CaixaBank - Covered Bond Investor presentation · 2015. 5. 8. · Total Collateral Eligible vs non-eligible Max. CB Issuance Outstanding CBs vs Remaining Issuing Capacity 123,4 67,2

CaixaBank - Covered Bond Investor presentation

Data as of 31st March 2015

Mortgage Covered Bond Programme

CaixaBank Covered Bonds Programmes - Main figures Mar '15

2

Spanish Public Sector Covered Bond Programme

Issuing capacity & Collateral type

Remaining Issuing Capacity 7.655 Mn Collateral by Type

Covered Bonds

RATINGS

Moody's A1

RATINGS

Moody's A1

S&P A

Mortgages CB; 5.251

Public Sector CB; 2.404

68%

22%

10%

Residential Commercial Public Sector

NOTE: Excluding BBSAU figures. BBSAU cover pool stands at € 5,4 Bn and outstanding covered bonds € 3,39 Bn (all retained).

MORTGAGE COVER POOL

Cover Pool Size (mill €) 123.351

Residential Assets 92.840 75%

Comercial Assets 30.512 25%

Elegible Pool (mill €) 67.179

Number of loans 1.417.393

Average loan Balance (€) 87.027

WA Seasoning (years) 7,6 yrs

WA Remaining Term (years) 18,8 yrs

WA LTV 54,6%

WA LTV Elegible Pool 46%

31/03/2015 MORTGAGE COVERED BONDS 31/03/2015

Outstanding nominal (mill €) 48.493

OC (total) 254%

OC (legal - eligible portfolio) 139%

Issuing Capacity (mill €) 5.251

Average Maturity (years) 6,17

PUBLIC SECTOR COVER POOL

Cover Pool Size (mill €) 13.435

Number of loans 6.400

Average loan Balance (€) 2.099.150

WA Seasoning (years) 3,1 yrs

WA Remaining Term (years) 6,5 yrs

31/03/2015 PUBLIC SECTOR COVERED BONDS 31/03/2015

Outstanding nominal (mill €) 7.000

OC 192%

Issuing Capacity 2.404

Average Maturity (years) 2,4

Total Collateral Eligible vs non-eligible Max. CB Issuance Outstanding CBs vs Remaining Issuing

Capacity

123,4

67,2

53,7 48,5

56,2

5,3

3.071

5.803

3.911

3.977

2.103

379

2.701

1.312

300

981

3.239

00

237 53 20

1.160

280

1.162

269

551

175

6492.105

1.000

2.919

1.389

3.000

1.9002.800

0

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

31

20

37

20

38

20

48

Public Issues Retained Issues 3

CaixaBank Mortgage Covered Bond Programme Mar '15

Remaining Issuing Capacity

x 80%

ELIGIBLE

REMAINING ISSUING CAPACITY: 5.3 Bn €

Maturity Profile

Total Covered Bonds -> 48.493 € Mn Public -> 29.087 € Mn Retained -> 19.406 € Mn

Issued

In Billion €

Mortgages Public Sector

Total Collateral for Covered Bonds 145,758 11,659 Elligible Portfolio 101,130 11,659

Cédulas

Hipotecarias

Cédulas

Territoriales

Used Collateral 99,199 9,571 Covered Bond Issued Amount 79,359 6,700

Over Collaterization (**) 184% 174%

Available Collateral 1,932 2,087

REMAINING ISSUING CAPACITY (*) 1,545 1,461 Mn €

(*) Issuing Capacity= 80% of Collateral Available for C. Hipotecarias and 70% for C. Territoriales

(**) Due to the early amortisation of € 3 Bn of retained cedulas on April 15th, OC ratio is currently higher

Data in Million €

3,006 Available Issuing Capacity

86,1€ bn

89,1 € bn

113 bn

157 € bn

≈ 3 € bn Remaining

Issuing Capacity

44 € bn

Outstanding CBs

Max. CB Issuance

Elegible vs non-elegible

Total Collateral (Mortgages+Public

Sector)

Covered Bonds

Mortgages

Total Collateral for Covered Bonds 123.351 Eligible Portfolio 67.179

Cédulas

Hipotecarias

Used Collateral 60.616 Covered Bond Issued Amount 48.493

Over Collaterization 254%

Available Collateral 6.563

REMAINING ISSUING CAPACITY (*) 5.251

NOTE: Excluding BBSAU figures. BBSAU cover pool stands at € 5,4 Bn and outstanding covered bonds € 3,39 Bn (all retained).

