124,125 Banco Popolare · 2013. 5. 13. · from the acquisition of Banca Italease, to remain high...
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Banco Popolare 124 EuroWeek Financing financial institutions Banco Popolare - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2005 2006 2007 2008 2009 2010 Covered bonds Subordinated debt Senior unsecured Securitisation Source: Dealogic. Data to August 20 2010 $m Debt issuance Debt issuance issue type: Covered bond Pricing date: February 24, 2010 Value: €1bn Maturity date: March 31, 2017 coupon: 3.625% spread to swaps: 80bp bookrunners: LBBW, Natixis, RBS, UBS Pricing date: January 18, 2010 Value: €500m Maturity date: January 27, 2012 coupon: 3m Euribor +85bp bookrunners: Banca Aletti & C SpA, Credit Agricole CIB, Citi, JPMorgan Pricing date: October 15, 2009 Value: €1bn Maturity date: October 22, 2014 coupon: 4.125% spread to swaps: 145bp bookrunners: Banca Aletti & C SpA, Bank of America Merrill Lynch, Credit Suisse, JPMorgan Source: Dealogic Recent Deals Rank lead Manager amount $m no of issues % share 1 Gruppo Banco Popolare di Verona e Novara Scarl 3,897 14 42.19 2 RBS 1,150 3 12.45 3 UBS 555 2 6.01 3 LBBW 555 2 6.01 5 JPMorgan 548 2 5.93 6 Credit Suisse 528 2 5.72 6 Bank of America Merrill Lynch 528 2 5.72 8 Goldman Sachs 517 3 5.59 9 Natixis 351 1 3.8 10 HSBC 203 1 2.2 subtotal 8,832 18 95.62 total 9,236 19 100 Source: Dealogic (Sep 20, 2009 to Sep 19, 2010) toP bookRunneRs Actual tier one (2009) Benchmark scenario Adverse scenario Additional sovereign shock Source: Committee of European Banking Supervisors % 7 .7 7 .8 7 .4 7 6.6 6.8 7 7 .2 7 .4 7 .6 7 .8 8 cebs stRess tests banco Popolare scarl long term iDR a (negative outlook) short term iDR F2 individual Rating c support Rating 2 support Rating Floor bbb summary: The rating of Banco Popolare reflects management’s progress to date in working out some of BP’s largest impaired exposures and in reinforcing its capital. Fitch expects management to achieve its targets in these areas over the short to medium term. Fitch, however, considers the bank’s impaired loans, partly inherited from the acquisition of Banca Italease, to remain high and capitalisation modest in relation to these loans. Excluding non-recurring items, operating profitability in 2009 was low. However, pre-impairment operating profitability was sufficiently robust to absorb the bank’s significant loan impairment charges, and Fitch expects this to continue to underpin profitability in 2010. Overall operating profitability was in line with the rest of the Italian banking system, which suffered significant pressure from low interest rates and a high cost of credit. Fitch sees limited prospects to improve profitability materially in 2010, as the cost of credit is expected to remain high, albeit somewhat lower than in 2009, while net interest revenue is likely to remain under pressure until interest rates start rising again. Fitch Ratings uPDate chief treasurer Pedro Turras head of investor relations Tom Lucassen +39 045 867 5537 key contacts - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 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 PRoFiles
Transcript of 124,125 Banco Popolare · 2013. 5. 13. · from the acquisition of Banca Italease, to remain high...
