SpareBank 1 Boligkreditt. Covered Bond Issuer Investor Presentation January 2017
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1 SpareBank 1 Boligkreditt Covered Bond Issuer Investor Presentation January 2017
2 Disclaimer By attending the meeting where this presentation is made, you agree to be bound by the following conditions: This document may be distributed only: (a) (i) outside the United States in compliance with Rule 903 or 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the Securities Act ), or (ii) to a person who is a Qualified Institution Buyer ( QIB ) within the meaning of, and in compliance with, Rule 144A of the Securities Act; and (b) in accordance with all applicable U.S. State securities laws. This document does not constitute an offering circular in whole or in part and you must read the actual offering circular related to the notes before making an investment decision. The offering circular for the issuance is available from the arranger. You should consult the offering circular for more complete information. This document is presented solely for information purposes and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or related financial instruments and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient By electing to view this presentation, you represent, warrant and agree that you will not attempt to reproduce, re-transmit or otherwise divulge the contents of this presentation by any means without the prior consent of SpareBank 1 Boligkreditt AS (the SpareBank ). The recipient of this presentation should not base any behaviour in relation to qualifying investments or relevant products which would amount to market abuse on the information in this presentation until after the information has been made generally available, nor should the recipient use the information in this presentation in any way which would constitute market abuse. Any notes issued by SpareBank will not be registered under the Securities Act of 1933 (the Securities Act ), as amended, under applicable state securities laws, or under the law of any other jurisdiction. Notes will only be offered (i) in offshore transactions to non-u.s. persons in reliance upon Regulation S under the Securities Act; and (ii) to qualified institutional buyers in reliance upon rule 144A under the Securities Act. Any offering of notes to be made in the United States will be made by means of an offering circular that may be obtained from the dealers. Such offering circular will contain, or incorporate by reference, detailed information about SpareBank 1 Boligkreditt AS, its business and financial results. Under no circumstances shall the information presented herein constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any such offer would be made only after a prospective participant had completed its own independent investigation of the notes and related transactions and the collateral pool, and received all information it required to make its own investment decision, including, where applicable, a review of any prospectus, prospectus supplement, offering circular or memorandum describing such security or instrument. That information would supersede this material and contain information not contained herein and to which prospective participants are referred. We have no obligation to tell you when information herein is stale or may change, nor are we obligated to provide updated information on the notes. SpareBank is not responsible for the lawfulness of the acquisition of any notes by a prospective purchaser with regard to any law, regulation or policy applicable to it. A prospective investor may not rely on SpareBank when making determinations in relation to these matters. By accepting this document you acknowledge that (a) SpareBank is not in the business of providing (and you are not relying on SpareBank for) legal, tax or accounting risks associated with notes in this document, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice, and (d) you should appraise senior management in your organisation as to such legal, tax and accounting advice (and risks associated with the notes) and this disclaimer to these matters. 2
3 Disclaimer continued This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms anticipates, believes, estimates, expects, aims, continues, intends, may, plans, considers, projects, should or will, or in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places and include, but are not limited to, statements regarding SpareBank s intentions, beliefs or current expectations concerning, amongst other things, results of operations, financial positions, prospects, growth, strategies and expectations of the banking industry and Norwegian mortgage market. By their nature, forward-looking statements involve risk and uncertainty, because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of SpareBank s and its group s operations, results of operations, financial position and the development of the markets and the industry in which they operate or are likely to operate ant their respective operations may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the industry in which SpareBank and its group operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results of developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, process in the residential mortgage industry, changes in regulation, currency fluctuations. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect SpareBank s and its group s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumption relating to SpareBank s financial position, prospects, operations, results of operations, growth, strategy and expectations of the residential mortgage industry. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for SpareBank to predict which factors they will be. In addition, SpareBank cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward-looking statements. Although the statements of fact in this presentation have been obtained from, and are based upon, sources that SpareBank believes to be reliable, no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. The information contained in this document has not been independently verified. All opinions and estimates included in this presentation constitute SpareBank s judgement, as of the date of this presentation and are subject to change without notice and SpareBank is not under any obligation to update or keep current the information contained herein. None of SpareBank 1 Boligkreditt AS or any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document or its contents, or otherwise arising in connection with this presentation. This presentation is confidential and is the property of SpareBank. 3
4 Table of contents Norwegian Economic Overview SpareBank 1 Alliance SpareBank 1 Boligkreditt Housing and Mortgage Markets Regulatory Developments Appendix 4
5 Norwegian Economic Overview Strong Fundamentals 5 Source:
6 Norwegian economy: overview 6 Source: Statistics Norway, NIMA
7 Norwegian economy: oil price change Oil prices have returned to a previous long-term level Declining investments reduce activity; but the pace of decline will slow Renewable energy investments increase 7 Sources: Bloomberg, US CPI, Statistics Norway (SSB), IEA
8 Norwegian oil industry: robust and flexible Average cash cost to produce a barrel of oil or gas equivalent in 2016, based on data from March 2016.: Statoil s break-even cost for pipeline projects reduced: Source. Statoil, Feb 2016, Avg. break-even $41 vs. $70 in 2013 Columns represent different projects in the investment pipeline 8
9 Sm3 mill Norwegian economy: natural gas 300 Norwegian oil and gas production: Gas Condensate NGL Oil Natural Gas: Regional, not global, commodity (due to transport issues) cleanest fossile fuel, part of future energy mix Demanded by households, industry and power generators (less correlation with the business cycle than oil) 9 Sources: Eurostat, Norwegian Petroleum Directorate
10 10 Norwegian economy: exports
11 Norwegian economy: competitiveness and productivity World Economic Forum global competitiveness report : 11 Source: World Economic Forum, Statistics Norway
12 Norway: strong public sector finances Oil revenue flows into the fund A limited amount is channelled into government outlays (spending rule) But: the fund can be used as countercyclical buffer The fund can not invest in any Norwegian assets or banks Oil revenue does not fund the Norwegian government budget; income tax, VAT, business tax and indirect taxation do 12 Source: Statistics Norway, NBIM, OECD Economic Outlook
13 Norwegian economy: labour market Flexible labour market Difference in unemployment survey and actual registered unemployment wider than usual Traditionally a low unemployment rate in Norway 13 Sources: Norges Bank, Statistics Norway, NAV
14 Norwegian economy: employment Where do people work? 14 Sources: Statistics Norway
15 SpareBank 1 Alliance Strong alliance of closely cooperating savings banks 2 nd largest Norwegian financial group 15
16 SpareBank 1 Alliance National champion, regional focus The SpareBank 1 Alliance consists of 14 banks; origins of which go back to the 19th century Operate exclusively in Norway Norway s most extensive branch network with approx. 350 branches SpareBank 1 SNN But physical branch structure is changing and SpareBank 1 banks are at the forefront of incorporating technological innovation into their operations Operate as independent banks in each their respective Norwegian region, operating close to their core customer base SpareBank 1 SMN Market leaders in their core regional markets The largest banks (~ 80% of total assets) have the following ratings: SpareBank 1 SR SpareBank 1 Hedmark/Oslo Sr. Unsec. Ratings Fitch Moody s SpareBank 1 SMN A- / F2 A1 / P-1 SpareBank 1 SR A- / F2 A1 / P-1 SpareBank 1 SNN A / F1 A1 / P-1 SpareBank 1 Hedmark n/a A1 / P-1 16