Data in million €

249%

262%259% 252%

249%

178%

181% 187% 183%186%

187%

224%

0%

50%

100%

150%

200%

250%

300%

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13

Total Collateral for Covered Bonds (mill €) Covered Bonds Issued Amount (mill €) Retained issues OC (%)

249%

178% 181%

187%183% 186%

187%

224%

237%259% 255% 251% 254%

0%

50%

100%

150%

200%

250%

300%

-

20.000

40.000

60.000

80.000

100.000

120.000

140.000

160.000

Q1 '12 Q2 '12 Q3 '12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Total Collateral for Covered Bonds (mill €) Covered Bonds Issued Amount (mill €) Retained issues OC (%)

4


OC Evolution

OC Legal

139%

Decision of generating additional collateral for the ECB credit facility to anticipate any potential deterioration in markets

Banca Cívica integration

Retained Covered Bonds Amortizations

Active and prudent collateral management, focus on adding value to investors

TOTAL OC: 254%

LEGAL OC: 139%

Covered Bonds

OC comfortably above the legally required ratio

22%

15%

20%

22%

13%

3%2%

1% 1% 0% 1%0%

5%

10%

15%

20%

25%

92% of the loans with LTV < 80%

3%

2%

4%

13%

78%

< 12

≥12-<24

≥24-<36

≥36-<60

≥60 5


RESIDENTIAL ASSETS

Portfolio Breakdown

Seasoning

Cover Pool Description – Main figures

92% of the pool with LTV <80%

Covered Bonds

Total Mortgage Loans (ex securitization) (€ k) 92.839.580

Number of loans 1.241.374

Average Loan balance (€) 74.788

Number of Borrowers 1.061.752

Number of properties 1.311.790

WA Seasoning in months 94,4 7,9 yrs

WA Remaining term in months 248,2 20,7 yrs

WA LTV (%) 54,9%

First Rank 94,0%

Floating Rate loan Interest Rate type: 99,4%

WA Interest Rate (Floating Rate loans) 2,1%

WA Interest Rate (Fixed Rate loans) 5,4%

Unindexed LTV Ranges

Distributions

Total Loan

Balance

(ex sec) €k

%

0-≤40% 20.681.320 22%

>40%-≤50% 14.058.440 15%

>50%-≤60% 18.204.446 20%

>60%-≤70% 20.550.038 22%

>70%-≤80% 12.136.130 13%

>80%-≤85% 2.882.461 3%

>85%-≤90% 2.085.684 2%

>90%-≤95% 1.075.236 1%

>95%-≤100% 486.362 1%

>100%-≤105% 207.881 0%

>105% 471.581 1%

92.839.580

Seasoning (months) € k %

< 12 3.203.845 3%

≥12-<24 2.212.460 2%

≥24-<36 3.254.097 4%

≥36-<60 11.732.467 13%

≥60 72.436.712 78%

Total: 92.839.580

90%

8%1% 1%

0%10%20%30%40%50%60%70%80%90%

100%

First Home Second Home Not Owner occupied

Other

6


RESIDENTIAL ASSETS

First home loans represent 90% of the residential pool

Acquisitions led to a more diversified regional distribution of the assets

Covered Bonds

> 20%

Between 10% - 20%

Between 5% - 10%

Between 3% - 5%

Between 1% - 3%

< 1%

Property type € k %

First Home 83.515.395 90%

