Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — FY2016 Earnings Presentation
64 slides from Deutsche Pfandbriefbank's earnings presentation, Mar 8, 2017
Slide 1: Analyst Conference Annual Results 2016
Analyst Conference Annual Results 2016 8 March 2017 Strong full-year result with PBT of EUR 301 mn Dividend proposal of EUR 1.05 per share (includes 100% pay-out on HETA gain) Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017
Slide 2: Disclaimer
Disclaimer This presentation is not an offer or invitation to subscribe for or purchase any securities in any jurisdiction, including any jurisdiction of the United States. Securities may not be offered or sold in the United States absent registration or pursuant to an available exemption from regis
Slide 3: Agenda
Agenda 1 Highlights 2016 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2017 Appendix Contact details Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017 3
Slide 4: Highlights 2016: Strong full-year result with PBT of EUR 301 mn
Highlights 2016 Strong full-year result with PBT of EUR 301 mn – dividend proposal of EUR 1.05 per share Strong PBT of EUR 301 mn (Q4/16: EUR 55 mn) based on good operating performance and supported by HETA gain and above latest guidance (Nov. 2016: EUR 280 – 290 mn) – underlying NII stable througho
Slide 5: Highlights 2016: Strong operating performance despite headwinds
Highlights 2016 Strong operating performance despite headwinds New business Q4 Net interest income Q4 General and admin. expenses Q4 EUR billions (Commitments, incl. extensions >1 yr) EUR millions (IFRS) Q3 EUR millions (IFRS) Q3 Q3 Q2 Q2 Q2 Q1 Q1 77% Q1 CIR 65% 12.0 421 426 10.5 404 52% 10.2 3.1 10
Slide 6: Agenda
Agenda 1 Highlights 2016 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2017 Appendix Contact details Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017 6
Slide 7: Income statement: Underlying NII relatively stable since Q3/15
Income statement Underlying NII relatively stable since Q3/15 Income from lending business EUR millions Key drivers 2016: Q4/15 Q4/16 2015 2016 Underlying NII relatively stable since Q3/15, reflecting resistant gross new business Net interest income 102 112 426 404 margins and stable strategic portf
Slide 8: Income statement: Almost no net loan-loss provisions
Income statement Almost no net loan-loss provisions in overall still favourable market environment Loan-loss provisions Key drivers 2016: EUR millions No major new single LLPs Q4/15 Q4/16 2015 2016 Specific allowances -9 5 -16 6 Additions to portfolio-based allowances in Q4/16 (EUR -10 mn) mainly re
Slide 9: Income statement: Operating costs kept under control
Income statement Operating costs kept under control and clearly below initial plan General and administrative expenses EUR millions Key drivers 2016: Q4/15 Q4/16 2015 2016 Operating cost base reduced by 4% y-o-y, mainly reflecting General admin. expenses -57 -51 -207 -198 − release of provisions mad
Slide 10: Income statement: Result from financial instruments driven by HETA gain
Income statement Result from financial instruments primarily driven by extraordinary HETA gain Result from financial instruments EUR millions Key drivers 2016: Q4/15 Q4/16 2015 2016 NTI mainly driven by following negative Net trading income 8 4 15 -6 effects: thereof: HETA - - -3 - − Pull-to-par eff
Slide 11: Income statement: Other revenues driven by bank levy and provisioning
Income statement Other revenues mainly driven by bank levy and provisioning Result from other business activities Key drivers 2016: EUR millions Net other operating result mainly driven by bank levy and provisioning for legal costs Q4/15 Q4/16 2015 2016 related to tax audits on prior years and other
Slide 12: Income statement: Income taxes affected by one-off provisions
