Unicredit S.p.a. · MIL:UCG
Unicredit — Debt Investor Presentation (September 2015)
36 slides from Unicredit's debt investor presentation, September 2015
Slide 1: UniCredit Soft Bullet OBG Investor Presentation
UNICREDIT SOFT BULLET OBG OBBLIGAZIONI BANCARIE GARANTITE Investor Presentation September 2015
Slide 2: Agenda
AGENDA UNICREDIT: THE GROUP AND COVERED BOND PLATFORM UNICREDIT OBG PROGRAM: STRUCTURE THE ORIGINATOR PORTFOLIO OVERVIEW (as of 30-Jun-15) ANNEX 2
Slide 3: Agenda
AGENDA UNICREDIT: THE GROUP AND COVERED BOND PLATFORM UNICREDIT OBG PROGRAM: STRUCTURE THE ORIGINATOR PORTFOLIO OVERVIEW (as of 30-Jun-15) ANNEX 3
Slide 4: UniCredit at a glance
UniCredit at a glance A clear international profile based on a strong European identity UniCredit Highlights Shareholders’ Structure(1) Strong local roots in 17 countries Around 127,000 employees Institutional Investors About 7,000 branches 33% 41% Stable Shareholder More than 32,5 mn custom
Slide 5: UniCredit Covered Bond platform at a glance
UniCredit Covered Bond platform at a glance Unicredit Group is using three Covered Bond platforms Unicredit has three Covered Bond platforms: Italy, Germany and Austria Group Covered Bond asset portfolio composed of EUR 82.9 bn, and issues stands at EUR 44.6 bn (54%)* Group CB assets portfolio %
Slide 6: Agenda
AGENDA UNICREDIT: THE GROUP AND COVERED BOND PLATFORM UNICREDIT OBG PROGRAM: STRUCTURE THE ORIGINATOR PORTFOLIO OVERVIEW (as of 30-Jun-15) ANNEX 6
Slide 7: Italian legal framework: Secondary level provisions
Italian legal framework: Secondary level provisions OBG structure Ministry of Economy and Finance Bank of Italy Decree 310/06 sets out among others: Supervisory regulations of 17 May 2007: Eligibility criteria of the assets in the cover pool Banks requirements to be an eligible issuer The
Slide 8: Sound investor protection by legislative framework
Sound investor protection by legislative framework OBG structure legal segregation UniCredit S.p.A. of mortgage asset OBG SPV / AAA / AAA Issue create senior Segregated cover obligation of pool of eligible assets UniCredit provide guarantee OBG A/ Aa2 / AA The OBG are senior obligations of UniCred
Slide 9: Detailed Structural Overview
Detailed Structural Overview OBG structure Issue create senior obligation of UniCredit OBG A/Aa2/AA UniCredit S.p.A. Segregated cover pool (Issuer / Seller / provide guarantee Sub Loan Provider / Servicer) Assignment of the Portfolio UniCredit BpC Asset evaluation Purchase Price Mortgage Srl Asset M
Slide 10: Issuer event of default
Issuer event of default* OBG structure Issuer event of default The Issuer fails to pay any amount of interest and/or principal due and payable on the OBG (and does not remedy within 7 days or 14 days, in case of principal or interest respectively). An insolvency event or a suspension of payments
Slide 11: Guarantor event of default
Guarantor event of default* OBG structure OBG Guarantor event of default The OBG Guarantor fails to pay any interest and/or principal due and payable on the OBG Guarantee (and does not remedy within 8 days or 15 days, in case of principal or interest respectively). An insolvency event occurs wit
Slide 12: A series of statutory tests provide ongoing asset coverage
A series of statutory tests provide ongoing asset coverage* OBG structure The nominal value of the assets constituting the cover pool is at least equal to the nominal Nominal Value amount of the OBG outstanding. Test The net present value of the assets being part of the cover pool net of all transac