17 SpareBank 1 Alliance Achieving benefits of scale, while being local The saving banks are independent banks with very strong regional focus, and operate solely in the regions where they have been active for almost 200 years The largest Norwegian Savings banks established the SpareBank 1 Alliance in 1996 to address efficiency in banking operations and realize the benefits of size SpareBank 1 key pillars Local Market Focus Efficiency Decisions are made close to the customer and transaction originations, taking advantage of its proximity to the local market Each bank continues to develop its link with its local community Keeping its own name and legal identity As a group, the banks seek to increase their efficiency as compared to competitors by: Ensuring full spectre products platform (non-core banking services) Economies of scale (IT, marketing, business development) Competency development Sharing development investments SEPARATE LEGAL IDENTITIES COMMON SUPERBRAND ALLIANCE PROGRAMME
18 SpareBank 1 Alliance Achieving benefits of scale, while being local Approx retail customers in Norway Approx SME customers SpareBank 1 Alliance companies SpareBank 1 SR SpareBank 1 SMN SpareBank 1 SNN Sparebanken Hedmark 10 smaller SpareBank 1 Banks The banks are listed at Oslo Stock Exchange, and issue senior unsecured, subordinated and capital instruments individually Services, dividends, commissions, covered bond funding SpareBank 1 Insurance (Life&nonlife) ODIN Asset Manager SpareBank1 Covered Bonds (Boligkreditt) SpareBank 1 Markets SpareBank1 Factoring SpareBank 1 Collections Mortgages, capital, commitments, human resources etc. SpareBank1 Credit Cards SpareBank 1 Mobile Payments Alliance Co-operation Program The Alliance-cooperation represents a wide ranging operational integration of the Alliance banks, and include: IT Systems operations and development Brand building / Marketing and communications Common best processes Centres of Excellence Risk Management Models Business development, e.g. mobile and online solutions 18
19 SpareBank 1 Alliance Common process and efficiency: identical credit underwriting across all banks Retail mortgages Customer and Product Information Registration of Customer information Registration loan requirements, maturity etc Regulatory checks Rating and Classification Automatic lookups in internal and external credit databases SpareBank 1 credit scoring model Income verification and documentation Further Analysis Affordability stress testing Assessment of Collateral Valuation of collateral Calculation of foreclosure values Assessment of ranks of claims Decision, Pricing and Loan Contract Final decision Pricing based on internal pricing model Legally binding contract Cash flow and affordability are key criteria for evaluating a mortgage application Affordability is determined after taking account of a number of factors, including the applicant s net monthly income and expenses for the household (SIFO model) and analysis of total assets and debt Customer past behavior weigh heavily in credit scoring model The borrower s affordability is stressed by a 5% interest rate rise (other regulations apply) 19 19
20 SpareBank 1 Alliance Lending composition Total lending across all banks approximately NOK 740 bn ( 80 bn) Mortgages approximately NOK 515 bn ( bn) Share of mortgages transferred to Boligkreditt for CB issuance: ca. 33% 20 Source: SpareBank 1 banks reporting
21 SpareBank 1 Alliance - market position 2nd largest banking group in the market More than 20% national market share in residential mortgages Regional market share leader with 30-50% shares Total Assets SpareBank 1 is a Norwegian-only, retailed focused institution 21 Source: Banks annual reports, SpareBank 1
22 Capital Requirements Countercyclical buffer increases to 2% from 1. Jan 2018 Additional capital requirements arise from the Pillar 2 requirement of Norway s regulatory and supervisory authorities, typically % additional core capital 22
23 SpareBank 1 key aggregated figures 23 Source: Financial reporting for largest four SpareBank 1 banks: SR, SMN, SNN and Hedmark (own averaging and aggregation)
24 SpareBank 1 key aggregated figures 24 Source: Financial reporting for SpareBank 1 SR, SMN, SNN and Hedmark, own averaging and aggregation
25 Oil sector and bank lending Financing structures of companies in the oil sector: Equity Bonds Bank loans Other liabilities Share of overall loan book to oil related companies: Seismic Drilling Field Development and operations Supply 25 Sources: Norges Bank, Bank reports
26 Norwegian economy bank loan losses 26 Sources: Norges Bank
27 SpareBank 1 Boligkreditt Mortgage market characteristics Aaa rated covered bonds backed by a very high quality cover pool Structure and support Covered bonds outstanding and funding 27
