Sparebanken Ost · OSL:SPOG
Sparebanken Ost — Sparebanken Øst Boligkreditt AS — Debt Investor Presentation (June 2013)
13 slides from Sparebanken Ost's debt investor presentation, Jun 30, 2013
Slide 1: Sparebanken Øst Boligkreditt AS Investor presentation
Sparebanken Øst Boligkreditt AS Investor presentation 30.06.2013 Frode Lindbeck
Slide 2: Sparebanken Øst group
Sparebanken Øst group • Savings bank established 1843 • Head office in Drammen, 21 branches • Total assets 30.4 bn. NOK (≈€3.9 bn.) • Moody’s rating bank: A3/P-2 stable • Equity instrument «SPOG» Oslo Stock Exchange • Q2 2013 – After tax ROE 13.1% – CAR / Tier 1 15.1% / 14.3% 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 2013 unless otherwise stated Gyldenløv
Slide 4: Summary Q2 2013
Summary Q2 2013 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 cover pool key figures
Sparebanken Øst Boligkreditt AS 31.03.13 Rating Aaa (Moody’s) Total assets in the cover pool 7 848 MNOK Outstanding covered bonds 6 859 MNOK Nominal OC 14.4 % Type of collateral 100 % 1st prio. residential properties Floating rate loans 100 % Weighted average LTV 45.9 % Number of loans 7 412 Average
Slide 6: Property type
Property type Semi detached Other 7% 0% Condominium 28 % Detached house 65 % Frode Lindbeck
Slide 7: Property type
Property type Private ownership 86,1 % Share in housing association 13,9 % Semi Detached Detached House Other Semi Detached 6,1 % Other 2,4 % 0,0 % 14,0 % 0,0 % Condominium 18,7 % Detached House 75,1 % Condominium 81,3 % Frode Lindbeck
Slide 8: Regional distribution of Cover Pool
Regional distribution of Cover Pool SHARE OF LOAN BALANCE 0% 10 % 20 % 30 % 40 % 50 % Buskerud 38,3 % Akershus 19,3 % Oslo 19,1 % Vestfold 7,8 % Rogaland/Hordaland 6,1 % Østfold 4,0 % Northwest/Trøndelag 2,2 % Telemark/Agder 1,5 % Nordland/Troms/Finmark 0,8 % Hedmark/Oppland 0,9 % Distribution conce
Slide 9: Seasoning
Seasoning MNOK 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 1 025 3 755 1 193 1 513 361 0 0-1 1-3 3-5 5-10 10+ Years • Weighted average seasoning: 3.71 years • Approx. 39% of the cover pool is >3 years seasoned Frode Lindbeck
Slide 10: Loan to Value
Loan to Value 2 500 MNOK 2 000 1 500 1 000 500 132 486 896 1 199 1 449 1 578 1 995 113 0 0-10% 10- 20- 30- 40- 50- 60- 70- 20% 30% 40% 50% 60% 70% 80% • Weighted average LTV = 45.9% • Approx. 73% 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 1 190 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
Slide 12: Overcollateralization
Overcollateralization RESIDENTIAL OVER- MORTGAGES COVERED BONDS COLLATERALIZATION Q4-11 6.715.542 5.650.000 19 % Q1-12 7.305.133 6.347.880 15 % Q2-12 7.232.891 6.347.610 14 % 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 % 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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