Second Home 7.299.439 8%

Not Owner occupied 1.114.586 1%

Other 910.160 1%

Total: 92.839.580

Loan Purpose € k %

Adquisition 59.101.267 64%

Re-mortgage 17.617.183 19%

Equity release 4.149.766 4%

Rehabilitation 5.540.412 6%

New construction 4.135.289 4%

Other 2.295.664 2%

Total: 92.839.580

64%

19%

4% 6% 4% 2%

0%

10%

20%

30%

40%

50%

60%

70%

Adquisition Re-mortgage Equity release Rehabilitation New construction

Other

Regional Distribution € k %

Catalonia 26.258.309 28,3%

Andalusia 16.192.391 17,4%

Madrid 12.053.562 13,0%

Valencia 7.294.799 7,9%

Canary Islands 5.904.613 6,4%

Balearic Islands 3.627.623 3,9%

Castile León 3.452.705 3,7%

Castile La Mancha 2.975.841 3,2%

Navarra 2.928.813 3,2%

Basque Country 2.601.929 2,8%

Murcia 2.428.437 2,6%

Galicia 1.952.150 2,1%

Aragon 1.572.744 1,7%

Cantabria 836.736 0,9%

Extremadura 815.798 0,9%

Asturias 726.367 0,8%

Others/ No info 659.834 0,7%

La Rioja 465.196 0,5%

Ceuta 72.780 0,1%

Melilla 18.954 0,0%

Total: 92.839.580

5%

18%

10%

5%

24%

11%

18%

10%

0%

5%

10%

15%

20%

25%

30%

Offices Commercial stores Industrial Hotel Flats & Houses Land Mixed Use Others

7


COMMERCIAL ASSETS

Portfolio Breakdown


Covered Bonds

RE (Flat & Houses) assets steadily declining

Total Mortgage Loans (ex securitization) (€ k) 30.511.562

Number of loans 176.019

Average Loan balance (€) 173.342

Number of Borrowers 87.771

Number of properties 218.476

WA Seasoning in months 80,1 6,7 yrs

WA Remaining term in months 154,4 12,9 yrs

WA LTV (%) 53,8%

Floating Rate loan Interest Rate type: 96,7%

WA Interest Rate (Floating Rate loans) 2,8%

WA Interest Rate (Fixed Rate loans) 5,1%

Unindexed LTV

Ranges Distribution

Total Loan Balance

(ex sec) €k%

0-≤40% 9.417.764 31%

>40%-≤50% 4.596.851 15%

>50%-≤60% 5.254.123 17%

>60%-≤70% 4.516.383 15%

>70%-≤80% 3.041.210 10%

>80%-≤85% 834.835 3%

>85%-≤90% 529.744 2%

>90%-≤95% 559.166 2%

>95%-≤100% 597.962 2%

>100%-≤105% 366.331 1%

>105% 797.195 3%

Total: 30.511.562

Property Type € k %

Offices 1.386.300 5%

Commercial stores 5.357.499 18%

Industrial 3.007.555 10%

Hotel 1.625.000 5%

Flats & Houses 7.391.320 24%

Land 3.264.741 11%

Mixed Use 5.501.806 18%

Others 2.977.341 10%

Total: 30.511.562

31%

15%17%

15%

10%

3%2% 2% 2% 1%

3%

0%

5%

10%

15%

20%

25%

30%

35%

8


COMMERCIAL ASSETS

Portfolio Breakdown

Covered Bonds

Loan Maturity (yrs) € k %

≤ 5 5.337.479 17%

>5 - ≤10 7.597.231 25%

>10 - ≤15 6.288.316 21%

>15 - ≤25 8.641.023 28%

>25 - ≤50 2.647.513 9%

Total: 30.511.562

17%

25%

21%

28%

9%

≤ 5

>5 - ≤10

>10 - ≤15

>15 - ≤25

>25 - ≤50

Regional Distribution € k %

