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EFG Eurobank Ergasias
186 EuroWeek Financing financial institutions
EFG Eurobank Ergasias
Covered bonds Subordinated debt Senior unsecured Securitisation
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2005 2006 2007 2008 2009 2010
Source: Dealogic. Data to August 20 2010
$m
Debt issuance
Debt issuance
Pricing date: November12,2009
Value: €300m
Maturity date: February11,2013
coupon: 4.375%
spread to swaps: 195bp
bookrunners: BankofAmericaMerrillLynch,GoldmanSachs,HSBC,Nomura
Pricing date: September7,2009
Value: €500m
Maturity date: March15,2011
coupon: 3mEuribor+125bp
bookrunners: DeutscheBank,GoldmanSachs,JPMorgan
Pricing date: July29,2009
Value: €500m
Maturity date: February11,2013
coupon: 4.375%
spread to swaps: 220bp
bookrunners: BNPParibas,DeutscheBank,JPMorgan,UBS
Source: Dealogic
Rank Lead Manager amount $m no of issues
% share
1 EFG Eurobank Ergasias SA
2,700 6 85.67
2 Nomura 113 1 3.58
2 HSBC 113 1 3.58
2 Goldman Sachs 113 1 3.58
2 Bank of America Merrill Lynch
113 1 3.58
subtotal 3,152 7 100
total 3,152 7 100
Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)
Recent DeaLs
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2010
2011
2012
2013
2014
2015
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 sc
enario
Additional
sovereign sh
ock
Source: Committee of European Banking Supervisors
%
11.2 11.7
10.2
8.2
0
2
4
6
8
10
12
14
cebs stRess tests
toP bookRunneRs
investor relationsDimitris Nikolos+30 210 333 [email protected]
key contacts
efG eurobank ergasias sa
Long term iDR bbb- (negative outlook)short term iDR f3individual Rating Dsupport Rating 2support Rating floor bbb-
summary:EFG Eurobank Ergasias SA’s (Eurobank) issuer default rating is based on Fitch Ratings’ assessment of the availability of international support for the Greek banking system from the IMF/EU support framework and via the European Central Bank. Eurobank’s individual rating reflects its strained funding and liquidity profile (including high reliance on ECB funding) and the still-challenging operating environment in Greece and in many south-eastern European countries, which Fitch expects to result in depressed profitability and worsening asset quality at the bank in the short to medium term. The rating also takes into account Eurobank’s adequate capitalisation, sound domestic loan and deposit franchise, and diversification from SEE operations. Despite a thinner net interest margin and a marked rise in credit costs, Eurobank’s operating ROAA was relatively resilient in 2009 and 1H10, supported by its good domestic franchise, relatively diversified banking revenues and tighter cost control. These factors should help ease profitability pressure for the rest of 2010 from low business volumes, continued margin pressure and sustained high loan impairment charges.
fitch RatinGs uPDate
EFG Eurobank Ergasias
Financing financial institutions EuroWeek 187
€ bn
Source: EFG Eurobank Ergesias
0
500
1,000
1,500
2,000
2,500
3,000
2010 2011 2012 2013 2014
WhoLesaLe funDinG MatuRities PRofiLe
Source: EFG Eurobank Ergesias
€ bn
0
5
10
15
20
25
30
35
40
45
50
2006 2007 2008 2009 1Q10 2Q10
New Europe Greece
DePosits
Source: EFG Eurobank Ergesias
%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Equity tier one Total tier one Total CAD
caPitaL Ratios
Source: EFG Eurobank Ergesias
%
2.45
2.50
2.55
2.60
2.65
2.70
2.75
2.80
2.85
2.90
2.95
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
net inteRest MaRGin
Source: EFG Eurobank Ergesias
83.0
83.5
84.0
84.5
85.0
85.5
86.0
86.5
87.0
87.5
Dec 31, 2009 Jun 30, 2010
€ bn
totaL assets
Data for 4Q09 and 1Q10 before one-off tax items. Source: EFG Eurobank Ergesias
€ m
0
100
200
300
400
500
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Pre-provision pro�t Net pro�t
incoMe stateMent
Source: EFG Eurobank Ergesias
%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
90DPD Ratio
Source: EFG Eurobank Ergesias
€ bn
46.0
46.5
47.0
47.5
48.0
48.5
49.0
49.5
2Q09 FY09 1Q10 2Q10
Risk-WeiGhteD assets
Source: EFG Eurobank Ergesias
%
40.0
41.0
42.0
43.0
44.0
45.0
46.0
2Q09 3Q09 4Q09 1Q10 2Q10
coVeRaGe Ratio