Slide 13: Summary of UniCredit OBG program
Summary of UniCredit OBG program OBG structure Issuer UniCredit S.p.A. Seller UniCredit S.p.A. Program size EUR 35 bn OBG Guarantor UniCredit BpC Mortgage s.r.l. cover pool/ size 100% Italian residential mortgage loans / EUR 20,8bln + 1,1 bln of substitute assets * Maximum LTV 80% as provided by the
Slide 14: OBG Issued under UniCredit OBG Program
OBG Issued under UniCredit OBG Program OBG structure Maturity Issue Nam e Placed / Retained ISIN Issue Date Nom inal Am ount Interest Rate Date Country Serie 1-2009-1 Placed to Market IT0004511959 08/07/09 29/07/16 € 2.000.000.000,00 4,25% Italy Serie 1-2009-2 Placed to Market IT0004511959 20/07/09
Slide 15: We target to build up a consistent benchmark curve
We target to build up a consistent benchmark curve OBG structure UniCredit OBG Curve versus Peers (*) In addition to the well established German and Austrian Pfandbrief curve, the Group has put in place an OBG (Obbligazioni Bancarie Garantite) Programme with subsequent benchmark issues in 5, 7, 10
Slide 16: Agenda
AGENDA UNICREDIT: GROUP AND COVERED BOND PLATFORM UNICREDIT OBG PROGRAM: STRUCTURE THE ORIGINATOR PORTFOLIO OVERVIEW (as of 30-Jun-15) ANNEX 16
Slide 17: UniCredit Group Capacity in Mortgage Banking as of 30 June 2015
UniCredit Group Capacity in Mortgage Banking as of 30st June 2015 DA AGGIORNARE The originator Overall Residential Mortgage Volume – UniCredit Group Poland 9.4 UniCredit Group is acting as a leading player in European mortgage banking being part of our core Austria 11.0 retail business Italy 50.9
Slide 18: Main underwriting Criteria and Collection Policies
Main underwriting Criteria and Collection Policies Residential Mortgage Loans Underwriting Process Credit approval is carried out solely by UniCredit Spa and all potential borrowers are subject to the same underwriting criteria. The credit approval process has been developed during the years acc
Slide 19: Main underwriting Criteria and Collection Policies
Main underwriting Criteria and Collection Policies Residential Mortgage Loans Underwriting Process Credit Bureaux 5 Accepted Client 6 Client Application Preliminary information (Cliente Desiderato) Electronic Commercial about the borrower/ Procedure Network guarantor uploaded into Rejected Client Fr
Slide 20: Main underwriting Criteria and Collection Policies
Main underwriting Criteria and Collection Policies Residential Mortgage Loans Underwriting Process Completion of Signing and Approval the Contract Disbursement UniCredit Spa approves the UBIS / UniCredit Spa checks UBIS / UniCredit Spa receives mortgage. the documentation received. the execute
Slide 21: Main underwriting Criteria and Collection Policies
Main underwriting Criteria and Collection Policies Residential Mortgage Loans Collection Process From the Instalment 106 – 270 Days From the 10th Due Date 5 – 105 Days (Approx) (Extensible to 300d) Instalment Overdue Cu.Re - Cu.Re - Involved UCCMB (2) Entities Soft Collection (1) Advanced & Door to
Slide 22: Agenda
AGENDA UNICREDIT: THE GROUP AND COVERED BOND PLATFORM UNICREDIT OBG PROGRAM: STRUCTURE THE ORIGINATOR PORTFOLIO OVERVIEW (as of 30-Jun-15) ANNEX 22
Slide 23: Key parameters of the cover portfolio
Key parameters of the cover portfolio Portfolio Overview The Portfolio transferred to the Summary 30/06/2015 OBG Guarantor has been selected Originator Unicredit S.p.A. Pool type Dynamic and transferred through eight Substitute assets 1,1 bn assignments: Total outstanding cover pool 20,8 bn - € 6.
