Presentation is loading. Please wait.

Presentation is loading. Please wait.

EURO BENCHMARK TRANSACTION April 2009 CEAMI GUARANTEED BONDS.

Similar presentations


Presentation on theme: "EURO BENCHMARK TRANSACTION April 2009 CEAMI GUARANTEED BONDS."— Presentation transcript:

1 EURO BENCHMARK TRANSACTION April 2009 CEAMI GUARANTEED BONDS

2 The Transaction Transaction overview The Guarantee scheme Outlook of the Spanish Economy The Structure  The Assets  The Bonds  Order of Payments The Issuers  The Arranger and the Agent Bank  Characteristic of the Issuers

3 The aim of the transaction is to obtain funding for financing the Savings Banks ordinary operations, allowing investors to buy Senior Spanish Debt, issued by a pool of 21 Savings Banks. Each of the participating Savings banks will issue a Senior 3 year final maturity Bond, with a fixed coupon indexed to Mid Swap rate plus a spread, fully guaranteed by the Spanish Government The guarantee will be unconditional, irrevocable and explicit in the terms of Sections 1 and 7 of the Order* The guarantee covers capital and interest costs related to the securities issued (Article 1, section c)* ; The Transaction * Order EHA/3364/2008, dated 21 November, whereby Article 1 of Royal Decree Law 7/2008, dated 13 October, on Urgent Economic-Financial Measures in relation to the Concerted Action Plan for Euro Zone Countries is enforced..

4 The Guarantee can be enforced once the Issuer has defaulted in payment, in accordance with Section 10 of the Order**. The Paying Agent (CECA) must execute the guarantee under the guarantee rules Timely payment. The Spanish Treasury will immediately proceed to order the payments that conform with its obligations as guarantor The notes has 0% risk weighting by Bank of Spain The Kingdom of Spain guaranteed securities are expected to be eligible for the ECB Repo facility. The Transaction * Order EHA/3364/2008, dated 21 November, whereby Article 1 of Royal Decree Law 7/2008, dated 13 October, on Urgent Economic- Financial Measures in relation to the Concerted Action Plan for Euro Zone Countries is enforced.

5 The Guarantee - How it works in case of default? A DIRECT ISSUE D-Day: As soon as a default of the Entity happens the paying agent must submit a notification to the Spanish Treasury, which will immediately proceed to order the payments of coupon and principal at maturity that conform with its obligations as Guarantor. There is no acceleration of the repayment of principal or interest Timely payment. CEAMI TRANSACTION D-Day: As soon as a Default of an Entity happens the paying agent (CECA) submits a notification for that entity alone to the Spanish Treasury, which will immediately proceed to order the payments of coupon and principal at maturity that conform with its obligations as Guarantor. There is no acceleration of the repayment of principal or interest Timely payment. Defaulted Entity Paying agent Spanish Treasury Bank of Spain (BoS) 1º 2º 3º 4º 5º Bondholders Defaulted Entity Paying Agent (CECA) Spanish Treasury Bank of Spain (BoS) 1º 2º 3º 4º 5º Bondholders Sound Entities 1º 1º On the Due date the Financial Entity defaults. 2º The paying agent notifies the Spanish Treasury 3º The Treasury will immediately proceed to order payments to Bank of Spain (BoS) that conform with its obligation 4º BoS pays the Paying Agent in the specific account 5º Paying Agent delivers funds to bondholders 1º On the Due Date the Financial Entity defaults. The remaining sound entities do not and continue to deliver funds to pay bondholders via the Paying Agent as normal 2º The paying agent (CECA) notifies the Spanish Treasury of the defaulted entity 3º The Treasury will immediately proceed to order payments to BoS that conform with its obligation 4º BoS pays the Paying Agent in the specific account 5º Paying Agent (CECA) delivers funds to bondholders from both the defaulted and sound entities

