Embed Size (px)
Citation preview
70 E
uro
Week Financing C
orporates 2012
A
BB
ABB
ABB
Rating A2, A, BBB+
Joe HoganCEO
Michel DemaréCFO
John FoxInvestor relations
KEY OFFICIALS
Issuer ABB Finance (USA) IncPricing date May 3, 2012Value $500m / $1.25m / $750mMaturity date May 2017 / May 2022 / May 2042Coupon 1.625% / 2.875% / 4.375%Pricing details T+95bp / T+120bp / T+145bpBookrunners Morgan Stanley BofA Merrill Lynch Goldman Sachs Barclays BNP Paribas Citi Credit Suisse HSBC JP Morgan Nordea UBS Issuer ABB Finance BVPricing date March 19, 2012Value €1.25bnMaturity date March 26, 2019Coupon 2.625%Pricing details 57bp over swapsBookrunners BNP Paribas BofA Merrill Lynch Barclays Citi Credit Suisse Goldman Sachs HSBC JPMorgan Morgan Stanley Nordea Markets UBS Issuer ABB LtdPricing date January 4, 2012Value Sfr350mMaturity date November 23, 2018Coupon 1.50%Bookrunners Credit Suisse UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 UBS 1,044 7 15.65
1 Credit Suisse 1,044 7 15.65
3 JPMorgan 784 6 11.75
4Bank of America Merrill Lynch
784 6 11.75
5 Deutsche Bank 412 2 6.18
6 Morgan Stanley 372 4 5.58
6 Barclays 372 4 5.58
8 Nordea Markets 372 4 5.58
8 HSBC 372 4 5.58
8 Goldman Sachs 372 4 5.58
8 Citi 372 4 5.58
8 BNP Paribas 372 4 5.58
Subtotal 6,671 9 100
Total 6,671 9 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
ABB Finance (USA) Inc 2,446 3
ABB Finance BV 1,645 1
ABB Ltd 1,344 3
ABB Treasury Centre (USA) Inc
1,236 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
5
PUBLIC BOND ISSUANCE
Source: ABB
$
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2009
2010
2011
1Q 1
2
BASIC EARNINGS PER SHARE
Source: ABB
%
00.5
11.5
22.5
33.5
44.5
5
2009
2010
2011
1Q 1
2
EBIT
Source: ABB
$ bn
0
0.5
1
1.5
2
2.5
3
3.5
2009
2010
2011
1Q 1
2
NET INCOME
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,55.2EUR,
24.7
CHF,20.1
ISSUANCE BY CURRENCY 2011/12
Source: ABB
$ bn
0
5
10
15
20
25
30
35
40
2009
2010
2011
1Q 1
2
REVENUES
Source: ABB
$ bn
11.211.411.611.8
1212.212.412.612.8
1313.2
2009
2010
2011
1Q 1
2
EBIT AS % REVENUES
Data as at March 31, 2012. Source: ABB
$ bn
00.20.40.60.8
11.21.41.61.8
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
MATURITY PROFILE OF LONG-TERM DEBT SECURITIES
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
ABB CDS 5yr Caterpillar CDS 5yr GE Capital CDS 5yr Schlumberger CDS 5yr
Hutchison Whampoa CDS 5yr Braskem CDS 5yr
CDS PRICING
Financing Corp
orates 2012 Eu
ro
Week 7
1
A
mérica M
óvil
América Móvil
Source: América Móvil
0
20
40
60
80
100
120
140
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
GROSS DEBT / EQUITY RATIO
Source: América Móvil
$ bn
0
1
2
3
4
5
6
7
2009
2010
2011
NET INCOME
Source: América Móvil
x
1313.213.413.613.8
1414.214.414.614.8
15
2009
2010
2011
P/E RATIO (BMV)
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,49.9
EUR,24.5
GBP,14.1
CHF,5.9
CNY,2.8
JPY,2.8
ISSUANCE BY CURRENCY 2011/12
América Móvil
Carlos Garcia MorenoCFO
Daniela Lecuona TorrasInvestor relations
KEY OFFICIALS
Source: América Móvil
$ bn
646566676869707172737475
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Source: América Móvil
$ bn
0
5
10
15
20
25
30
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
SHAREHOLDERS’ EQUITY
Source: América Móvil
$ bn
0
2
4
6
8
10
12
2009
2010
2011
OPERATING PROFIT
Source: América Móvil
%
2727.5
2828.5
2929.5
3030.5
3131.5
3232.5
2009
2010
2011
RETURN ON EQUITY
Rating A2, A-, A
Pricing date February 1, 2012Value CNY1bnMaturity date February 9, 2015Coupon 3.5%Bookrunners HSBC Pricing date October 24, 2011Value €1bnMaturity date October 25, 2019Coupon 4.125%Pricing details 180bp over swapsBookrunners Credit Suisse Deutsche Bank Pricing date October 24, 2011Value £500mMaturity date October 27, 2026Coupon 5%Pricing details 217bp over GiltsBookrunners Deutsche Bank HSBC
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 1,400 2 24.94
1Bank of America Merrill Lynch
1,400 2 24.94
3 Deutsche Bank 1,084 2 19.3
4 Credit Suisse 1,021 2 18.17
5 HSBC 555 2 9.88
6 Morgan Stanley 78 2 1.39
6 Mizuho 78 2 1.39
Subtotal 5,616 8 100
Total 5,616 8 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
100
200
300
400
500
600
700America Movil CDS 5yr Vimpelcom CDS 5yr Telstra CDS 5yr
Telefonica CDS 5yr Telecom Italia CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
10
PUBLIC BOND ISSUANCE
Source: América Móvil
$ bn
0
10
20
30
40
50
60
2009
2010
2011
REVENUES
Source: América Móvil
%
21
21.5
22
22.5
23
23.5
24
24.5
25
2009
2010
2011
GROSS MARGIN
72 E
uro
Week Financing C
orporates 2012
A
nglo
Am
erican
Anglo American
Source: Anglo American
$bn
0
5
10
15
20
25
30
35
2009
2010
2011
GROUP REVENUE
Source: Anglo American
$bn
0123456789
2009
2010
2011
NET INCOME
Anglo American
Cynthia CarrollCEO
René MédoriFinance director
Caroline MetcalfeInvestor relations managerTel +44 207 968 2192
KEY OFFICIALS
Source: Anglo American
$bn
0
2
4
6
8
10
12
2009
2010
2011
OPERATING PROFIT
Source: Anglo American
$
0
1
2
3
4
5
6
2009
2010
2011
UNDERLYING EARNINGS PER SHARE
Source: Anglo American
%
Iron ore &manganese,
41
Metallurgical coal, 11
Thermalcoal,11
Copper,22
Nickel,1
Platinum,8
Diamonds,6
OPERATING PROFIT BY SEGMENT (2011)
Rating Baa1, BBB+, BBB+
Pricing date May 29, 2012Value €750mMaturity date June 7, 2019Coupon 2.75%Pricing details 123bp over swapsBookrunners Goldman Sachs HSBC RBS Santander Pricing date March 26, 2012Value $600mMaturity date April 3, 2017Coupon 2.625%Pricing details 160bp over USTsBookrunners BNP Paribas Goldman Sachs Mitsubishi UFJ Morgan Stanley UBS Pricing date March 20, 2012Value €750mMaturity date March 28, 2022Coupon 3.5%Pricing details 112bp over swapsBookrunners Commerzbank Credit Agricole CIB Lloyds Banking Group RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 RBS 482 2 19.08
2 Goldman Sachs 355 2 14.06
3Lloyds Banking Group
247 1 9.76
3Credit Agricole CIB
247 1 9.76
3Commerzbank Group
247 1 9.76
6 HSBC 236 1 9.32
6 Santander 236 1 9.32
8 UBS 120 1 4.74
8 Morgan Stanley 120 1 4.74
8Mitsubishi UFJ Financial Group
120 1 4.74
8 BNP Paribas 120 1 4.74
Subtotal 2,527 3 100
Total 2,527 3 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR,62.2
USD,37.8
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300
350
400 Anglo American CDS 5yr Barrick Gold CDS 5yr BHP Billiton CDS 5yr
Rio Tinto CDS 5yr Vale CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
PUBLIC BOND ISSUANCE
Source: Anglo American
$bn
0
2
4
6
8
10
12
31-D
ec-0
731
-Dec
-08
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
NET DEBT
Source: Anglo American
$bn
01020304050607080
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Source: Anglo American
%
05
10152025303540
31-D
ec-0
731
-Dec
-08
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
GEARING
Source: Anglo American
$bn
05
1015202530354045
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
SHAREHOLDERS’ EQUITY
Financing Corp
orates 2012 Eu
ro
Week 7
3
A
nheuser-Busch InB
ev
Anheuser-Busch InBev
Source: Anheuser-Busch InBev
$ bn
0
5
10
15
20
25
30
35
40
2009
2010
2011
SHAREHOLDERS’ EQUITY
Source: Anheuser-Busch InBev
$ bn
75
80
85
90
95
100
2009
2010
2011
MARKET CAPITALISATION
Source: Anheuser-Busch InBev
$ bn
111
111.5
112
112.5
113
113.5
114
114.5
2009
2010
2011
TOTAL ASSETS
Anheuser-Busch InBev
Carlos BritoCEO
Felipe DutraCFO
Graham StaleyVice president, global investor relationsTel +1 212 573 4365
KEY OFFICIALS
Source: Anheuser-Busch InBev
$ bn
05
101520253035404550
2009
2010
2011
NET DEBT
Source: Anheuser-Busch InBev
%
North America,
42.6
Latin America North, 37.6
Latin America South, 8.1
Western Europe,
7.9
EasternEurope,
1.5 Central &
Asia Pacific,2.3
NORMALISED EBITDA BY REGION (2011)
Source: Anheuser-Busch InBev
$ bn
0
1
2
3
4
5
6
7
2009
2010
2011
NORMALISED NET PROFIT
Source: Anheuser-Busch InBev
x
0
0.5
1
1.5
2
2.5
3
3.5
4
2009
2010
2011
NET DEBT / EBITDA
Rating A3, A, A
Pricing date July 7, 2011Value $750mMaturity date July 14, 2014Coupon 1.5%Pricing details 70bp over USTsBookrunners Barclays Deutsche Bank BofA Merrill Lynch RBS SG Pricing date July 7, 2011Value $300mMaturity date July 14, 2014Coupon 3m Libor +36bpBookrunners Barclays Deutsche Bank BofA Merrill Lynch RBS SG
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1SG Corporate & Investment Banking
210 2 20
1 RBS 210 2 20
1 Deutsche Bank 210 2 20
1 Barclays 210 2 20
1Bank of America Merrill Lynch
210 2 20
Subtotal 1,050 2 100
Total 1,050 2 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Anheuser Busch CDS 5yr Philip Morris CDS 5yr SABMiller CDS 5yr
Imperial Tobacco CDS 5yr Pernod Ricard CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
5
10
15
20
25
PUBLIC BOND ISSUANCE
Source: Anheuser-Busch InBev
$ bn
11.512
12.513
13.514
14.515
15.516
2009
2010
2011
NORMALISED EBITDA
Source: Anheuser-Busch InBev
$ bn
34.535
35.536
36.537
37.538
38.539
39.5
2009
2010
2011
REVENUE
Anheuser-Busch InBev
A3, positive outlook
Moody’s upgraded the long-term senior unsecured ratings of Anheuser Busch InBev (“ABI”) to A3 from Baa1 on March 27, 2012. The upgrade refl ects ABI’s continued progress in reducing debt and improving credit metrics as a result of its good business momentum, successful cost reduction initiatives, expanding margins, and balanced growth. The positive outlook refl ects Moody’s expectation that management will remain committed to reducing leverage further while growing the scale and profi tability of the business which could lead to a further upgrade.
Anheuser Busch InBev’s ratings refl ect the company’s scale as the world’s largest brewer, its wide portfolio of beer brands at various price points, leading market positions in some of the world’s largest and most profi table beer markets and seasoned management with a solid track record of integrating acquisitions and reducing leverage. The ratings are further supported by the company’s strong margins and high, recurring cash fl ows generated by its operations. At the same time, the ratings factor in the company’s exposure to somewhat more volatile economies, although it has a broadly balanced earnings base, the diffi cult consumer environments in North America and Western Europe, and continued high commodity prices which slows down margin improvement.
March 27, 2012
RATING AGENCY COMMENTARY: MOODY’S
74 E
uro
Week Financing C
orporates 2012
A
rcelorM
ittal
ArcelorMittal
Source: ArcelorMittal
%
0
5
10
15
20
25
2008
2009
2010
2011
EBITDA MARGIN
Source: ArcelorMittal
$ bn
0
5
10
15
20
25
30
2008
2009
2010
2011
NET DEBT
Source: ArcelorMittal
$
0
1
2
3
4
5
6
7
8
2008
2009
2010
2011
BASIC EARNINGS PER SHARE
ArcelorMittal
Lakshmi MittalChairman & CEO
Aditya MittalCFO
Daniel FaircloughVice president, investor [email protected]
KEY OFFICIALS
Source: ArcelorMittal
$ bn
0
5
10
15
20
25
2008
2009
2010
2011
EBITDA
Source: ArcelorMittal
$ bn
0123456789
10
2008
2009
2010
2011
NET INCOME
Source: ArcelorMittal
$ bn
116118120122124126128130132134136
2008
2009
2010
2011
TOTAL ASSETS
Source: ArcelorMittal
$ bn
0
20
40
60
80
100
120
140
2008
2009
2010
2011
REVENUE
Rating Baa3, BBB-, BBB
Pricing date March 22, 2012Value €500mMaturity date March 29, 2018Coupon 4.5%Pricing details 275bp over swapsBookrunners Commerzbank Group, Credit Agricole CIB, HSBC, RBS, SG, Santander Pricing date February 23, 2012Value $500mMaturity date February 25, 2015Coupon 3.75%Pricing details 340bp over USTsBookrunners BofA Merrill Lynch, Citi, Commerzbank, Credit Agricole CIB, HSBC, JPMorgan, RBS, SG, Santander Pricing date February 23, 2012Value $1.4bnMaturity date February 25, 2017Coupon 4.50%Pricing details 370bp over USTsBookrunners BofA Merrill Lynch, Citi, Commerzbank, Credit Agricole CIB, HSBC, JPMorgan, RBS, SG, Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1SG Corporate & Investment Banking
442 4 12.12
1 RBS 442 4 12.12
1 HSBC 442 4 12.12
1Credit Agricole CIB
442 4 12.12
1Commerzbank Group
442 4 12.12
1 Santander 442 4 12.12
7 JPMorgan 332 3 9.1
7 Citi 332 3 9.1
7Bank of America Merrill Lynch
332 3 9.1
Subtotal 3,647 4 100
Total 3,647 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 81.9
EUR, 18.1
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800
ArcelorMittal CDS 5yr Compagnie de Saint-Gobain CDS 5yr POSCO CDS 5yr
HeidelbergCement CDS 5yr Lafarge CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
PUBLIC BOND ISSUANCE
Source: ArcelorMittal
%
-4
-2
0
2
4
6
8
10
12
2008
2009
2010
2011
OPERATING MARGIN
Source: ArcelorMittal
$bn
Flat carbon Americas,
2.1
FlatcarbonEurope,
1.5
Long carbon, 1.9
AACIS, 1.2
Distribution solutions, 0.3
Mining, 3.1
EBITDA BY SEGMENT (2011)
Financing Corp
orates 2012 Eu
ro
Week 7
5
A
T&
T
AT&T
As at December 31, 2011. Source: AT&T
%
Long term, 94.6
Short term, 5.4
DEBT BY MATURITY
Source: AT&T
$bn
58606264666870727476
31-D
ec-0
731
-Dec
-08
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
TOTAL DEBT
Source: AT&T
%
05
101520253035404550
31-D
ec-0
731
-Dec
-08
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1DEBT RATIO
AT&T
Randall StephensonChairman & CEO
John J StephensCFO
Hunter JohnsonDebt investor [email protected]
KEY OFFICIALS
Source: AT&T
$bn
114
116
118
120
122
124
126
128
2007
2008
2009
2010
2011
OPERATING REVENUES
Source: AT&T
$bn
-5
0
5
10
15
20
25
2007
2008
2009
2010
2011
NET INCOME
Source: AT&T
$bn
260262264266268270272274276
31-D
ec-0
731
-Dec
-08
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
TOTAL ASSETS
Source: AT&T
%
Wireless,50
Wireline data / managed
services, 26
Wirelinevoice,19 Advertising
solutions / other, 5
REVENUE BY SEGMENT (2011)
Rating A2, A-, A
Issuer AT&T IncPricing date May 22, 2012Value £1.25bnMaturity date June 1, 2044Coupon 4.875%Pricing details 173bp over GiltsBookrunners Deutsche Bank Morgan Stanley RBS UBS Pricing date February 8, 2012Value $1bnMaturity date February 13, 2015Coupon 0.875%Bookrunners BNP Paribas Credit Suisse Deutsche Bank Pricing date February 8, 2012Value $1bnMaturity date February 15, 2017Coupon 1.66%Bookrunners BNP Paribas Credit Suisse Deutsche Bank
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 1,618 3 16.28
1 Barclays 1,618 3 16.28
3 Deutsche Bank 1,490 4 14.99
4 UBS 1,362 3 13.7
4 RBS 1,362 3 13.7
6 Credit Suisse 999 3 10.05
6 BNP Paribas 999 3 10.05
8 Morgan Stanley 491 1 4.94
Subtotal 9,939 7 100
Total 9,939 7 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
AT&T Corp 2,996 3
AT&T Inc 6,943 4
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 80.2
GBP, 19.8
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200 AT&T CDS 5yr Deutsche Telekom CDS 5yr France Telecom CDS 5yr
Koninklijke KPN CDS 5yr TeliaSonera CDS 5yr Vodafone CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
PUBLIC BOND ISSUANCE
Source: AT&T
$bn
-5
0
5
10
15
20
25
30
35
2007
2008
2009
2010
2011
OPERATING PROFIT
Source: AT&T
$
-1-0.5
00.5
11.5
22.5
33.5
4
2007
2008
2009
2010
2011
EARNINGS PER SHARE
76 E
uro
Week Financing C
orporates 2012
B
AA
Get full FIG coverage with EuroWeek’s Bank Finance Daily service”Visit www.euroweek.com/banks to find out more
>FIG
BAA
BAA
Rating NR, NR, NR
Andrew Efi ongHead of debt investor relationsTel +44 (0)20 8745 2742
KEY OFFICIALS
Pricing date February 7, 2012Value £600mMaturity date February 14, 2024Coupon 7.125%Pricing details 462.5bp over GiltsBookrunners Barclays Deutsche Bank Lloyds Banking Group RBC Pricing date January 18, 2012Value €700mMaturity date January 25, 2019Coupon 4.375%Pricing details 280bp over swapsBookrunners BNP Paribas HSBC Lloyds Banking Group Santander Pricing date June 22, 2011Value $1bnMaturity date July 15, 2023Coupon 4.875%Pricing details 200bp over USTsBookrunners BBVA, BFA, BNP Paribas, Citi, Credit Agricole CIB, HSBC, RBC, RBS, Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Barclays 573 3 12.74
2Lloyds Banking Group
559 3 12.44
3 RBS 535 4 11.9
4 BNP Paribas 438 3 9.74
5 Santander 436 3 9.7
6RBC Capital Markets
428 3 9.53
7 HSBC 333 2 7.4
8 Deutsche Bank 233 1 5.18
9 BFA 214 2 4.76
9 BBVA 214 2 4.76
Subtotal 3,963 7 88.15
Total 4,496 7 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
GBP,42.8
USD, 24.6
EUR,22.1
CHF,10.4
ISSUANCE BY CURRENCY 2011/12
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
4
PUBLIC BOND ISSUANCE
Source: BAA
£ bn
-0.25
-0.2
-0.15
-0.1
-0.05
0
2010 2011
ADJUSTED PRE-TAX LOSS
Source: BAA
£ bn
0
0.2
0.4
0.6
0.8
1
1.2
2008
2009
2010
2011
ADJUSTED EBITDA
Source: BAA
£ bn
1.95
2
2.05
2.1
2.15
2.2
2.25
2.3
2010 2011
TURNOVER
Source: BAA
£ bn
1.09
1.1
1.11
1.12
1.13
1.14
1.15
1.16
2010 2011
ADJUSTED OPERATING COSTS
Source: BAA
£ bn
9.69.79.89.910
10.110.210.310.410.5
2010 2011
CONSOLIDATED NET DEBT - BAA (SP)
Source: BAA
%
63
64
65
66
67
68
69
70
30-Ju
n-10
30-Se
p-10
31-D
ec-1
031
-Mar-
1130
-Jun-1
130
-Sep-1
131
-Dec
-11
BAA (SP) SENIOR GEARING
Source: BAA
£ bn
-0.35
-0.3
-0.25
-0.2
-0.15
-0.1
-0.05
0
2010 2011
PRE-TAX LOSS
Source: BAA
£ bn
12.212.412.612.8
1313.213.413.613.8
14
2010 2011
REGULATORY ASSET BASE
Financing Corp
orates 2012 Eu
ro
Week 7
7
B
G G
roup
BG Group
BG Group
Sir Frank ChapmanCEO
Fabio BarbosaCFO
Siobhán AndrewsActing head of investor relationsTel +44 118 929 3171
KEY OFFICIALS
Source: BG Group
$ bn
00.5
11.5
22.5
33.5
44.5
5
2009
2010
2011
NET PROFIT
Rating A2, A, A (BG Energy Holdings)
Pricing date November 9, 2011
Value €1bn
Maturity date November 16, 2018
Coupon 3%
Pricing details 90bp over swaps
Bookrunners Credit Agricole CIB
Deutsche Bank
HSBC
Lloyds Banking Group
SG
Pricing date October 28, 2011
Value £750m
Maturity date November 4, 2036
Coupon 5%
Pricing details 165bp over Gilts
Bookrunners BNP Paribas
Tokyo-Mitsubishi
Santander
Standard Chartered Bank
RBS
Pricing date October 6, 2011
Value $750m
Maturity date October 15, 2016
Coupon 2.875%
Pricing details 190bp over USTs
Bookrunners Barclays
Citi
Mizuho
RBC
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1RBC Capital Markets
745 3 13.47
1 Mizuho 745 3 13.47
1 Citi 745 3 13.47
1 Barclays 745 3 13.47
5SG Corporate & Investment Banking
275 1 4.98
5Lloyds Banking Group
275 1 4.98
5 HSBC 275 1 4.98
5 Deutsche Bank 275 1 4.98
5Credit Agricole CIB
275 1 4.98
10Standard Chartered Bank
235 1 4.25
10 RBS 235 1 4.25
10Mitsubishi UFJ Financial Group
235 1 4.25
10 Santander 235 1 4.25
10 BNP Paribas 235 1 4.25
Subtotal 5,534 5 100
Total 5,534 5 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
BG Energy Capital plc
€1bn, 3% November 2018
November 9, 2011
This was an opportunistic trade. BG has been active in the capital markets over the last two months, printing $3bn of fi ve, 10 and 30 years in dollars and a £750m 25 year issue.
