Introduction to Swedbank and Kepler Cheuvreux s partnership July In cooperation with:

Transcription

1 Introduction to Swedbank and Kepler Cheuvreux s partnership July 2017 In cooperation with:

2 New partnership strengthens Swedbank s offering Excellent international distribution power through local presence in all major markets = Still the same Our Nordic presence remains unchanged with the same staff and strong local commitment + but strengthened Through the Kepler Cheuvreux partnership, our research coverage and sales force have been significantly expanded on an international level Together, Swedbank and Kepler Cheuvreux offer world-class research and distribution based on local expertise and global presence Source: Swedbank, Kepler Cheuvreux In cooperation with: 2

3 A full-service Investment Bank with a balance sheet We enable value creation Corporate Banking Corporate Finance Debt Capital Markets Structured Finance Corporate lending, deposits, general advisory ++ Advisory services, Mergers & Acquisitions, Equity Capital Markets ++ Advisory services, bond issuance, trading, convertibles, hybrids ++ Acquisition- and project financing, IPO financing ++ Loans & Syndication Markets Equities Corporate Access Sector- and asset-based debt financing, project- and event-driven financing ++ Macro and credit research. Credit sales, currencies, derivatives ++ Equity sales, company- and industry research Roadshows, company presentations, events, field trips ++ Source: Swedbank, Kepler Cheuvreux In cooperation with: 3

4 Ground-breaking partnership will further improve our offering Largest distribution platform in Europe Corporate client organization and offering unchanged within Swedbank Corporate Banking Corporate Finance Debt Capital Markets Structured Finance Corporate lending, deposits, general advisory ++ Advisory services, Mergers & Acquisitions, Equity Capital Markets ++ Advisory services, bond issuance, trading, convertibles, hybrids ++ Acquisition- and project financing, IPO financing ++ Investor reach significantly strengthened through Kepler Cheuvreux partnership Loans & Syndication Markets Equities Corporate Access Sector- and asset-based debt financing, project- and event-driven financing ++ Macro and credit research. Credit sales, currencies, derivatives ++ Equity sales, company- and industry research Roadshows, company presentations, events, field trips ++ Source: Swedbank, Kepler Cheuvreux In cooperation with: 4

5 Swedbank ranked as one of the world s strongest banks A rock-solid business partner Bloomberg ranking of the world s strongest banks* CET-1 ratios, selected European banks (AT1) Ranking Bank 1 Hang Seng Bank (Hong Kong) 2 Norinchukin Bank (Japan) 3 Oversea-Chinese Banking (Singapore) 4 National Commercial Bank (Saudi Arabia) 30% 25% 20% Swedbank: Most solid bank in Europe measured on CET-1 ratios 15% 13 Swedbank (Sweden) 10% 17 UBS (Switzerland) 18 Canadian Imperial Bank of Commerce (Canada) 19 Svenska Handelsbanken (Sweden) 20 Credit Suisse Group (Switzerland) 5% 0% Swedbank SHB SEB Nordea Danske Bank DNB Lloyds ABN KBC RBS BKIR Credit Agr. AIB Erste Popular Santander Intesa ING Barclays HSBC BNP Deutsche BBVA Soc Gen Source: Bloomberg, EBA, Swedbank * Bloomberg s most recent report (for 2015) In cooperation with: 5

6 Locally anchored, with global reach Offering world-class distribution through Kepler Cheuvreux partnership 6% ownership 15% ownership 5% ownership 5% ownership Swedbank/Kepler Cheuvreux or affiliate office 120+ research analysts 150+ sales & sales traders 973 companies covered institutional clients 11 countries with local distribution 8 th largest broker in Europe* Source: Swedbank, Kepler Cheuvreux * Measured on secondary trading In cooperation with: 6

7 Highly research-driven Top-ranked research team with local presence across Europe Jan-Peter Larsson A pan-european research team of Head of Nordic Countries 120+ analysts covering 973 companies, Henning Steffenrud Head of Nordic Research of which 300 Nordic companies Jose Hernandez Co-Head of Equity Brokerage #1 Brokerage firm country research #3 Sustainability/SRI research Top 10 In 14 research sectors Michael Jafs Head of Swedish Research Source: Swedbank, Kepler Cheuvreux, Extel Survey 2017 In cooperation with: 7

8 Unrivalled placing power We have local brokers in every major financial centre in Europe ~5.4m retail clients ~850k trading accounts ~24k priv. banking clients Strong retail coverage in the Nordics sales & sales traders; largest distribution platform in Europe 11 countries with local distribution MiFID II compliant; ready for full implementation Swedbank/Kepler Cheuvreux or affiliate office Europe: equity sales & sales traders #2 Pan-European equity & equity linked sales #1 Small & Mid cap sales US and Asia presence Source: Swedbank, Kepler Cheuvreux, Extel 2017 survey In cooperation with: 8

