Press Briefing on Capital Markets Activities 2011-2012 Frankfurt, 13 December 2011
Successfull Year 2011 (Figures as of 30.09.2011) 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 476.8 bn EUR Tier 1 ratio of 16.1 % Consolidated profit 1.8 bn EUR 2
Funding: 3-pillar strategy (Figures as of 30.11.2011) 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
Funding: Currency overview Currencies 2010 Currencies 2011 as of 30.11.2011 2% 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
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
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
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
Appendix 8
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
Funding by currencies and instruments Importance of globals increases core currencies Euro and US Dollar Instruments (in %) Currencies 60 60 50 50 40 40 30 30 20 20 10 10 0 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) 30.11.2011 (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
EUR-Benchmark-Programme 2011 EUR-Benchmark-Programme 2011 EUR bn Maturity Coupon KfW-EUR-Benchmark I/2011 4.0 18.01.2021 3.375 KfW-EUR-Benchmark I/2011 (Tap) 2.0 18.01.2021 3.375 KfW-EUR-Benchmark II/2011 5.0 11.04.2014 2.125 KfW-EUR-Benchmark III/2011 5.0 08.04.2016 3.125 KfW-EUR-Benchmark IV/2011 5.0 15.06.2018 3.125 KfW-EUR-Benchmark V/2011 5.0 07.09.2016 2.000 11
USD-Global-Programme 2011 USD-Global-Programme 2011 USD bn Maturity Coupon USD-Global I/2011 5.0 13.01.2014 1.375 USD-Global II/2011 4.0 16.02.2016 2.625 USD-Global III/2011 4.0 04.04.2014 1.500 USD-Global IV/2011 5.0 01.06.2016 2.000 USD-Global V/2011 2.0 25.08.2021 2.375 USD-Global VI/2011 3.0 05.10.2016 1.250 12
EUR-Benchmark-Programme Amounts in EUR bn 7 6 5 4 3 5 5 5 5 5 5 5 5 5 5 5 6 6 5 5 5 5 5 5 5 4 3 3 3 3 2 1 0 KfW 3.375 01/16/12 KfW 2.25 05/21/12 KfW 5.25 07/04/12 KfW 4.625 10/12/12 KfW 1.25 06/17/13 KfW 3.875 07/04/13 KfW 4.375 10/11/13 KfW 3.125 02/25/14 KfW 2.125 04/11/14 KfW 4.25 07/04/14 KfW 2.25 04/10/15 KfW 3.5 07/04/15 KfW 1.875 11/16/15 KfW 3.125 04/08/16 KfW 3.125 07/04/16 KfW 2 09/07/16 KfW 4.125 07/04/17 KfW 2.25 09/21/17 KfW 3.125 06/15/18 KfW 4.375 07/04/18 KfW 3.875 01/21/19 KfW 3.625 01/20/20 KfW 3.375 01/18/21 KfW 3.5 07/04/21 KfW 4.625 01/04/23 Issued in 2011 13
USD-Global-Programme Amounts in USD bn 6 5 4 3 2 1 5 5 4 4 4 3 3 3 5 5 5 4 4 4 4 4 3 3 3 3 3 3 3 3 2 2 2 1 0 KfW 2 01/17/12 KfW 2.25 04/16/12 KfW 4.75 05/15/12 KfW 1.25 06/15/12 KfW 1.875 01/14/13 KfW 3.25 03/15/13 KfW 3.5 05/16/13 KfW 1.375 07/15/13 KfW 4 10/15/13 KfW 1.375 01/13/14 KfW 3.5 03/10/14 KfW 1.5 04/04/14 KfW 4.125 10/15/14 KfW 2.75 10/21/14 KfW 2.625 03/03/15 KfW 4.375 07/21/15 KfW 1.25 10/26/15 KfW 2.625 02/16/16 KfW 5.125 03/14/16 KfW 2 06/01/16 KfW 1.25 10/05/16 KfW 4.875 01/17/17 KfW 4.375 03/15/18 KfW 4.5 07/ 16/18 KfW 4.875 06/17/19 KfW 4 01/27/20 KfW 2.75 09/08/20 KfW 2.375 08/25/21 Issued in 2011 14
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% 8 15 14 16 9 35 22 38 16 25 90% 80% 70% 60% 50% 36 21 19 28 22 12 16 20 24 20 40% 40% 30% 20% 67 63 51 37 56 30% 20% 40 40 53 52 54 10% 10% 0% 0% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Europe ex Germany Germany Asia Americas Others Banks Central Banks Asset Managers Insurances & Pension F. Others 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 USD-Global-Bonds 2007 through 2011 ytd 100% 100% 90% 80% 28 24 29 28 90% 80% 34 25 30 27 21 70% 50 70% 10 60% 50% 40% 30% 20% 10% 44 23 42 28 22 24 27 40 32 34 60% 50% 40% 30% 20% 10% 14 50 64 31 35 30 36 41 37 0% 0% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Asia Europe Americas MEA Others Central Banks Banks Asset Managers Insurances & Pension F. Others 16
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 882 500 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 20,000 57 days USD 6,560 +/- USD 7,000 17