6 ISSUERCEAMI GUARANTEED BONDS I AMOUNTBenchmark transaction € nominated NOTE FEATURES Bonds backed by a pool of individual Government guaranteed Medium Term Notes (MTN) ISSUE RATING [AAA / AAA / AA+] (Moodys / Fitch / S&P) LAUNCH DATEApril 2009 MATURITY DATEApril 2012 COUPONFixed: MS 3y + [TBC] bps LISTINGMadrid (AIAF) and Luxembourg CLEARINGIberclear, Euroclear LEAD MANAGERS BBVA, CECA, Calyon, DZ Bank, HSBC, Nomura, UBS, SG CIB, Merrill Lynch. RISK WEIGHTING 0% in Spain. Expected in Europe, Asia and Middle East. UNDERLYING ASSETS Individual Medium Term Notes issued by Spanish Financial Entities and guaranteed by the Kingdom of Spain. The Transaction Overview

7 The Guarantee Scheme GOVERNING LAWSpanish Royal Decree Law 7/2008 and Order EHA/3364/2008 AMOUNT OF GUARANTEE € 100 Eur billion for 2008 (Law 2/2008) ENTITIES TO BE GUARANTEED Credit entities and Consolidated groups of credit institutions, who met the following requirements a)To be a Spanish registered Credit Entity b)To have a market share of at least one thousandth of the total set in subsection «2.4. Loans and Credits. Other Sectors» corresponding to residentes c)To have issued securities similar to the ones that are to be guaranteed, in the previous five years ELEGIBLE SECURITIES a)Senior Debt and Commercial Paper b)Listed on AIAF or any other regulated secondary market. c)Minimum 3 months, maximum 3 years maturity d)Bullet. No structures allowed TEXT OF GUARANTEE http://www.tesoro.es/doc/EN/Avales/20081201_%20V%201_LM_%20Ministerial%2 0Order%203364_State%20Guarantees_SPAIN%20doc_eng.pdf ECB ELEGIBLEExpected COVERAGE OF THE GUARANTEE The guarantee covers capital and interest costs. CHARACTER OF THE GUARANTEE The guarantee is explicit, irrevocable and unconditional.

8 SPAIN - Macroeconomic Outlook

9 Growth update  Growth will be close to -1.6% in 2009, before recovering to 2.6 % in 2011 Triggers of the slowdown  Global financial turmoil  End of the housing boom Growth supports  Strictly regulated financial system  Sound public finances and fiscal expansion  Low inflation pressure and monetary easing  Growth potential outside construction Source: Figures as per the Spanish Ministry of Finance Agenda

10 Recent trends  GDP growth has averaged 3.5% a year since the mid-90s.  This long period of growth was only interrupted by the mild slowdown of 01/02 Source: Thomson Datastream and Spanish Ministry of Finance (forecast) GDP growth developments Forecast  European Commission: -2% (2009), -0.2% (2010)  IMF: -1.7% (2009), -0.1% (2010)  Spanish Government: -1.6% (2009), 1.2% (2010 -3.0 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 198519881991199419972000200320062009 (%) 1992-1994 2001-2002 2008-2009 GDP growth of Spain (% y-o-y)

11 Global financial turmoil End of the housing boom  The international financial crisis, higher risk premia and the end of the housing boom are reducing credit growth  Residential investment will decline from more than 9% of GDP in 2007 to about 5% in 2010. Housing prices will also fall, which combined with lower interest rates, will improve affordability Triggers of the slowdown

12 Triggers: global financial turmoil  Higher interest rates, tensions in global financial markets, and the slowdown in the housing sector have reduced credit growth  Credit growth will decline from 17% in 2007 to 6% in 2008, and 1% this year Source: Bank of Spain Credit growth of Spain (% y-o-y) 0 5 10 15 20 25 30 35 40 1987198819891990199119921993199419951996199719981999200020012002200320042005200620072008 Total LendingMortgage Lending

