skandinaviska enskilda banken - globalcapital · data to august 20 2010 debt issuance pricing date:...
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Skandinaviska Enskilda Banken
270 EuroWeek Financing financial institutions
Skandinaviska Enskilda Banken
- 2005 2006 2007 2008 2009 2010
Covered bonds Subordinated debt Senior unsecured
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Debt issuance
$m
Source: Dealogic. Data to August 20 2010
Debt issuance
Pricing date: August24,2010
Value: €750m
Maturity date: September1,2015
coupon: 2.5%
spread to swaps: 87bp
bookrunners: BankofAmericaMerrillLynch,BNPParibas,GoldmanSachs,SEB
issue type: Coveredbond
Pricing date: June10,2010
Value: €1bn
Maturity date: June17,2015
coupon: 2.5%
spread to swaps: 45bp
bookrunners: BayernLB,CommerzbankGroup,CreditSuisse,RBS,SEB
issue type: TierI
Pricing date: September25,2009
Value: €500m
Maturity date: Perpetualnon-call5.5years
coupon: 9.25%
bookrunners: BNPParibas,CreditSuisse,GoldmanSachs
Source: Dealogic
Rank Lead Manager amount $m no of issues
% share
1 SEB 798 9 23.31
2 Credit Suisse 484 2 14.14
3 Goldman Sachs 482 2 14.06
3 BNP Paribas 482 2 14.06
5 RBS 239 1 6.98
5 Commerzbank Group
239 1 6.98
5 BayernLB 239 1 6.98
8 Bank of America Merrill Lynch
237 1 6.91
9 Nordea Markets 174 1 5.09
10 WestLB 44 2 1.3
subtotal 3,420 13 99.82
total 3,426 14 100
Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)
Recent DeaLs
-
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
-204
0
2041
+
2,000
4,000
6,000
8,000
10,000
Source: Dealogic. Data to September 1, 2010 (securitisations not included)
$m
MatuRity PRofiLe
toP bookRunneRs
Actual t
ier one
(2009)
Benchmark sc
enario
Adverse
scenario
Additional
sovereig
n shock
Source: Committee of European Banking Supervisors
%
12.4 11.8
10.7 10.3
0
2
4
6
8
10
12
14
cebs stRess tests
Head of investor relationsUlf Grunnesjo+46 8 763 [email protected]
Head of debt investor relationsThomas Bengtson+46 8 763 [email protected]
key contacts
skandinaviska enskilda banken
Long term iDR a+short term iDR f1individual Rating b/csupport Rating 1support Rating floor a-
summary:The ratings of SEB reflect its strong franchise in Sweden and increasingly in the other Nordic countries, good capitalisation and diversified revenue generation. They also take into account its exposure to the Baltic states and dependence on wholesale funding. Asset quality in SEB’s Swedish loan book is good, recording minimal levels of impaired loans. However, its Baltic subsidiaries were hit by high non-performing loans (NPLs) and impairment charges in 2008 and 2009. Fitch expects the inflow of NPLs to continue to reduce following its peak in 2H09 but for stock to remain at an elevated level at least into 2011. Economic recovery is expected in SEB’s key markets with Fitch forecasting growth of 2.8% in Sweden for 2010 and 3% in 2011. Downward pressure on the ratings would arise if further asset quality deterioration had a greater impact on capitalisation than expected or if it caused an erosion in the bank’s Nordic franchise.
fitcH Ratings uPDate
Skandinaviska Enskilda Banken
Financing financial institutions EuroWeek 271
Source: SEB
Skr bn
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Tier one Tier two
Mar 31, 2
008
Jun 30, 2
008
Sep 3
0, 2008
Dec 31, 2
008
Mar 31, 2
009
Jun 30, 2
009
Mar 31, 2
010
Jun 30, 2
010
Sep 3
0, 2009
Dec 31, 2
009
caPitaL base
Source: SEB
Skr m
-500
0
500
1000
1500
2000
2500
3000
3500
4000
4500
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Operating profit Net profit
incoMe stateMent
Source: SEB
%
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
Return on total assets Return on RWA
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
RetuRn on assets
Basel II (legal reporting with transitional floor). Source: SEB
%
0
2
4
6
8
10
12
14
16
2Q09 3Q09 4Q09 1Q10 2Q10
Core tier one Tier one Total capital
caPitaL Ratios
Source: SEB
Skr m-4000
-3500
-3000
-2500
-2000
-1500
-1000
-500
0 1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
net cReDit Losses
Source: SEB
%
-5
0
5
10
15
20
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
RetuRn on equity
Source: SEB
%
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
net LeVeL of iMPaiReD Loans
Source: SEB
Skr bn
2150
2200
2250
2300
2350
2400
2450
2500
2550
Mar 31, 2
008
Jun 30, 2
008
Sep 3
0, 2008
Dec 31, 2
008
Mar 31, 2
009
Jun 30, 2
009
Mar 31, 2
010
Jun 30, 2
010
Sep 3
0, 2009
Dec 31, 2
009
totaL assets
Source: SEB
%
0
10
20
30
40
50
60
70
80
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
cost/incoMe Ratio