Slide 24: Cover pool characteristics: LTV stratification
Cover pool characteristics: LTV stratification Portfolio Overview Note: property value defined as latest full property valuation 24
Slide 25: Cover pool characteristics: regional distribution
Cover pool characteristics: regional distribution Portfolio Overview Breakdown by region as % of outstanding amount 40,00% 34,10% 30,00% 19,98% 20,00% 13,50% 11,65% 11,32% 9,47% 10,00% 0,00% Lombardia Piemonte Lazio Veneto Emilia Other Romagna South; 18% North; 58% Centre; 24% Note: list of regions
Slide 26: Cover pool characteristics: distribution by size
Cover pool characteristics: distribution by size Portfolio Overview Breakdown by outstanding amount (all loans) as % of outstanding amount 40% 33,98% 32,92% 30% 20% 12,21% 9,87% 10% 6,61% 4,40% 0% 0 - 50000 50000 - 100000 100000 - 150000 150000 - 200000 200000 - 300000 300000 - over 26
Slide 27: Cover pool characteristics: distribution by seasoning
Cover pool characteristics: distribution by seasoning Annex Portfolio Overview Breakdown by seasoning (months) as % of outstanding amount 50% 38,96% 40% 30% 24,83% 24,38% 20% 9,34% 10% 2,48% 0,00% 0% 0 - 12 12 - 24 24 - 48 48 - 72 72 - 96 96 - over Breakdown by remaining (months) as % of outstanding
Slide 28: Cover pool characteristics: breakdown by type of payment
Cover pool characteristics: breakdown by type of payment Annex Portfolio Overview Payment Frequency as % of outstanding amount Payment Type as % of outstanding amount Standing Order (RID); Cash; 3,63% Quarterly; 1,09% 10,82% Semi-Annual; 0,54% Bi-Monthly; 0,01% Direct Debit; 85,55% Monthly; 98,36% I
Slide 29: Cover pool characteristics: distribution by interest rate
Cover pool characteristics: distribution by interest rate Annex Portfolio Overview Breakdown by Fixed Interest as % of outstanding amount 60% 50% 47,96% 40% 30% 19,59% 20% 13,50% 10,28% 8,57% 10% 0,09% 0% 0% - 3% 3% - 4% 4% - 5% 5%- 6% 6% - 7% over 7% Breakdown by Floating rate margin as % of outsta
Slide 30: Agenda
AGENDA UNICREDIT: GROUP AND COVERED BOND PLATFORM UNICREDIT OBG PROGRAM: STRUCTURE THE ORIGINATOR PORTFOLIO OVERVIEW (as of 30-Jun-15) ANNEX 30
Slide 31: Italy provides well tested asset segregation
Italy provides well tested asset segregation Annex Clear asset segregation by way of true sale asset CAN transfer (law 130/99) – no pledge USA True sale transfer is performed by way of public information to borrowers The Italian legal framework is largely based on the existing Italian securiti
Slide 32: Issuing volume is limited by capital thresholds
Issuing volume is limited by capital thresholds Annex Banca d'Italia laid out comparably CAN strict issuing limits in connection to the capitalization ratios of the issuing USA banks Strict issuance limitation in combination with the balanced dimension and measured aggregate size of the Italian
Slide 33: Italy provides present value asset tests
Italy provides present value asset tests Annex The law requires on mandatory basis a nominal, interest coverage as well as net present value tests CAN Under the NPV test the net present value of the assets is at least equal to USA the net present value of the outstanding covered bonds. On cont
Slide 34: OBG Framework – A cross-country comparison
OBG Framework – A cross-country comparison Annex France (OF and OH) Germany Italy Spain Sweden Name of Debt Instrument(s) Obligations Foncières (OF) Hypothekenpfandbriefe, Öffentliche Obbligazioni Garantite Cédulas Hipotecarias (CH), Cédulas Säkerställda Obligationer Obligations de Financement de Pf
Slide 35: Contacts – UniCredit Group
CONTACTS – UniCredit Group UniCredit SpA UniCredit Bank AG CIB CFO Department Structuring & Solutions Group Head of Group Strategic Funding and Portfolio Securitised Products - Head of Italy and Southern Europe Waleed Banjat El – Amir Paolo Montresor Tel. +39 02 8862 8387 Tel. +44 207 826 6502 Walee
Slide 36: Disclaimer
Disclaimer The information in this publication is based on carefully selected sources believed to be reliable. However we do not make any representation as to its accuracy or completeness. The information set out herein may be subject to updating, revision and amendment and such information may chan
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