13 Triggers: end of the housing boom  Low real interest rates and a demographic boom fuelled residential investment since the end of the 90s  Higher interest rates, tight credit conditions, high prices and excess supply are the factors behind the adjustment in the housing sector  A decline in housing prices of about 10-15% in nominal terms, and the fall of interest rates will bring down affordability ratios to record low levels (20%) Declining interest rates Lengthening of maturities Source: Thomson DatastreamSource: Bank of Spain

14  The banking system is well capitalized, has built a comfortable cushion of generic provisions during good times, and was not exposed to the US MBS market  Sound public finances have moderated the increase of the sovereign risk premium  Monetary easing will gradually stimulate credit markets and private consumption  During the boom, investment in equipment increased at an average rate of 9.5 %, well above the EU average, signaling the growth potential outside construction Strictly regulated financial system Sound public finances and fiscal expansion Low oil price and monetary easing Growth potential outside construction Growth supports

15  The NPL ratio has increased rapidly and will be around 3.5 % end of 2008, for the whole sector  Generic provisions constitute a significant buffer: together with expected 2009 profits (=2007 profits) can cover a NPL ratio of 7.0% (Bank of Spain, Financial Stability Report) Regulatory change Coverage ratio (specific & generic provisions in % of NPLs) Source: Bank of Spain Supports: financial sector

16 Supports: sound public finances (1)  A sound fiscal position has allowed policy to become strongly countercyclical  The fiscal stimulus will moderate the depth and duration of the recession Source: Eurostat and Spanish Ministry of Finance Source: OECD, Spanish Ministry of Finance and “la Caixa” Research Department (forecast)

17 Supports: sound public finances (2)  Rigorous budget policies during the good years reduced public debt significantly.  The increase in the Spanish sovereign risk premium, reflecting higher risk aversion and the expected deterioration of the fiscal position, has been in line with the experience in other countries 36.2% Source: EurostatSource: Datastream

18  Lower oil prices have facilitated the aggressive easing of monetary policies  Further easing expected: ECB policy rates are expected to decline further in 2009  Monetary easing will gradually stimulate credit markets and private investment and consumption Source: Datastream Supports: monetary easing EMU interest rates BCE vs. Euribor 12 months

19 Supports: growth potential outside construction  In addition to strong growth in housing investment, other investment has grown at 9.5% (average y-o-y) during the last 13 years, well above the EU average  Despite rising unit labor costs and increased competition from emerging markets, the share of Spanish exports in world markets has held up quite well Shares of exports of goods and services in world trade (%) EU-15 (right axis) Spain (left axis) Source: WTO and “la Caixa” Research DepartmentSource: Eurostat and “la Caixa” Research Department

20 Spain: main economic indicators

21 The Transaction Transaction overview The Guarantee scheme The Structure  The Assets  The Bonds  Order of Payments The Issuers  The Arranger and the Agent Bank  AyT SGFT (Management Company)  Outlook of the Spanish Economy  Characteristic of the Issuers

22 The Assets The EMTN Issuers (Saving Banks) will issue individual MTN’s. All individual MTN’s will have the same coupon rate, payment date and maturity. Individual MTN’s benefits from the Spanish Government Guarantee, and their implied rating will be AAA / AAA / AA+. Coupon payment of the Individual MTN’s will be equal to the weighted average coupon of the Bonds plus an excess spread to cover regular expenses The initial expenses will be funded as a result of the difference between the issue price of the Bonds and the MTN’S.

