 2011: EUR 78.5 bn Instruments Currencies 5% 6% 2%2% 3% 7% 41% 54% 50% 30% Benchmarks Public Transactions Private Placements EUR USD AUD GBP NOK JPY Other 9

10 Funding by currencies and instruments Importance of globals increases core currencies Euro and US Dollar Instruments (in %) Currencies Benchmark bonds Public Transactions Private Placements 2006 (EUR 54.1 bn) 2007 (EUR 64.6 bn) 2008 (EUR 75.3 bn) 2009 (EUR 74.7 bn) 2010 (EUR 76.4 bn) (EUR 78.5 bn) 0 EUR USD AUD GBP NOK JPY as of 30 November 2011: 98.2% of total funding volume already reached Others (2010:~11) 10

11 EUR-Benchmark-Programme 2011 EUR-Benchmark-Programme 2011 EUR bn Maturity Coupon KfW-EUR-Benchmark I/ KfW-EUR-Benchmark I/2011 (Tap) KfW-EUR-Benchmark II/ KfW-EUR-Benchmark III/ KfW-EUR-Benchmark IV/ KfW-EUR-Benchmark V/

12 USD-Global-Programme 2011 USD-Global-Programme 2011 USD bn Maturity Coupon USD-Global I/ USD-Global II/ USD-Global III/ USD-Global IV/ USD-Global V/ USD-Global VI/

13 EUR-Benchmark-Programme Amounts in EUR bn KfW /16/12 KfW /21/12 KfW /04/12 KfW /12/12 KfW /17/13 KfW /04/13 KfW /11/13 KfW /25/14 KfW /11/14 KfW /04/14 KfW /10/15 KfW /04/15 KfW /16/15 KfW /08/16 KfW /04/16 KfW 2 09/07/16 KfW /04/17 KfW /21/17 KfW /15/18 KfW /04/18 KfW /21/19 KfW /20/20 KfW /18/21 KfW /04/21 KfW /04/23 Issued in

14 USD-Global-Programme Amounts in USD bn KfW 2 01/17/12 KfW /16/12 KfW /15/12 KfW /15/12 KfW /14/13 KfW /15/13 KfW /16/13 KfW /15/13 KfW 4 10/15/13 KfW /13/14 KfW /10/14 KfW /04/14 KfW /15/14 KfW /21/14 KfW /03/15 KfW /21/15 KfW /26/15 KfW /16/16 KfW /14/16 KfW 2 06/01/16 KfW /05/16 KfW /17/17 KfW /15/18 KfW / 16/18 KfW /17/19 KfW 4 01/27/20 KfW /08/20 KfW /25/21 Issued in

15 KfW s global investor base A worldwide diversified investor base assures a high liquidity and a stable demand for KfW s bonds. Aggregate Placement of KfW EUR-Benchmark-Bonds 2007 through 2011 ytd 100% 100% 90% 80% 70% 60% 50% % 80% 70% 60% 50% % 40% 30% 20% % 20% % 10% 0% 0% Europe ex Germany Germany Asia Americas Others Banks Central Banks Asset Managers Insurances & Pension F. Others 15

16 KfW s global investor base A worldwide diversified investor base assures a high liquidity and a stable demand for KfW s bonds. Aggregate Placement of KfW USD-Global-Bonds 2007 through 2011 ytd 100% 100% 90% 80% % 80% % 50 70% 10 60% 50% 40% 30% 20% 10% % 50% 40% 30% 20% 10% % 0% Asia Europe Americas MEA Others Central Banks Banks Asset Managers Insurances & Pension F. Others 16

17 Money market Its CP programmes make KfW an important issuer in the money market as well EUR/USD-CP Programme Issuer: KfW Rating: A-1+/P-1/F1+ Maturities: up to 1 year Guarantor: Federal Republic of Germany Currencies: EUR-CP: multicurrency USD-CP: USD As of 30 November 2011 EUR-CP (in million) USD-CP (in million) Programme volume EUR 40,000 USD 10,000 Issue volume EUR 92,974 USD 37,449 Number of transactions Average ticket volume EUR 105 USD 75 Average maturity Outstanding volume (at the end of period) Targeted outstanding volume 71 days EUR 20,351 +/- EUR 20, days USD 6,560 +/- USD 7,000 17