184,185 dz bank - globalcapitaldz bank-2,000 -1,500 -1,000 -500 0 500 1,000 1,500 2,000 2008 2009...

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184 EuroWeek Financing financial institutions DZ Bank DZ Bank Debt issuance $m Source: Dealogic. Data to August 20 2010 2005 2006 2007 2008 2009 2010 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Covered bonds Subordinated debt Senior unsecured Securitisation Source: Dealogic. Data to August 20 2010 2005 2006 2007 2008 2009 2010 Debt issuance Rank Lead Manager amount $m no of issues % share 1 DZ Bank 3,512 70 85.67 2 UniCredit Group 334 1 8.15 3 WestLB 98 4 2.39 4 Credit Agricole CIB 64 1 1.55 5 LBBW 51 2 1.25 6 NordLB 41 1 1 subtotal 4,099 79 100 total 4,099 79 100 Source: Dealogic (Sep 20, 2009 to Sep 19, 2010) top bookRunneRs - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-2040 2041+ Source: Dealogic. Data to September 1, 2010 (securitisations not included) $m MatuRity pRofiLe DZ bank aG Long term iDR a+ short term iDR f1+ individual Rating b/c support Rating 1 support Rating floor a+ summary: DZ Bank’s ratings are driven by its membership in the mutual support mechanism of the ‘A+’-rated German cooperative banking group, whose risk return profile has remained robust over the last three years. The crisis has negatively affected DZ Bank and some smaller group members, but the group as a whole – which has not required any state support – has remained profitable despite some room for structural efficiency improvement. DZ Bank’s ‘B/C’ Individual rating reflects its strong integration into the cooperative group, distribution benefits from the network, and role as a key product provider. It also takes into account the bank’s relatively resilient asset quality, improved capitalisation and diversified business model. This is balanced by its exposure to its still sizeable, albeit shrinking, credit investment portfolio. In addition, Fitch believes that the bank could better exploit the revenue potential offered by its access to the cooperative group’s distribution channel and 30 million customers. DZ Bank returned to solid profitability in 2009 and 1H10 after value adjustments to its large securities portfolio in 2008, as well as impairments to failed financial institutions and securitisation investments. In addition, it is absorbing the restructuring at its mortgage lending subsidiary, Deutsche Genossenschafts-Hypothekenbank (DG Hyp). fitch RatinGs upDate Source: Anglo Irish Bank % 0 2 4 6 8 10 12 14 2007 2008 2009 Total capital Tier one capital capitaL Ratios Group treasurer Hartmut Schulz +49 69 7447 3705 [email protected] head of investor relations Kirsten Siersleben +49 69 7447 92080 [email protected] key contacts Actual tier one (2009) Benchmark scenario Adverse scenario Additional sovereign shock Source: Committee of European Banking Supervisors % 9.9 10.4 9.2 8.7 7 .5 8 8.5 9 9.5 10 10.5 11 cebs stRess tests

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Page 1: 184,185 DZ Bank - GlobalCapitalDZ Bank-2,000 -1,500 -1,000 -500 0 500 1,000 1,500 2,000 2008 2009 Operating revenues Profit before taxes Source: DZ Bank m incoMe stateMent Source:

184 EuroWeek Financing financial institutions

DZ Bank

DZ Bank

Debt issuance

$m

Source: Dealogic. Data to August 20 2010

2005 2006 2007 2008 2009 2010 -

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Covered bonds Subordinated debt

Senior unsecured Securitisation

Source: Dealogic. Data to August 20 2010

2005 2006 2007 2008 2009 2010

Debt issuance

Rank Lead Manager amount $m no of issues

% share

1 DZ Bank 3,512 70 85.67

2 UniCredit Group 334 1 8.15

3 WestLB 98 4 2.39

4 Credit Agricole CIB 64 1 1.55

5 LBBW 51 2 1.25

6 NordLB 41 1 1

subtotal 4,099 79 100

total 4,099 79 100

Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)

top bookRunneRs

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

-204

0

2041

+

Source: Dealogic. Data to September 1, 2010 (securitisations not included)

$m

MatuRity pRofiLe

DZ bank aG

Long term iDR a+ short term iDR f1+individual Rating b/csupport Rating 1support Rating floor a+

summary:DZ Bank’s ratings are driven by its membership in the mutual support mechanism of the ‘A+’-rated German cooperative banking group, whose risk return profile has remained robust over the last three years.

The crisis has negatively affected DZ Bank and some smaller group members, but the group as a whole – which has not required any state support – has remained profitable despite some room for structural efficiency improvement. DZ Bank’s ‘B/C’ Individual rating reflects its strong integration into the cooperative group, distribution benefits from the network, and role as a key product provider. It also takes into account the bank’s relatively resilient asset quality, improved capitalisation and diversified business model. This is balanced by its exposure to its still sizeable, albeit shrinking, credit investment portfolio.

In addition, Fitch believes that the bank could better exploit the revenue potential offered by its access to the cooperative group’s distribution channel and 30 million customers. DZ Bank returned to solid profitability in 2009 and 1H10 after value adjustments to its large securities portfolio in 2008, as well as impairments to failed financial institutions and securitisation investments. In addition, it is absorbing the restructuring at its mortgage lending subsidiary, Deutsche Genossenschafts-Hypothekenbank (DG Hyp).

fitch RatinGs upDate

Source: Anglo Irish Bank

%

0

2

4

6

8

10

12

14

2007 2008 2009 Total capital Tier one capital

capitaL Ratios

Group treasurerHartmut Schulz+49 69 7447 [email protected]

head of investor relationsKirsten Siersleben+49 69 7447 [email protected]

key contacts

Actual t

ier one

(2009)

Benchmark sc

enario

Adverse

scenario

Additional

sovereig

n shock

Source: Committee of European Banking Supervisors

%

9.9

10.4

9.2

8.7

7.5

8

8.5

9

9.5

10

10.5

11

cebs stRess tests

Page 2: 184,185 DZ Bank - GlobalCapitalDZ Bank-2,000 -1,500 -1,000 -500 0 500 1,000 1,500 2,000 2008 2009 Operating revenues Profit before taxes Source: DZ Bank m incoMe stateMent Source:

DZ Bank

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2008 2009 Operating revenues Profit before taxes

Source: DZ Bank

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Source: DZ Bank

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4

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8

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2007 2008 2009

Total capital Tier one capital

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Source: DZ Bank

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0

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100

150

200

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300

350

400

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Bank Retail Real estate finance

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pRe-tax pRofit by business seGMent (2009)

Source: DZ Bank

� bn

360

370

380

390

400

410

420

430

440

2007 2008 2009

totaL assets

Source: DZ Bank

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0

100

200

300

400

500

600

700

800

2008 2009

iMpaiRMent Losses on Loans & aDvances

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