23 The Transaction Overview The Originators are 21 Spanish Savings Bank. * (*) Slides describing the individual main financial ratios of each entity are included at the end of the presentation

24 The Bonds CEAMI GUARANTEED BONDS I, F.T.A. will be the issuer of the Bonds. There is only one Class of Notes offered, rated AAA/AAA/AA+ Interest and principal are collateralised by the government guaranteed individual MTN’s, rated AAA / AAA / AA+ 3 year bullet. BIS Risk Weighting: 0% EcB elegible for repo facility expected The classification of the CECA transaction will be considered as ABS with RD014 (Coverage) and GD970E (Further Securing) highlighting that the underlyings are State-guaranteed

25 The Management Company / Gestora Under Spanish law, the Management Company (Gestora) performs functions as a Trustee, representing Investor interests, plus Reporting and Regulatory functions functions The existance of a Gestora ensures a more thorough supervision and frees investors from some functions to be performed in case of credit event Single Issuer Govt Gteed CECA Multi-issuer Govt Gteed Timely PaymentGteed by TreasuryGteed by Treasury, Advanced Coupons, Additional period Commingling Risk Paying Agent, BOS account Paying Agent, BOS/ICO account Management in case of Issuer default Investor sends Annex 2 to Treasury Gestora manages GGB and sends Annex 2

26 The Structure FTA AAA / AAA / AA+ BONDS Government Guaranteed Senior Debt Government Guaranteed Senior Debt 21 CAJAS CEAMI Guaranteed Bonds I

27 Generally, and without prejudice of possible variations that could be established during the development of the operation, the incomes received by the Fund will be applied in every Date of Payment following this order: Interests of the Bonds. Amortization of Bonds. Ordinary and extraordinary Expenses of the Fund. Payment of the surplus to the issuing entities. Order of Payments

28 The Transaction Transaction overview The Guarantee scheme Outlook of the Spanish Economy The Structure  The Assets  The Bonds  Order of Payments The Issuers  The Arranger and the Agent Bank  Characteristic of the Issuers

29 The Spanish Confederation of Savings Banks (CECA) was founded in 1928 with the object of uniting the forces of its members and acting as a representative body in different forums. At present, the CECA is made up of 45 Spanish Savings Banks and is considered, as a credit entity without any specific limitation. The CECA supports the Savings Banks in two different ways: oAn association and oAs a supplier of specialised services. As an association, the CECA: oRepresents the Savings Banks with regard to the government and the international environment. oActs as a common Study Centre for all matters affecting the Savings Banks. oCooperates with the financial authorities. oActs as an operating Coordination Centre for information, advising and communication and marketing. CECA is rated Aa2 by Moody’s, AA- by Fitch and AA- by S&P. The Arranger and Financial agent: CECA

30 The Issuers The Saving Banks, as a group, represent around 50% of the Spanish Banking system, with a 60% in terms of household deposits and 48% in terms of lending. The Spanish Saving Banks are well capitalised, thanks to the stringent loan provisions required by Banks of Spain. The Saving banks liquidity position is adequate due to: Their strong deposit base Domestic Interbank lending (which has not been interrupted to a large extent) ECB/Central Bank Funding. None of the Saving Banks has exposure to exotic mortgage products or off balance sheet vehicles. Strong implicit support amongst the Saving Banks. Strong implicit Governemnt and Regional support of Savings Banks No Saving Bank has ever defaulted on its obligations and in a number of cases, the need to support an ailing Saving Banks resulted in mergers between a weaker and a stronger one.

31 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)9.3548.5667.347 Tier I396420345 Tier II311345278 Profit before taxes(Beneficio antes de impuestos)43.848.341.2 ROA (B.A.I./ATM)0,45%0,61%0,63% ROE(Beneficio atribuido grupo/fdos propios medios)9.71%12,43%11,63% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)57.70%60.60%60.90% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)N/D11,18%10,39% Equity/Total Assets(Recurs.prop.computb/act.totales medios)7.96%9.44%9.40% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3.24%0,60%0,47% Caja Insular de Ahorros de Canarias Rating Moody´s A3P-2 Stable FitchNR

32 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)6,3805,7604,989 Tier I300.956277.865279.577 Tier II211.055268.123227.344 Profit before taxes(Beneficio antes de impuestos)34.87934.67131.472 ROA (B.A.I./ATP)0.74%0.79%0.85% ROE(Beneficio atribuido grupo/fdos propios medios)15.51%14.61%13.84% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)42.05%43.42%44.96% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)11.60%11.93%11.79% Equity/Total Assets(Recurs.prop.computb/act.totales medios)8.66%9.48%10.16% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3.05%0.89%0.59% Rating Moody´s Baa1P2 Negative Head Office