Catalonia 6.383.695 20,9%

Andalusia 5.899.644 19,3%

Madrid 4.953.014 16,2%

Canary Islands 2.865.528 9,4%

Valencia 2.259.337 7,4%

Basque Country 1.381.547 4,5%

Balearic Islands 1.197.869 3,9%

Castile León 991.187 3,2%

Castile La Mancha 914.013 3,0%

Navarra 804.664 2,6%

Murcia 651.945 2,1%

Others/ No info 594.961 1,9%

Galicia 475.074 1,6%

Aragon 452.822 1,5%

Extremadura 232.938 0,8%

Cantabria 198.646 0,7%

Asturias 128.418 0,4%

La Rioja 93.061 0,3%

Ceuta 26.541 0,1%

Melilla 6.657 0,0%

Total: 30.511.562 100%

> 20%

Between 10% - 20%

Between 5% - 10%

Between 3% - 5%

Between 1% - 3%

< 1%

Total Collateral Max. CB Issuance Outstanding CBs vs Remaining Issuing Capacity

13,4

9,4

7,0

2,4

0

500

1,000

1,500

2,000

2,500

3,000

20

15

20

16

20

17

20

18

20

19

20

20

Public Issues Retained Issues

9

CaixaBank Public Sector Covered Bond Programme Mar '15

Remaining Issuing Capacity

x 70%

REMAINING ISSUING CAPACITY: 2.4 Bn €

Maturity Profile

Total Covered Bonds -> 7.000 € Mn Public -> 88 € Mn Retained -> 6.912 € Mn

Issued

In Billion €

Mortgages Public Sector

Total Collateral for Covered Bonds 145,758 11,659 Elligible Portfolio 101,130 11,659

Cédulas

Hipotecarias

Cédulas

Territoriales

Used Collateral 99,199 9,571 Covered Bond Issued Amount 79,359 6,700

Over Collaterization (**) 184% 174%

Available Collateral 1,932 2,087

REMAINING ISSUING CAPACITY (*) 1,545 1,461 Mn €

(*) Issuing Capacity= 80% of Collateral Available for C. Hipotecarias and 70% for C. Territoriales

(**) Due to the early amortisation of € 3 Bn of retained cedulas on April 15th, OC ratio is currently higher

Data in Million €

3,006 Available Issuing Capacity

86,1€ bn

89,1 € bn

113 bn

157 € bn

≈ 3 € bn Remaining

Issuing Capacity

44 € bn

Outstanding CBs

Max. CB Issuance

Elegible vs non-elegible

Total Collateral (Mortgages+Public

Sector)

Covered Bonds

Public Sector

Total Collateral for Covered Bonds 13.435 Eligible Portfolio 13.435

Cédulas

Territoriales

Used Collateral 10.000 Covered Bond Issued Amount 7.000

Over Collaterization 192%

Available Collateral 3.435

REMAINING ISSUING CAPACITY (*) 2.404

Data in million €

10

CaixaBank Public Sector Covered Bond Programme Mar '15

Portfolio Breakdown

Loans Maturity


Covered Bonds

< 12 3.660.318 27%

≥12-<24 427.476 3%

≥24-<36 507.973 4%

≥36-<60 1.797.735 13%

≥60 7.041.057 52%

Total: 13.434.558

Loan Maturity € k %

<2m 0,04%

≥ 2m - <6m 0,43%

≥ 6m - <12m 0,08%

≥12m 1,16%

%Loans in Arrears

27%

3%

4%

13%

52%

< 12

≥12-<24

≥24-<36

≥36-<60

≥60

Total Loans (ex securitization) (€ k) 13.434.558 Floating Rate loan Interest Rate type: 85,5%

