Sparebanken Ost · OSL:SPOG
Sparebanken Ost — Sparebanken Øst Boligkreditt AS — Debt Investor Presentation (June 2016)
12 slides from Sparebanken Ost's debt investor presentation, Jun 30, 2016
Slide 1: Sparebanken Øst Boligkreditt AS Investor presentation
Sparebanken Øst Boligkreditt AS Investor presentation 30.06.2016 Frode Lindbeck
Slide 2: Sparebanken Øst group
Sparebanken Øst group • Savings bank established 1843 • Head office in Drammen, 23 branches • Total assets 35.8 bn. NOK (≈€3.8 bn.) • Moody’s rating bank: A3/P-2 stable • Equity instrument «SPOG» Oslo Stock Exchange • Q2 2016 – After tax ROE 11.9 % – CAR / CET1 19.6 % / 15.7 % 2 Frode Lindbeck
Slide 3: Sparebanken Øst Boligkreditt AS
Sparebanken Øst Boligkreditt AS • Established 14. April 2009 • Fully owned subsidiary of Sparebanken Øst • Moody’s has assigned Aaa rating to covered bonds issued by Sparebanken Øst Boligkreditt AS – All figures in the following presentation are as at June 30th 2016 unless otherwise stated Gyldenløv
Slide 4: Summary Q2 2016
Summary Q2 2016 Sparebanken Øst Boligkreditt AS • Market value non-recourse sale of loans from bank to covered bond company • All loans in cover pool first priority Norwegian residential mortgages • Collateral property valued by independent specialist Eiendomsverdi AS (AVM) • FSA-appointed independe
Slide 5: Sparebanken Øst Boligkreditt AS 30.06.16
Sparebanken Øst Boligkreditt AS 30.06.16 Rating Aaa (Moody’s) Total assets in the cover pool 10 463 MNOK Outstanding covered bonds 8 603 MNOK OC 21.6 % Type of collateral 100 % 1st-lien residential properties Floating rate loans 100 % Weighted average LTV 47.5 % Number of loans 7 278 Average loan ba
Slide 6: Property type
Property type Semi detached 10 % Apartment 27 % Detached house 63 % Frode Lindbeck
Slide 7: Regional distribution of Cover Pool
Regional distribution of Cover Pool SHARE OF LOAN BALANCE 0% 5% 10 % 15 % 20 % 25 % 30 % Buskerud 27,9 % Oslo 24,2 % Akershus 21,8 % Rogaland/Hordaland 9,5 % Vestfold 6,5 % Østfold 3,7 % Northwest/Trøndelag 3,0 % Telemark/Agder 1,6 % Hedmark/Oppland 0,9 % Nordland/Troms/Finmark 0,9 % Distribution co
Slide 8: Seasoning
Seasoning 4.000 MNOK 3.500 3.000 2.500 2.000 1.500 1.000 500 1.656 3.763 2.311 1.956 447 0 0-1 1-3 3-5 5-10 10+ Years • Weighted average seasoning: 3.70 years • Approx. 47 % of the cover pool is >3 years seasoned Frode Lindbeck
Slide 9: Loan to Value
Loan to Value MNOK 2.500 2.000 1.500 1.000 500 141 517 968 1.422 1.965 2.315 2.080 727 0 0-10% 10- 20- 30- 40- 50- 60- 70- 20% 30% 40% 50% 60% 70% 75% • Weighted average LTV = 47.5 % • Approx. 72 % of the cover pool has an LTV < 60 % Frode Lindbeck
Slide 10: Issued Covered Bonds
Issued Covered Bonds ISIN TICKER INT. ISSUED MATURITY CURR. AMOUNT COUPON Mill. NOK NO0010589955 SPOBK02PRO FRN 18.10.10 18.10.16* NOK 508 NIB3+57 NO0010604879 SPOBK03PRO FRN 16.03.11 15.03.17* NOK 650 NIB3+60 NO0010623986 SPOBK04PRO FRN 22.08.11 22.02.18* NOK 1 000 NIB3+55 NO0010625908 SPOBK06 FIXD
Slide 11: Overcollateralization
Overcollateralization RESIDENTIAL MORTGAGES INCL. SUBSTITUTE COLLATERAL COVERED BONDS OVER-COLLATERALIZATION Q4-14 8.677.330 6.942.910 25 % Q1-15 8.430.924 7.142.070 18 % Q2-15 8.206.591 6.986.200 17 % Q3-15 8.937.563 7.500.000 19 % Q4-15 9.017.189 7.423.000 21 % Q1-16 10.579.623 8.824.150 20 % Q2-1
Slide 12: Sparebanken Øst Boligkreditt AS contact details
Sparebanken Øst Boligkreditt AS Phone:+47 915 03220 P.O.Box 67 Fax: +47 3288 3712 3301 Hokksund www.oest.no Norway firmapost@oest.no CEO Frode Lindbeck +47 9172 4891 frode.lindbeck@oest.no Investor / Funding Contact Vegard Kvamme +47 9770 0370 vegard.kvamme@oest.no Frode Lindbeck
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