9 Strong ECM track-record Kepler Cheuvreux partnership model proven through UniCredit, Credit Agricole and Rabobank Selected Swedbank ECM transactions ECM league tables since start of KC partnerships UniCredit Mediobanca Block sale June 2017 NOK 426m Initial Offering June 2017 SEK 4 524m Equity raise June 2017 USD 500m Rights issue June 2017 NOK 190m ECM Since Jan Intesa Sanp. UBS Merrill Lynch 0% 5% 10% 15% Credit Agr. Deutsche Initial Offering June 2017 NOK 8 400m Initial Offering April 2017 SEK 136m Private placement March 2017 SEK 304m Convertibles and bond issue March 2017 SEK 245m Equity Since Apr Societe Gen. BNP Paribas JP Morgan 0% 5% 10% Rabobank ING Rights issue February 2017 SEK 374m Private placement February 2017 NOK 154m Rights issue January 2017 SEK 1 800m Block sale in SAS October 2016 SEK 357m IPO Since Jul BNP Paribas Morgan Sta. ABN Amro 0% 5% 10% 15% 20% Source: Swedbank, Kepler Cheuvreux France equity includes rights and excludes ABBs/blocks In cooperation with: 9

10 Excellent M&A capabilities Solid track record of both buy- and sell-side transactions, long list of recent high-profile deals Statoil/Lundin Petroleum case study Selected Swedbank M&A transactions In January 2016, Statoil announced the acquisition of 37.1m shares in Lundin Corresponding to 11.93% of total outstanding shares SEK 4.6bn position at the time of announcement Fairness Opinion in EQT s acquisition of DGC Advisor to buyer in acquisition of PayEx Sale of Quintus Technologies Sale of Euromaint Advisor to the debt holder Two-step transaction including use of derivatives and wallcrossing in a reverse accelerated bookbuild SEK 2,350m June 2017 Undisclosed May 2017 USD 115m April 2017 SEK 650m October 2016 In May 2016, Statoil swapped its 15% interest in the Edvard Grieg license with Lundin and received an additional 8% ownership in Lundin as consideration Approximately SEK 2.3bn in profit to date Statoil holds 68.4m (20.1%) shares in Lundin at an average purchase price of SEK per share* Sale of Plantasjen to Ratos NOK 2,900m September 2016 Sale of Prevex to Ahlsell Undisclosed August 2016 Merger of Hexagon and Agility Fuel Systems USD 318m June 2016 Hofseth acquisition of Fjordlaks NOK 1,000m June January 2016: Acquisition of 12% May 2016: Swap for 8% 80 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Swap agreement bringing STL s stake in LUPE to 20% SEK 4,300m May 2016 Equity Financing of Fosen Wind farm February 2016 Undisclosed Advisor in merger January 2016 Undisclosed Sale of Midtfjellet Vindkraft to Aquila Capital Undisclosed December 2015 Source: Swedbank, Infront In cooperation with: 10

11 Top position in the Nordic HY market Swedbank is a leading arranger and trader in bonds NO+SE: Amount issued NOK/SEK HY bonds 2012 YTD NO+SE: # of issued NOK/SEK HY bonds 2012 YTD Swedbank 38,270 Swedbank 142 Pareto Pareto Nordea DNB DNB Nordea ABG ABG Danske Danske SEB SEB Arctic NOKm Arctic # of issues 0 10,000 20,000 30,000 40,000 50, Source: Bloomberg, EBA, Swedbank In cooperation with: 11

12 Corporate Access undisputed leader in Europe Corporate Access is of the highest importance for institutional investors #1 European broker Corporate Access (Fund Manager Nominations) #1 European broker Rev. Roadshows/ Field Trips (Fund Manager Nominations) #1 European broker Conferences (Fund Manager Nominations) 50 thematic field trips 200 expert meetings roadshows bespoke trips one-onones #1 European broker Corporate Access (Corporate Nominations) Source: Bloomberg, EBA, Swedbank, Kepler Cheuvreux, Extel 2017 survey In cooperation with: 12

13 Disclaimer This document was prepared exclusively for the benefit and internal use of selected parties in order to evaluate the feasibility of a possible transaction or transactions and does not carry any right of publication or disclosure to any other party. This document is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Swedbank. This presentation may not be used for any other purposes without the prior written consent of Swedbank. This presentation is not prepared in accordance with the requirements applying to investment research. This document does not constitute or form part of an offer or invitation or recommendation to subscribe for or purchase any securities. The distribution of this document may be restricted by law in certain jurisdictions, and persons into whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. Swedbank shall not have any responsibility for any such violations. Any decision to purchase or subscribe for securities in any offering must be made solely on the basis of the information contained in the prospectus or other offering circular issued in connection with such offering. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise provided to us. The information contained in this document has been taken from sources deemed to be reliable. We do not represent that such information is accurate or complete and it should not be relied on as such. Any opinions expressed herein reflect our judgement at this date, all of which are accordingly subject to change. Swedbank accepts no liability whatsoever for any direct, indirect or consequential loss rising from the use of this document or its contents. Swedbank and/or its employees may hold shares, options or other securities of any issuer referred to in this document and may, as principal or agent, buy or sell such securities. Swedbank may have other financial interests in transactions involving these securities. Source: Bloomberg, EBA, Swedbank In cooperation with: 13

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