Income statement Income taxes affected by one-off provisions for prior years and adjustment on DTAs on tax losses carried forward Net income EUR millions (IFRS) -35% Deferred taxes 301 Current taxes -43 -16 -45 197 Cash tax rate ~14% Profit b. t. Current Other Deferred taxes Net income year Current
Slide 13: Capital: Capitalisation remains strong
Capital Capitalisation remains strong, providing cushion for regulatory uncertainties and envisaged future growth of strategic portfolio Basel III: RWA Basel III: Capital ratios (fully-loaded) EUR billions (IFRS)1 % (IFRS) Mid-term 13.4 in % 12/15 09/163 12/164 12.8 13.1 targets CET 1 18.2 19.1 19.0
Slide 14: Agenda
Agenda 1 Highlights 2016 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2017 Appendix Contact details Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017 14
Slide 15: New business on good level after strong previous year
New business & segment reporting New business on good level after strong previous year – average gross margins up without compromising on risk approach New business REF Key drivers 2016: EUR billions (Commitments, incl. extensions >1 yr) PIF Continued high competition and margin pressure – however,
Slide 16: REF: Strong Q4 and stable level of new commitments
New business & segment reporting REF: Strong Q4 and stable level of new commitments – successful US entry with 3% of new business REF: New business REF 2015 2016 EUR billions (commitments, incl. extensions >1 yr) Total volume (EUR bn) 10.4 9.5 10.5 10.5 New commitments 8.1 7.9 9.5 9.5 2.5 Extensions
Slide 17: REF: Increased NII despite continued high competition
New business & segment reporting REF: Increased NII despite continued high competition and margin pressure Income statement (IFRS, EUR mn) 2015 2016 Key drivers 2016: Operating income 358 306 NII up +4% y-o-y, positively driven by thereof: Net interest income 308 321 − increased average financing vo
Slide 18: PIF: Strong competition weighs down on new business volume
New business & segment reporting PIF: Strong competition and standstill on ECA financing in Germany weighs down on new business volume PIF: New business Q4 PIF 2015 2016 EUR billions (commitments) Q3 Total volume (EUR bn) 1.6 1.0 Q2 Q1 No. of deals 48 28 1.6 Average maturity (years)1 ~8.4 ~8.8 0.5 1
Slide 19: PIF: Slight increase of average financing volume
New business & segment reporting PIF: Slight increase of average financing volume with stable portfolio margin Income statement (IFRS, EUR mn) 2015 2016 Key drivers 2016: Operating income 41 30 NII down as last year benefited from EUR +9 thereof: Net interest income 44 35 mn (allocated) gain from as
Slide 20: VP: Run-down continued in line with strategy
New business & segment reporting VP: Run-down continued in line with strategy Value Portfolio RWA Key drivers 2016: EUR billions (Financing volumes) Value Portfolio significantly down – reduction y-o-y by -16% EUR 2.9 bn (-16%) 18.7 16.6 15.8 -7% 4.4 4.2 4.1 12/15 09/16 12/16 Total portfolio Non-str
Slide 21: VP: Financial performance affected by HETA value adjustments
New business & segment reporting VP: Financial performance 2015 and 2016 affected by value adjustments on HETA Income statement (IFRS, EUR mn) 20151 20161 Key drivers 2016: Operating income -5 165 Value Portfolio down by EUR 2.9 bn (-16%) in thereof: Net interest income 68 41 line with strategy Othe
Slide 22: Agenda
Agenda 1 Highlights 2016 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2017 Appendix Contact details Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017 22
Slide 23: Portfolio: Strategic portfolio stable
Portfolio Strategic portfolio stable Total portfolio 12/15 09/16 12/16 EUR billions (Financing volumes) Strategic Non-strategic portfolios portfolios (run-down) 50.0 47.8 47.3 24.0 24.0 24.1 18.7 16.6 15.8 7.3 7.2 7.4 REF PIF VP Total PIF Key drivers 2016: REF Strategic portfolio stable; based on go
Slide 24: Stable and well diversified portfolio focused on Europe