28 Mortgage market: key characteristics Mortgage Market Howe Ownership Social security Personal Liability Regulation Interest Payments Tax Incentives Total size approximately NOK 2,600 billion (USD 325bn, 290bn) Private banks (incl. savings banks) are the dominant suppliers of mortgages with over 95% market share Scheduled repayment mortgages: 83.4%, flexible: 16.6% Typical maturity: 25 years First priority security market with high doc. standard Over 80% of households owner occupied (little buy to let) Between 50 and 60% are detached one-family houses Unemployment benefits represents ca 60% of salary for 2 years Borrowers are personally liable for their debt Swift foreclosure regime upon non-payment Transparent information about borrowers Loan to value: 85% (75% legal limit for cover pool) Flexible repayment mortgages: max 60% LTV 5% mortgage interest rate increase as stress test High risk weighting for banks for mortgage lending (20-25%) Maximum 5x debt / gross income for borrowers 10% exceptions possible, special regulation for Oslo 90-95% of mortgages are variable rate Interest rates can be reset at the lender s discretion, by giving the debtor 6 weeks notice 25% of interest paid is tax deductible (equal to the basic rate of tax) Low effective real estate tax (lower net worth tax on real estate than financial assets) Household credit growth (12 months growth rate) Avg. variable interest rate for new mortgages 28 Source: Statistics Norway
29 Norwegian covered bonds I. Norway s covered bond legislation Specialist banking principle, ring fencing of assets In effect since 2007, 2% legal o/c minimum expected shortly Standard principles in the legalisation; LTV cap, risk limits, valuation assessment and tests, independent examiner, asset segregation, transparency through specialized issuers II. III. Regulatory Norwegian covered bonds are category 1 for LCR purposes in Europe Norwegian covered bonds comply with the definition of covered bonds in EU Regulation 575 (2013) Article 129 Exposures in the form of covered bonds SpareBank 1 Boligkreditt covered bonds SpareBank 1 Boligkreditt (Spabol) is a labelled covered bond issuer ( each issuance is LCR categorized (according to its size) on the CB label website Spabol covered bonds are rated Aaa / AAA by Moody s and Fitch Typical issuance is EUR 1 bn in the Euro market 11 benchmark covered bonds outstanding in EUR for a total outstanding volume of 12 bn (3 USD covered benchmarks outstanding) 29
30 Structure and cover pool Loan transfer SpareBank 1 SR- Bank SpareBank 1 SMN SpareBank 1 SNN SpareBank 1 Hedmark/Oslo 11 smaller SpareBank 1 banks 13.9% 19.1% 14.6% 20.3% 32.1% Mortgage Eligibility Criteria Filter (see next page) Support: Joint and several commitment for Min. Equity Liquidity Requirement for additional cover pool eligible assets/mortgages Mortgage Loan Mortgage Loan Mortgage Loan SpareBank 1 Boligkreditt Specialist Bank (Covered Bond Issuer) True sale of mortgage loans Ownership shares in Covered Bond Issuer (Boligkreditt) as of Commissions on mortgages Mortgage rate less funding costs Not defaulted LTV limits 30
31 Eligibility criteria for cover pool mortgages Assets Customer Credit Quality Criteria Collateral Types of Property Type of Products Retail Residential mortgages only Employed (99% of mortgage book) or self-employed Mortgage loans solely originated by the SpareBank 1 Alliance banks and certain other banks owned by the Alliance banks Uniform underwriting criteria and credit assessment model in the SpareBank 1 Alliance banks Risk category A-F (SpareBank 1 credit scoring model best PD classes) No past due or over the limit customer notifications in the last 12 months 75% LTV limit or 60% for any revolving balance mortgage Recent valuation date Valuation from independent 3 rd party, documented First priority / first lien only Located in Norway only Detached houses, terraced houses or apartments Repayment Mortgages with fixed or floating interest rates (serial and annuity loans) Revolving (flexible) loans with floating interest rates Excluded Categories LTV > 75% SB1 rating < F Loans below NOK 200,000 or above NOK 12 mill Loan applicant / co- applicant or guarantors who have not met previous loan obligations, resulted in loss for the bank or are insolvent Speculative investments in housing, e.g. mortgages to individuals owning more than 3 properties (buy-to-let) Holiday / leisure Properties (as of 1H 2013) 31
32 Boligkreditt relative balance sheet Cash and equivalents (2.8%) Liquid, highly rated Bonds (13.6%)* 91.6% Aaa/AAA covered bonds Residential mortgages 83.6% Senior unsecured (2.1%) Addt l T1 and T2 capital (1.3%) Core Equity (4.8%) 16.5% equity on RWA 32 Source: SpareBank 1 Boligkreditt financial reporting (excluding derivatives and associated collateral posted by swap counterparties) * Portfolio of government, SSA and Nordic Covered Bonds
33 Cover pool credit quality Arrears history, % of total lending volume Norway High home ownership and strong credit culture Low unemployment Regulatory mortgage underwriting standards limiting LTV and requiring interest rate stress tests SpareBank 1 Boligkreditt Weighted average current LTV history Strict credit policy No realized losses No foreclosed mortgages No arrears over 90 days Source: SpareBank 1 Boligkreditt cover pool report, as of Sep. 30, 2016