Number of loans 6.400 WA Interest Rate (Floating Rate loans) 2,39%

Average Loan balance (€) 2.099.150 WA Interest Rate (Fixed Rate loans) 2,02%

Number of Borrowers 1.718

Average exposure to borrowers (€ ) 7.819.883

WA Remaining term in months 78 6,5 yrs

WA Seasoning in months 37 3,1 yrs

11

Covered Bond Label Compliant since 1st January 2013

Moody’s Investors Service

A1

A

High quality collateral & strong overcollateralization

Low risk profile: mortgage portfolio prudently managed

Always aiming to the best market standards Transparency: complete quarterly information available in our

web page: http://www.caixabank.com/inversoresinstitucionales/inversoresrentafija_en.html

Solid OC levels

Total OC: 254% -> and flexibility to optimize our collateral:

Legal OC: 139%

19,4 bn of retained Covered Bonds

….Despite following eligibility criteria stricter than legal

75% of residential loans, out of which:

92% with LTV < 80%

90% First home

Comfortably above the legally required ratio (125%)….

Remaining Issuing Capacity: 7,6 € Bn (mortgage & public sector CB)

CaixaBank Covered Bonds Programme - Highlights

Covered Bonds

Rated by Moody’s and S&P:

12

Appendice 1: CaixaBank ‘s Covered Bond Issuances

Spanish Mortgages - Pubic Deals Covered Bonds

ISIN Currency Issue Date Outstanding (€) Maturity Date Coupon Investor Type

ES0414970576 EUR 18/08/2010 42.000.000 30/04/2015 3,50% Institutional

ES0414970212 EUR 05/10/2005 2.500.000.000 05/10/2015 3,25% Institutional





ES0414970261 EUR 16/06/2006 150.000.000 16/06/2016 Eur 3m+0.06% Institutional

ES0414970253 EUR 20/04/2006 10.646.000 30/06/2016 Eur 3m+0.1% Retail








ES0414970352 EUR 22/01/2007 6.380.000 30/03/2017 Eur 3m +0.00% Retail


ES0414965105 EUR 22/09/2009 150.000.000 22/09/2017 Eur 3m + 1,50% Institutional


ES0414970220 EUR 09/01/2006 1.000.000.000 09/01/2018 Eur 3m+0.075% Institutional







ES0414970501 EUR 14/05/2009 175.000.000 14/05/2021 Eur 3m+1% Institutional






13

Appendice 1: CaixaBank Covered Bond Issuances

Spanish Mortgages - Retained Deals Covered Bonds


ES0440609198 EUR 26/07/2012 175,000,000 26/07/2020 Eur 6m+4.70% Institutional

ES0440609115 EUR 07/06/2012 2,000,000,000 07/06/2022 Eur 6m +3.85% Institutional





ES0440609164 EUR 03/07/2012 1,000,000,000 03/07/2027 Eur 6m+4% Institutional

ES0440609172 EUR 17/07/2012 750,000,000 17/07/2027 Eur 6m+4.25% Institutional

ES0413980022 EUR 02/08/2011 150,000,000 02/08/2027 Euribor 3m+3.85% Institutional

ES0440609180 EUR 17/07/2012 2,800,000,000 17/07/2028 Eur 6m+4.25% Institutional

Registered - Covered Bonds


---------------------- EUR 12/12/2008 200,000,000 12/12/2016 Eur 3m +0.00% Institutional

---------------------- EUR 01/10/2008 20,000,000 01/10/2048 5.32% Institutional

Spanish Mortgages - Covered Bonds (non €)

ISIN Currency Issue Date Outstanding Maturity Date Coupon Investor Type

XS0231003129 GBP 30/09/2005 300,000,000 30/09/2015 Libor 1A+0.02% Institutional

XS0273475094 USD 01/11/2006 255,000,000 02/02/2037 Libor 3m +0.00% Institutional

14


Spanish Public Sector - Covered Bonds


ES0448873069 EUR 26/04/2012 200,000,000 26/04/2015 4.75% Institutional

ES0440609008 EUR 20/10/2011 2,500,000,000 19/06/2015 4.25% Institutional



ES0440609230 EUR 07/06/2013 1,300,000,000 07/06/2018 3.00% Institutional



ES0440609255 EUR 26/03/2014 1,500,000,000 26/03/2020 Eur 6m+0.95% Institutional

Spanish Multi-Issuers - Public Covered Bonds

Código ISIN Divisa Fecha emisiónCaixaBank

Contribution (€)