Portfolio Stable and well diversified portfolio with continued focus on European markets, particularly on Germany 31/12/2016 (EaD, Basel III) Real Estate Finance1 Public Investment Finance Value Portfolio Other 8% Other 9% Other 14% Nordics 6% Nordics 2% Germany Portugal 6% by region CEE 8% Spain Fr
Slide 25: Conservative business and risk strategy: 97% investment-grade
Portfolio Conservative business and risk strategy to continue – stable high portfolio quality with 97% investment-grade, avg. LTV of 56% Total portfolio: Internal ratings (EL classes) REF Portfolio: Avg. weighted LTVs EUR billions (EaD, Basel III) (Commitments)2 25.8 27.1 8.3 8.5 21.7 19.5 5.6 5.5 6
Slide 26: Sustained low share of problem loans
Portfolio Sustained low share of problem loans – problem loan ratio down to 0.6% Total problem loans Workout1 Problem loan ratio Total portfolio (thereof: HETA) EUR millions (EaD, Basel III) % (EaD, Basel III) Real Estate Finance Restructuring2 (thereof: HETA) 2.1% 1.6 1.3% 1.3 1.4 777 778 3 2 241 3
Slide 27: Agenda
Agenda 1 Highlights 2016 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2017 Appendix Contact details Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017 27
Slide 28: Funding: Diverse funding base
Funding Diverse funding base through Pfandbriefe, senior unsecured and retail deposits New long-term funding EUR billions1 Pfandbriefe 2015: EUR 4.5 bn 2016: EUR 5.6 bn3 Four public Benchmark issuances Spread Focus on currency matched funding: USD 500 mn Public 5 11 94 22 28 111 Pfandbrief and GBP 1
Slide 29: Funding: Spreads have converged
Funding Spreads have converged – pbb’s senior unsecured spreads in secondary markets tightened relative to peers Spread development of pbb Senior Unsecured Bonds vs peers and iTraxx Bank Senior New long-term funding HyPfe (Spread vs. 6m Euribor) EUR billions1 Öpfe 2.3 Sen. Unsec. 140 1.3 1.2 1.1 0.3
Slide 30: Agenda
Agenda 1 Highlights 2016 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2017 Appendix Contact details Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017 30
Slide 31: Outlook 2017: Operative overview
Outlook 2017 Operative overview Market Macro-economics expected to stay reasonably intact, some political risks may dampen outlook (e.g. Brexit, elections Netherlands/France/Germany) While CRE transactions are expected to slow down, demand for property investments is expected to remain high due to a
Slide 32: Outlook 2017: Financial guidance
Outlook 2017 Financial guidance Operating trends (EUR bn) 2015 2016 2016 Guidance 2017 (excl. HETA) New business volume 12.0 10.5 EUR 10.5 bn to 12.5 bn New business avg. gross margin (bp): REF ~170 >175 REF margins below 2016 levels; PIF >75 ~85 PIF stable Strategic portfolio 31.3 31.5 Significant
Slide 33: Appendix
Appendix Annual Results 2016 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 8 March 2017 33
Slide 34: Key figures pbb Group
Key figures pbb Group Income statement (EUR millions) 2013 2014 2015 2016 Net interest income 319 421 426 404 Net fee and commission income 9 1 14 8 Net trading income -51 -30 15 -6 Net income from financial investments 96 -77 -32 125 Net income from hedging relationships 9 -3 11 6 Net other operati
Slide 35: Key figures pbb Group Q4/16 vs. Q4/15
Key figures pbb Group Q4/16 vs. Q4/15 Income statement (EUR millions) REF PIF VP C&A pbb Group Q4/15 Q4/16 Q4/15 Q4/16 Q4/15 Q4/16 Q4/15 Q4/16 Q4/15 Q4/16 Net interest income 82 87 16 10 2 12 2 3 102 112 Net fee and commission income 2 4 - - - -1 - - 2 3 Net trading income 7 4 - - 1 - - - 8 4 Net in
Slide 36: Key figures pbb Group 2016 vs. 2015
Key figures pbb Group 2016 vs. 2015 Income statement (EUR millions) REF PIF VP C&A pbb Group 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 Net interest income 308 321 44 35 68 41 6 7 426 404 Net fee and commission income 14 9 - - - -1 - - 14 8 Net trading income 14 -2 - -1 1 -3 - - 15 -6 Net inc
Slide 37: Key figures Real Estate Finance (REF)