34 Cover pool characteristics Assets / Status 100% first lien mortgages on Norwegian private residential properties / 100% performing loans. Loans and rate 132,397 loans at a weighted average interest rate of 2.55% Average Loan Balance NOK 1,306,717 (approximately 140,000 / $160,000) Weighted Average Original LTV Weighted Average Current LTV Weighted Average Seasoning Mortgages 59.0 % 49.9 % 3 years and 6 months Weighted Average Remaining Term Mortgages 21 years and 5 months Cover Pool NOK 207 bn (ca. 23 bn): Residential Mortgages: 84%, Liquid Assets: 16% Current O/C 8.6% (stressed O/C post 15% house price decline: 7.1%) Source: SpareBank 1 Boligkreditt cover pool report, as of Sep. 30, 2016
35 Cover pool loan-to-value distribution Current LTV buckets (Numbers of loans in % of pool) Current LTV buckets (Loan volume in % of pool) The collateral (residential properties) is revalued every quarter based on an automated valuation model by Eiendomsverdi, based on the most comprehensive set of real estate transactions in Norway Loans which rise above the legal 75% LTV limit as a result of the revaluation stay in the cover pool, but the share of the loan above 75% is disregarded for asset liability testing (matching) Source: SpareBank 1 Boligkreditt cover pool report, as of Sep. 30, 2016
36 Cover pool regional diversification The loan portfolio is well diversified across Norway and in line with the SpareBank 1 Alliance s distribution channels Mortgage Lending by Region (by Loan Amount) 6.2% Nordland (5%) 5.7% Troms (3%) 2.7% Finnmark (1%) 6.0% Nord-Trøndelag (3%) 6.2% Møre og Romsdal (5%) 9.6% Sør-Trøndelag (6%) 0.2% Sogn og Fjordane (2%) 1.6% Hordaland (10%) 10.0% Rogaland (9%) 3.6% Oppland (4%) 1.1% Vest-Agder (4%) 0.3% Aust-Agder (2%) 11.1% Hedmark (4%) 6.4% Buskerud (4.5%) 4.7% 7.9% Akershus (11%) Telemark (3%) 8.7% Oslo (12%) 3.5% Østfold (6%) 4.5% Vestfold (5%) Distribution of number of loans by county for SpareBank 1 Boligkreditt. Approx. population in parenthesis 36 Source: SpareBank 1 Boligkreditt cover pool report, as of Sep. 30, 2016
37 Cover pool mortgage type and granularity Mortgage loans by type of property Share of number of mortgage loans in each size range Detached owner-occupied prime residential homes represent the majority of the portfolio SB1B has no buy-to-let property in the cover pool No multi-family / housing cooperatives loans in the cover pool No subprime mortgages Average loan size approximately 1.2 mill (Euro 132,000) Few large loans (5% of total number above NOK 3 mill.) Share of NOK amounts for mortgages in each size range 37 Source: SpareBank 1 Boligkreditt cover pool report, as of Sep. 30, 2016
38 Cover pool other characteristics Occupancy Status Borrower Status 10 largest borrowers Mortgage Payment Frequency Per cent of cover pool size Source: SpareBank 1 Boligkreditt cover pool report, as of Sep. 30, 2016
39 Cover pool other characteristics Remaining legal term of the mortgage portfolio (number of loans in pct of portfolio) The legal term is typically 25 years for a new mortgage Boligkreditt buys the loan from the originating SpareBank 1 bank typically some time after origination (refinancing cannot take place within BK, only at the original bank) Seasoning of the mortgage portfolio (number of loans in pct of portfolio) 45% 34% The behavioral maturities are shorter than the legal terms: 45% of the portfolio is less than 3 years of age (since origination) 34% of loans are above 4.5 years of age (since origination) 39 Source: SpareBank 1 Boligkreditt cover pool report, as of Sep. 30, 2016
40 Covered bond funding Covered Bonds the 2 nd most important source of funds for the SpareBank 1 Alliance (20-25%) after deposits and before senior bank bonds SpareBank 1 Boligkreditt covered bonds in NOK, EUR and USD NOK bonds are available for taps in a range of maturities and fixed/floating Issue Date Size (mill) Tenor (years) Maturity Spread at issue Spabol EUR Covered Bond Issues outstanding EUR MS+bps March , / Feb , / Sept , / Feb , / August , / June , / Nov , / Aug , / Nov , / Mar , / August , / Spabol 144A USD Covered Bond Issues outstanding USD MS+bps April , / Nov , / April , /
41 Covered bond funding Relative share of funding currencies for Spabol covered bonds outstanding NOK EUR USD AUD A tap market Most cost efficient: no swap costs and SpareBank 1 is household brand Market cannot accommodate all larger issuers Long term funding Deep market Private placements Hedging costs considerations For diversification reasons a 144A programme was set up in benchmark bonds issued U.S. Gov sponsored mortgage finance acts as roadblock to U.S. covered bond legislation and larger market Hedging costs considerations Programme set up in February 2014 Add-on diversification Covered bonds relatively newly established in Australia (legal basis) No SpareBank 1 covered Bonds issued as of yet 41 Debt is shown at current fx rates, although currencies are fixed with swaps at issuance of the bonds
42 SpareBank 1 Boligkreditt maturity profile Bond maturities as of Sep. 30,
43 Housing Market 43 Source:
44 Housing and mortgage markets 12 months index change and regulations 44 March 2010: max LTV of 90% for all mortgage loans Dec 2011: max LTV of 85% for all mortgages 70% for non-scheduled repayment (revolving) mortgages Source: Eiendomsverdi, through Sept : Higher risk weights for mortgages higher capital requirements for banks July 2015: Existing LTV limits become legally binding, with exceptions Mandatory stress test (interest rate) Amortisation requirement Dec. 2016: Max 60% LTV for nonscheduled repayment (revolving) mortgages Max. 5x debt / income Oslo regulation introduced
45 Housing and mortgage markets Adjusted price developments 45 Source: Eiendomsverdi through September 2016, own projections and indexation
46 Housing and mortgage markets Regional indexes last 5 years (unadjusted) 46 Source: Eiendomsverdi, through September 2016 (Jan 2011=100)
47 Housing and mortgage markets SpareBank 1 Boligkreditt more diversified outside of Oslo The national index s three types of residential units (detached, two units/terraced and apartments) have been weighted with the Spabol lending composition The median value of the Spabol apartment portfolio segment is compared to the national index apartment segment 47 Source: Eiendomsverdi, through September 2016 (Jan 2011=100)
48 Housing and mortgage markets Population change and completed housing units Completed housing units have lagged household formation over several years, contributing to upwards pressure on residential prices Household formation drivers are both population growth and trend towards single households Immigration (and therefore population growth) is now slowing while housing starts (housing investments) are increasing 48 Source: Statistics Norway
49 Housing and mortgage markets house price and income The chart shows the relationship between average income for all households with minimum 2 people and median valuation for all houses The 10 year CAGR for the median house price growth is 5.5% and the net and gross income 4.4% and 4.3%, respectively 49 Source: Statistics Norway, Eiendomsverdi
50 Housing and mortgage markets demand and supply: normal conditions 50 Source: Eiendomsverdi, Sept 2016, Statistics Norway
51 Regulatory Developments Covered Bond legislation, bank capital and mortgage risk weights 51 Source:
52 Regulatory developments Mortgage risk weights New Risk weighting for residential mortgage lending is effectively increased to ca. 25% for banks in general (in Pillar 1, i.e. basis for equity capital coverage) However, banks subject to the Norwegian banking regulator s (Finanstilsynet) minimum risk assets floor, such as SpareBank 1 Boligkreditt, have effective risk weights of ca. 40% The RWA floor is defined as a minimum whole-balance sheet RWA which is not allow to be reduced below 80% of what RWA would have been under the previous Basel I rules 31. March Finanstilsynet proposed minimum leverage ratio of 6% for banks, 3% for residential covered bond issuers 52
53 Regulatory developments Equity in nordic banks Norwegian banks are subject to a risk-weight floor: RWA can not be lower than 80% of the RWA according to Basel I Because of these higher risk weights, reported capital ratios are generally lower for Norwegian banks Equity as a share of assets is on the other hand generally higher for Norwegian banks A key reason for this is lower risk weights for residential mortgages for non-norwegian banks 53
54 Appendix 54 Source:
55 Norwegian economy: hydroelectric power Norway: 95% mountains, highlands, lakes existing hydroelectric facilities Large potential for upgrades and extensions Nearly all power production in Norway comes from hydro-power Norway can cover a material portion of Europe s renewable energy storage ( green battery ) requirement when renewable energy makes up a large portion of the continent s energy mix Source: Statnett Directly linked power cables under construction between Norway England and Norway - Germany
56 Norwegian legal covered bond framework Specialist banking principle Only specialised institutions whose articles of association comply with prescribed mandatory requirements may issue covered bonds LTV limits Assets Matching Requirement Special Supervision 75% for residential mortgages 60% for commercial mortgages The cover pool may consist of mortgaged real estate assets, public sector loans and substitute assets (max 20% of cover pool, 30% with NFSA approval) Value of the cover pool shall at all times exceed the value of the covered bonds with a preferential claim on the pool. NPV principle applied to all assets and liabilities. Supervised by the Financial Supervisory Authority of Norway (NFSA) NFSA appoints an independent inspector who regularly (at least every three months) supervises the matching requirement of the cover pool and the cover pool registry the Inspector submits annual reports of observations and assessments to the NFSA Over Collateralisation Voluntary OC is part of the pool and is bankruptcy remote Liquidity Requirement Cash flow from the cover pool shall at all times suffice to cover payments on the covered bonds and payments to counterparties under related derivatives agreements. A