Banco Popolare
124 EuroWeek Financing financial institutions
Banco Popolare
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2005 2006 2007 2008 2009 2010
Covered bonds Subordinated debt Senior unsecured Securitisation
Source: Dealogic. Data to August 20 2010
$m
Debt issuance
Debt issuance
issue type: Coveredbond
Pricing date: February24,2010
Value: €1bn
Maturity date: March31,2017
coupon: 3.625%
spread to swaps: 80bp
bookrunners: LBBW,Natixis,RBS,UBS
Pricing date: January18,2010
Value: €500m
Maturity date: January27,2012
coupon: 3mEuribor+85bp
bookrunners: BancaAletti&CSpA,CreditAgricoleCIB,Citi,JPMorgan
Pricing date: October15,2009
Value: €1bn
Maturity date: October22,2014
coupon: 4.125%
spread to swaps: 145bp
bookrunners: BancaAletti&CSpA,BankofAmericaMerrillLynch,CreditSuisse,JPMorgan
Source: Dealogic
Recent Deals
Rank lead Manager amount $m no of issues
% share
1 Gruppo Banco Popolare di Verona e Novara Scarl
3,897 14 42.19
2 RBS 1,150 3 12.45
3 UBS 555 2 6.01
3 LBBW 555 2 6.01
5 JPMorgan 548 2 5.93
6 Credit Suisse 528 2 5.72
6 Bank of America Merrill Lynch
528 2 5.72
8 Goldman Sachs 517 3 5.59
9 Natixis 351 1 3.8
10 HSBC 203 1 2.2
subtotal 8,832 18 95.62
total 9,236 19 100
Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)
toP bookRunneRs
Actual t
ier one
(2009)
Benchmark sc
enario
Adverse
scenario
Additional
sovereig
n shock
Source: Committee of European Banking Supervisors
%
7.7 7.8
7.4
7
6.6
6.8
7
7.2
7.4
7.6
7.8
8
cebs stRess tests
banco Popolare scarl
long term iDR a (negative outlook)short term iDR F2individual Rating csupport Rating 2support Rating Floor bbb
summary:The rating of Banco Popolare reflects management’s progress to date in working out some of BP’s largest impaired exposures and in reinforcing its capital. Fitch expects management to achieve its targets in these areas over the short to medium term. Fitch, however, considers the bank’s impaired loans, partly inherited from the acquisition of Banca Italease, to remain high and capitalisation modest in relation to these loans. Excluding non-recurring items, operating profitability in 2009 was low. However, pre-impairment operating profitability was sufficiently robust to absorb the bank’s significant loan impairment charges, and Fitch expects this to continue to underpin profitability in 2010. Overall operating profitability was in line with the rest of the Italian banking system, which suffered significant pressure from low interest rates and a high cost of credit. Fitch sees limited prospects to improve profitability materially in 2010, as the cost of credit is expected to remain high, albeit somewhat lower than in 2009, while net interest revenue is likely to remain under pressure until interest rates start rising again.
Fitch Ratings uPDate
chief treasurerPedro Turras
head of investor relationsTom Lucassen+39 045 867 5537
key contacts
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
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 PRoFiles
Banco Popolare
Financing financial institutions EuroWeek 125
%
Source: Banco Popolare
0
10
20
30
40
50
60
70
80
Dec 31, 2009 Jun 30, 2010
NPLs Watchlist Past due
�bn
Source: Banco Popolare
0
20
40
60
80
100
120
Jun 30, 2009 Dec 31, 2009 Jun 30, 2010
Core deposits Bonds & other securities Repos
�m
Source: Banco Popolare
0
50
100
150
200
250
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
�bn
Data at June 30, 2010. Source: Banco Popolare
0
1
2
3
4
5
6
7
8
9
10
Group (incl Italease) Banco Popolare standalone
NPLs Watchlist Restructured Past due
%
Source: Banco Popolare
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Gross NPL ratio Net NPL ratio
%
Source: Banco Popolare
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Gross watchlist ratio Net watchlist ratio
%
Source: Banco Popolare
0
2
4
6
8
10
12
Dec 31, 2009 Jun 30, 2010
Total capital Tier one Core tier one
�m
Source: Banco Popolare
-200.0
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Total income Pre-tax income Net income
�bn
Source: Banco Popolare
110
115
120
125
130
135
140
Dec 30, 2008 Dec 31, 2009 Jun 30, 2010
iMPaiReD loan coVeRage (excl italease)
DiRect custoMeR FunDs (excl italease)
loan loss PRoVision (excl italease)
net iMPaiReD loansnPl Ratios (excl italease)
Watchlist loan Ratios(excl italease)
caPital Ratios
incoMe stateMent
total assets
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