Key figures Real Estate Finance (REF) Income statement (EUR millions) 2013 2014 Q1/15 Q2/15 Q3/15 Q4/15 2015 Q1/16 Q2/16 Q3/16 Q4/16 2016 Net interest income 258 294 75 83 68 82 308 77 75 82 87 321 Net fee and commission income 10 2 7 2 3 2 14 2 1 2 4 9 Net trading income -21 -13 2 1 4 7 14 -5 -2 1
Slide 38: Key figures Public Investment Finance (PIF)
Key figures Public Investment Finance (PIF) Income statement (EUR millions) 2013 2014 Q1/15 Q2/15 Q3/15 Q4/15 2015 Q1/16 Q2/16 Q3/16 Q4/16 2016 Net interest income 24 40 8 14 6 16 44 9 9 7 10 35 Net fee and commission income 1 - - - - - - - - - - - Net trading income -6 -4 1 - -1 - - - - -1 - -1 Net
Slide 39: Key figures Value Portfolio (VP)
Key figures Value Portfolio (VP) Income statement (EUR millions) 2013 20141 Q1/151 Q2/15 Q3/15 Q4/15 20151 Q1/16 Q2/16 Q3/161 Q4/16 20161 (reported) Net interest income 30 79 28 19 19 2 68 14 8 7 12 41 Net fee and commission income -1 -1 - - - - - - - - -1 -1 Net trading income -24 -13 2 1 -3 1 1 -
Slide 40: Heta Asset Resolution AG (HETA)
Heta Asset Resolution AG (HETA) pbb realised nearly 81% of the nominal value of its HETA exposure (nominal EUR 395 mn) HETA adjustment P&L impact (EUR mn) pre Q4/14 Q4/14 Q1/15 Q3/16 Net income from financial -1.5 -109 -73 +123 investments Loan loss provisions -8 -6 +9 Total value adjustments -1.5 -
Slide 41: Balance sheet
Balance sheet Specialist lender with attractive German Pfandbrief as major funding instrument Balance sheet: 31/12/2016 (31/12/2015) IFRS, EUR billions 62.6 (66.8) 62.6 (66.8) Pos. FV of derivatives 4.6 (6.6) 5.1 (6.5) Neg. FV of derivatives 13.1 (13.3) Liabilities to other banks and customers 0.0 (
Slide 42: Portfolio: Total portfolio
Portfolio Total portfolio Regions 31/12/2015 / Total: EUR 61.4 bn EUR billions (EaD, Basel III)1 31/12/2016 / Total: EUR 60.6 bn 25.4 25.0 6.9 6.8 7.1 7.6 5.1 5.0 4.2 4.3 2.3 2.3 1.6 1.6 1.7 1.2 1.4 1.2 1.5 1.4 1.8 2.1 0.6 0.6 0.5 0.4 0.7 0.4 0.6 0.9 Germany3 Austria France Spain UK Italy Poland Sup
Slide 43: Portfolio: Problem loans
Portfolio Problem loans Total problem loans VP (thereof: HETA) Regions EUR millions (EaD, Basel III) REF EUR million (EaD, Basel III) No. of individual 44 45 cases 40 France -50% Italy CEE 777 778 777 778 Spain 117 106 241 84 115 Germany 3683 241 388 HETA (Austria) 388 368 83 UK4 536 115 410 388 335
Slide 44: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Portfolio: Regions Portfolio: Property types 31/12/2016: EUR 27.1 bn (EaD, Basel III) 31/12/2016: EUR 27.1 bn (EaD, Basel III) Hungary 1% Other Europe Other Czech Republic 1% USA <1% Hotel/Leisure Austria 2% 7% Mixed use 4% 5% Sweden 4% 5% Office 5% Poland Warehou
Slide 45: Real Estate Finance (REF): Regions
Portfolio Real Estate Finance (REF) Regions 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 31/12/2016 / Total: EUR 27.1 bn 13.1 12.2 5.0 4.7 3.2 3.3 1.3 1.4 1.4 1.3 0.3 0.3 0.4 0.3 0.6 0.4 0.3 0.5 0.8 1.2 0.3 0.2 <0.1 0.0 <0.1 0.1 0.0 0.3 Germany UK France Poland Sweden Spain Hungary
Slide 46: Real Estate Finance (REF): Property types
Portfolio Real Estate Finance (REF) Property types 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 31/12/2016 / Total: EUR 27.1 bn 8.5 8.9 7.5 7.1 4.1 4.4 2.7 3.0 1.1 1.2 1.3 1.4 1.0 0.9 Office Retail/ Residential Warehouse/ Mixed use Hotel/ Other Shopping Logistics Leisure 31/12/2015
Slide 47: Real Estate Finance (REF): Loan types
Portfolio Real Estate Finance (REF) Loan types 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 31/12/2016 / Total: EUR 27.1 bn 23.3 23.0 3.6 1.9 0.4 0.4 0.2 0.1 Investment loans Development loans Customer derivatives Other 31/12/2015 31/12/2016 Customer derivatives 1% Other <1% Custome
Slide 48: Real Estate Finance (REF): Internal ratings
Portfolio Real Estate Finance (REF) Internal ratings (EL classes) 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 31/12/2016 / Total: EUR 27.1 bn Investment grade Non-investment grade 6.2 6.3 5.5 4.6 4.1 3.7 2.8 2.6 2.8 2.2 1.7 1.6 1.8 1.4 0.9 0.8 1.0 <0.1 <0.1 <0.1 <0.1 <0.1 0.6 0.50.