The seven year maturity targets an open year in BG’s debt profi le and meets the sweet spot of investor demand, which is centred in the seven to 10 year area for this credit.
We announced a seven year deal at guidance of 95bp-100bp over mid-swaps, and quickly got a book of €4bn. By then the sell-off had begun — equities were down about 1%. But I still think we were right to tighten the guidance to 88bp-92bp.
The book was €4.1bn at its largest, though €200m-€300m of orders dropped when guidance was cut. We ended up with €3.75bn before reconciliations and about €3.5bn after, from 293 accounts. The book was high quality — insurance companies, fund managers, private banks.
The issuer asked us: ‘what about pricing versus size?’ We said they could defi nitely price €1bn off this book, no problem. The question was what was the right price.
When we tightened the guidance I thought we would print €1bn at 88bp. The issuer would have been within its rights to do that. There was no obvious price sensitivity in the book and realistically they probably could have done it at 88bp and €500m would have dropped out and it would have been fi ne.
But BG decided to do the responsible thing and not push it. You have to think about how it will trade, and they are a regular issuer in multiple currencies. But it’s important to emphasise that the pricing at 90bp rather than 88bp was not because there was any resistance to it.
The biggest buyers were in France and Germany — the UK investor base is a natural buyer but had just had a sterling issue from BG. We did consider whether the issue was feasible, considering that. But there was plenty of demand. We were marking the 2019s at 71bp over mid-swaps, which takes you back to 67bp for a seven year. So the guidance of 95bp-100bp was basically a 30bp premium and the fi nal spread of 90bp gives about 23bp. It’s not as tight as GDF’s 15bp but it’s still a lot better than most deals since September and better than the dollar deal BG did.
BOOKRUNNER COMMENTS
Source: BG Group
$ bn
0123456789
2009
2010
2011
TOTAL OPERATING PROFIT
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,53.9
EUR,24.9
GBP,21.3
ISSUANCE BY CURRENCY 2011/12
Source: BG Group
$ bn
0123456789
2009
2010
2011
PRE-TAX PROFIT
Source: BG Group
$ bn
0
2
4
6
8
10
12
2009
2010
2011
NET BORROWING
Source: BG Group
$
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2009
2010
2011
EARNINGS PER ORDINARY SHARE
Source: BG Group
$ bn
0
10
20
30
40
50
60
70
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Source: BG Group
%
0
5
10
15
20
25
30
2009
2010
2011
GEARING RATIO
Source: BG Group
$ bn
2525.5
2626.5
2727.5
2828.5
2929.5
30
31-D
ec-1
0
31-D
ec-1
1
TOTAL EQUITY
78 E
uro
Week Financing C
orporates 2012
B
HP
Billito
n
BHP Billiton
Source: BHP Billiton
$ bn
0
20
40
60
80
100
120
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL ASSETS
Source: BHP Billiton
%
36
38
40
42
44
46
48
50
2008
2009
2010
2011
UNDERLYING EBIT MARGIN
Source: BHP Billiton
%
02468
101214161820
2008
2009
2010
2011
GEARING
BHP Billiton
Graham KerrCFO
James AgarInvestor relationsTel +61 3 9609 2222
KEY OFFICIALS
Source: BHP Billiton
$ bn
0
5
10
15
20
25
30
35
2008
2009
2010
2011
UNDERLYING EBIT
Source: BHP Billiton
$
00.5
11.5
22.5
33.5
44.5
5
2008
2009
2010
2011
EARNINGS PER SHARE (BASIC)
Source: BHP Billiton
%
05
1015202530354045
2008
2009
2010
2011
RETURN ON CAPITAL EMPLOYED
Source: BHP Billiton
$ bn
01020304050607080
2008
2009
2010
2011
REVENUE
Rating A1, A+, A+
Pricing date May 23, 2012Value €1.25bnMaturity date November 29, 2018Coupon 2.125%Pricing details 65bp over swapsBookrunners BNP Paribas Lloyds Banking Group RBS Santander Pricing date May 23, 2012Value €750mMaturity date May 29, 2024Coupon 3%Pricing details 100bp over swapsBookrunners BNP Paribas Lloyds Banking Group RBS Santander Pricing date February 21, 2012Value $1bnMaturity date February 18, 2014Coupon 3m Libor +27bpBookrunners BNP Paribas Barclays JPMorgan RBS UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 2,534 8 23.58
1 Barclays 2,534 8 23.58
3 RBS 1,681 7 15.64
3 BNP Paribas 1,681 7 15.64
5 UBS 1,044 5 9.71
6Lloyds Banking Group
637 2 5.93
6 Santander 637 2 5.93
Subtotal 10,749 10 100
Total 10,749 10 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
BHP Billiton Finance (USA) Ltd
8,199 8
BHP Billiton Finance Ltd 2,550 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 76.3
EUR, 23.7
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300
350
400 Anglo American CDS 5yr Barrick Gold CDS 5yr BHP Billiton CDS 5yr
Rio Tinto CDS 5yr Vale CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
012345678
PUBLIC BOND ISSUANCE
Source: BHP Billiton
$ bn
0
5
10
15
20
25
2008
2009
2010
2011
NET PROFIT
Source: BHP Billiton
$ bn
0
10
20
30
40
50
60
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL EQUITY
Financing Corp
orates 2012 Eu
ro
Week 7
9
B
MW
BMW
Source: BMW Group
€ bn
0
1
2
3
4
5
6
2008
2009
2010
2011
NET PROFIT
Source: BMW Group
€ bn
0123456789
2008
2009
2010
2011
PROFIT BEFORE FINANCIAL RESULT
Source: BMW Group
€ bn
012345678
2008
2009
2010
2011
PRE-TAX PROFIT
BMW
Friedrich EichinerCFO
Torsten SchüsslerHead of investor relationsTel +49 89 382 25387
KEY OFFICIALS
Data at March 31, 2012. Source: BMW Group
%
1yr+, 55
<1yr, 45
DEBT MATURITY
Total capex / revenues. Source: BMW Group
%
-2
0
2
4
6
8
10
12
14
2008
2009
2010
2011
EBIT MARGIN (AUTOMOTIVE)
Source: BMW Group
€ bn
0
10
20
30
40
50
60
70
80
2008
2009
2010
2011
REVENUES
Total capex / revenues. Source: BMW Group
%
0123456789
2008
2009
2010
2011
CAPEX RATIO
Rating A2, A, NR
Issuer BMW Finance NVPricing date January 25, 2012Value £750mMaturity date December 14, 2018Coupon 3.375%Pricing details 200bp over GiltsBookrunners Deutsche Bank RBC Santander Issuer BMW Finance NVPricing date January 4, 2012Value €1.25bnMaturity date January 13, 2015Coupon 2.125%Pricing details 83bp over swapsBookrunners Barclays Credit Suisse Goldman Sachs RBS SG Issuer BMW Finance NVPricing date January 4, 2012Value €1.25bnMaturity date January 14, 2019Coupon 3.25%Pricing details 125bp over swapsBookrunners Barclays Credit Suisse Goldman Sachs RBS SG
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Deutsche Bank 1,264 8 10.82
2 Barclays 1,191 8 10.2
3RBC Capital Markets
1,021 5 8.74
4TD Securities Inc
987 7 8.45
5SG Corporate & Investment Banking
873 4 7.48
6 RBS 858 4 7.34
7 Credit Suisse 819 3 7.01
8 JPMorgan 811 5 6.94
9 Goldman Sachs 715 3 6.12
10 Morgan Stanley 650 3 5.56
Subtotal 9,189 32 78.68
Total 11,679 48 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
BMW Australia Finance Ltd 261 3
BMW Canada Inc 450 2
BMW Finance 193 2
BMW Finance NV 8,657 31
BMW Japan Finance Corp 62 1
BMW US Capital LLC 341 3
BMW Vehicle Lease Trust 780 3
BMW Vehicle Owner Trust 936 3
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR,46.2
USD, 17.2
GBP, 10
NOK, 6.6
CAD, 4.9
SEK, 3.9
JPY,3.6
CHF,2.9
AUD,2.7
Other,2.0
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250BMW CDS 5yr Daimler CDS 5yr Volkswagen CDS 5yr Toyota CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
14
PUBLIC BOND ISSUANCE
Data at March 31, 2012. Source: BMW Group
%
Bonds/PPs,44
Structured finance, 4
Bankloans,
5
SSD,6
Customer deposits,
13
Brokered CDs, 7
CP , 3
ABS, 13
Other, 1
DEBT BREAKDOWN
80 E
uro
Week Financing C
orporates 2012
B
P
BP
Source: BP
%
19.820
20.220.420.620.8
2121.221.421.6
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET DEBT / NET DEBT PLUS EQUITY
Source: BP
$ bn
0
20
40
60
80
100
120
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
BP SHAREHOLDERS’ EQUITY
Source: BP
$ bn
05
10152025303540
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
FINANCIAL DEBT DUE >1YR
BP
Brian GilvaryCFO
Jessica MitchellDirector of group investor relationsTel + 44 20 7496 4000
KEY OFFICIALS
Source: BP
$ bn
-10-505
1015202530354045
2008
2009
2010
2011
EBIT
Source: BP
$
-0.4-0.2
00.20.40.60.8
11.21.41.6
2008
2009
2010
2011
BASIC EARNINGS PER SHARE
Source: BP
$ bn
0
50
100
150
200
250
300
350
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL ASSETS
Source: BP
$ bn
050
100150200250300350400
2008
2009
2010
2011
SALES & OTHER OPERATING REVENUES
Rating A2, A, A
Pricing date May 2, 2012
Value $1.25bn
Maturity date May 5, 2017
Coupon 1.846%
Pricing details 103bp over USTs
Bookrunners Credit Suisse
Mizuho
Morgan Stanley
RBS
UBS
Pricing date May 2, 2012
Value $1.75bn
Maturity date May 6, 2022
Coupon 3.245%
Pricing details 133bp over USTs
Bookrunners Credit Suisse
Mizuho
Morgan Stanley
RBS
UBS
Pricing date February 13, 2012
Value €1.25bn
Maturity date February 16, 2016
Coupon 2.177%
Pricing details 78bp over swaps
Bookrunners BNP Paribas
Deutsche Bank
Lloyds Banking Group
SG
Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Morgan Stanley 1,133 5 10.78
2SG Corporate & Investment Banking
660 2 6.28
2Lloyds Banking Group
660 2 6.28
2 Deutsche Bank 660 2 6.28
2 Santander 660 2 6.28
2 BNP Paribas 660 2 6.28
7 HSBC 622 4 5.92
8 UBS 600 2 5.71
8 RBS 600 2 5.71
8 Mizuho 600 2 5.71
8 Credit Suisse 600 2 5.71
Subtotal 7,455 11 70.93
Total 10,511 11 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,52.3
EUR,42.9
CAD, 4
CNY, 0.9
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200
BP CDS 5yr Royal Dutch Shell CDS 5yr Statoil CDS 5yr Total CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
PUBLIC BOND ISSUANCE
Source: BP
$ bn
-5
0
5
10
15
20
25
30
2008
2009
2010
2011
NET PROFIT
Financing Corp
orates 2012 Eu
ro
Week 8
1
C
asino G
uichard-P
errachon
Casino Guichard-Perrachon
Before appropriation. Source: Groupe Casino
€ bn
7
7.5
8
8.5
9
9.5
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
EQUITY
Source: Groupe Casino
€ bn
0
1
2
3
4
5
6
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET DEBT
Casino Guichard-Perrachon
Antoine Giscard d’EstaingCFO
KEY OFFICIALS
Source: Groupe Casino
€ bn
0.51
0.52
0.53
0.54
0.55
0.56
0.57
2009
2010
2011
NET PROFIT
Source: Groupe Casino
x
1.7
1.8
1.9
2
2.1
2.2
2.3
2.4
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET DEBT TO EBITDA
Source: Groupe Casino
€ bn
0
5
10
15
20
25
30
35
40
2009
2010
2011
NET REVENUE
Rating NR, BBB-, BBB-
Pricing date March 1, 2012Value €600mMaturity date March 9, 2020Coupon 3.99%Pricing details 193bp over swapsBookrunners BNP Paribas BofA Merrill Lynch Barclays Groupe Credit Mutuel RBS UBS Pricing date September 27, 2011Value €600mMaturity date April 4, 2016Coupon 4.472%Pricing details 260bp over swapsBookrunners BofA Merrill Lynch Credit Agricole CIB Deutsche Bank HSBC ING Natexis Banques Populaires SG
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Bank of America Merrill Lynch
250 2 15.47
2 UBS 134 1 8.32
2 RBS 134 1 8.32
2Groupe Credit Mutuel CEE
134 1 8.32
2 Barclays 134 1 8.32
2 BNP Paribas 134 1 8.32
7SG Corporate & Investment Banking
115 1 7.15
7 Natixis 115 1 7.15
7 ING 115 1 7.15
7 HSBC 115 1 7.15
7 Deutsche Bank 115 1 7.15
7Credit Agricole CIB 115 1 7.15
Subtotal 1,613 2 100
Total 1,613 2 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Casino Guichard-Perrachon SA
€600m, 4.472% April 2016
September 27, 2011
Casino had been monitoring the market closely since the re-opening of the primary market last week. The company had raised €850m of 10 year debt in May, combined with a tender offer.
It’s a challenging market, though Tuesday was a great day. This is a window market, and all communities in the market are getting acquainted with that. The stock and credit markets opened well on Tuesday morning, so it made sense to take advantage of this window.
It was a coincidence that Casino chose the same maturity as Peugeot — though, the shorter you go, the more you go down in price.
After a go/no go call at 10am Paris time, we announced the deal as a benchmark 4-1/2 year, with talk of 260bp-265bp over mid-swaps. Based on interpolating Casino’s curve, although it’s quite diffi cult to get a feeling for the secondary levels, that was a new issue premium of 40bp-45bp.
After 45 minutes, we had €1bn of demand, so we were able to increase the deal to €600m. The order book closed at €1.5bn from 195 accounts, so we priced at the tight end, 260bp over swaps, giving a 40bp concession.
Since the break, Casino has traded around re-offer, with no great movement one way or the other.
The deal includes a 125bp step-up if Casino is downgraded.
