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
-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
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
�m
incoMe stateMent
Source: DZ Bank
� bn
0
2
4
6
8
10
12
14
2007 2008 2009
Total capital Tier one capital
capitaL bReakDown
Source: DZ Bank
�m
0
50
100
150
200
250
300
350
400
450
Bank Retail Real estate finance
Insurance
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
�m
0
100
200
300
400
500
600
700
800
2008 2009
iMpaiRMent Losses on Loans & aDvances
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