Slide 49: Public Investment Finance (PIF)
Portfolio Public Investment Finance (PIF) Portfolio: Regions Portfolio: Borrower classification1 31/12/2016: EUR 8.5 bn (EaD, Basel III) 31/12/2016: EUR 8.5 bn (EaD, Basel III) UK 1% Supra <1% Sweden <1% Corporation Finland 2% Other Europe 4% Sovereign Supra Austria 3% <1% 7% Public Sector Enterpris
Slide 50: Public Investment Finance (PIF): Regions
Portfolio Public Investment Finance (PIF) Regions 31/12/2015 / Total: EUR 8.3 bn EUR billions (EaD, Basel III) 31/12/2016 / Total: EUR 8.5 bn 3.4 2.8 2.9 2.6 1.7 1.5 0.3 0.3 0.3 0.3 0.2 0.2 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 Germany France Spain Austria Finland Supra UK Sweden Other Europe 31/12/2015 31/
Slide 51: Public Investment Finance (PIF): Borrower classification
Portfolio Public Investment Finance (PIF) Borrower classification1 31/12/2015 / Total: EUR 8.3 bn EUR billions (EaD, Basel III) 31/12/2016 / Total: EUR 8.5 bn 3.5 3.6 1.5 1.6 1.5 1.5 0.8 0.9 0.6 0.6 0.4 0.3 <0.1 <0.1 Sovereign Sovereign (related) Regional Government Regional Public Sector Supra Corp
Slide 52: Public Investment Finance (PIF): Internal ratings
Portfolio Public Investment Finance (PIF) Internal ratings (EL classes) 31/12/2015 / Total: EUR 8.3 bn EUR billions (EaD, Basel III) 31/12/2016 / Total: EUR 8.5 bn Investment grade Non-investment grade 4.6 4.4 2.6 2.0 0.8 1.0 0.4 0.1 <0.1 <0.1 0.2 0.3 0.0 <0.1 0.2 <0.1 0.0 0.0 0.00.0 0.0 0.0 0.00.0
Slide 53: Value Portfolio (VP)
Portfolio Value Portfolio (VP) Portfolio: Regions Portfolio: Borrower classification2 31/12/2016: EUR 19.5 bn (EaD, Basel III)1 31/12/2016: EUR 19.5 bn (EaD, Basel III)1 Czech Republic <1% Finland <1% Hungary 1% Other Europe 2% Poland 1% Rest of World 2% Supra Corporation <1% France 3% Financial Ins
Slide 54: Value Portfolio (VP): Regions
Portfolio Value Portfolio (VP) Regions 31/12/2015 / Total: EUR 21.7 bn EUR billions (EaD, Basel III)1 31/12/2016 / Total: EUR 19.5 bn 6.6 6.3 6.0 5.7 2.3 2.2 1.8 1.8 1.4 1.2 1.1 0.8 0.7 0.7 0.3 0.2 0.3 0.2 0.5 0.3 0.3 0.4 <0.1 <0.1 <0.1 <0.1 Germany Austria Italy Spain Portugal Supra France Poland H
Slide 55: Value Portfolio (VP): Borrower classification
Portfolio Value Portfolio (VP) Borrower classification1 31/12/2015 / Total: EUR 21.7 bn EUR billions (EaD, Basel III)2 31/12/2016 / Total: EUR 19.5 bn 8.1 8.0 6.0 5.3 2.4 2.3 1.6 1.4 1.6 1.2 1.1 0.8 0.4 0.8 <0.1 0.0 <0.1 <0.1 0.0 0.0 Sovereign Sovereign Regional Regional Public Sector Public Sector
Slide 56: Value Portfolio (VP): Internal ratings
Portfolio Value Portfolio (VP) Internal ratings (EL classes) 31/12/2015 / Total: EUR 21.7 bn EUR billions (EaD, Basel III)1 31/12/2016 / Total: EUR 19.5 bn Investment grade Non-investment grade 15.1 14.0 3.4 3.5 <0.01 1.1 0.8 0.7 0.8 0.6 <0.1 <0.01 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2
Slide 57: Consolidation & Adjustments (C&A)