BOOKRUNNER COMMENTS
Source: Groupe Casino
€ bn
0
10
20
30
40
50
60
2009
2010
2011
NET BUSINESS VOLUME
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Casino Guichard CDS 5yr Wal Mart CDS 5yr Tesco CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
PUBLIC BOND ISSUANCE
Source: Groupe Casino
€ bn
0
0.5
1
1.5
2
2.5
2009
2010
2011
EBITDA
Data at December 31, 2011. Source: Groupe Casino
%
Brazil,50
Colombia,21
Thailand,16 Vietnam, 2
Other, 11
REVENUE BREAKDOWN (INTERNATIONAL MARKETS)
82 E
uro
Week Financing C
orporates 2012
C
aterpillar
Caterpillar
Source: Caterpillar
$ bn
0102030405060708090
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL ASSETS
Source: Caterpillar
$ bn
0
5
10
15
20
25
30
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
CONSOLIDATED LONG-TERM DEBT (>1YR)
Caterpillar
Doug OberhelmanChairman & CEO
KEY OFFICIALS
Source: Caterpillar
$
0
1
2
3
4
5
6
7
8
2008
2009
2010
2011
PROFIT PER SHARE (DILUTED)
Source: Caterpillar
$ bn
0
1
2
3
4
5
6
2008
2009
2010
2011
NET PROFIT
Source: Caterpillar
$ bn
0
10
20
30
40
50
60
70
2008
2009
2010
2011
CONSOLIDATED SALES & REVENUES
Rating A2, A, A
Pricing date May 22, 2012Value $500mMaturity date June 1, 2022Coupon 2.85%Pricing details 110bp over USTsBookrunners BofA Merrill Lynch Citi Pricing date May 22, 2012Value $500mMaturity date June 1, 2017Coupon 1.625%Pricing details 90bp over USTsBookrunners BofA Merrill Lynch Citi Pricing date May 22, 2012Value $500mMaturity date May 29, 2015Coupon 1.1%Pricing details 70bp over USTsBookrunners BofA Merrill Lynch Citi
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 1,273 5 17.78
2Bank of America Merrill Lynch
1,090 6 15.22
3 Citi 863 5 12.05
4 Goldman Sachs 774 4 10.8
5 RBS 573 3 8
6 Barclays 425 3 5.94
7SG Corporate & Investment Banking
390 1 5.45
8TD Securities Inc
368 2 5.15
8RBC Capital Markets
368 2 5.15
10Standard Chartered Bank
356 1 4.97
Subtotal 6,479 19 90.49
Total 7,160 25 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,59.1
EUR,23.1
AUD, 8.4
CNY,7.6
Other, 1.7
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
ABB CDS 5yr Caterpillar CDS 5yr GE Capital CDS 5yr Schlumberger CDS 5yr
Hutchison Whampoa CDS 5yr Braskem CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
PUBLIC BOND ISSUANCE
Source: Caterpillar
$ bn
0
1
2
3
4
5
6
7
8
2008
2009
2010
2011
OPERATING PROFIT
Issuer Deal value $m
No deals
Caterpillar Credito SA de CV 72 1
Caterpillar Finance Corp 41 1
Caterpillar Financial Aus-tralia Ltd
609 5
Caterpillar Financial Ser-vices Argentina SA
14 1
Caterpillar Financial Ser-vices Corp
4,851 13
Caterpillar International Finance Ltd
1,681 3
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Caterpillar
$ bn
Powersystems,
20.1
Construction industries, 19.7
Resourceindustries,
15.6 Financial products,
3.0
All other,1.7
CONSOLIDATED SALES & REVENUES BY SEGMENT (2011)
Data at December 31, 2011. Source: Caterpillar
$ bn
Machinery & power systems,
8.42
Financial products, 16.53
LONG-TERM DEBT BREAKDOWN
Financing Corp
orates 2012 Eu
ro
Week 8
3
C
EZ
CEZ
Source: CEZ
CZK bn
020406080
100120140160180
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET DEBT
Source: CEZ
%
02468
101214161820
2008
2009
2010
2011
RETURN OF INVESTED CAPITAL
Source: CEZ
CZK bn
0
50
100
150
200
250
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
EQUITY
CEZ
Daniel BenešChairman & CEO
Barbara SeidlováHead of investor relationsTel + 420 211 042 529
KEY OFFICIALS
Source: CEZ
CZK bn
85
86
87
88
89
90
91
92
2008
2009
2010
2011
EBITDA
Source: CEZ
CZK bn
0
10
20
30
40
50
60
2008
2009
2010
2011
NET INCOME
Source: CEZ
CZK
0
20
40
60
80
100
120
2008
2009
2010
2011
EARNINGS PER SHARE
Source: CEZ
CZK bn
170175180185190195200205210215
2008
2009
2010
2011
OPERATING REVENUES
Rating A2, A-, A-
Pricing date March 28, 2012Value $700mMaturity date April 3, 2022Coupon 4.25%Pricing details 215bp over USTsBookrunners Barclays Citi Goldman Sachs SG Pricing date March 28, 2012Value $300mMaturity date April 3, 2042Coupon 5.625%Pricing details 235bp over USTsBookrunners Barclays Citi Goldman Sachs SG Pricing date June 1, 2011Value €100mMaturity date June 21, 2021Coupon 2.15%Bookrunners Barclays
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Barclays 392 3 32.54
2SG Corporate & Investment Banking
249 2 20.62
2 Goldman Sachs 249 2 20.62
2 Citi 249 2 20.62
5 UBS 68 1 5.6
Subtotal 1,205 4 100
Total 1,205 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 82.5
EUR, 17.5
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800900
1000 CEZ CDS 5yr Enel CDS 5yr Energias de Portugal CDS 5yr
Iberdrola CDS 5yr Korea Electric Power Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
PUBLIC BOND ISSUANCE
Source: CEZ
CZK bn
58
60
62
64
66
68
70
2008
2009
2010
2011
EBIT
Source: CEZ
x
00.20.40.60.8
11.21.41.61.8
2
2008
2009
2010
2011
NET DEBT / EBITDA
Source: CEZ
%
0
5
10
15
20
25
30
2008
2009
2010
2011
RETURN ON EQUITY (NET)
84 E
uro
Week Financing C
orporates 2012
C
om
pag
nie de S
aint-Go
bain
Compagnie de Saint-Gobain
Compagnie de Saint-Gobain
Pierre-André de ChalendarChairman & CEO
Laurent GuillotCFO
KEY OFFICIALS
Rating Baa2, BBB, BBB+
Pricing date May 31, 2012Value €750mMaturity date June 15, 2021Coupon 3.625%Pricing details 200bp over swapsBookrunners Barclays, Citi, Goldman Sachs, HSBC, Mizuho, UniCredit
Pricing date March 14, 2012Value €750mMaturity date March 28, 2022Coupon 3.625%Pricing details 140bp over swapsBookrunners BBVA, BNP Paribas, BofA Merrill Lynch, Commerzbank, ING, Mitsubishi UFJ, Natixis, Santander
Pricing date September 21, 2011Value €1bnMaturity date September 30, 2015Coupon 3.5%Pricing details 190bp over swapsBookrunners Credit Agricole CIB, JP Morgan, RBS, SG
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Credit Agricole CIB
726 3 15.12
2SG Corporate & Investment Banking
690 3 14.37
3 RBS 594 2 12.38
3 JPMorgan 594 2 12.38
5 BBVA 283 3 5.89
6 HSBC 219 2 4.57
7 UniCredit 155 1 3.23
7 Mizuho 155 1 3.23
7 Goldman Sachs 155 1 3.23
7 Citi 155 1 3.23
7 Barclays 155 1 3.23
Subtotal 3,883 8 80.87
Total 4,801 9 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Compagnie de Saint-Gobain
€1bn, 3.5% September 2015 / €750m, 4.5% September 2019
September 21, 2011
The deal was the biggest since the summer, the fi rst from a cyclical company and the fi rst triple-B fl at deal. It was also the fi rst dual tranche and the fi rst benchmark shorter than seven years.
We told investors to expect €500m of four years and €500m of eight years, but did say there was a chance of an increase. The issuer always had the ability to do more, and that was factored into the new issue premiums, which were fair.
We started with talk of 200bp area over mid-swaps and 235bp area, which gave premiums of 52bp and 46bp over their curve. For the short one we interpolated their 2014s and 2016s, though you could also extrapolate backwards from the 2016s and 2017s, which makes the premium look smaller. The long one was done by extrapolating out the curve and taking the average of the banks’ levels.
The book on the four year really surprised us, and the eight year was also somewhat more successful than we expected. The lack of short term paper in recent weeks probably contributed to the keen demand. It’s a good premium, a decent coupon, and a really well known name.
We had about a €5bn book for the four year, with 400 orders, including lots of private banks and retail accounts. For the eight year there was about €2.5bn of demand, though it dropped a little in reconciliations. There was a lot of overlap between the two books, so between 400 and 500 accounts in all.
Based on that, we doubled the four year tranche to €1bn and took the eight year up to €750m. It was quite a nice surprise to convince them to go to €1.75bn. The company was not desperate to raise that much cash — and, all credit to their treasurer, they were determined to ensure that, if they increased the deal, it would still have decent performance. We were able to give them the right combination.
We tightened the guidance to 190bp-195bp and 230bp-235bp, and priced at the tight end of those ranges. On the break, the shorter bond traded about 5bp tighter on the bid side and the longer one was about fl at.
BOOKRUNNER COMMENTS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 98.3
JPY, 1.7
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800
ArcelorMittal CDS 5yr Compagnie de Saint-Gobain CDS 5yr POSCO CDS 5yr
HeidelbergCement CDS 5yr Lafarge CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
4
PUBLIC BOND ISSUANCE
Source: Saint-Gobain
€
0
0.5
1
1.5
2
2.5
3
3.5
2009
2010
2011
EARNINGS PER SHARE
Source: Saint-Gobain
€ bn
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2009
2010
2011
NET INCOME
Source: Saint-Gobain
€ bn
35
36
37
38
39
40
41
42
43
2009
2010
2011
NET SALES
Source: Saint-Gobain
%
France , 27
Western Europe ex -France, 41
North America, 13
Asia & EM, 19
SALES BY REGION (2011)
Source: Saint-Gobain
€ bn
6
6.5
7
7.5
8
8.5
9
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET DEBT
Source: Saint-Gobain
€
15
15.5
16
16.5
17
17.5
18
18.5
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
EQUITY
Financing Corp
orates 2012 Eu
ro
Week 8
5
D
aimler
Daimler
Source: Daimler
€ bn
115
120
125
130
135
140
145
150
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1TOTAL ASSETS
Daimler
Bodo UebberCFO
Dr Michael MühlbayerHead of investor relations & treasuryTel +49 711 17 93139
KEY OFFICIALS
Source: Daimler
€ bn
Germany,19.8
Western Europe
ex-Germany,19.6
US, 22.2
NAFTA ex-US, 3.8
China,11.1
Asia ex - China, 11.5
Other, 18.5
REVENUE BY REGION (2011)
Source: Daimler
€ bn
-4
-2
0
2
4
6
8
10
2009
2010
2011
EBIT
Source: Daimler
€ bn
-4-3-2-101234567
2009
2010
2011
NET PROFIT/LOSS
Source: Daimler
€ bn
0
20
40
60
80
100
120
2009
2010
2011
REVENUE
Rating A3, A-, A-
Pricing date April 2, 2012Value $600mMaturity date April 10, 2014Coupon 3m Libor +78bpBookrunners Barclays Goldman Sachs HSBC Mizuho Pricing date April 2, 2012Value $650mMaturity date April 10, 2015Coupon 1.65%Pricing details 118bp over USTsBookrunners Barclays Goldman Sachs HSBC Mizuho Pricing date April 2, 2012Value $500mMaturity date April 10, 2017Coupon 2.4%Pricing details 138bp over USTsBookrunners Barclays Goldman Sachs HSBC Mizuho
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Deutsche Bank 4,018 18 18.86
2 HSBC 2,816 27 13.22
3 BNP Paribas 1,709 9 8.02
4TD Securities Inc
1,294 17 6.07
5 JPMorgan 1,170 7 5.49
6Bank of America Merrill Lynch
1,144 8 5.37
7RBC Capital Markets
1,083 10 5.08
8 Barclays 799 6 3.75
9 Goldman Sachs 795 5 3.73
10 RBS 752 7 3.53
Subtotal 15,580 61 73.14
Total 21,302 71 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,46
EUR, 25.6
GBP, 8.7
CAD, 5.6
NOK,3.8
AUD,3.2
SEK,2.9
Other,4.3
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250BMW CDS 5yr Daimler CDS 5yr Volkswagen CDS 5yr Toyota CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
02468
101214161820
PUBLIC BOND ISSUANCE
Source: Daimler
%
23.5
24
24.5
25
25.5
26
26.5
27
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
EQUITY RATIO (GROUP)
Source: Daimler
%
-4
-2
0
2
4
6
8
10
2009
2010
2011
OPERATING MARGIN
Issuer Deal value $m
No deals
Daimler AG 3,665 6
Daimler Canada Finance Inc 1,431 9
Daimler Finance North America LLC
6,631 10
Daimler International Finance BV
5,632 28
Daimler Mexico SA de CV 74 1
Mercedes-Benz (Thailand) Ltd
16 1
Mercedes-Benz Australia/Pacifi c Pty Ltd
470 4
Mercedes-Benz Auto Lease Trust
1,992 6
Mercedes-Benz Auto Receiv-ables Trust
1,052 3
Mercedes-Benz Compania Financiera Argentina SA
18 1
Mercedes-Benz Japan Co Ltd 65 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
86 E
uro
Week Financing C
orporates 2012
D
eutsche Bahn
Deutsche Bahn
Deutsche Bahn
Rating Aa1, AA, AA
Rüdiger GrubeCEO
Richard LutzCFO
Sascha FriedrichInvestor relations manager
KEY OFFICIALS
Pricing date February 27, 2012Value €500mMaturity date March 8, 2024Coupon 3%Pricing details 68bp over swapsBookrunners DZ Bank Goldman Sachs LBBW Morgan Stanley Pricing date June 21, 2011Value €500mMaturity date June 30, 2016Coupon 2.875%Pricing details 25bp over swapsBookrunners BayernLB DZ Bank Intesa Sanpaolo SEB
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Deutsche Bank 580 6 17.11
2 DZ Bank 345 2 10.17
3 UBS 314 3 9.25
4 Mizuho 281 3 8.3
5 Credit Suisse 223 1 6.59
6 RBS 179 2 5.29
7 SEB 178 1 5.25
7 Intesa Sanpaolo 178 1 5.25
7 BayernLB 178 1 5.25
10 Morgan Stanley 167 1 4.91
10 LBBW 167 1 4.91
10 Goldman Sachs 167 1 4.91
Subtotal 2,958 14 87.19
Total 3,392 15 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Deutsche Bahn
€500m, 2.875% June 2016
June 21, 2011
Considering the market environment we are all very happy with how it went. There was nobody else out in the market on Tuesday but Deutsche Bahn is a very sound credit — it is considered Bunds with a spread.
Compared to all Deutsche Bahn’s other deals, this was aimed at retail investors and the Eu1,000 denomination helped with that. That’s why the issuer chose four lead managers with expertise in certain regions.
We had thorough discussions with the issuer on Monday night and the market appeared to be stable enough this morning.
We knew that if any corporate could do a deal it would be this one, and we were prepared for a bumpy ride. The bookbuilding took a little bit longer than expected but the issuer said he was very happy with the book.
Deutsche Bahn said it would do a Eu500m no-grow transaction and we managed to get a granular, high quality order book of more than Eu500m, with almost 100 accounts. The average order size was around Eu5m.
The issuer would have expected a price more expensive for investors, but realised that you can’t be greedy and it worked. This was the deal we could print today — we didn’t want to fool around for 1bp or 2bp and luckily the issuer was sensible enough to accept it.
Deutsche Bahn has a fairly clear credit curve — it is not very diffi cult to spot where the bonds are trading.
We announced a whisper in the mid-20s over mid-swaps, and then opened the book at the 25bp area. Pricing was confi rmed at 25bp. The spread offered a new issue premium of 3bp-4bp over fair value for a fi ve year, which is very small
Private banks and mutual funds were important in the book, but we also had some central banks, in Europe and Asia.
On Tuesday afternoon it was trading at re-offer or a little bit higher.
BOOKRUNNER COMMENTS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR,59.1
CHF,21.2
NOK,10.7
USD,5.9
HKD, 3.2
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
CEZ CDS 5yr Deutsche Bahn CDS 5yr Russian Railways CDS 5yr
RWE CDS 5yr National Grid CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
PUBLIC BOND ISSUANCE
Source: Deutsche Bahn
€ bn
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2009
2010
2011
NET PROFIT
Source: Deutsche Bahn
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
2009
2010
2011
NET FINANCIAL DEBT/EBITDA
Source: Deutsche Bahn
€ bn
4
4.2
4.4
4.6
4.8
5
5.2
2009
2010
2011
EBITDA (ADJUSTED)
Source: Deutsche Bahn
€ bn
0
5
10
15
20
25
30
35
40
2009
2010
2011
REVENUES (ADJUSTED)
Deutsche Bahn AG
AA, stable
S&P’s AA long-term corporate credit rating on Deutsche Bahn AG refl ects the “very high” likelihood that the Federal Republic of Germany would provide timely and suffi cient extraordinary support to Deutsche Bahn AG in the event of fi nancial distress. This is based on Deutsche Bahn AG’s “very important” role for the German government.
Deutsche Bahn AG has a dominant position and strategic, socioeconomic, and political importance as the country’s leading provider of passenger rail services. Deutsche Bahn AG is Germany’s rail network owner, manager, and operator; and Germany’s dominant rail-freight and logistics operator. Deutsche Bahn also has a “very strong” link with the German government. It is a constitutional requirement that the government owns the rail infrastructure and has responsibility for offering a functional rail infrastructure.
The rating also refl ects Deutsche Bahn’s stand-alone credit profi le (SACP) of ‘a-’. This is based on the group’s “strong” business risk profi le is “strong”. S&P’s assessment refl ects Deutsche Bahn’s dominant position as operator in the European passenger transport segment and as owner of all rail track and stations in Germany. Deutsche Bahn is also a leading player in the global rail and freight market.
RATING AGENCY COMMENTARY: S&P
Financing Corp
orates 2012 Eu
ro
Week 8
7
D
eutsche Telekom
Deutsche Telekom
Source: Deutsche Telekom
€ bn
38
39
40
41
42
43
44
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
SHAREHOLDERS’ EQUITY
Adjusted for special factors. Source: Deutsche Telekom
%
30.8
31
31.2
31.4
31.6
31.8
32
32.2
2008
2009
2010
2011
EBITDA MARGIN
Source: Deutsche Telekom
%
3.3
3.4
3.5
3.6
3.7
3.8
3.9
4
2009
2010
2011
ROCE
Deutsche Telekom
René ObermannCEO
Timotheus HöttgesCFO
KEY OFFICIALS
Source: Deutsche Telekom
%
Domestic,44.9International,
55.1
NET REVENUE BY REGION (2011
Source: Deutsche Telekom
€ bn
00.20.40.60.8
11.21.41.61.8
2008
2009
2010
2011
NET PROFIT
Source: Deutsche Telekom
€ bn
15.516
16.517
17.518
18.519
19.520
20.5
2008
2009
2010
2011
EBITDA
Source: Deutsche Telekom
€ bn
555657585960616263646566
2008
2009
2010
2011
NET REVENUE
Rating Baa1, BBB+, BBB+
Issuer Deutsche Telekom International Finance BVPricing date February 28, 2012Value $1bnMaturity date March 6, 2017Coupon 2.25%Pricing details 153bp over USTsBookrunners Credit Suisse Morgan Stanley SG Issuer Deutsche Telekom International Finance BVPricing date February 28, 2012Value $1bnMaturity date March 6, 2042Coupon 4.875%Pricing details 190bp over USTsBookrunners Credit Suisse Morgan Stanley SG
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1SG Corporate & Investment Banking
660 2 27.21
1 Morgan Stanley 660 2 27.21
1 Credit Suisse 660 2 27.21
4 Deutsche Bank 344 3 14.16
5 Citi 102 1 4.21
Subtotal 2,426 6 100
Total 2,426 6 100
Source: Dealogic (March 5, 2011 to March 4, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 83.1
NOK, 7.2
AUD,5.5
EUR,4.3
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200 AT&T CDS 5yr Deutsche Telekom CDS 5yr France Telecom CDS 5yr
Koninklijke KPN CDS 5yr TeliaSonera CDS 5yr Vodafone CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
PUBLIC BOND ISSUANCE
Issuer Deal value $m
No deals
Deutsche Telekom AG 302 2
Deutsche Telekom Interna-tional Finance BV
2,083 3
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Deutsche Telekom
%
3131.5
3232.5
3333.5
3434.5
3535.5
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
EQUITY RATIO
Source: Deutsche Telekom
€ bn
36
37
38
39
40
41
42
43
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET DEBT
88 E
uro
Week Financing C
orporates 2012
E
lectricité de France
Electricité de France (EDF)
Source: EDF
x
0
0.5
1
1.5
2
2.5
3
2008
2009
2010
2011
NET DEBT / EBITDA
Source: EDF
€ bn
0
2
4
6
8
10
12
14
2008
2009
2010
2011
CAPEX
Electricité de France (EDF)
Henri ProglioChairman & CEO
Carine de BoissezonSenior vice president investors & marketsTel +33 1 40 42 45 53
KEY OFFICIALS
Source: EDF
€ bn
13
13.5
14
14.5
15
15.5
16
16.5
2008
2009
2010
2011
EBITDA
Source: EDF
€ bn
00.5
11.5
22.5
33.5
44.5
5
2008
2009
2010
2011
RECURRING NET INCOME
Source: EDF
€ bn
05
1015202530354045
2008
2009
2010
2011
NET DEBT
Data at December 31, 2011. Source: EDF
%
Floating rate, 20
Fixed rate, 80
FINANCIAL DEBT BY TYPE
Rating Aa3, A+, A+
Pricing date March 20, 2012Value €1bnMaturity date March 25, 2027Coupon 4.125%Pricing details 145bp over swapsBookrunners HSBC, JP Morgan, Natexis Banques Populaires, SG, BNP Paribas, Credit Agricole CIB, Credit Mutuel CIC, ING, Santander Pricing date March 20, 2012Value £500mMaturity date March 27, 2037Coupon 5.5%Pricing details 210bp over GiltsBookrunners HSBC, Barclays, Lloyds TSB, RBS, Tokyo-Mitsubishi, Citi, Credit Suisse, Deutsche Bank, Morgan Stanley Pricing date January 11, 2012Value €2bnMaturity date January 18, 2022Coupon 3.88%Pricing details 169bp over swapsBookrunners BNP Paribas, Credit Agricole CIB, Credit Suisse, Goldman Sachs, Groupe Credit Mutuel, ING, Lloyds, Natixis, SG , Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 HSBC 855 4 11.73
2Credit Agricole CIB
580 3 7.96
2 BNP Paribas 580 3 7.96
4SG Corporate & Investment Banking
401 2 5.51
4 Natixis 401 2 5.51
4 ING 401 2 5.51
4Groupe Credit Mutuel CEE
401 2 5.51
4 Santander 401 2 5.51
9Lloyds Banking Group
343 2 4.71
9 Credit Suisse 343 2 4.71
Subtotal 4,706 6 64.59
Total 7,286 6 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
Electricite de France SA - EDF
6,929 5
RTE EDF Transport SA 358 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 58
GBP, 42
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250E.On CDS 5yr EDF GDF Suez CDS 5yr RWE CDS 5yr
National Grid CDS 5yr Vattenfall CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
5
10
15
20
25
30
PUBLIC BOND ISSUANCE
Source: EDF
%
International & other activities,
39
France, 61
EBITDA BY REGION (2011)
Net financial debt / (net financial debt + shareholders' equity + minority interests). Source: EDF
%
44
46
48
50
52
54
56
2008
2009
2010
2011
DEBT / DEBT + SHAREHOLDERS’ EQUITY
Financing Corp
orates 2012 Eu
ro
Week 8
9
E
nel
Enel
Enel
Luigi FerrarisCFO
Luca TorchiaHead of investor relationsTel +39 06 8305 7975
KEY OFFICIALS
Rating Baa1, BBB+, A-
Issuer ENEL SpAPricing date February 13, 2012Value €2.5bnMaturity date February 20, 2018Coupon 4.875%Pricing details 310bp over swapsBookrunners Banca IMI BNP Paribas Unicredit Issuer ENEL SpAPricing date February 13, 2012Value €500mMaturity date February 20, 2018Coupon 3m Euribor +310bpBookrunners Banca IMI BNP Paribas Unicredit Issuer ENEL Finance International BVPricing date October 17, 2011Value €1.25bnMaturity date June 24, 2015Coupon 4.625%Pricing details 290bp over swapsBookrunners Barclays BNP Paribas Deutsche Bank Banca IMI BBVA Santander Unicredit
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 UniCredit 2,269 6 21.54
1 Intesa Sanpaolo 2,269 6 21.54
1 BNP Paribas 2,269 6 21.54
4 Deutsche Bank 1,015 5 9.63
5 Santander 656 6 6.22
6SG Corporate & Investment Banking
571 3 5.42
7 Barclays 444 2 4.22
7 BBVA 444 2 4.22
9 Itau BBA 211 4 2.01
10 Sberbank 178 1 1.69
Subtotal 10,326 13 98.02
Total 10,535 15 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
ENEL Finance International BV
€1.25bn, 4.625% June 2015 / €1bn, 5.75% October 2018
October 17, 2011
The deal was absolutely fantastic. The fact that we had €12bn of orders from 500 accounts shows investors didn’t really care that Enel had issued fairly recently. Enel is a frequent issuer and has done a lot of investor work — it gets a lot of interest and reverse enquiry.