Total Issue

Outstanding (€)Maturity Date Coupon Investor Type

ES0312342001 EUR 28/06/2005 121.794.872 1.900.000.000 28/06/2015 Eur 3m+0.07902% Institutional

ES0384957009 EUR 04/12/2003 80.000.000 292.000.000 04/12/2015 Eur 3m + 0.13% Institutional

ES0317043000 EUR 25/02/2004 225.000.000 2.000.000.000 01/03/2016 4,39% Institutional



ES0371622004 EUR 29/05/2006 150.000.000 1.585.000.000 08/04/2016 Eur 3m +0.06% Institutional




ES0312298062 EUR 26/05/2006 50.000.000 1.000.000.000 24/05/2017 Eur 3m+0.086% Institutional


15


Spanish Multi-Issuers - Public Covered Bonds


Contribution (€)

Total Issue


ES0312298039 EUR 20/02/2006 75,000,000 1,195,000,000 20/02/2018 Eur 3m+0.11934% Institutional

ES0312298070 EUR 12/06/2006 110,000,000 2,230,000,000 12/06/2018 4.25% Institutional
















Spanish Multi-Issuers - Retained Covered Bonds


Contribution (€)

Total Issue


ES0312298195 EUR 21/11/2008 1,050,000,000 4,105,000,000 22/11/2015 Eur 3m+1.2146% Institutional



ES0312298153 EUR 16/04/2008 100,000,000 2,810,000,000 21/10/2017 Eur 3m+0. 165% Institutional

ES0312298153 EUR 16/04/2008 100,000,000 2,810,000,000 21/10/2017 Eur 3m+0. 16849% Institutional

The purpose of this presentation is purely informative. In particular, regarding the data provided by third parties, neither CaixaBank, S.A.

(“CaixaBank”) as a legal entity, nor any of its administrators, directors or employees, is obliged, either explicitly or implicitly, to vouch that

these contents are exact, accurate, comprehensive or complete, nor to keep them updated, nor to correct them in the case that any deficiency,

error or omission were to be detected. Moreover, in reproducing these contents in any medium, CaixaBank may introduce any changes it

deems suitable, may omit partially or completely any of the elements of this document, and in the case of any deviation between such a

version and this one, assumes no liability for any discrepancy.

This document has at no time been submitted to the Comisión Nacional del Mercado de Valores (CNMV – the Spanish Stock Markets

regulatory body) for approval or scrutiny. In all cases its contents are regulated by the Spanish law applicable at time of writing, and it is not

addressed to any person or legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing

norms or legal requisites as required in other jurisdictions.

This presentation on no account should be construed as a service of financial analysis or advice, nor does it aim to offer any kind of financial

product or service. In particular, it is expressly remarked here that no information herein contained should be taken as a guarantee of future

performance or results.

Without prejudice to legal requirements, or to any limitations imposed by CaixaBank that may be applicable, permission is hereby expressly

refused for any type of use or exploitation of the contents of this presentation, and for any use of the signs, trademarks and logotypes which it

contains. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion

into any other medium, for commercial purposes, without the previous express permission of CaixaBank and/or other respective proprietary

title holders. Any failure to observe this restriction may constitute a legal infraction which may be sanctioned by the prevailing laws in such cases

16

Disclaimer

Documents

CaixaBank - Covered Bond Investor presentation · 2015. 5. 8. · Total Collateral Eligible vs non-eligible Max. CB Issuance Outstanding CBs vs Remaining Issuing Capacity 123,4 67,2