Portfolio Consolidation & Adjustments (C&A) Portfolio: Regions Portfolio: Borrower classification3 31/12/2016: EUR 5.5 bn (EaD, Basel III)1 31/12/2016: EUR 5.5 bn (EaD, Basel III)1 Other Europe Rest of World France 3% 4% 5% Financial Institution UK 3% Supra 22% 6% Sovereign2 38% Supra 6% Spain 13% 6
Slide 58: Consolidation & Adjustments (C&A): Regions
Portfolio Consolidation & Adjustments (C&A) Regions 31/12/2015 / Total: EUR 5.6 bn EUR billions (EaD, Basel III)1 31/12/2016 / Total: EUR 5.5 bn 3.8 3.6 0.7 0.6 0.3 0.3 0.3 0.2 0.2 0.3 0.3 <0.1 0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 Germany2 Spain Supra UK France Italy Sweden Austria Other Europe Rest of W
Slide 59: Consolidation & Adjustments (C&A): Borrower classification
Portfolio Consolidation & Adjustments (C&A) Borrower classification1 31/12/2015 / Total: EUR 5.6 bn EUR billions (EaD, Basel III)2 31/12/2016 / Total: EUR 5.5 bn 2.1 1.9 1.6 1.3 1.2 0.9 0.6 0.4 0.4 0.3 0.2 0.2 0.0 <0.1 Sovereign3 Sovereign (related) Regional Government Public Sector Supra Financial
Slide 60: Consolidation & Adjustments (C&A): Internal ratings
Portfolio Consolidation & Adjustments (C&A) Internal ratings (EL classes) 31/12/2015 / Total: EUR 5.6 bn EUR billions (EaD, Basel III)1 31/12/2016 / Total: EUR 5.5 bn Investment grade Non-investment grade 4.4 3.9 1.0 0.5 0.6 <0.1 <0.1 0.2 <0.1 0.2 0.0 <0.1 0.0 <0.1 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0
Slide 61: Funding: Public benchmark issuances since 2015
Funding Public benchmark issuances since 2015 Issue/Reoffer Type WKN Launch Date Maturity Date Size Spread1 Coupon Price Senior Unsecured A12UA6 13/01/2015 20/01/2017 EUR 500 mn +78bp 0.875% 99.874% Senior Unsecured (1st Tap) A12UAR 19/01/2015 17/09/2019 EUR 200 mn +100bp 1.50% 100.918% Mortgage Pfa
Slide 62: Ratings: Mandated ratings
Ratings Mandated ratings as of 07 March 2017 S&P DBRS Moody’s Pfandbrief ratings Public Sector Pfandbrief Aa1 Mortgage Pfandbrief Aa1 Bank ratings Long-term BBB / Watch positive BBB Outlook/Trend Stable Short-term A-2 R-2 (high) Stand-alone rating1 bbb BBB Other Ratings Senior unsecured Debt BBB / W
Slide 63: Definition of borrower classifications
Definition of borrower classifications Borrower classification Definition Sovereign Direct and indirect obligations of Central Governments, Central Banks and National Debt Agencies Sovereign (related) Indirect obligations of Non Sovereigns with an explicit first call guarantee by a Sovereign Regiona
Slide 64: Contact details
Contact details Walter Allwicher Head of Communications +49 (0)89 2880 28787 walter.allwicher@pfandbriefbank.com Michael Heuber Head of Investor Relations / Rating Agency Relations +49 (0)89 2880 28778 michael.heuber@pfandbriefbank.com Axel Leupold Investor Relations / Rating Agency Relations +49 (0
Deutsche Pfandbriefbank — FY2016 Earnings Presentation on 6ix