You may say the new issue premium was 70bp but we didn’t really think about the deal on that basis. We’ve never agreed on an offi cial number. A new issue premium maybe makes sense on a €500m deal but it’s fairly irrelevant when you are taking €2.25bn out of the market.
We looked at where the secondaries were, BTPs, other comparables, where Iberdrola came in absolute level, CDS, and we asked, given the volatility of the market, what was the right curve between three and seven years. We wanted to make sure both tranches worked well and we didn’t get the book skewed to the shorter tranche.
The longer tranche of the last Enel deal widened more than the shorter one, but that was market-driven. If we get some very bad news, the seven year of this deal will be more volatile too. That’s why we made sure the curve was a tad steeper, to give a premium against volatility.
Everybody felt this pricing was fair to get a big size done. Enel is a pragmatic issuer, they put a big emphasis on investors, and wanted to make sure it was done right. They were quite driven by the yields and coupons, and just asked us to make sure it was successful.
The initial talk of 300bp and 360bp over mid-swaps got the momentum going very well and we were able to tighten to 290bp and 350bp.
Going to €1.25bn on the 2015 was not pushing it — in fact we had so many problems on allocation that it was more the banks asking the issuer to do it. The book was above €12bn, pretty equally split between the two tranches. That was more luck than anything, that we got the pricing right.
The secondary curve did widen when we announced the deal, by 20bp-25bp. But the plunge in stockmarkets in the afternoon didn’t really affect the deal, except maybe to reduce the tightening on the break. At the close the bonds were trading about 10bp tighter than re-offer — it might have been 15bp otherwise.
BOOKRUNNER COMMENTS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 90.5
BRL,3.9
CHF,2.7
RUB,1.6
JPY,1.3
ISSUANCE BY CURRENCY 2011/12
Source: Enel
€ bn
15.5
16
16.5
17
17.5
18
2009
2010
2011
GROSS OPERATING MARGIN
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800900
1000 CEZ CDS 5yr Enel CDS 5yr Energias de Portugal CDS 5yr
Iberdrola CDS 5yr Korea Electric Power Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
14
16
PUBLIC BOND ISSUANCE
Source: Enel
€ bn
0102030405060708090
2009
2010
2011
REVENUES
Issuer Deal value $m
No deals
Ampla Energia e Servicos SA 193 2
Companhia Energetica do Ceara - COELCE
230 2
ENEL Finance International NV
6,264 10
Enel OGK-5 OAO 178 1
ENEL SpA 3,958 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Enel
€ bn
0
1
2
3
4
5
6
2009
2010
2011
GROUP NET INCOME
Source: Enel
€ bn
414243444546474849505152
2009
2010
2011
NET FINANCIAL DEBT
Source: Enel
€ bn
40
42
44
46
48
50
52
54
56
2009
2010
2011
SHAREHOLDERS’ EQUITY
90 E
uro
Week Financing C
orporates 2012
E
nergias d
e Po
rtugal
Energias de Portugal (EDP)
Source: EDP
%
LT contracted generation Iberia, 22
Liberalised activites Iberia,
10
Regulated energy
networks Iberia, 28
Wind, 21
Brazil, 18
EBITDA BREAKDOWN (2011)
Source: EDP
€ bn
0.960.98
11.021.041.061.08
1.11.121.14
2009
2010
2011
NET PROFIT
Source: EDP
x
4.054.1
4.154.2
4.254.3
4.354.4
4.454.5
4.55
2009
2010
2011
NET DEBT / EBITDA
Energias de Portugal (EDP)
António MexiaCEO
Nuno AlvesCFO
Miguel VianaHead of investor relationsTel +351 21 001 2834
KEY OFFICIALS
Data at December 31, 2011. Source: EDP
%
Short term,16
Medium/long term, 84
DEBT BY MATURITY
Source: EDP
€ bn
1.81.851.9
1.952
2.052.1
2.152.2
2.252.3
2009
2010
2011
EBIT
Source: EDP
%
Public bond issues, 26
Retail bond issues, 6
Private bond issues, 10
EIB, 8
Bankloans,
8
Projectfinance,
8
CP, 8
Securitisations Spain &
Portugal, 19
EDP Brasil,3
TEIs in US,4
FUNDING BREAKDOWN (2011)
Rating Ba1, BB+, BBB+
Pricing date December 2, 2011
Value €200m
Maturity date December 7, 2014
Coupon 6%
Bookrunners Banco BPI
Banco Espirito Santo
Barclays
Millennium Investment
Banking
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Millennium Investment Banking
67 1 25
1 Barclays 67 1 25
1Banco Espirito Santo
67 1 25
1 Banco BPI 67 1 25
Subtotal 269 1 100
Total 269 1 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: EDP
€ bn
14
14.1
14.2
14.3
14.4
14.5
14.6
14.7
2010 2011
TURNOVER
Source: EDP
€ bn
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
2009
2010
2011
EBITDA
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800900
1000 CEZ CDS 5yr Enel CDS 5yr Energias de Portugal CDS 5yr
Iberdrola CDS 5yr Korea Electric Power Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
PUBLIC BOND ISSUANCE
Data at December 31, 2011. Source: EDP
%
Floating rate, 50
Fixed rate,50
DEBT BY TYPE
Source: EDP
€ bn
02468
1012141618
2009
2010
2011
NET FINANCIAL DEBT
Financing Corp
orates 2012 Eu
ro
Week 9
1
E
ni
Eni
Source: Eni
€ bn
02468
10121416
2009
2010
2011
CASHFLOW FROM OPERATIONS
Source: Eni
%
00.050.1
0.150.2
0.250.3
0.350.4
0.450.5
2008
2009
2010
2011
LEVERAGE
Source: Eni
€ bn
13.113.213.313.413.513.613.713.813.9
14
2009
2010
2011
CAPEX
Eni
Alessandro BerniniCFO
Camilla PalladinoInvestor relations senior vice [email protected]
KEY OFFICIALS
Source: Eni
€ bn
0123456789
10
2008
2009
2010
2011
NET PROFIT
Source: Eni
%
0
5
10
15
20
25
30
2008
2009
2010
2011
RETURN ON AVERAGE CAPITAL EMPLOYED
Source: Eni
€ bn
02468
101214161820
2008
2009
2010
2011
OPERATING PROFIT
Rating A2, A, A+
Issuer ENI SpAPricing date January 27, 2012Value €1bnMaturity date February 3, 2020Coupon 4.25%Pricing details 220bp over swapsBookrunners Credit Agricole CIB HSBC JPMorgan Monte dei Paschi UniCredit Issuer Eni Finance International SAPricing date November 17, 2011Value €50mMaturity date November 21, 2031Coupon 4.8%Bookrunners BNP Paribas
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 UniCredit 261 1 19.02
1 JPMorgan 261 1 19.02
1 HSBC 261 1 19.02
1Credit Agricole CIB
261 1 19.02
1Monte dei Paschi
261 1 19.02
6 BNP Paribas 67 1 4.91
Subtotal 1,374 2 100
Total 1,374 2 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
Eni Finance International SA 67 1
ENI SpA 1,306 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Eni
€ bn
0
20
40
60
80
100
120
2008
2009
2010
2011
NET SALES FROM OPERATION
Source: Eni
€ bn
0
5
10
15
20
25
30
2008
2009
2010
2011
NET BORROWINGS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450500 Eni CDS 5yr Gas Natural SDG CDS 5yr Gazprom CDS 5yr Korea Gas Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
012345678
PUBLIC BOND ISSUANCE
Source: Eni
€ bn
0
10
20
30
40
50
60
70
2008
2009
2010
2011
SHAREHOLDERS’ EQUITY
92 E
uro
Week Financing C
orporates 2012
E
.On
E.On
Source: E.On
€ bn
05
101520253035404550
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
ECONOMIC NET DEBT
Source: E.On
%
7.8
8
8.2
8.4
8.6
8.8
9
9.2
2009
2010
2011
PRE-TAX COST OF CAPITAL
Source: E.On
€
-2
-1
0
1
2
3
4
5
2009
2010
2011
EARNINGS PER SHARE
E.On
Marcus SchenckCFO
Peter BlankenhornManager, investor relations team
KEY OFFICIALS
Source: E.On
€ bn
0123456789
10
2009
2010
2011
EBIT
Source: E.On
%
0
2
4
6
8
10
12
14
16
2010 2011
ROACE
Source: E.On
€ bn
0
2
4
6
8
10
12
14
2009
2010
2011
EBITDA
Rating A3, A, A
Source: E.On
€ bn
0
20
40
60
80
100
120
2009
2010
2011
SALES
Source: E.On
€ bn
152.45152.5
152.55152.6
152.65152.7
152.75152.8
152.85152.9
152.95
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250E.On CDS 5yr EDF GDF Suez CDS 5yr RWE CDS 5yr
National Grid CDS 5yr Vattenfall CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
02468
101214161820
PUBLIC BOND ISSUANCE
Source: E.On
€ bn
363738394041424344454647
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
EQUITY
Source: E.On
€ bn
-4
-2
0
2
4
6
8
10
2009
2010
2011
NET INCOME
E.On AG
A, negative outlook
S&P revised its outlook on Germany-based integrated power and gas utility E.ON AG and related entities to negative from stable on July 7, 2011, refl ecting the agency’s view that E.ON’s business risk profi le had weakened slightly, owing to ongoing pressure on profi tability from a challenging market environment.
S&P revised its assessment of E.ON’s business risk profi le to “strong” from “excellent” because it believes the increasingly diffi cult and volatile industry environment for E.ON’s key electricity and gas business activities is likely to lead to sustained pressure on profi tability.
The ratings refl ect E.ON’s signifi cant scale and diversity, leading positions in both power and gas in Germany, extensive pan-European presence, and stable cash fl ows from its regulated activities, which represented about 27% of EBIT in 2010. The ratings are also supported by S&P’s expectation that E.ON will continue to reduce leverage over the coming years as a result of asset disposals.
These strengths are offset by the expectation of a squeeze on the group’s cash fl ows, caused by the decreasing profi tability of power generation and an increasingly diffi cult situation at E.ON’s midstream gas operations. Spot-market prices for gas currently tend to be lower than the cost of gas that E.ON imports under long-term contracts (a main source of E.ON’s gas procurement), and dilute the group’s operating margins. Further constraints on the ratings include weak generation margins in Europe’s liberalized electricity markets and rising political risks. In Germany, for example, political turbulence regarding nuclear power plants will likely lead to a permanent shutdown of eight nuclear reactors, following the recent ratifi cation of the German parliament.
E.ON holds majority stakes in two of these plants and minority interests in another two. In view of these factors, S&P considers that E.ON’s credit metrics are likely to fall below levels commensurate with the ratings in 2011 and possibly also in 2012.
RATING AGENCY COMMENTARY: S&P
Financing Corp
orates 2012 Eu
ro
Week 9
3
Fiat S
pA
Fiat SpA
Fiat SpA
Rating Ba2, BB-, BB
Pricing date March 20, 2012Value €850mMaturity date March 23, 2017Coupon 7%Pricing details 593bp over BoblsBookrunners Barclays Commerzbank Group Credit Agricole CIB Goldman Sachs Intesa Sanpaolo Natixis UniCredit
Pricing date July 5, 2011Value €900mMaturity date July 8, 2014Coupon 6.125%Pricing details 370bp over swapsBookrunners Citi Mediobanca SG RBS Santander UBS
Pricing date July 5, 2011Value €600mMaturity date July 9, 2018Coupon 7.375%Pricing details 427bp over swapsBookrunners Citi Mediobanca SG RBS Santander UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 UBS 825 3 21.94
2SG Corporate & Investment Banking
363 2 9.65
2 RBS 363 2 9.65
2 Mediobanca 363 2 9.65
2 Citi 363 2 9.65
2 Santander 363 2 9.65
7 UniCredit 160 1 4.26
7 Natixis 160 1 4.26
7 Intesa Sanpaolo 160 1 4.26
7 Goldman Sachs 160 1 4.26
7Credit Agricole CIB
160 1 4.26
7Commerzbank Group 160 1 4.26
7 Barclays 160 1 4.26
Subtotal 3,762 4 100
Total 3,762 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Fiat Finance & Trade Ltd
€900m, 6.125% July 2014 / €600m, 7.375% July 2018
July 5, 2011
We went out with price talk in the 6-1/4 area for the three year and the 7-1/2 area for the seven year and we tightened it to 6-1/8 and 7-3/8. We priced at the tight end of the range on both tranches. We ended up with a Eu3.5bn order book slightly weighed towards the three year so we printed a larger, Eu900m three year paper and a Eu600m seven year.
We had over 500 different orders in the book. There was high yield and a lot of investment grade in the book, and we had a good mix of retail and institutional investors, with lots of small orders. It sells well into retail because of the nature of the name and the yield on it, especially on the three year tranche. UK, Germany, Switzerland, France and Italy were the top fi ve regions in the book.
Fiat roadshowed a few weeks ago and we waited for the market conditions to be right.
Given where the market is today [Wednesday] after the Portugal downgrade, we are down three eighths of a point on the seven year and we are at reoffer on the three year — so certainly outperformed the markets.
Without the Portugal downgrade we should have been a point higher today. We’ve done a good job keeping it in place given how the market has been in the last day.