liquidity reserve needs to be established which shall be included in the Cover Pool Currency risk The credit institution must establish reasonable and conservative limits. SB1B fully hedges currency risk Interest rate risk Issuer Insolvency Interest rate risk must be analysed (rate curve shifts and twists). SB1B hedges interest rate risk on its bonds to 3 month NIBOR If timely payments can no longer be ensured, a halt to all payments is introduced. All covered bond investors have preferential pari passu claim, must be consulted on material points. An insolvent issuer is placed under public administration (i.e. Norwegian Treasury) tasked with preserving the value of the cover pool, maintain law & regulations. Covered bond investors must be informed about any material decisions. Primary aim is creditor (CB Investor) protection 56
57 SpareBank 1 SR-Bank: southwest Norway Fjords and Coastline Norway s oil hub: Stavanger SpareBank 1 SR-Bank Innovative growth region Approximately 24% of Norway s population live in the region, and it is also here that the population growth has been particularly strong. 57 SpareBank 1 SR-Bank (short SR-Bank) s home market are both in the Western and Southern (the Skagerak coastline) Norwegian regions. The bank, with home base in Stavanger and which is Norway s 2 nd largest Norwegian owned bank, maintains approximately 50 branches in its region. The dominating industry is oil and gas, but the region is also an important food producer and in Stavanger, finance and investments has also become a significant factor. The bank maintains the largest market share in the retail segment of all banks active in the region. Within the corporate segment, the largest exposures are to commercial real estate, service based businesses, pipelines and other transportation, agriculture and forestry, hydroelectric power, construction, minerals and mining.
58 SpareBank 1 SMN: middle Norway City of Trondheim Salmon farming SpareBank 1 SMN The Norwegian University of Science and Technology This region s consists of three counties (North and south Trøndelag and Møre and Romsdal) and the population is nearly 700,000 people or 13.8% of the Norwegian total. The town of Trondheim is an old Norwegian capital and has played a key role in Norwegian history. The renowned Norwegian University of Science and Technology is located here. SpareBank 1 SMN (or short SMN) is based in the town of Trondheim and over 50 branches are maintained throughout the region. SMN is the region s leading retail bank by market share. Within the corporate sector the most important activities of the bank is in commercial real estate, transportation and related services, maritime and offshore, seafarming, agriculture and forestry as well as other traditional manufacturing, construction and leisure industries. 58
59 SpareBank 1 SNN: northern Norway Tourism Abundant natural resources SpareBank 1 Nord-Norge City of Tromsø Northern Norway represents about 35% of the Norwegian mainland and approximately 9.4% of the population. Northern Norway is often described as the land of the midnight sun and the northern lights. It is by far the most dramatic Norwegian region from a nature perspective. Outside the Islands of Lofoten are the richest cod fishing grounds in Europe. Northern Norway and the Arctic holds the most promising aspects for the long-term future of Norway s oil and gas industry. SpareBank 1 Nord Norge (or short SNN) is headquartered in the city of Tromsø and has 75 branches throughout Northern Norway. Other than a significant retail banking presence, industries are fishing, oil and gas exploration and production moving north, mining and minerals, construction and tourism. The public sector is also a meaningful employer in this part of Norway. 59
60 SpareBank 1 Hedmark/Bank 1 Oslo: eastern Norway Oslo: administrative, cultural, financial capital Agriculture in Eastern Norway SpareBank 1 Hedmark / Oslo The Royal Palace, Oslo Eastern Norway is by far the most populous region of Norway with approximately 50% of the overall Norwegian population. It also contains Oslo, which is both a county and a municipality. Oslo is Norway's most populous city and Norway s administrative, cultural and financial capital. SpareBank 1 Hedmark is headquartered in Hamar, to the north of the capital, and it maintains 28 bank branches SpareBank 1 Oslo Akershus covers the capital and surroundings with 18 branches and is majority owned by SpareBank 1 Hedmark. 60
61 What is a Norwegian savings bank? - a Savings Bank has 2 layers of equity capital: external and the bank s own Partial Balance Sheet: Order of priority at insolvency Subordinated Debt Equity Capital Certificates (ECC) ECC s / Bank s paid-in capital reserves 1. External Capital: 20-40% of votes Equalization Fund Savingsbank s Reserve Fund Gift Fund Cumulative profits not paid out as dividends. Belongs economically to the ECC holders and may be used for future dividends or converted to EC certificates by the bank 2. The Savings Bank s own capital, voted by bank customers publicly appointed officials for the region where the bank is domiciled (optional) and the bank s employees (up to 25%) A portion of the annual profit is given to specific community projects A key consequence of the specific savings banks law which defines the ownership structure above is the exclusion of the possibility of a hostile takeover as non-ecc shareholders always have a majority vote 61