33 The Originators: Rating Fitch Total Assets Tier I Tier II Profit before taxes ROA ROE Cost to Income Solvency Ratio Equity / Total assets Delinquency Ratio Consolidated Datadic-05dic-06dic-07dic-08 10.079 M € 708 M € 460 M € 113 M € 0,91% 10,78% 48% 13,89% 8,31% 1,41% 9.161 M € 629 M € 418 M € 109 M € 0,94% 10,76% 57% 13,87% 8,58% 0,51% 7.902 M € 597 M € 287 M € 93 M € 0,90% 9,44% 64% 13,94% 9,21% 0,49% Long-TermA Short-Term F1 Support 3 Individual B/C Outlook Stable CAI 10.922 M € 702 M € 410 M € 69 M € 0,34% 4,22% 58% 13,12% 7,83% 2,07%

34 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales) 771576196491 Tier I (Recursos Propis de 1ª categoria) 432423335 Tier II (Recursos Propis de 2ª categoria) 238276308 Profit before taxes(Beneficio antes de impuestos) 325554 ROA (B.A.I./ATM) 0.42%0.78%0.94% ROE(Beneficio atribuido grupo/fdos propios medios) 6.45%10.59%11.47% Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 50.47%45.41%44.60 Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 11.67%11.45%12.10% Equity/Total Assets(Recurs.prop.computb/act.totales medios) 8.74%9.80%10.96% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr) 4.60%1.19%0.37% CAIXA GIRONA Rating Moody´s-- - FitchA-F2 Negative

35 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)11.0189.7038.283 Tier I6,74%6,41%5,98% Tier II3,24%3,60%4,07% Profit before taxes(Beneficio antes de impuestos)717968 ROA (B.D.I./ATM)0,55%0,63%0,57% ROE(Beneficio atribuido grupo/fdos propios medios)14,60%16,01%13,67% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)44,68%46,16%56,50% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)9,94%9,96%10,04% Equity/Total Assets(Recurs.prop.computb/act.totales medios)7,56%8,59%9,91% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3,83%0,86%0,72% Caja de Ahorros de Santander y Cantabria Rating Moody´s A3P2 Negative

36 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)13.72913.04011.163 Tier I6,49%6,37%5,94% Tier II4,29%4,70%5,88% Profit before taxes(Beneficio antes de impuestos)45,8149,4124,4 ROA (B.A.I./ATM)0,33%0,90%0,80% ROE(Beneficio atribuido grupo/fdos propios medios)6,10%16,00%14,07% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)62,75%59,11%58,14% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)10,79%11,08%11,82% Equity/Total Assets(Recurs.prop.computb/act.totales medios)7,48%8,68%10,20% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3,24%1,12%0,71% Caja Granada Rating FitchA-F2 Negativa

37 Caja de Burgos Rating Moody´s A3P2 Rating under Review CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)12.383,74811.562,0809.795,165 Tier I823,223791,184711,015 Tier II147,331299,955331,875 Profit before taxes(Beneficio antes de impuestos)72,35137,44129,70 ROA (B.A.I./ATM)0,61%1,30%1,45% ROE(Beneficio atribuido grupo/fdos propios medios)6,50%12,97%14,21% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)33,26%33,76%37,09% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)10,68%11,38%12,49% Equity/Total Assets(Recurs.prop.computb/act.totales medios)8,19%10,30%11,68% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3,04%0,77%0,61%