BOOKRUNNER COMMENTS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 87.7
CHF, 12.3
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
200
400
600
800
1000
1200
1400Fiat CDS 5yr Peugeot CDS 5yr Renault CDS 5yr Volkswagen CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
2011 data includes Chrysler from June. Source: Fiat
€ bn
-0.5
0
0.5
1
1.5
2
2009
2010
2011
PROFIT/LOSS
2011 data includes Chrysler from June. Source: Fiat
€ bn
00.5
11.5
22.5
33.5
4
2009
2010
2011
OPERATING PROFIT
2011 data includes Chrysler from June. Source: Fiat
€ bn
0
1
2
3
4
5
6
2009
2010
2011
NET INDUSTRIAL DEBT
Data includes Chrysler from June. Source: Fiat
€ bn
Italy,9.3
Europeex-Italy,12.4
NAFTA, 21.4
Mercosur,11.3
Other,5.2
REVENUES BY MARKET (2011)
2011 data includes Chrysler from June. Source: Fiat
€
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
2009
2010
2011
BASIC EARNINGS PER SHARE
Excluding Chrysler. Source: Fiat
€ bn
30
31
32
33
34
35
36
37
38
2009
2010
2011
REVENUES
Sergio MarchionneCEO
KEY OFFICIALS
94 E
uro
Week Financing C
orporates 2012
Fo
rtescue Metals G
roup
Fortescue Metals
Fiscal year July 1 to June 31. Source: Fortescue Metals
x
00.5
11.5
22.5
33.5
44.5
5
2009
2010
2011
DEBT TO UNDERLYING EBITDA
Source: Fortescue Metals
$ bn
0
0.5
1
1.5
2
2.5
3
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL EQUITY
Fiscal year July 1 to June 31. Source: Fortescue Metals
x
0
1
2
3
4
5
6
7
2009
2010
2011
UNDERLYING EBITDA INTEREST COVERAGE
Fortescue Metals
Nev PowerCEO
Stephen PearceCFO
KEY OFFICIALS
Fiscal year July 1 to June 31. Source: Fortescue Metals
$ bn
0
0.5
1
1.5
2
2.5
3
2010 2011
OPERATING PROFIT
Source: Fortescue Metals
$ bn
0123456789
10
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Fiscal year July 1 to June 31. Source: Fortescue Metals
$ bn
0
0.5
1
1.5
2
2.5
3
2010 2011
GROSS PROFIT
Rating Ba3, BB-, BB+
Pricing date March 13, 2012Value $1bnMaturity date April 1, 2017 (callable April 2015)Coupon 6%Pricing details 489bp over USTsBookrunners JPMorgan BofA Merrill Lynch Citi Credit Suisse Deutsche Bank RBS UBS
Pricing date March 13, 2012Value $1bnMaturity date April 1, 2022 (callable April 2017)Coupon 6.875%Pricing details 460bp over USTsBookrunners JPMorgan BofA Merrill Lynch Citi Credit Suisse Deutsche Bank RBS UBS
Pricing date October 25, 2011Value $1.5bnMaturity date November 1, 2019 (callable Nov 2015)Coupon 8.25%Pricing details 648bp over USTsBookrunners JPMorgan BofA Merrill Lynch Credit Suisse Deutsche Bank RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 RBS 586 3 16.73
1 JPMorgan 586 3 16.73
1 Deutsche Bank 586 3 16.73
1 Credit Suisse 586 3 16.73
1Bank of America Merrill Lynch
586 3 16.73
6 UBS 286 2 8.16
6 Citi 286 2 8.16
Subtotal 3,500 3 100
Total 3,500 3 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Fiscal year July 1 to June 31. Source: Fortescue Metals
$ bn
0
1
2
3
4
5
6
2009
2010
2011
OPERATING SALES REVENUE
Fiscal year July 1 to June 31. Source: Fortescue Metals
$
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
2009
2010
2011
EARNINGS PER SHARE
Source: Markit
bps
100200300400500600700800900
02-Ja
n-12
02-Fe
b-12
02-M
ar-12
02-A
pr-12
02-M
ay-1
2
Fortescue Metals CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
4
PUBLIC BOND ISSUANCE
Fiscal year July 1 to June 31. Source: Fortescue Metals
$ bn
0
0.2
0.4
0.6
0.8
1
1.2
2009
2010
2011
NET PROFIT
Financing Corp
orates 2012 Eu
ro
Week 9
5
France T
élécom
France Télécom
Source: France Telecom Orange
%
10.811
11.211.411.611.8
1212.212.412.612.8
2009
2010
2011
CAPEX AS % REVENUE
Source: France Telecom Orange
x
1.85
1.9
1.95
2
2.05
2.1
2.15
2010 2011
NET DEBT / EBITDA
Source: France Telecom Orange
€ bn
55.15.25.35.45.55.65.75.85.9
2009
2010
2011
CAPEX
France Télécom
Stéphane RichardChairman & CEO
Gervais PellissierCEO delegate & CFO
Jean-Michel ThibaudGroup treasurer
Amélie Laroche-TruongInvestor relations
KEY OFFICIALS
Source: France Telecom Orange
€ bn
31.4
31.6
31.8
32
32.2
32.4
32.6
2009
2010
2011
NET DEBT
Source: France Telecom Orange
€ bn
13.8
14
14.2
14.4
14.6
14.8
15
15.2
2010 2011
REPORTED EBITDA
Rating A3, A-, A-
Pricing date January 9, 2012Value $900mMaturity date January 13, 2042Coupon 5.375%Pricing details 240bp over USTsBookrunners BNP Paribas BofA Merrill Lynch HSBC Morgan Stanley Pricing date November 27, 2011Value ¥44.3bnMaturity date November 25, 2016Coupon 1.13%Pricing details 63bp over swapsBookrunners Mizuho Morgan Stanley Pricing date November 3, 2011Value £250mMaturity date November 22, 2050Coupon 5.375%Pricing details 193bp over GiltsBookrunners Barclays Lloyds Banking Group
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Bank of America Merrill Lynch
886 3 14.89
2 Morgan Stanley 851 3 14.31
3 JPMorgan 662 2 11.12
3 Citi 662 2 11.12
5 Barclays 439 3 7.37
6 Deutsche Bank 365 1 6.13
7 Mizuho 353 2 5.93
8 HSBC 321 3 5.39
9 Goldman Sachs 236 2 3.97
9Credit Agricole CIB
236 2 3.97
9 Santander 236 2 3.97
Subtotal 5,247 12 88.19
Total 5,949 13 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,48.5
EUR, 27.7
JPY, 10.8
GBP,6.8
CHF,4.6
HKD, 1.6
ISSUANCE BY CURRENCY 2011/12
Source: France Telecom Orange
€ bn
44.8
45
45.2
45.4
45.6
45.8
46
46.2
2009
2010
2011
REVENUE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200 AT&T CDS 5yr Deutsche Telekom CDS 5yr France Telecom CDS 5yr
Koninklijke KPN CDS 5yr TeliaSonera CDS 5yr Vodafone CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
PUBLIC BOND ISSUANCE
Source: France Telecom Orange
€ bn
0
1
2
3
4
5
6
2009
2010
2011
NET INCOME
Source: France Telecom Orange
€ bn
France,22.5
Spain,4
Poland,3.6
RoW,8.8
Enterprise,7.1
REVENUE BY SEGMENT (2011)
Data at December 31, 2011. Source: France Telecom Orange
€ bn
02468
101214161820
2012
2013
2014
2015
2016
2017
+
DEBT MATURITY PROFILE
96 E
uro
Week Financing C
orporates 2012
G
as Natural S
DG
Gas Natural SDG
Source: Gas Natural Fenosa
€
1.2
1.25
1.3
1.35
1.4
1.45
1.5
2009
2010
2011
PROFIT PER SHARE
Gas Natural SDG
Rafael Villaseca MarcoCEO
Carlos J Álvarez FernándezCFO
KEY OFFICIALS
Source: Gas Natural Fenosa
x
0
1
2
3
4
5
6
2009
2010
2011
NET DEBT / EBITDA
Source: Gas Natural Fenosa
€ bn
1.1
1.15
1.2
1.25
1.3
1.35
2009
2010
2011
NET PROFIT
Source: Gas Natural Fenosa
x
4.64.74.84.9
55.15.25.35.45.55.6
2009
2010
2011
EBITDA / COST OF NET FINANCIAL DEBT
Rating Baa2, BBB, A-
Pricing date January 30, 2012Value €750mMaturity date February 13, 2018Coupon 5%Pricing details 333bp over swapsBookrunners BBVA Citi HSBC JPMorgan La Caixa SG Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1SG Corporate & Investment Banking
141 1 14.29
1 JPMorgan 141 1 14.29
1 HSBC 141 1 14.29
1 Citi 141 1 14.29
1 La Caixa 141 1 14.29
1 Santander 141 1 14.29
1 BBVA 141 1 14.29
Subtotal 986 1 100
Total 986 1 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Net financial debt/net financial debt + net worth + minority interests. Source: Gas Natural Fenosa
%
50
52
54
56
58
60
62
64
2009
2010
2011
BORROWING RATIO
Source: Gas Natural Fenosa
€ bn
3.4
3.6
3.8
4
4.2
4.4
4.6
4.8
2009
2010
2011
EBITDA
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450500 Eni CDS 5yr Gas Natural SDG CDS 5yr Gazprom CDS 5yr Korea Gas Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: Gas Natural Fenosa
€ bn
0
5
10
15
20
25
2009
2010
2011
NET TURNOVER
Get full FIG coverage with EuroWeek’s Bank Finance Daily service”Visit www.euroweek.com/banks to find out more
>FIG
Source: Gas Natural Fenosa
€ bn
02468
10121416
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
MARKET CAPITALISATION
Financing Corp
orates 2012 Eu
ro
Week 9
7
G
azpro
m
Gazprom
Source: Gazprom
Rb
0
10
20
30
40
50
60
2008
2009
2010
2011
EARNINGS PER SHARE
Source: Gazprom
Rb tr
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2008
2009
2010
2011
NET INCOME
Source: Gazprom
Rb tr
0
1
2
3
4
5
6
7
2008
2009
2010
2011
NET ASSETS
Gazprom
Oleg Nagovitsyn Deputy head of capital markets directorateTel +7 495 719 2625
Andrey BaranovInvestor relationsTel + 7 495 719 3483
KEY OFFICIALS
Source: Gazprom
x
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2008
2009
2010
2011
NET DEBT / ADJUSTED EBITDA
Source: Gazprom
Rb tr
00.20.40.60.8
11.21.41.61.8
2008
2009
2010
2011
OPERATING PROFIT
Source: Gazprom
Rb tr
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2008
2009
2010
2011
NET DEBT
Rating Baa1, BBB, BBB
Pricing date November 16, 2011Value $1bnMaturity date May 23, 2016Coupon 4.95%Bookrunners BNP Paribas JP Morgan Pricing date November 16, 2011Value $600mMaturity date January 21, 2021Coupon 5.999%Bookrunners BNP Paribas JP MorganSource: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 800 2 38.76
1 BNP Paribas 800 2 38.76
3 VTB Capital 166 1 8.03
3 Gazprombank 166 1 8.03
5 Bank Rossiya 133 2 6.43
Subtotal 2,064 5 100
Total 2,064 5 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 77.5
RUB, 22.5
ISSUANCE BY CURRENCY 2011/12
Source: Gazprom
Rb tr
00.5
11.5
22.5
33.5
44.5
5
2008
2009
2010
2011
NET SALES
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450500 Eni CDS 5yr Gas Natural SDG CDS 5yr Gazprom CDS 5yr Korea Gas Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
10
PUBLIC BOND ISSUANCE
Data at December 31, 2011. Source: Gazprom
%
<1yr, 24
1-2 yrs, 17
2-5yrs, 38
>5yr, 21
DEBT MATURITY PROFILE
Issuer Deal value $m
No deals
Gazprom Neft OAO 331 1
Gazprom OAO 1,600 2
TGC-1 OAO 133 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Gazprom
%
15.415.615.8
1616.216.416.616.8
1717.2
2008
2009
2010
RETURN ON EQUITY
Source: Gazprom
x
1.451.5
1.551.6
1.651.7
1.751.8
1.851.9
2008
2009
2010
CURRENT LIQUIDITY RATIO
98 E
uro
Week Financing C
orporates 2012
G
DF S
uez
GDF Suez
Source: GDF Suez
€ bn
3.63.73.83.9
44.14.24.34.44.54.64.7
2009
2010
2011
NET INCOME (GROUP SHARE)
GDF Suez
Gérard MestralletChairman & CEO
Isabelle KocherExecutive vice president, fi nance
Anne RavignonHead of fi nancial communicationsTel +33 1 44 22 66 29
KEY OFFICIALS
Source: GDF Suez
€ bn
12.513
13.514
14.515
15.516
16.517
2009
2010
2011
EBITDA
Data at December 31, 2011. Source: GDF Suez
€ bn
0
1
2
3
4
5
6
7
8
2012
2013
2014
2015
2016
MEDIUM TERM DEBT MATURITY PROFILE
Source: GDF Suez
%
France,27
Belgium,12
Other Europe, 35
Rest of the World, 8
North America, 7
Latin America, 11
EBITDA BY REGION (2011)
Rating A1, A, NR
Pricing date May 22, 2012Value €1bnMaturity date February 1, 2016Coupon 1.5%Pricing details 50bp over swapsBookrunners BNP Paribas BofA Merrill Lynch Credit Agricole CIB Deutsche Bank HSBC, RBS Santander BBVA, Citi, ING JP Morgan Mizuho International Tokyo-Mitsubishi Natexis Banques Populaires Unicredit Pricing date May 22, 2012Value €1bnMaturity date June 1, 2018Coupon 2.25%Pricing details 80bp over swapsBookrunners BNP Paribas BofA Merrill Lynch Credit Agricole CIB Deutsche Bank HSBC, RBS Santander BBVA, Citi, ING JP Morgan Mizuho International Tokyo-Mitsubishi Natexis Banques Populaires Unicredit Pricing date May 22, 2012Value €1bnMaturity date February 1, 2023Coupon 3%Pricing details 115bp over swapsBookrunners BNP Paribas BofA Merrill Lynch Credit Agricole CIB Deutsche Bank HSBC, RBS Santander BBVA, Citi, ING JP Morgan Mizuho International Tokyo-Mitsubishi Natexis Banques Populaires UnicreditSource: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Mizuho 623 5 9.57
2 BNP Paribas 536 5 8.23
3 Deutsche Bank 488 5 7.5
4 Natixis 425 4 6.53
4 ING 425 4 6.53
4Credit Agricole CIB
425 4 6.53
4 BBVA 425 4 6.53
8 HSBC 378 4 5.8
8 Santander 378 4 5.8
10 RBS 364 4 5.59
Subtotal 4,467 7 68.6
Total 6,511 8 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
GDF Suez SA 6,325 7
Glow Energy pcl 186 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 82.6
GBP,9.5
CHF,5.1
THB, 2.9
ISSUANCE BY CURRENCY 2011/12
Source: GDF Suez
yrs
0
2
4
6
8
10
12
2008
2009
2010
2011
AVERAGE NET DEBT MATURITY
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250E.On CDS 5yr EDF GDF Suez CDS 5yr RWE CDS 5yr
National Grid CDS 5yr Vattenfall CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
10
PUBLIC BOND ISSUANCE
Source: GDF Suez
%
Energy Europe & international,
45Energy finance, 3
Global gas & LNG, 14
Infrastructure, 18
Energy services, 6
Environment, 15
EBITDA BY DIVISION (2011)
Source: GDF Suez
€ bn
0
5
10
15
20
25
30
35
40
2009
2010
2011
NET DEBT
Source: GDF Suez
x
2.142.162.182.2
2.222.242.262.282.3
2.32
2010 2011
NET DEBT / EBITDA
Financing Corp
orates 2012 Eu
ro
Week 9
9
G
E C
apital
GE Capital Rating A1, AA+, NR
GE Capital
Michael A NealChairman & CEO
Jeffrey S BornsteinCFO
KEY OFFICIALS
Pricing date April 24, 2012
Value $1.1bn
Maturity date April 24, 2014
Coupon 3m Libor +70bp
Bookrunners Barclays
Citi
Deutsche Bank
Morgan Stanley
Pricing date April 24, 2012
Value $2bn
Maturity date October 27, 2017
Coupon 2.3%
Pricing details 150bp over USTs
Bookrunners Barclays
Citi
Deutsche Bank
Morgan Stanley
Pricing date April 20, 2012
Value $750m
Maturity date October 25, 2013
Coupon 3m Libor +50bp
Bookrunners Citi
RBC
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Citi 3,691 11 18.6
2Bank of America Merrill Lynch
3,368 83 16.97
3 Barclays 2,530 13 12.75
4 Deutsche Bank 1,963 11 9.89
5 JPMorgan 1,954 7 9.85
6 Morgan Stanley 1,839 9 9.27
7 Goldman Sachs 1,019 4 5.14
8 Incapital 837 75 4.22
9 Credit Suisse 767 3 3.86
10 UBS 420 2 2.12
Subtotal 18,388 108 92.66
Total 19,844 108 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 87
JPY,4.4
CHF,3.4
NOK,2.5
SEK,1.5
NZD,1.2
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
ABB CDS 5yr Caterpillar CDS 5yr GE Capital CDS 5yr Schlumberger CDS 5yr
Hutchison Whampoa CDS 5yr Braskem CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
10
20
30
40
50
60
PUBLIC BOND ISSUANCE
Source: General Electric
$ bn
44
45
46
47
48
49
50
2009
2010
2011
REVENUES
Source: General Electric
$ bn
545
550
555
560
565
570
31-Dec-10 31-Dec-11
TOTAL ASSETS
Data at December 31, 2011. Source: General Electric
$ bn
Commercial leasing & lending,193.9
Consumer, 139
Real estate, 60.9
Energy financial services, 18.4
GE Capital Aviation Services,
48.8
ASSET BREAKDOWN
Source: General Electric
$ bn
Commercial leasing & lending,
18.2
Consumer, 16.8
Real estate,3.7
Energy financial services, 1.2
GE CapitalAviationServices,
5.3
REVENUE BREAKDOWN (2011)
Source: General Electric
$ bn
0
1
2
3
4
5
6
7
2009
2010
2011
SEGMENT PROFIT
GE Capital
A1, stable outlook
Moody’s downgraded the senior unsecured debt rating of General Electric Company (GE) to Aa3 from Aa2 and the senior unsecured rating of its wholly-owned fi nance subsidiary, General Electric Capital Corporation (GECC), to A1 from Aa2 on April 3, 2012.
The downgrades result from the implementation of Moody’s revised global rating methodology for fi nance companies, and refl ect in particular the impact of GECC’s higher risk profi le on GE. Moody’s believes the risk profi les of market-funded fi nancial institutions, including GECC, are higher than was previously refl ected in their ratings. While GECC has improved its liquidity and capital levels since the onset of the credit crisis, Moody’s believes that, notwithstanding these positive steps, there remain material risks associated with the fi rm’s funding model. Moody’s therefore revised its view of GECC’s standalone credit profi le to Baa1 from A2.
GECC’s A1 rating refl ects the fi rm’s stand-alone credit profi le, equivalent to a Baa1 rating, as well as the uplift from Moody’s expectation of GE’s strong parental support. Key aspects of GECC’s stand-alone strength are its global presence and scale in multiple commercial and consumer fi nance businesses, which have provided revenue diversity and relative earnings stability over an extended period. Moody’s continues to view GECC as one of the strongest fi nance companies in the world. However, GECC’s large size also requires that it rely on the capital markets to fund its portfolios. During the credit crisis, these markets were unreliable for even the strongest issuers.
During the downturn GECC took steps to address refi nancing risk by reducing commercial paper borrowing to less than half pre-crisis levels, accumulating a signifi cant cash cushion to pre-fund debt maturities, diversifying funding sources to include deposits and secured fi nancing, and extending the average maturity of debt outstanding. GECC has also reduced earning assets by more than 20% since 2008 by divesting or running off higher risk and underperforming portfolios, while also increasing shareholders’ equity by 37%.
