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Caixa Geral de Depositos
154 EuroWeek Financing financial institutions
Caixa Geral de Depositos
Covered bonds Subordinated debt Senior unsecured
-
1,000
2,000
3,000
4,000
5,000
6,000
2005 2006 2007 2008 2009 2010
Source: Dealogic. Data to August 20 2010
$m
Debt issuance
Debt issuance
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2010
20
11
2012
2013
2014
20
15
2016
2017
2018
2019
2020
2021
-2040
2041
+
Source: Dealogic. Data to September 1, 2010 (securitisations not included)
$m
Maturity Profile
Actual t
ier one
(2009)
Benchmark sc
enario
Adverse
scenario
Additional
sovereig
n shock
Source: Committee of European Banking Supervisors
%8.4
9.1
8.4
8.2
7.6
7.8
8
8.2
8.4
8.6
8.8
9
9.2
cebs stress tests
caixa Geral de Depositos sa
long term iDr a+ (negative outlook)short term iDr f1individual rating b/csupport rating 1support rating floor a+
summary:The IDRs and support rating of Caixa Geral de Depósitos (CGD) reflect its state ownership and strong franchise, with a dominant market share of retail deposits and mortgage lending in Portugal. The individual rating reflects the bank’s reasonable profitability and improved capital levels. It also addresses its large equity investment portfolio, weakening asset quality, and fairly high single borrower concentration.
The operating environment will remain challenging in Portugal, as the government attempts to reduce the fiscal deficit. The group’s revenues are, therefore, expected to remain under pressure. Margins have been squeezed as loans reprice at lower interest rates, although this has been partly offset by the active management of spreads on corporate loans.
The group has also been enhancing its cost control in Portugal, which should help cost efficiency, although it will be crucial that the group monitors its recent international expansion. While loan impairment charges will remain high, the group’s net income is less likely to suffer from large impairments from its equity stakes as the stock market recovers. The group benefits from its strong customer deposit base, but it is nevertheless also dependent on the capital markets for funding.
fitch ratinGs uPDate
%
Source: Caixa Geral de Depositos
0
10
20
30
40
50
60
70
80
1H09 2H09 1H10
Group Banking
cost/incoMe ratio
%
Source: Caixa Geral de Depositos
0
2
4
6
8
10
12
14
1H09 2H09 1H10
Solvency Tier one Core tier one
caPital ratios
�bn
Source: Caixa Geral de Depositos
115
116
117
118
119
120
121
122
123
124
Jun 30, 2009 Dec 31, 2009 Jun 30, 2010
total assets
Caixa Geral de Depositos
Financing financial institutions EuroWeek 155
For further information contact Jeremy Masters on: +44 (0)20 7779 8036 or email: [email protected]
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issue type: Coveredbond
Pricing date: January14,2010
Value: €1bn
Maturity date: January27,2020
coupon: 4.25%
spread to swaps: 80bp
bookrunners: BNPParibas,CaixaGeraldeDepositosSA–CGD,CreditSuisse,GoldmanSachs,LBBW
issue type: Coveredbond
Pricing date: July9,2009
Value: €1bn
Maturity date: July21,2014
coupon: 3.625%
spread to swaps: 85bp
bookrunners: CaixaBancodeInvestimento,HSBC,JPMorgan,SGCorporate&InvestmentBanking
Source: Dealogic
rank lead Manager amount $m no of issues
% share
1 LBBW 551 2 27.49
2 Caixa Geral de Depositos SA - CGD
416 7 20.76
3 Goldman Sachs 295 1 14.71
3 Credit Suisse 295 1 14.71
3 BNP Paribas 295 1 14.71
6 HSBC 123 1 6.15
7 RBC Capital Markets
25 1 1.26
8 SG Corporate & Investment Banking
4 1 0.22
subtotal 2,004 11 100
total 2,004 11 100
Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)
toP bookrunners
recent Deals
%
Source: Caixa Geral de Depositos
0
2
4
6
8
10
12
1H09 2H09 1H10
Gross ROE Net ROE
return on equity
%
Source: Caixa Geral de Depositos
0
0.1
0.2
0.3
0.4
0.5
0.6
1H09 2H09 1H10
Gross ROA Net ROA
return on assets
�m
Source: Caixa Geral de Depositos
0
50
100
150
200
250
300
350
1H09 2H09 1H10
Pre-tax income Net income
incoMe stateMent
head of fundingEduarda Vicente+351 217 905 [email protected]
key contacts