38 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)9.4348.9037.788 Tier I477457349 Tier II297319313 Profit before taxes(Beneficio antes de impuestos)32,648,547,9 ROA (B.A.I./ATM)0,36%0,59%0,70% ROE(Beneficio atribuido grupo/fdos propios medios)5,51%8,71%9,55% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)53,89%54,92%52,08% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)10,42%10,23%10,17% Equity/Total Assets(Recurs.prop.computb/act.totales medios)8,38%9,27%9,61% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3,91%2,59%1,30% CAIXA LAIETANA Rating FitchBBBF3 Stable

39 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)123811354811809 Tier I632.9644,9599,2 Tier II372.4459,7363,7 Profit before taxes(Beneficio antes de impuestos)36.373,568,6 ROA (B.A.I./ATM)0,29%0,62%0,63% ROE(Beneficio atribuido grupo/fdos propios medios)4.21%6,36%6,72% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)76,30%56,20%52,20% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)11,76%10,99%10,49% Equity/Total Assets(Recurs.prop.computb/act.totales medios)7,72%8,40%9,40% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)4,09%1,02%0,65% CaixaSabadell Rating Moody´s FitchBBB+P2ESTABLE

40 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)11384,128908,087065,65 Tier I6,53%6,73%6,95% Tier II3,31%4,34%5,25% Profit before taxes(Beneficio antes de impuestos)43,5364,0863,99 ROA (B.A.I./ATM)0,37%0,65%0,68% ROE(Beneficio atribuido grupo/fdos propios medios)8,29%12,97%11,99% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)41,68%46,23%52,18% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)9,84%11,07%12,20% Equity/Total Assets(Recurs.prop.computb/act.totales medios)6,87%8,54%9,74% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)4,17%1,46%0,91% Caja Tarragona Rating Moody´sBaa1P2 Negative FitchBBB+F2 Negative

41

42 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)20.056,4718.651,7716.472,98 Tier I5,66%6,07%6,00% Tier II3,81%3,96%4,18% Profit before taxes(Beneficio antes de impuestos)36,0850,4390,38 ROA (B.A.I./ATM)0,19%0,29%0,60 % ROE(Beneficio atribuido grupo/fdos propios medios)4,21%6,05%11,15 % Cost to Income(Ratio eficiencia...costesestruct/margen ordina)70,30 %51,60 %44,30 % Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)9,36 %9,81%10,08 % Equity/Total Assets(Recurs.prop.computb/act.totales medios)7,00 %8,42 %7,39 % Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)5,27 %1,93 %2,50% RATING FITCHBBB+F2

43 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)20.74419.25916.775 Tier I6,99%5,73%5,97% Tier II3,64%4,01%5,12% Profit before taxes(Beneficio antes de impuestos)75170134 ROA (B.A.I./ATM)0,39%0,72%0,63% ROE(Beneficio atribuido grupo/fdos propios medios)6,72%11,96%8,98% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)57,09%61,09%65,72% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)10,63%9,74%11,09% Equity/Total Assets(Recurs.prop.computb/act.totales medios)7,38%7,96%9,26% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3,65%0,85%0,76% Caja Ahorros de Salamanca y Soria (Caja Duero) Rating Moody´s A2P-1 Stable

44 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)46,61647,72642,813 Tier I6.62%6,11%4.86% Tier II3.46%4,59%4.64% Profit before taxes(Beneficio antes de impuestos)190454443 ROA (B.A.I./ATM)0.39%0.95%1.15% ROE(Beneficio atribuido grupo/fdos propios medios)9.60%20.80%22.32% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)43.9%39.99%39.09% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)10.08%10,70%9.50% Equity/Total Assets(Recurs.prop.computb/act.totales medios)8.33%9.22%9.12% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3.43%0,71%0,41% Rating Moody´s A2P1stable Fitch BBB+F1 negative Dec-2008 71 21 11 8 6 53 60 59 5 13 234 81 76 77 468 3 4 4 21 408 64 7