RATING AGENCY COMMENTARY: MOODY’S
10
0 E
uro
Week Financing C
orporates 2012
G
laxoS
mithK
line
GlaxoSmithKline
Source: GlaxoSmithKline
£ bn
8.58.68.78.88.9
99.19.29.39.49.5
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET DEBT
Source: GlaxoSmithKline
£ bn
0
1
2
3
4
5
6
2009
2010
2011
NET PROFIT
Source: GlaxoSmithKline
£ bn
0
2
4
6
8
10
12
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
SHAREHOLDERS’ EQUITY
GlaxoSmithKline
Sir Andrew WittyCEO
Simon DingemansCFO
KEY OFFICIALS
Before major restructuring. Source: GlaxoSmithKline
£ bn
7.4
7.6
7.8
8
8.2
8.4
8.6
8.8
2009
2010
2011
OPERATING PROFIT
Source: GlaxoSmithKline
£ bn
0
1
2
3
4
5
6
2009
2010
2011
FREE CASHFLOW
Source: GlaxoSmithKline
£ bn
26.827
27.227.427.627.8
2828.228.428.6
2009
2010
2011
GROUP TURNOVER
Rating A1, A+, A+
Pricing date May 2, 2012
Value $1bn
Maturity date May 8, 2015
Coupon 0.75%
Pricing details 45bp over swaps
Bookrunners Barclays Capital
Citi
JPMorgan
Morgan Stanley
Pricing date May 2, 2012
Value $2bn
Maturity date May 8, 2017
Coupon 1.5%
Pricing details 75bp over USTs
Bookrunners Barclays Capital
Citi
JPMorgan
Morgan Stanley
Pricing date May 2, 2012
Value $2bn
Maturity date May 8, 2022
Coupon 2.85%
Pricing details 100bp over USTs
Bookrunners Barclays Capital
Citi
JPMorgan
Morgan Stanley
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Morgan Stanley 1,244 3 25
1 JPMorgan 1,244 3 25
1 Citi 1,244 3 25
1 Barclays 1,244 3 25
Subtotal 4,977 3 100
Total 4,977 3 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: GlaxoSmithKline
£ bn
USA,8.7
Europe, 8.3
Emergingmarkets,
5.3
AsiaPacific,
1.8
Japan,2.3
Other, 1
TURNOVER BY REGION (2011)
Before major restructuring. Source: GlaxoSmithKline
£
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2009
2010
2011
EARNINGS PER SHARE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0102030405060708090
100GlaxoSmithKline CDS 5yr Pfizer CDS 5yr Roche Holding CDS 5yr Sanofi CDS 5yr
Novartis CDS 5yr Teva CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
PUBLIC BOND ISSUANCE
Before major restructuring. Source: GlaxoSmithKline
%
28
28.5
29
29.5
30
30.5
31
2009
2010
2011
OPERATING MARGIN
Source: GlaxoSmithKline
£ bn
4040.5
4141.5
4242.5
4343.5
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Financing Corp
orates 2012 Eu
ro
Week 1
01
H
eidelb
ergC
ement
HeidelbergCement
Source: HeidelbergCement
€ bn
10
10.5
11
11.5
12
12.5
13
13.5
2009
2010
2011
REVENUE
HeidelbergCement
Andreas Schaller Head of group communcation & investor relationsTel +49 6221 481 13 249
KEY OFFICIALS
Source: HeidelbergCement
%
0102030405060708090
2009
2010
2011
GEARING
Source: HeidelbergCement
€
00.20.40.60.8
11.21.41.61.8
2
2009
2010
2011
EARNINGS PER SHARE
Rating Ba1, BB, BB+
Pricing date March 2, 2012Value €300mMaturity date March 8, 2016Coupon 4%Pricing details 346bp over BoblsBookrunners Morgan Stanley, Commerzbank, BofA Merrill Lynch, Deutsche Bank, RBI, Danske Bank, Nordea, SEB, Standard Chartered
Pricing date November 9, 2011Value €200mMaturity date December 15, 2018Coupon 9.5%Bookrunners BNP Paribas, Citi, Deutsche Bank, ING, Intesa Sanpaolo, LBBW, Mediobanca, RBS
Pricing date September 28, 2011Value €300mMaturity date December 15, 2018Coupon 9.50%Bookrunners BNP Paribas, Citi, Deutsche Bank, ING, Intesa Sanpaolo, LBBW, Mediobanca, RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Deutsche Bank 294 4 23.28
2 RBS 88 2 6.94
2 Mediobanca 88 2 6.94
2 LBBW 88 2 6.94
2 Intesa Sanpaolo 88 2 6.94
2 ING 88 2 6.94
2 Citi 88 2 6.94
2 BNP Paribas 88 2 6.94
9Standard Chartered Bank
44 1 3.52
9 SEB 44 1 3.52
9Raiffeisen Bank International AG
44 1 3.52
9 Nordea Markets 44 1 3.52
9 Morgan Stanley 44 1 3.52
9 Danske Bank 44 1 3.52
9Commerzbank Group 44 1 3.52
9Bank of America Merrill Lynch 44 1 3.52
Subtotal 1,262 4 100
Total 1,262 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 87.2
CHF, 12.8
ISSUANCE BY CURRENCY 2011/12
Source: HeidelbergCement
%
00.5
11.5
22.5
33.5
44.5
2009
2010
2011
RETURN ON EQUITY
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800
ArcelorMittal CDS 5yr Compagnie de Saint-Gobain CDS 5yr POSCO CDS 5yr
HeidelbergCement CDS 5yr Lafarge CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
4
PUBLIC BOND ISSUANCE
Source: HeidelbergCement
€ bn
1.2
1.25
1.3
1.35
1.4
1.45
1.5
2009
2010
2011
OPERATING INCOME
Source: HeidelbergCement
€ bn
1.31.311.321.331.341.351.361.371.381.39
2010 2011
EBIT
Source: HeidelbergCement
€ bn
0
0.1
0.2
0.3
0.4
0.5
0.6
2009
2010
2011
NET PROFIT
Shareholders' equity & non-controlling interests. Source: HeidelbergCement
€ bn
02468
10121416
2009
2010
2011
SHAREHOLDERS’ EQUITY
Source: HeidelbergCement
%
41
42
43
44
45
46
47
48
2009
2010
2011
SHAREHOLDERS’ EQUITY / TOTAL CAPITAL
10
2 E
uro
Week Financing C
orporates 2012
H
utchison W
hamp
oa
Hutchison Whampoa
Data at December 31, 2011. Source: Hutchison Whampoa
HK$ bn
0
10
20
30
40
50
60
2012
2013
2014
2015
2016
2017
-202
120
22-2
031
2031
+
DEBT MATURITY PROFILE
Source: Hutchison Whampoa
HK$ bn
670675680685690695700705710715720725
2009
2010
2011
TOTAL ASSETS
Source: Hutchison Whampoa
%
0
5
10
15
20
25
30
35
2009
2010
2011
NET DEBT / NET TOTAL CAPITAL
Hutchison Whampoa
Frank John SixtGroup fi nance director
KEY OFFICIALS
Source: Hutchison Whampoa
HK$ bn
0102030405060708090
2010 2011
EBITDA
Source: Hutchison Whampoa
HK$ bn
0
2
4
6
8
10
12
14
2009
2010
2011
REPORTED EARNINGS PER SHARE
Source: Hutchison Whampoa
HK$ bn
050
100150200250300350400450
2009
2010
2011
TOTAL REVENUE
Rating A3, A-, A-
Pricing date May 30, 2012
Value €1.25bn
Maturity date June 6, 2017
Coupon 2.5%
Pricing details 140bp over swaps
Bookrunners Barclays
Deutsche Bank
JPMorgan
Pricing date May 30, 2012
Value €750m
Maturity date June 6, 2022
Coupon 3.625%
Pricing details 190bp over swaps
Bookrunners Barclays
Deutsche Bank
JPMorgan
Pricing date May 2, 2012
Value $1bn
Maturity date Perpetual (NC May 2017)
Coupon 6%
Pricing details 517.6bp over USTs
Bookrunners HSBC
Goldman Sachs
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 HSBC 1,499 5 25.01
1 Goldman Sachs 1,499 5 25.01
3 JPMorgan 1,329 4 22.18
4 Deutsche Bank 833 2 13.89
4 Barclays 833 2 13.89
Subtotal 5,994 7 100
Total 5,994 7 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Hutchison Whampoa
HK$ bn
Europe,162.4
Mainland China, 34.9
Asia, Australia & other, 55.6
Hong Kong, 60.8
Canada, 63.1
REVENUE BY REGION (2011)
Source: Hutchison Whampoa
HK$ bn
0
10
20
30
40
50
60
2009
2010
2011
REPORTED NET PROFIT
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
ABB CDS 5yr Caterpillar CDS 5yr GE Capital CDS 5yr Schlumberger CDS 5yr
Hutchison Whampoa CDS 5yr Braskem CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: Hutchison Whampoa
HK$ bn
0
10
20
30
40
50
60
2010 2011
EBIT
Source: Hutchison Whampoa
HK$ bn
115
120
125
130
135
140
145
2009
2010
2011
NET DEBT
Financing Corp
orates 2012 Eu
ro
Week 1
03
Ib
erdro
la
Iberdrola
Iberdrola
Rating Baa1, BBB+, A-
Source: Iberdrola
€ bn
26
27
28
29
30
31
32
33
34
2009
2010
2011
SHAREHOLDERS’ EQUITY
Ignacio GalánCEO
José SainzCFO
KEY OFFICIALS
Issuer Iberdrola International BVPricing date March 27, 2012Value €1bnMaturity date October 11, 2018Coupon 4.25%Pricing details 240bp over swapsBookrunners Barclays HSBC Intesa Sanpaolo La Caixa Morgan Stanley RBS Santander Issuer Iberdrola Finanzas SAUPricing date January 18, 2012Value €400mMaturity date January 25, 2016Coupon 4.75%Pricing details 298bp over swapsBookrunners BayernLB Deutsche Bank JPMorgan Santander Issuer Iberdrola Finanzas SAUPricing date October 13, 2011Value €600mMaturity date January 25, 2016Coupon 4.75%Pricing details 290bp over swapsBookrunners BBVA BofA Merrill Lynch Deutsche Bank Goldman Sachs ING Mizuho
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 HSBC 463 5 11.98
2 RBS 328 2 8.5
2 Barclays 328 2 8.5
4 Santander 318 2 8.23
5 Deutsche Bank 266 2 6.87
6 Morgan Stanley 189 1 4.9
6 Intesa Sanpaolo 189 1 4.9
6 La Caixa 189 1 4.9
9 Goldman Sachs 149 2 3.86
10Lloyds Banking Group
139 1 3.6
Subtotal 2,560 8 66.24
Total 3,866 11 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
Elektro Eletricidade e Servicos SA
186 2
Iberdrola Finance Ireland Ltd
21 2
Iberdrola Finanzas SAU 1,465 3
Iberdrola International BV 1,638 3
Scottish Power Finance (Jersey) Ltd
557 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR,70.5
GBP,14.4
CHF,7
BRL,4.8
JPY,3.3
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800900
1000 CEZ CDS 5yr Enel CDS 5yr Energias de Portugal CDS 5yr
Iberdrola CDS 5yr Korea Electric Power Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: Iberdrola
0.90.910.920.930.940.950.960.970.980.99
2009
2010
2011
NET DEBT/EQUITY RATIO
Source: Iberdrola
€ bn
6.2
6.4
6.6
6.8
7
7.2
7.4
7.6
7.8
2009
2010
2011
EBITDA
Source: Iberdrola
€ bn
82
84
86
88
90
92
94
96
98
2009
2010
2011
TOTAL ASSETS
Source: Iberdrola
%
7.5
8
8.5
9
9.5
10
10.5
2009
2010
2011
RETURN ON EQUITY
Source: Iberdrola
€ bn
2.76
2.78
2.8
2.82
2.84
2.86
2.88
2009
2010
2011
NET PROFIT
Source: Iberdrola
€ bn
0
5
10
15
20
25
30
35
2009
2010
2011
REVENUES
10
4 E
uro
Week Financing C
orporates 2012
Im
perial To
bacco
Imperial Tobacco
Imperial Tobacco
Alison CooperCEO
Gerry GallagherDirector of investor communicationsTel +44 117 963 6636
KEY OFFICIALS
Rating Baa3, BBB, BBB-
Pricing date November 28, 2011Value €750mMaturity date December 2, 2019Coupon 5%Pricing details 250bp over swapsBookrunners BBVA Citi Commerzbank Group Deutsche Bank UniCredit Pricing date September 21, 2012Value £500mMaturity date September 28, 2026Coupon 5.5%Pricing details 265bp over GiltsBookrunners BofA Merrill Lynch Barclays BNP Paribas Deutsche Bank Pricing date June 30, 2011Value €850mMaturity date July 5, 2018Coupon 4.5%Pricing details 147bp over swapsBookrunners Barclays RBS SG Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Barclays 498 2 16.72
2 Deutsche Bank 393 2 13.19
3SG Corporate & Investment Banking
303 1 10.15
3 RBS 303 1 10.15
3 Santander 303 1 10.15
6 UniCredit 197 1 6.63
6Commerzbank Group
197 1 6.63
6 Citi 197 1 6.63
6 BBVA 197 1 6.63
10Bank of America Merrill Lynch
196 1 6.57
10 BNP Paribas 196 1 6.57
Subtotal 2,980 3 100
Total 2,980 3 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Imperial Tobacco Finance plc
£500m, 5.5% September 2026
September 21, 2011
Imperial is one of the darling credits of UK investors, because the big insurance companies and pension funds always favour more stable sectors, and tobacco is very similar, in its cashfl ow and its resilience to business cycles, to the utilities and telcos.
The sterling market continues to be deepest at 15 years and out, so doing a 15 year was a no-brainer — going out to 20 years would have meant another 50bp on the coupon.
They have 2022 and 2024 bonds, which both trade at around 220bp over Gilts. The 2024s trade off the same Gilt, the March 2025, so were most relevant. The theoretical curve extension for two years for a triple-B issuer is probably worth 10bp-15bp, which gets you to 230bp-235bp.
You can add in the fact that, because both the 2022s and 2024s have very high cash prices (about 130.00 and 125.00), that puts investors off, so without that they would probably trade 5bp-10bp tighter. So that takes the fair value for a 2026 back to about 225bp-230bp.
We announced the deal as a 15 year benchmark. The issuer was happy to take a bit less and £500m was its upper limit. In a market like this you don’t want to go out with the full size from the off, but we guided people verbally towards £500m, and in the end people were upset we didn’t print more.
We went out with guidance of 270bp-275bp, giving a new issue concession of about 40bp-45bp, which we thought would offer good value, taking into account Imperial’s quite sizeable ambition for the amount of debt. We were always sure we could get through that number — the average concession on the recent deals has been 30bp-40bp, though RCI paid 60bp.
The talk was revised to 265bp-270bp and we priced at the tight end, so the fi nal new issue concession was more like 35bp.
The book was £2.4bn, with 200 accounts, including many overseas. In the fi nal book, 90% went to UK accounts and the rest to continental Europe. It was 90% to real money funds, including pension funds, insurance and asset managers, 5% to banks and private banks and 5% to others.
BOOKRUNNER COMMENTS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 73.7
GBP, 26.3
ISSUANCE BY CURRENCY 2011/12
Source: Imperial Tobacco
£ bn
0
0.5
1
1.5
2
2.5
3
2008
2009
2010
2011
OPERATING PROFIT
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Anheuser Busch CDS 5yr Philip Morris CDS 5yr SABMiller CDS 5yr
Imperial Tobacco CDS 5yr Pernod Ricard CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
PUBLIC BOND ISSUANCE
Source: Imperial Tobacco
£ bn
0
5
10
15
20
25
30
35
2008
2009
2010
2011
REVENUE
Source: Imperial Tobacco
£ bn
27.528
28.529
29.530
30.531
31.532
32.5
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL ASSETS
Source: Imperial Tobacco
£ bn
00.20.40.60.8
11.21.41.61.8
2
2008
2009
2010
2011
NET PROFIT
Source: Imperial Tobacco
£
00.20.40.60.8
11.21.41.61.8
2
2008
2009
2010
2011
BASIC EARNINGS PER SHARE
Source: Imperial Tobacco
£ bn
0123456789
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
SHAREHOLDERS’ EQUITY
Financing Corp
orates 2012 Eu
ro
Week 1
05
K
oninklijke K
PN
Koninklijke KPN
Source: KPN
%
Consumer,28
Business,17
Wholesale & operations, 4
Corporatemarket
(Getronics),13
iBasis,6
Germany,24
Belgium,6
Rest of World, 2
REVENUES BY DIVISION (2011)
Source: KPN
%
313233343536373839404142
2008
2009
2010
2011
EBITDA MARGIN
Source: KPN
%
2
2.05
2.1
2.15
2.2
2.25
2.3
2.35
2008
2009
2010
2011
NEBT DEBT / EBITDA
Koninklijke KPN
Eelco BlokChairman & CEO
Steven van SchilfgaardeInterim CFO
KEY OFFICIALS
Source: KPN
€ bn
4.9
5
5.1
5.2
5.3
5.4
5.5
5.6
2008
2009
2010
2011
EBITDA
Source: KPN
€
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2008
2009
2010
2011
EARNINGS PER SHARE
Source: KPN
€ bn
12.5
13
13.5
14
14.5
15
2008
2009
2010
2011
REVENUES & OTHER INCOME
Rating Baa2, BBB, NR
Pricing date February 22, 2012Value €750mMaturity date March 1, 2022Coupon 4.25%Pricing details 195bp over swapsBookrunners Citi ING SG UBS Pricing date November 11, 2011Value £400mMaturity date November 18, 2026Coupon 5%Pricing details 242bp over GiltsBookrunners Barclays Credit Suisse JP Morgan Pricing date September 8, 2011Value €500mMaturity date October 4, 2021Coupon 4.5%Pricing details 103.29bp over BundsBookrunners ABN Amro BofA Merrill Lynch RBSSource: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 UBS 248 1 10.67
1SG Corporate & Investment Banking
248 1 10.67
1 ING 248 1 10.67
1 Citi 248 1 10.67
5 RBS 233 1 10.03
5Bank of America Merrill Lynch
233 1 10.03
5ABN AMRO Bank
233 1 10.03
8 JPMorgan 211 1 9.08
8 Credit Suisse 211 1 9.08
8 Barclays 211 1 9.08
Subtotal 2,322 3 100
Total 2,322 3 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 72.8
GBP, 27.2
ISSUANCE BY CURRENCY 2011/12
Source: KPN
€ bn
1.7
1.75
1.8
1.85
1.9
1.95
2
2.05
2008
2009
2010
2011
CAPEX
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200 AT&T CDS 5yr Deutsche Telekom CDS 5yr France Telecom CDS 5yr
Koninklijke KPN CDS 5yr TeliaSonera CDS 5yr Vodafone CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
5
PUBLIC BOND ISSUANCE
Source: KPN
€ bn
2.3
2.35
2.4
2.45
2.5
2.55
2.6
2.65
2008
2009
2010
2011
FREE CASHFLOW
Source: KPN
€ bn
1.41.451.5
1.551.6
1.651.7
1.751.8
1.85
2010 2011
NET PROFIT
Data at December 31, 2011. Source: KPN
€ bn
0
0.5
1
1.5
2
2.5
3
3.5
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
+
DEBT MATURITY PROFILE
10
6 E
uro
Week Financing C
orporates 2012
K
orea E
lectric Po
wer C
orp
Korea Electric Power Corp
Source: KEPCO
KRW tr
-3.5
-3
-2.5
-2
-1.5
-1
-0.5
0
2010 2011
NET INCOME
Source: KEPCO
KRW tr
37
38
39
40
41
42
43
44
2010 2011
OPERATING REVENUE
Source: KEPCO
KRW tr
-1
-0.5
0
0.5
1
1.5
2
2.5
2010 2011
OPERATING INCOME
Korea Electric Power Corp
Joong-Kyum KimPresident & CEO
JI KimGeneral manager, investor relations
KEY OFFICIALS
Source: KEPCO
%
0102030405060708090
100
2008
2009
2010
2011
DEBT / EQUITY RATIO
Source: KEPCO
%
-8
-7
-6
-5
-4
-3
-2
-1
0
2008
2009
2010
2011
RETURN ON EQUITY
Interest bearing debt. Data at December 31, 2011. Source: KEPCO
KRW tr
0
1
2
3
4
5
6
7
8
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
+
DEBT MATURITY PROFILE
Rating A1, A, A+
Issuer Korea Western Power Co LtdPricing date May 3, 2012Value $500mMaturity date May 10, 2017Coupon 3.125%Pricing details 235bp over USTsBookrunners Barclays JPMorgan Morgan Stanley RBS Issuer Korea South-East Power Co Ltd (KOSEP)Pricing date July 22, 2011Value $300mMaturity date January 29, 2017Coupon 3.625%Bookrunners Citi Goldman Sachs Morgan Stanley
Issuer Korea Hydro & Nuclear Power Co Ltd Pricing date July 6, 2011Value $500mMaturity date July 13, 2021Coupon 4.75%Bookrunners Barclays Goldman Sachs Morgan Stanley RBS Samsung Securities Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1KB Financial Group Inc
1,003 15 18.3
2Daewoo Securities
934 12 17.04
3Daishin Securities
617 9 11.25
4 NACF 383 3 6.98
5Shinhan Investment Corp
371 4 6.77
6 Morgan Stanley 322 3 5.87
7Woori Investment & Securities
263 3 4.8
8 RBS 222 2 4.06
8 Barclays 222 2 4.06
10 Goldman Sachs 197 2 3.59
Subtotal 4,534 40 82.71
Total 5,481 46 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
KRW, 77.8
USD, 22.2
ISSUANCE BY CURRENCY 2011/12
Source: KEPCO
%
-10-9-8-7-6-5-4-3-2-10
2008
2009
2010
2011
NET PROFIT MARGIN
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800900
1000 CEZ CDS 5yr Enel CDS 5yr Energias de Portugal CDS 5yr
Iberdrola CDS 5yr Korea Electric Power Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
PUBLIC BOND ISSUANCE
Source: KEPCO
%
-10-8-6-4-202468
2008
2009
2010
2011
OPERATING PROFIT MARGIN
Issuer Deal value $m
No deals
Korea East West Power Co Ltd
642 6
Korea Electric Power Corp - Kepco
1,083 10
Korea Hydro & Nuclear Power Co Ltd
1,809 16
Korea Midland Power Co Ltd 457 5
Korea South-East Power Co Ltd - KOSEP
696 5
Korea Southern Power Co Ltd
330 3
Korea Western Power Co Ltd 767 4
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Financing Corp
orates 2012 Eu
ro
Week 1
07
K
orea G
as Co
rp
Korea Gas Corp
Source: Kogas
%
00.5
11.5
22.5
33.5
4
31-Dec-10 31-Dec-11
RETURN ON EQUITY
Source: Kogas
%
050
100150200250300350400
31-Dec-10 31-Dec-11
DEBT / EQUITY RATIO
Source: Kogas
%
