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US Bancorp
294 EuroWeek Financing financial institutions
US Bancorp
- 2005 2006 2007 2008 2009 2010
Subordinated debt Senior unsecured
1,000
2,000
3,000
4,000
5,000
6,000
Debt issuance
$m
Source: Dealogic. Data to August 20 2010
Debt issuance
investor relationsJudith T Murphy+1 612 303 0783
Key contacts
-
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
-204
0
2041
+
1,000
2,000
3,000
4,000
5,000
6,000
Source: Dealogic. Data to September 1, 2010 (securitisations not included)
$m
Maturity Profile
$bn
Source: US Bancorp
255
260
265
270
275
280
285
Sep 30, 2009
Dec 31, 2009
Mar 31, 2010
Jun 30, 2010
%
Source: US Bancorp
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
3Q09 4Q09 1Q10 2Q10
Tier one Total capital
$bn
Source: US Bancorp
155
160
165
170
175
180
185
190
195
Sep 30, 2009
Dec 31, 2009
Mar 31, 2010
Jun 30, 2010
Net total loans Total deposits
total assets
caPital ratios
loans / DePosits
us bancorp
long term iDr aa-short term iDr f1+individual rating a/bsupport rating 5support rating floor no floor
summary:Fitch’s outlook revision to stable from positive echoes the view that, while USB will likely continue to outperform peers across numerous measures, the current challenging and uncertain economic environment will preclude a ratings upgrade in the near term. The affirmation of USB’s ratings at their current high levels reflects the company’s comparatively strong position versus many peers, including its diverse sources of non-interest income, and disciplined expense management. USB operates one of the premier banking franchises in the US, with a retail banking network spanning 24 states, which is augmented by meaningful presence in payment systems, corporate trust, asset management and business credit cards. While not immune from the asset quality pressures facing the banking industry, to date USB has fared relatively better than many other financial institutions. Previous steps intended to reduce the risk profile of the organisation have paid off as the company has scaled back or exited some of the higher risk segments of its loans portfolio and Fitch believes USB’s performance in this downturn will continue to be better than its performance in the previous recession and relatively better than peers.
fitch ratings uPDate
US Bancorp
Financing financial institutions EuroWeek 295
us bancorp
Pricing date: July22,2010
Value: $1bn
Maturity date: July27,2015
coupon: 2.45%
spread to benchmark: 78bpoverUSTs
bookrunners: MorganStanley,BarclaysCapital,USBancorp
us bancorp
Pricing date: June9,2010
Value: $1bn
Maturity date: June14,2013
coupon: 2%
spread to benchmark: 85bpoverUSTs
bookrunners: MorganStanley,GoldmanSachs,USBancorp
us bank national association
issue type: LowertierII
Pricing date: April26,2010
Value: $500m
Maturity date: April29,2020
coupon: 3.778%
spread to benchmark: 120bpoverUSTs
bookrunners: CreditSuisse,MorganStanley,USBancorp
Source: Dealogic
rank lead Manager amount $m no of issues
% share
1 US Bancorp 1,664 7 35.08
2 Morgan Stanley 1,082 5 22.82
3 Credit Suisse 749 4 15.8
4 Barclays Capital 582 2 12.27
5 Goldman Sachs 333 1 7.02
6 Deutsche Bank 333 1 7.02
subtotal 4,743 7 100
total 4,743 7 100
Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)
recent Deals
toP booKrunners
$m
Source: US Bancorp
0
100
200
300
400
500
600
700
800
900
1,000
3Q09 4Q09 1Q10 2Q10
Pre-tax income Net income
%
Source: US Bancorp
0.00
0.20
0.40
0.60
0.80
1.00
1.20
3Q09 4Q09 1Q10 2Q10
%
Non-performing assets / total assets. Source: US Bancorp
2.90
3.00
3.10
3.20
3.30
3.40
3.50
3.60
3.70
3.80
3.90
4.00
3Q09 4Q09 1Q10 2Q10
%
Source: US Bancorp
3.55
3.60
3.65
3.70
3.75
3.80
3.85
3.90
3.95
3Q09 4Q09 1Q10 2Q10
%
Source: US Bancorp
45.00
46.00
47.00
48.00
49.00
50.00
51.00
52.00
53.00
54.00
3Q09 4Q09 1Q10 2Q10
%
Source: US Bancorp
8.35
8.40
8.45
8.50
8.55
8.60
8.65
8.70
8.75
8.80
8.85
3Q09 4Q09 1Q10 2Q10
incoMe stateMent
return on assets
non-PerforMing asset ratio
net interest Margin
efficiency ratio
leVerage ratio