62 Norwegian oil and gas reserves After 43 years of oil and gas production Norway s not yet half way through Contingent Reserves Existing Fields 6% Contingent Reserves New Fields 7% The chart represents the Norwegian Petroleum Directorate s assessment of the produced volumes and reserves under the Norwegian Continental Shelf on an oil equivalent basis Produced and Sold 44% Undiscovered Resources 21% Contingent reserves are reserves recoverable with some degree of additional investment required, these numbers are cautious / conservative Reserves 22% Contingent resources are cautious reserve assessments of not proven energy resources based on geological surveys and data analysis The pie chart represents a total of 85 billion barrels of oil equivalents 62 Source: Norwegian Petroleum Directorate year end 2013 Source: Norwegian Petroleum Directorate
63 Norway Key Characteristics Tromsø Trondheim Oslo Bergen Stavanger Kristiansand Geography: km 2 mainland area 4.6% agriculture and populated area 95.4% mountains, highlands, lakes Demographics: 5.2 million population 2.3 million households 5 year pop. CAGR: 1.2% Government and Affiliations Parliamentary Constitutional Monarchy Non-EU member (EEA member) Currency: Norwegian Kroner (NOK) World Economic Forum Global Competitive Index: rank 11 globally Transparency International: rank 5 globally UN s Global Human Development Index: rank 1 globally Household debt: Number of households with debt: 84% Average HH debt: NOK Average gross income per HH: NOK HH debt multiple of gross income: 1.61x 63 Source: Eurostat, Statistics Norway
64 Norwegian economy Economic Indicators (%) E GDP growth - mainland Household consumption growth Investment growth (mainland*) Investment growth offshore oil and gas Inflation rate (CPI) month NIBOR / mortgage rate 2.9 / / / / / / 2.6 Household savings ratio Unemployment rate (survey) HH sector real disp. income growth Current account surplus / GDP Gov. budget surplus / GDP Sovereign Wealth Fund / GDP Sources: Statistics Norway as of Sept 13, 2016, NBIM, Ministry of Finance * Business, housing and public sector
65 Household indebtedness Total Debt burden in per cent of household income (after tax) Norway: All HH debts included in the statistic, question of int l comparability High home ownership (mortgage debt rather than rent commitments) Generous benefits (pensions, healthcare, education, childcare, maternity, unemployment) Income growth over the last decades has far outpaced the cost of necessities in the time period shown Household savings rate is high: debt reduction possible Source: Norges Bank (Norwegian Central Bank) Monetary Policy Report 1/2016
66 Household sector net worth 66 Source: Source: Statistics Norway / Tax rolls. Pension reserves not included
67 Household debt to income multiples FSA limit on mortgage debt underwriting in banks: max. 85% LTV General long-standing limit of 3x gross household income in SpareBank 1 banks Higher debt multiple brackets are dominated by younger households 23% of households have student debts and this represents on average 15% of their total debt Source: Statistics Norway
68 Highlights summary Highly rated Covered Bonds in a strong economy Aaa (Moodys) rated covered bonds Scarcity value due to a lack of Norwegian government AAA rated paper Norwegian economy is performing well Covered Bond asset class preferred vehicle of the Norwegian Central Bank for providing liquidity to banks Supported by the Norwegian Legal Framework for Covered Bonds Special supervision by the Norwegian FSA and dedicated independent inspector for monitoring purposes LTV criteria of 75% for residential mortgages (self selected 70% LTV limitation) Prudent risk with regards to liquidity, currency and interest rate High quality of cover pool 100% prime Norwegian residential mortgages Very low levels of arrears and no losses Common, strict underwriting criteria of the SpareBank 1 Alliance Banks and even stricter criteria for transfer of mortgages to the Covered Bond Company Savings banks with a long history in Norwegian mortgage lending Diversified ownership and support through multiple banks in the SpareBank 1 Alliance 2nd largest Norwegian financial group Market leader in local markets with a local market shares of approximately 40% 68
69 SpareBank 1 Boligkreditt Arve Austestad Managing Director arve.austestad@sparebank1.no Fixed Line: Mobile: Eivind Hegelstad Director, CFO and Investor Relations eivind.hegelstad@sparebank1.no Fixed Line: Mobile: Henning Nilsen Director, COO & Risk Manager henning.nilsen@sparebank1.no Fixed Line: Mobile:
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