3.2
3.4
3.6
3.8
4
4.2
4.4
31-Dec-10 31-Dec-11
OPERATING PROFIT MARGIN
Korea Gas Corp
Joo Kang SooCEO
Seo Seung WonSenior manager, investor relationsTel +82 31 710 0495
KEY OFFICIALS
Source: Kogas
KRW tr
0.940.950.960.970.980.99
11.011.021.03
2010 2011
OPERATING INCOME
Source: Kogas
KRW tr
7.557.6
7.657.7
7.757.8
7.857.9
7.958
8.058.1
31-Dec-10 31-Dec-11
TOTAL SHAREHOLDERS’ EQUITY
Source: Kogas
KRW tr
0
5
10
15
20
25
30
2010 2011
SALES
Rating A1, A, A+
Pricing date January 12, 2012Value $750mMaturity date January 20, 2042Coupon 6.25%Pricing details 345bp over USTsBookrunners Deutsche Bank Goldman Sachs JPMorgan Morgan Stanley UBS Pricing date September 14, 2011Value Sfr250mMaturity date October 11, 2016Coupon 2%Pricing details 86bp over swapsBookrunners Barclays UBS RBS Pricing date September 14, 2011Value Sfr100mMaturity date October 11, 2019Coupon 2.875%Pricing details 134bp over swapsBookrunners Barclays UBS RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Hana Bank 506 4 13.82
2 UBS 372 4 10.15
3Samsung Securities
280 2 7.64
4 Goldman Sachs 239 2 6.52
5Hanwha Merchant Bank
234 2 6.4
6KTB Investment & Securities Co Ltd
192 2 5.24
7 Morgan Stanley 147 1 4.02
7 JPMorgan 147 1 4.02
7 Deutsche Bank 147 1 4.02
10G&A Private Equity Fund
144 1 3.92
Subtotal 2,407 15 65.76
Total 3,660 22 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
KRW,57.6USD,
20.8
CHF,11.3
JPY,10.3
ISSUANCE BY CURRENCY 2011/12
Source: Kogas
KRW tr
2728293031323334353637
31-Dec-10 31-Dec-11
TOTAL ASSETS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450500 Eni CDS 5yr Gas Natural SDG CDS 5yr Gazprom CDS 5yr Korea Gas Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
4
PUBLIC BOND ISSUANCE
Source: Kogas
KRW tr
0
0.05
0.1
0.15
0.2
0.25
0.3
2010 2011
NET INCOME
Source: Kogas
%
00.10.20.30.40.50.60.70.80.9
1
31-Dec-10 31-Dec-11
RETURN ON ASSETS
10
8 E
uro
Week Financing C
orporates 2012
Lafarg
e
Lafarge
Source: Lafarge
%
19
20
21
22
23
24
25
2008
2009
2010
2011
EBITDA MARGIN
Source: Lafarge
€ bn
02468
1012141618
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET DEBT
Source: Lafarge
%
0
2
4
6
8
10
12
2008
2009
2010
2011
ROCE (BEFORE TAX)
Lafarge
Jean-Jacques GauthierCFO
Jay BachmannSenior VP, investor relationsTel +33 1 44 34 11 11
KEY OFFICIALS
Source: Lafarge
€ bn
00.5
11.5
22.5
33.5
44.5
5
2008
2009
2010
2011
EBITDA
Source: Lafarge
€ bn
0
0.5
1
1.5
2
2.5
3
2008
2009
2010
2011
FREE CASH FLOW
Source: Lafarge
€ bn
02468
101214161820
2008
2009
2010
2011
SALES
Rating Ba1, BB+, BB+
Pricing date November 9, 2011Value CNY1.5bnMaturity date November 14, 2014Coupon 9%Bookrunners Citi HSBC Mitsubishi UFJ Standard Chartered
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Standard Chartered Bank
65 2 21.04
1 Citi 65 2 21.04
3Mitsubishi UFJ Financial Group
59 1 19.05
3 HSBC 59 1 19.05
5Union Capital Markets Ltd
6 1 1.98
5 Standard Bank 6 1 1.98
5 Keystone Bank 6 1 1.98
5 GTBank 6 1 1.98
5First Securities Discount House
6 1 1.98
5First Bank of Nigeria plc
6 1 1.98
5FCMB Capital Markets Ltd
6 1 1.98
5Ecobank Ghana Ltd 6 1 1.98
5Chapel Hill Advisory Partners Ltd
6 1 1.98
5 Access Bank plc 6 1 1.98
Subtotal 311 2 100
Total 311 2 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
CNY, 76.2
NGN, 23.8
ISSUANCE BY CURRENCY 2011/12
Source: Lafarge
€
0
1
2
3
4
5
6
7
8
2008
2009
2010
2011
EARNINGS PER SHARE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800
ArcelorMittal CDS 5yr Compagnie de Saint-Gobain CDS 5yr POSCO CDS 5yr
HeidelbergCement CDS 5yr Lafarge CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
5
PUBLIC BOND ISSUANCE
Source: Lafarge
€ bn
00.20.40.60.8
11.21.41.61.8
2008
2009
2010
2011
NET INCOME GROUP
Issuer Deal value $m
No deals
Lafarge Cement WAPCO Nigeria
74 1
Lafarge Shui On Cement Ltd 237 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Lafarge
%
3.553.6
3.653.7
3.753.8
3.853.9
3.954
4.05
2008
2009
2010
2011
NET DEBT / EBITDA
Financing Corp
orates 2012 Eu
ro
Week 1
09
Lyo
ndellB
asell Industries
LyondellBasell Industries
Source: LyondellBasell
$ bn
5.785.795.8
5.815.825.835.845.855.865.87
May 10 - Dec 10 Jan 11 - Dec 11
WORKING CAPITAL
LyondellBasell Industries
Jim GalloglyCEO
Karyn OvelmenCFO
Douglas J PikeInvestor relationsTel +1 713 309 7141
KEY OFFICIALS
Source: LyondellBasell
$ bn
00.5
11.5
22.5
33.5
44.5
May 10 - Dec 10 Jan 11 - Dec 11
OPERATING INCOME
Source: LyondellBasell
$ bn
0
1
2
3
4
5
6
7
May 10 - Dec 10 Jan 11 - Dec 11
LONG-TERM DEBT
Source: LyondellBasell
%
Olefins & polyolefins -Americas, 20
Olefins & polyolefins -
EAI, 29Intermediates & derivatives, 13
Refining & oxyfuels, 37
Technology, 1
SALES BY SEGMENT (2011)
Rating Ba1, BBB-, NR
Pricing date March 26, 2012Value $2bnMaturity date April 15, 2019Coupon 5%Pricing details 337bp over USTsBookrunners BofA Merrill Lynch Barclays Citi Credit Suisse Deutsche Bank HSBC ING JPMorgan Morgan Stanley Wells Fargo Securities Pricing date March 26, 2012Value $1bnMaturity date April 15, 2024Coupon 5.75%Pricing details 323bp over USTsBookrunners BofA Merrill Lynch Barclays Citi Credit Suisse Deutsche Bank HSBC ING JPMorgan Morgan Stanley Wells Fargo Securities Pricing date November 4, 2011Value $1bnMaturity date November 15, 2021Coupon 6%Bookrunners BofA Merrill Lynch Barclays Citi Credit Suisse Deutsche Bank JPMorgan UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 443 3 11.07
1 Deutsche Bank 443 3 11.07
1 Credit Suisse 443 3 11.07
1 Citi 443 3 11.07
1 Barclays 443 3 11.07
1Bank of America Merrill Lynch
443 3 11.07
7Wells Fargo Securities
300 2 7.5
7 Morgan Stanley 300 2 7.5
7 ING 300 2 7.5
7 HSBC 300 2 7.5
Subtotal 3,857 3 96.43
Total 4,000 3 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: LyondellBasell
$ bn
0
10
20
30
40
50
60
May 10 - Dec 10 Jan 11 - Dec 11
SALES & OTHER OPERATING REVENUES
Source: LyondellBasell
$ bn
21.5
22
22.5
23
23.5
24
24.5
25
25.5
May 10 - Dec 10 Jan 11 - Dec 11
TOTAL ASSETS
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
PUBLIC BOND ISSUANCE
Source: LyondellBasell
$ bn
0
0.5
1
1.5
2
2.5
May 10 - Dec 10 Jan 11 - Dec 11
INCOME FROM CONTINUING OPERATIONS
As a result of the application of fresh-start accounting and restructuring activities following bankruptcy proceedings, data before May 1, 2010 is not comparable to subsequent data. Therefore only data for the period May 1, 2010 to December 31, 2011 has been used.
DATA NOTE
LyondellBasell Industries NV
Ba1, stable outlook
Moody’s upgraded LyondellBasell Industries’s (LYB) Corporate Family Rating (CFR) to Ba1 from Ba2 on November 4, 2011. This action refl ects the results of the early debt tender offer and consent solicitation for its outstanding secured notes and the subsequent amendment to its indentures. Additionally, Moody’s assigned a Ba2 rating to $1 billion of new senior unsecured notes due 2021 issued by LyondellBasell Industries, lowered the rating on the remaining 8% guaranteed senior unsecured notes (formerly secured fi rst lien notes) to Ba2 from Ba1, upgraded the remaining 11% guaranteed senior unsecured notes (formerly secured third lien notes) to Ba2 from Ba3, withdrew the Ba1 rating on its secured term loan and affi rmed the SGL1 Speculative Grade Liquidity Rating.
LyondellBasell’s Ba1 CFR refl ects its conservative capital structure and solid liquidity offset by a limited operating history post-bankruptcy, as well as concerns about its corporate governance. The governance concerns arise because of the large equity ownership (nearly 30%) by an affi liate of Apollo Management and its leadership role on the supervisory board of LYB. Additionally Access Industries holds a 16% equity stake and has appointed two board members. Together Apollo and Access have appointed 5 of the 11 supervisory board members. Given the large percentage of equity held by these two fi rms, Moody’s would like to see a longer operating history, post bankruptcy prior to considering a move to investment grade, especially given the planned $2.6bn special dividend.
Furthermore, the Ba1 CFR considers the company’s large size, operational diversity, signifi cant vertical integration, leading market positions in key commodities, and a management team with a track record of conservative fi scal stewardship in the petrochemical industry should provide upside to the rating over time.
The stable outlook assumes that management will continue to maintain a conservative balance sheet. A positive rating move could be considered should the representation of its two largest shareholders fall below 40% and an independent board member becomes chairman. A potential upgrade assumes that management policies and industry conditions remain supportive of the higher rating and that management successfully continues their restructuring initiatives.
RATING AGENCY COMMENTARY: MOODY’S
11
0 E
uro
Week Financing C
orporates 2012
N
ational G
rid
National Grid
National Grid
Steve HollidayCEO
John DawsonDirector of investor relationsTel +44 20 7004 3170
David MorganSenior corporate banking managerTel +44 20 7004 3379
KEY OFFICIALS
Rating Baa1, A-, BBB
Issuer National Grid Electricity
Transmission plc
Pricing date May 29, 2012
Value £400m
Maturity date June 8, 2027
Coupon 4%
Pricing details 163bp over Gilts
Bookrunners Goldman Sachs
Lloyds Banking Group
Mizuho
RBS
Issuer Boston Gas Co
Pricing date February 14, 2012
Value $500m
Maturity date February 15, 2042
Coupon 4.487%
Pricing details 142bp over USTs
Bookrunners BBVA
Citi
HSBC
Mitsubishi UFJ Financial
Group
UBS
Issuer National Grid plc
Pricing date September 30, 2011
Value £260m
Maturity date October 6, 2021
Coupon 1.25%
Pricing details Infl ation linked
Bookrunners Barclays
Evolution Securities Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Investec Bank 221 3 14.15
1 Barclays 221 3 14.15
3 RBS 155 1 9.92
3 Mizuho 155 1 9.92
3Lloyds Banking Group
155 1 9.92
3 Goldman Sachs 155 1 9.92
7 UBS 100 1 6.4
7Mitsubishi UFJ Financial Group
100 1 6.4
7 HSBC 100 1 6.4
7 Citi 100 1 6.4
7 BBVA 100 1 6.4
Subtotal 1,563 5 100
Total 1,563 5 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 42.7
USD, 30.4
GBP, 26.9
ISSUANCE BY CURRENCY 2011/12
Fiscal year April 1 to March 31. Source: National Grid
£ bn
3.443.463.483.5
3.523.543.563.583.6
3.62
2011 2012
OPERATING PROFIT
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250E.On CDS 5yr EDF GDF Suez CDS 5yr RWE CDS 5yr
National Grid CDS 5yr Vattenfall CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
PUBLIC BOND ISSUANCE
Data at March 31, 2011. Source: National Grid
%
Fixed rate,51
Floating rate, 19
RPI linked, 30
OUTSTANDING DEBT BY TYPE
Issuer Deal value $m
No deals
Boston Gas Co 500 1
National Grid plc 442 3
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Fiscal year April 1 to March 31. Source: National Grid
£ bn
1.982
2.022.042.062.08
2.12.122.142.162.18
2011 2012
NET PROFIT
Fiscal year April 1 to March 31. Source: National Grid
£ bn
2.532.542.552.562.572.582.592.6
2.612.622.63
2011 2012
PRE-TAX PROFIT
Fiscal year April 1 to March 31. Source: National Grid
%
9.5
10
10.5
11
11.5
12
12.5
13
2010 2011 2012
RETURN ON EQUITY
Fiscal year April 1 to March 31. Source: National Grid
£
0.540.550.560.570.580.590.6
0.610.620.630.64
2011 2012
EARNINGS PER SHARE
Fiscal year April 1 to March 31. Source: National Grid
%
9.5
10
10.5
11
11.5
12
12.5
13
2010 2011 2012
POST TAX ROCE
Financing Corp
orates 2012 Eu
ro
Week 1
11
N
ovartis
Get complete corporate coverage with EuroWeek’s Corporate Financing Daily service”
Visit www.euroweek.com/corporates to find out more
Novartis
Source: Novartis
%
US, 33
Europe, 37
Asia/Africa/Australasia, 21
Canada & Latin
America,9
NET SALES BY REGION (2011)
Source: Novartis
$ bn
0
20
40
60
80
100
120
140
2009
2010
2011
TOTAL ASSETS
Novartis
Joseph JimenezCEO
Jon SymondsCFO
Susanne SchaffertGlobal head of investor relationsTel +41 61 324 79 44
KEY OFFICIALS
Source: Novartis
$ bn
7.5
8
8.5
9
9.5
10
10.5
2009
2010
2011
NET INCOME
Source: Novartis
$ bn
12.2
12.25
12.3
12.35
12.4
12.45
12.5
12.55
2010 2011
GROUP FREE CASH FLOW
Source: Novartis
$ bn
9
9.5
10
10.5
11
11.5
12
2009
2010
2011
OPERATING INCOME
Rating Aa2, AA-, AA
Source: Novartis
$ bn
0
10
20
30
40
50
60
70
2009
2010
2011
NET SALES
Source: Novartis
%
12.5
13
13.5
14
14.5
15
15.5
16
2009
2010
2011
RETURN ON AVERAGE EQUITY
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0102030405060708090
100GlaxoSmithKline CDS 5yr Pfizer CDS 5yr Roche Holding CDS 5yr Sanofi CDS 5yr
Novartis CDS 5yr Teva CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: Novartis
$
3.43.53.63.73.83.9
44.14.24.34.4
2009
2010
2011
BASIC EARNINGS PER SHARE
Novartis AG
Aa2, negative outlook
The Aa2 rating of Novartis primarily refl ects the company’s (i) large scale, with leading positions in pharmaceuticals, generics and consumer health; (ii) strong business diversity, with limited product concentration; (iii) healthy pipeline; and (iv) strong cash fl ow generation capabilities. However, these factors are balanced against Novartis’s (i) weak credit metrics for a Aa2 rating following the Alcon transaction; and (ii) exposure to some large patent expiries (e.g., Diovan, Femara). The grid-indicated rating for Novartis as of 30 September 2011 was Aa3. The one-notch differential between the grid-indicated rating and the public rating is mainly explained by the substantial increase in debt after the company’s acquisition of Alcon. Since the closing of the last step of the Alcon acquisition (i.e., the buyout of the 23% minority stake), Novartis has been deleveraging and we would expect the company to continue to do so during 2012, which should help remove the differential.
The negative outlook refl ects Novartis’s currently weak fi nancial metrics for a Aa2 rating and that the company may be challenged to improve its credit metrics such that they are commensurate with the Aa2 rating within 18-24 months after the closing of the Alcon acquisition (i.e., by year-end 2012).
Moody’s would consider stabilising Novartis’s outlook if the company were able to make signifi cant progress towards restoring its credit metrics to levels commensurate with the Aa2 rating category. This would require Novartis to improve (i) its cash fl ow from operations (CFO)/debt ratio such that it moves above 60%; and (ii) its cash/debt ratio from its current low point to a level in the low to mid-30s in percentage terms.
Downward pressure on the rating could develop if (i) Novartis shifts towards a more shareholder-friendly policy, further delaying deleveraging; (ii) the company completes additional material debt-fi nanced acquisitions; (iii) cash fl ows deteriorate materially due to, for example, recently launched drugs not mitigating the effect of the Diovan patent expiry as expected; or (iv) material litigations emerge.
March 26, 2012
RATING AGENCY COMMENTARY: MOODY’S
11
2 E
uro
Week Financing C
orporates 2012
O
deb
recht / Braskem
Odebrecht / Braskem
Data at December 31, 2010. Source: Odebrecht
$ bn
Engineering & construction,
10
ETH, 4.6
Braskem, 20.7
Odebrecht Oleo e Gas, 3.2
Other, 6.6
TOTAL ASSETS BY DIVISION
Odebrecht / Braskem
Marcelo Bahia OdebrechtPresident & CEO
KEY OFFICIALS
Source: Odebrecht
$ bn
00.20.40.60.8
11.21.41.61.8
2009 2010
NET PROFIT
Source: Odebrecht
$ bn
Brazil,21.1
South & Central America, 6.5
Africa,1.2
North America, Asia/Middle
East & Europe, 3.5
GROSS REVENUE BY REGION (2010)
Source: Odebrecht
$ bn
0
0.5
1
1.5
2
2.5
3
3.5
2009 2010
EBITDA
Rating Baa3, BBB-, BBB- (Braskem)
Issuer Braskem Finance LtdPricing date April 26, 2012Value $500mMaturity date May 2, 2022Coupon 5.375%Pricing details 346.7bp over USTsBookrunners BTG Pactual Banco do Brasil SA HSBC JPMorgan Issuer Braskem Finance LtdPricing date February 9, 2012Value $250mMaturity date PerpetualCoupon 7.375%Bookrunners Deutsche Bank HSBC Itau BBA Issuer Braskem Finance LtdPricing date January 26, 2012Value $250mMaturity date April 15, 2021Coupon 5.75%Pricing details 381.3bp over USTsBookrunners Citi Deutsche Bank Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 HSBC 623 4 30.46
2 Deutsche Bank 267 3 13.08
3 Morgan Stanley 164 1 8.03
3Bank of America Merrill Lynch
164 1 8.03
5 JPMorgan 125 1 6.11
5Banco do Brasil SA
125 1 6.11
5 BTG Pactual 125 1 6.11
8 Goldman Sachs 100 1 4.91
8 Credit Suisse 100 1 4.91
10 Itau BBA 84 1 4.09
Subtotal 1,877 6 91.85
Total 2,044 6 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Odebrecht
$ bn
0
5
10
15
20
25
30
35
2008
2009
2010
GROSS REVENUE
Source: Odebrecht
$ bn
0
1
2
3
4
5
6
2009 2010
SHAREHOLDERS’ EQUITY
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
ABB CDS 5yr Caterpillar CDS 5yr GE Capital CDS 5yr Schlumberger CDS 5yr
Hutchison Whampoa CDS 5yr Braskem CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
3.5
PUBLIC BOND ISSUANCE
Source: Odebrecht
$ bn
05
101520253035404550
2009 2010
TOTAL ASSETS
Issuer Deal value $m
No deals
Braskem America Finance Co
492 1
Braskem Finance Ltd 1,000 3
Odebrecht Finance Ltd 551 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Braskem Finance Ltd
Baa3, stable outlook
Braskem’s rating is supported by its large size as the largest petrochemical company in Brazil and in the Americas by production capacity (based on PE and PP resin capacity), with historically above industry average operating margins coming from high capacity utilization rates, long-term client relationships, and product customisation.
The rating also refl ects the company’s dominant market position in Brazil. The acquisitions of Sunoco’s and Dow’s polypropylene businesses have improved Braskem’s geographic diversifi cation. Geographic and operating diversities should improve even further as the company pursues international projects, including investments in greenfi eld plants in Latin American countries with feedstock advantage such as the Mexican Ethylene XXI project. However, margins pressure in Brazil due to imports from North America has increased and will likely require additional changes to Braskem domestic operations so that it can return profi tability and credit metrics back to more reasonable levels.
The rating also factors in the company’s exposure to volatile naphtha and natural gas prices and its dependence on Petrobras for the supply of those inputs. Finally, Braskem’s above-average level of disclosure, its overall good governance practices and the relevant interest of Petrobras in the company are regarded as credit positives.