45 INDIVIDUAL DATA (MM€) dic-08dic-07dic-06 Total Assets (Activos Totales)22.660,021.314,119.160,5 Tier I (consolidated)1.198,91.093935,4 Tier II (consolidated)578,1681,9703,9 Profit before taxes(Beneficio antes de impuestos)93,1126,9106,5 ROA (B.A.I./ATM)0,36%0,44%0,40% ROE(Beneficio atribuido grupo/fdos propios medios)8,19%10,65%8,97% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)53,86%50,12%54,57% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)12,61%11,30%11,53% Equity/Total Assets(Recurs.prop.computb/act.totales medios)4,26%4,62%4,63% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)4,248%1,19%0,64% Caixa d’ Estalvis del Penedès Rating FitchA-F2 Stable

46 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)2.456.1232.875.1372.553.490 Tier I112.250101.84796.544 Tier II26.34036.56134.043 Profit before taxes(Beneficio antes de impuestos)7.02912.84712.439 ROA (B.A.I./ATM)0,25%0,44%0,52% ROE(Beneficio atribuido grupo/fdos propios medios)4,64%8,01%8,34% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)71,24%61%58,58% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)8,16%6,79%7,04% Equity/Total Assets(Recurs.prop.computb/act.totales medios)4,86%4,89%5,50% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)4,46%1,13%0,94% LICO LEASING, S.A., EFC Rating Moody´sA2P1Estable

47 RATING MOODYSBaa1P2 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)6.258.9545.652.0984.790.813 Tier I393.090387.146362.781 Tier II164.308129.129148.893 Profit before taxes(Beneficio antes de impuestos)15.33548.70242.396 ROA (B.A.I./ATM)0,35%0,85%0,82% ROE(Beneficio atribuido grupo/fdos propios medios)5,09%11,45%9,80% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)40,52%36,49%46,97% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)10,76%9,67%11,00% Equity/Total Assets(Recurs.prop.computb/act.totales medios)9,60%9,84%12,02% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)3,54%0,61%0,32%

48 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets (Activos Totales)27.708,8526.608,4225.103,89 Tier I1.807,401.699,171.484,15 Tier II887,851.059,541.034,43 Profit before taxes (Beneficio antes de impuestos)186.88257,29252,90 ROA (Bº después Impuestos./ATM)0,56%0,76%0,81% ROE (Beneficio atribuido grupo / Fondos propios medios)9,37%13,58%15,16% Cost to Income (Ratio eficiencia...costes estruct/margen ordina)58,65% (*)58,49%53,85% Solvency Ratio (Coef.de solvenc...recurs.prp.comput/riesgo ponde)13,18%12,81%12,87% Equity/Total Assets (Recurs.prop.computb/act.totales medios)9,86%10,59%10,69% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)4,40%1,80%1,08% CAJASOL Rating Moody´s --- -------- FitchA -F2 Stable (*) DATO ESTIMADO

49 CONSOLIDATED DATA (MM€) dic-08dic-07dic-06 Total Assets(Activos Totales)14.330,4712.255,7910.099,18 Tier I6,73%5,77%5,14% Tier II4,13%4,24%5,00% Profit before taxes(Beneficio antes de impuestos)85,47105,6395,29 ROA (B.A.I./ATM)0,52%0,72% ROE(Beneficio atribuido grupo/fdos propios medios)10,27%13,10%13,09% Cost to Income(Ratio eficiencia...costesestruct/margen ordina)63,24%50,76%51,92% Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde)10,87%10,01%10,61% Equity/Total Assets(Recurs.prop.computb/act.totales medios)8,25%9,57%10,40% Deliquency Ratio(Ratio morosidad....act.dudos/(act.dud+act.corr)2,44%0,37%0,44% Caja de Ahorros y Monte de Piedad de Baleares Rating Moody´s -- ----------- Fitch A-A- F2 Stable

50 Caja General de Ahorros de Canarias Rating FitchAF1 Negative

51 Rating FitchA F1 Stable Caja Navarra


Download ppt "EURO BENCHMARK TRANSACTION April 2009 CEAMI GUARANTEED BONDS."

Similar presentations


Ads by Google