Sparebanken Ost · OSL:SPOG
Sparebanken Ost — Sparebanken Øst Boligkreditt AS — Debt Investor Presentation (March 2014)
13 slides from Sparebanken Ost's debt investor presentation, Mar 31, 2014
Slide 1: Sparebanken Øst Boligkreditt AS Investor presentation
Sparebanken Øst Boligkreditt AS Investor presentation 31.03.2014 Frode Lindbeck
Slide 2: Sparebanken Øst group
Sparebanken Øst group • Savings bank established 1843 • Head office in Drammen, 23 branches • Total assets 32.0 bn. NOK (≈€3.9 bn.) • Moody’s rating bank: Baa1/P-2 stable • Equity instrument «SPOG» Oslo Stock Exchange • Q1 2014 – After tax ROE 14.2% – CAR / Tier 1 18.0% / 15.9% 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 March 31st 2014 unless otherwise stated Gyldenlø
Slide 4: Summary Q1 2014
Summary Q1 2014 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 31.03.14
Sparebanken Øst Boligkreditt AS 31.03.14 Rating Aaa (Moody’s) Total assets in the cover pool 7 802 MNOK Outstanding covered bonds 6 787 MNOK Nominal OC 15.0 % Type of collateral 100 % 1st prio. residential properties Floating rate loans 100 % Weighted average LTV 48.1 % Number of loans 6 839 Average
Slide 6: Property type
Property type Semi detached Other 7% 0% Apartment 30 % Detached house 63 % Frode Lindbeck
Slide 7: Property type
Property type Private ownership 86,5% Share in housing association 13,5 % Semi Detached Other Semi Detached Detached House 6,6 % Other 0,0 % 13,2 % 2,5 % 0,0 % Apartment 21,4 % Detached House 72,0 % Apartment 81,3 % Frode Lindbeck
Slide 8: Regional distribution of Cover Pool
Regional distribution of Cover Pool SHARE OF LOAN BALANCE 0% 5% 10 % 15 % 20 % 25 % 30 % 35 % Buskerud 33,2 % Oslo 22,2 % Akershus 20,1 % Rogaland/Hordaland 8,0 % Vestfold 7,1 % Østfold 3,6 % Northwest/Trøndelag 2,5 % Telemark/Agder 1,6 % Hedmark/Oppland 1,0 % Nordland/Troms/Finmark 0,7 % Distributi
Slide 9: Seasoning
Seasoning 3000 MNOK 2500 2000 1500 1000 500 1.756 2.693 1.683 1.338 332 0 0-1 1-3 3-5 5-10 10+ Years • Weighted average seasoning: 3.48 years • Approx. 43% of the cover pool is >3 years seasoned Frode Lindbeck
Slide 10: Loan to Value
Loan to Value MNOK 2.500 2.000 1.500 1.000 500 113 409 802 1.092 1.373 1.489 1.976 546 0 0-10% 10- 20- 30- 40- 50- 60- 70- 20% 30% 40% 50% 60% 70% 80% • Weighted average LTV = 48.1% • Approx. 68% of the cover pool has an LTV < 60% Frode Lindbeck
Slide 11: Issued Covered Bonds
Issued Covered Bonds ISIN TICKER INT. ISSUED MATURITY CURR. AMOUNT COUPON Mill. NOK NO0010520372 ‐ FRN 15.06.09 15.09.14* NOK 210 NIB3+45 NO0010572464 SPOBK01PRO FRN 21.05.10 21.05.15* NOK 1 000 NIB3+65 NO0010589955 SPOBK02PRO FRN 18.10.10 18.10.16* NOK 1 000 NIB3+57 NO0010604879 SPOBK03PRO FRN 16.0
Slide 12: Overcollateralization
Overcollateralization RESIDENTIAL OVER- MORTGAGES COVERED BONDS COLLATERALIZATION Q3-12 7.273.701 6.351.660 15 % Q4-12 8.298.865 6.346.470 31 % Q1-13 7.438.869 6.359.040 17 % Q2-13 7.847.655 6.859.490 14 % Q3-13 7.743.851 5.891.160 31 % Q4-13 7.410.488 6.394.160 16 % Q1-14 7.802.354 6.786.750 15 % F
Slide 13: 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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