RATING AGENCY COMMENTARY: MOODY’S
Financing Corp
orates 2012 Eu
ro
Week 1
13
P
emex
Pemex
Source: Pemex
Ps bn
-250
-200
-150
-100
-50
0
50
100
2007
2008
2009
2010
2011
EQUITY
Pemex
Rating Baa1, BBB, BBB
Juan José Suárez Coppel Director general
Ignacio Quesada MoralesCFO
Rolando GalindoInvestor [email protected]
KEY OFFICIALS
Pricing date January 17, 2012Value $2.1bnMaturity date January 24, 2022Coupon 4.875%Pricing details 315bp over USTsBookrunners BofA Merrill Lynch Citi HSBC Pricing date October 12, 2011Value $1.25bnMaturity date June 2, 2041Coupon 6.5%Pricing details 315bp over USTsBookrunners BNP Paribas Deutsche Bank Pricing date July 20, 2011Value $1bnMaturity date January 21, 2021Coupon 5.5%Pricing details 190bp over USTsBookrunners HSBC Morgan Stanley Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 HSBC 1,850 6 29.08
2 Santander 999 4 15.69
3 Citi 694 1 10.9
3Bank of America Merrill Lynch
694 1 10.9
5 Deutsche Bank 638 1 10.03
5 BNP Paribas 638 1 10.03
7 Morgan Stanley 350 1 5.5
8 Credit Suisse 329 1 5.17
9Actinver Casa de Bolsa SA de CV
171 1 2.69
Subtotal 6,364 8 100
Total 6,364 8 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,69.3
MXN,19.6
CHF,5.2
MXV,3.5
AUD,2.4
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450500 Gazprom CDS 5yr Petrobras CDS 5yr Pemex CDS 5yr Korea Gas Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: Pemex
Ps tr
00.20.40.60.8
11.21.41.61.8
2007
2008
2009
2010
2011
TOTAL SALES
Source: Pemex
Ps tr
0
0.2
0.4
0.6
0.8
1
1.2
2007
2008
2009
2010
2011
EBITDA
Source: Pemex
%
00.10.20.30.40.50.60.70.80.9
2007
2008
2009
2010
2011
NET DEBT/EBITDA
Source: Pemex
Ps tr
00.20.40.60.8
11.21.41.61.8
2007
2008
2009
2010
2011
TOTAL ASSETS
Source: Pemex
Ps bn
-120
-100
-80
-60
-40
-20
0
2007
2008
2009
2010
2011
NET INCOME
Petroleos Mexicanos (Pemex)
Baa1, stable
Pemex’s Baa1 foreign currency and local currency ratings factor in strong implied support and uplift from the government of Mexico (government bond rating Baa1). Pemex’s ratings refl ect the company’s sizable 13.5 billion BOE of proved hydrocarbon reserves, and oil and gas production averaging about 3.7 million BOE/day in 2011, its monopoly status, integrated operations, and position as a leading crude oil exporter to the US. However, on the negative side, Pemex’s heavy tax burden, high fi nancial leverage and challenge in stabilizing and growing its core oil production weigh heavily on our fundamental assessment as refl ected in the baseline credit assessment of 11 (comparable to Ba1).
Even with the benefi t of fi scal and energy reforms Pemex remains capital-constrained, and its ability to attract capital and technology to the upstream is stymied by Mexico’s prohibition on foreign investment and equity ownership of reserves. While the company has started to step up deepwater exploration, it will take sustained consistent reinvestment and reserves success before it can become a signifi cant production source.
In the meantime, the company will remain focused on its traditional basins, including recent light oil discoveries, as well as on upstream and downstream infrastructure investments to meet rising energy and product demand in Mexico. The company’s upstream efforts are having some benefi cial impact, with production stabilising and the company showing full reserve replacement in 2011, for the fi rst time in many years.
May 16, 2012
RATING AGENCY COMMENTARY: MOODY’S
11
4 E
uro
Week Financing C
orporates 2012
P
ernod
Ricard
Pernod Ricard
Source: Pernod Ricard
€ bn
23.524
24.525
25.526
26.527
27.5
30-Ju
n-09
30-Ju
n-10
30-Ju
n-11
TOTAL ASSETS
Source: Pernod Ricard
€ bn
0123456789
10
30-Ju
n-09
30-Ju
n-10
30-Ju
n-11
TOTAL SHAREHOLDERS’ EQUITY
Pernod Ricard
Pierre PringuetCEO
Gilles BogaertManaging director, fi nance
Jean TouboulVP, fi nancial communications & investor relationsTel +33 1 41 00 41 71
KEY OFFICIALS
Fiscal year July 1 to June 30. Source: Pernod Ricard
%
21.522
22.523
23.524
24.525
25.526
2007
/08
2008
/09
2009
/10
2010
/11
OPERATING MARGIN
Fiscal year July 1 to June 30. Source: Pernod Ricard
€ bn
France,0.75
Europeex-France,
2.11
Americas, 2.07
Rest of World, 2.71
SALES BY REGION (2010/11)
Fiscal year July 1 to June 30. Source: Pernod Ricard
€ bn
0
0.5
1
1.5
2
2.5
2007
/08
2008
/09
2009
/10
2010
/11
PROFIT FROM RECURRING OPERATIONS
Rating Baa3, BBB-, BB+
Pricing date January 5, 2012Value $850mMaturity date January 15, 2017Coupon 2.95%Pricing details 210bp over USTsBookrunners JPMorgan Mitsubishi UFJ RBS SG Pricing date January 5, 2012Value $800mMaturity date July 15, 2022Coupon 4.25%Pricing details 230bp over USTsBookrunners JPMorgan Mitsubishi UFJ RBS SG Pricing date January 5, 2012Value $850mMaturity date January 15, 2042Coupon 5.5%Pricing details 255bp over USTsBookrunners JPMorgan Mitsubishi UFJ RBS SGSource: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 872 4 21.87
2SG Corporate & Investment Banking
623 3 15.62
2 RBS 623 3 15.62
2Mitsubishi UFJ Financial Group
623 3 15.62
5 Natixis 249 1 6.25
5 HSBC 249 1 6.25
5 Deutsche Bank 249 1 6.25
5 Barclays 249 1 6.25
5 BBVA 249 1 6.25
Subtotal 3,988 4 100
Total 3,988 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Fiscal year July 1 to June 30. Source: Pernod Ricard
€ bn
66.26.46.66.8
77.27.47.67.8
2007
/08
2008
/09
2009
/10
2010
/11
NET SALES
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Anheuser Busch CDS 5yr Philip Morris CDS 5yr SABMiller CDS 5yr
Imperial Tobacco CDS 5yr Pernod Ricard CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
PUBLIC BOND ISSUANCE
Fiscal year July 1 to June 30. Source: Pernod Ricard
€ bn
0
2
4
6
8
10
12
2007
/08
2008
/09
2009
/10
2010
/11
CHANGE IN NET FINANCIAL DEBT
Fiscal year July 1 to June 30. Source: Pernod Ricard
€ bn
0
0.2
0.4
0.6
0.8
1
1.2
2007
/08
2008
/09
2009
/10
2010
/11
GROUP NET PROFIT
Pernod Ricard SA
Baa3, stable outlook
Moody’s upgraded to Baa3 from Ba1 the long-term issuer and senior unsecured ratings of Pernod Ricard on September 8, 2011. The upgrade to investment grade recognised the improvement in Pernod’s operational performance in the past year, which contributed to better credit metrics for the fi nancial year ended June 30, 2011 (2010/11).
In a still subdued environment for alcoholic beverage consumption in Western Europe, Pernod’s sales were up 7% and profi t from recurring operations by 8% (on an organic basis). This was driven by positive price and mix effects, robust growth in Asia/Rest of the world and, to some degree, a recovery in the company’s more mature markets. Pernod has not reported signs of a slowdown in volumes in the key US spirits market, in which consumption of premium and super-premium spirits categories and in the important on premise channel has accelerated in recent quarters.
Whilst there are macroeconomic risks, especially for the US and some countries in Western Europe, Moody’s believes that, overall, Pernod’s performance is resilient and that further growth in profi ts is achievable even in a scenario of weaker economic growth.
September 8, 2011
RATING AGENCY COMMENTARY: MOODY’S
Financing Corp
orates 2012 Eu
ro
Week 1
15
P
etrob
ras
Petrobras
One ADR represents two shares. Source: Petrobras
$
00.5
11.5
22.5
33.5
44.5
2009
2010
2011
EARNINGS PER ADR
Source: Petrobras
%
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2009
2010
2011
NET DEBT / EBITDA
Petrobras
Maria das Gracas Silva FosterCEO
Almir BarbassaCFO
KEY OFFICIALS
Source: Petrobras
$ bn
020406080
100120140160180200
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
SHAREHOLDERS’ EQUITY
Source: Petrobras
$ bn
0
5
10
15
20
25
2009
2010
2011
NET INCOME
Rating A3, BBB, BBB
Pricing date February 1, 2012Value $1.25bnMaturity date February 6, 2015Coupon 2.875%Pricing details 275bp over USTsBookrunners Banco do Brasil SA Citi Itau BBA JPMorgan Morgan Stanley Santander Pricing date February 1, 2012Value $1.75bnMaturity date February 6, 2017Coupon 3.5%Pricing details 290bp over USTsBookrunners Banco do Brasil SA Citi Itau BBA JPMorgan Morgan Stanley Santander Pricing date February 1, 2012Value $2.75bnMaturity date January 27, 2021Coupon 5.375%Pricing details 295bp over USTsBookrunners Banco do Brasil SA Citi Itau BBA JPMorgan Morgan Stanley Santander Pricing date February 1, 2012Value $1.25bnMaturity date January 27, 2041Coupon 6.75%Pricing details 295bp over USTsBookrunners Banco do Brasil SA Citi Itau BBA JPMorgan Morgan Stanley Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Banco do Brasil SA
1,793 7 16.67
1 Santander 1,793 7 16.67
3 Morgan Stanley 1,206 4 11.22
3 JPMorgan 1,206 4 11.22
3 Itau BBA 1,206 4 11.22
3 Citi 1,206 4 11.22
7 HSBC 586 3 5.45
7 Deutsche Bank 586 3 5.45
7Credit Agricole CIB
586 3 5.45
7Banco Bradesco BBI SA
586 3 5.45
Subtotal 10,756 7 100
Total 10,756 7 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,67.3
EUR,22.8
GBP,9.9
ISSUANCE BY CURRENCY 2011/12
Source: Petrobras
$ bn
0
10
20
30
40
50
60
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET DEBT
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450500 Gazprom CDS 5yr Petrobras CDS 5yr Pemex CDS 5yr Korea Gas Corp CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
10
PUBLIC BOND ISSUANCE
Source: Petrobras
$ bn
0
5
10
15
20
25
30
35
40
2009
2010
2011
EBITDA
Data at December 31, 2011. Source: Petrobras
%
BNDES, 26
Debentures, 2
Export credit,6
Financial institutions, 38
Intl capital markets, 26
Others, 2
DEBT BY TYPE
Data at December 31, 2011. Source: Petrobras
%
Short term,11
Long term, 89
DEBT BY MATURITY
11
6 E
uro
Week Financing C
orporates 2012
P
eugeo
t
Peugeot
Source: PSA Peugeot Citroen
€ bn
-1.5
-1
-0.5
0
0.5
1
1.5
2009
2010
2011
GROUP: NET PROFIT
Source: PSA Peugeot Citroen
€ bn
0
10
20
30
40
50
60
70
2009
2010
2011
GROUP: REVENUES
Peugeot
Group
Philippe VarinChairman of the managing boardCarole Dupont-PietriMember of the management board
Banque PSA
Frédéric Saint-GeoursCEOOlivier CasanovaHead of corporate fi nance & treasuryTel +33 1 40 66 42 50
KEY OFFICIALS
Source: PSA Peugeot Citroen
€ bn
Automotive, 42.7
Faurecia,16.2
Gefco,3.8
Banque PSA Finance, 1.9
REVENUES BY DIVISION (2011)
Source: PSA Peugeot Citroen
%
00.5
11.5
22.5
33.5
44.5
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
BANQUE PSA: NPL RATIO
Rating Ba1, BB+, BB+
Issuer Banque PSA FinancePricing date May 30, 2012Value Sfr175mMaturity date September 25, 2015Coupon 3.25%Bookrunners BNP Paribas Credit Suisse RBS Issuer Peugeot SAPricing date April 3, 2012Value €600mMaturity date July 11, 2017Coupon 5.625%Pricing details 412bp over swapsBookrunners BBVA Credit Agricole CIB Deutsche Bank HSBC Natixis Issuer Banque PSA FinancePricing date January 5, 2012Value €700mMaturity date July 16, 2014Coupon 6%Pricing details 480bp over swapsBookrunners BofA Merrill Lynch SG Santander
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1SG Corporate & Investment Banking
1,338 5 19.29
2 BNP Paribas 1,162 6 16.76
3Credit Agricole CIB
965 6 13.91
4 HSBC 959 5 13.84
5 Natixis 398 4 5.74
6 Citi 334 1 4.81
7 Deutsche Bank 327 2 4.71
8 Santander 311 2 4.49
9Bank of America Merrill Lynch
303 1 4.37
10 Intesa Sanpaolo 233 1 3.35
10Commerzbank Group
233 1 3.35
Subtotal 6,561 11 94.64
Total 6,933 12 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: PSA Peugeot Citroen
%
12
12.5
13
13.5
14
14.5
15
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
BANQUE PSA: CAPITAL ADEQUACY RATIO
Data at May 2012, exludes Faurecia. Source: PSA Peugeot Citroen
€ bn
0
0.5
1
1.5
2
2.5
2012
2013
2014
2015
2016
2017
2018
-202
620
33
GROUP: MATURITY PROFILE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
200
400
600
800
1000
1200
1400Fiat CDS 5yr Peugeot CDS 5yr Renault CDS 5yr Volkswagen CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
10
PUBLIC BOND ISSUANCE
Source: PSA Peugeot Citroen
€ bn
0.88
0.9
0.92
0.94
0.96
0.98
1
1.02
1.04
2008
2009
2010
2011
BANQUE PSA: NET BANKING REVENUE
Issuer Deal value $m
No deals
AUTO ABS FCT Comparti-ment 2011-1
1,389 1
Auto ABS FCT Compartiment 2011-2
1,001 1
Banque PSA Finance SA 1,838 2
Faurecia SA 1,022 3
Peugeot SA 1,466 2
PSA Finance Argentina Compania Financiera SA
33 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: PSA Peugeot Citroen
€ bn
25
25.5
26
26.5
27
27.5
28
28.5
2009
2010
2011
BANQUE PSA: TOTAL ASSETS
Source: PSA Peugeot Citroen
€ bn
0.33
0.34
0.35
0.36
0.37
0.38
0.39
0.4
2008
2009
2010
2011
BANQUE PSA: NET INCOME
Financing Corp
orates 2012 Eu
ro
Week 1
17
P
fizer
>Emerging Markets www.euroweek.com/EmergingMarkets
Need help? [email protected]
Get complete Emerging Markets coverage with EuroWeek’s Emerging Markets daily service”
Visit www.euroweek.com/EmergingMarkets to find out more
Pfi zer
Source: Pfizer
$ bn
78
80
82
84
86
88
90
92
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL SHAREHOLDERS’ EQUITY
Source: Pfizer
$
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2009
2010
2011
BASIC EARNINGS PER SHARE
Source: Pfizer
$ bn
175180185190195200205210215
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1TOTAL ASSETS
Pfi zer
Ian ReadChairman & CEO
Frank D’Amelio CFO
Chuck TrianoSenior VP, investor relations
KEY OFFICIALS
Source: Pfizer
$ bn
0
2
4
6
8
10
12
2009
2010
2011
NET INCOME
Source: Pfizer
$ bn
0
10
20
30
40
50
60
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL DEBT
Source: Pfizer
$ bn
0
2
4
6
8
10
12
14
2009
2010
2011
OPERATING PROFIT
Rating A1, AA, A+
Source: Pfizer
$ bn
01020304050607080
2009
2010
2011
REVENUES
Data at December 31, 2011. Source: Pfizer
$ bn
Short term debt, 4
Long term debt, 34.9
DEBT BY MATURITY
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0102030405060708090
100GlaxoSmithKline CDS 5yr Pfizer CDS 5yr Roche Holding CDS 5yr Sanofi CDS 5yr
Novartis CDS 5yr Teva CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
5
10
15
20
25
30
PUBLIC BOND ISSUANCE
Source: Pfizer
%
02468
101214161820
2009
2010
2011
NET INCOME AS % REVENUES
A1, stable outlook
Pfi zer’s A1 senior unsecured rating refl ects the company’s position as the world’s largest pharmaceutical company, its good product and geographic diversity, its high profi tability, and its strong cash fl ow. Pfi zer’s key credit ratios are consistent with Moody’s “A” ranges for pharmaceutical companies, and Moody’s expects metrics to remain in these ranges even in the face of recent and pending patent expirations. Flagship product Lipitor, the world’s largest pharmaceutical brand, faced generics in the US in November 2011 and will face generics in Europe in May 2012. Moody’s expects that Pfi zer’s patent exposures will depress Pfi zer’s EBITDA and cash fl ow, but that solid credit metrics can be maintained absent any transformative acquisitions or business divestitures.
Pfi zer’s ratings could be upgraded through steady deleveraging such that key credit ratios are comfortably sustainable within or above Moody’s “Aa” ranges. However, Pfi zer’s balance between patent exposures and pipeline quality would also likely have to considerably improve before Moody’s would consider an upgrade.
Pfi zer’s rating could be downgraded if credit metrics do not appear sustainable solidly within Moody’s “A” ranges. This could occur with signifi cant acquisitions or divestitures, or operating setbacks (eg product withdrawal or loss of a key patent challenge). The rating could also face pressure if Pfi zer encounters signifi cant pipeline setbacks.
March 22, 2012
RATING AGENCY COMMENTARY: MOODY’S
11
8 E
uro
Week Financing C
orporates 2012
P
hilip M
orris Internatio
nal
Philip Morris International
Source: Philip Morris International
$ bn
02468
10121416
31-D
ec-0
8
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
LONG-TERM DEBT
Source: Philip Morris International
$
0
1
2
3
4
5
6
2008
2009
2010
2011
BASIC EARNINGS PER SHARE
Source: Philip Morris International
$ bn
31.532
32.533
33.534
34.535
35.536
31-D
ec-0
8
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
TOTAL ASSETS
Philip Morris International
Louis C CamilleriChairman & CEO
Hermann WaldemerCFO
Nicholas RolliVP, investor relations & fi nancial communicationTel +41 58 242 46 66
KEY OFFICIALS
Source: Philip Morris International
$ bn
EU,29.8
Eastern Europe, Middle East & Africa, 17.5
Asia,19.6
Latin America & Canada, 9.5
NET REVENUES BY REGION (2011)
Source: Philip Morris International
$ bn
0123456789
10
2008
2009
2010
2011
NET EARNINGS
Source: Philip Morris International
$ bn
0102030405060708090
2008
2009
2010
2011
NET REVENUES
Rating A2, A, A
Pricing date May 22, 2012
Value €750m
Maturity date May 30, 2019
Coupon 2.125%
Pricing details 60bp over swaps
Bookrunners BNP Paribas
Citi
HSBC
SG
Pricing date May 22, 2012
Value €600m
Maturity date May 30, 2024
Coupon 2.875%
Pricing details 90bp over swaps
Bookrunners BNP Paribas
Citi
HSBC
SG
Pricing date March 14, 2012
Value $550m
Maturity date March 20, 2017
Coupon 1.625%
Pricing details 68bp over USTs
Bookrunners Barclays
Goldman Sachs
JPMorgan
RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 BNP Paribas 783 4 13.64
2SG Corporate & Investment Banking
736 3 12.82
3 HSBC 723 4 12.59
3 Citi 723 4 12.59
5 JPMorgan 602 4 10.49
5 Goldman Sachs 602 4 10.49
5 Barclays 602 4 10.49
8 UBS 355 2 6.19
9 Deutsche Bank 308 1 5.37
10 RBS 307 2 5.35
Subtotal 5,741 9 100
Total 5,741 9 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,57.8
EUR,29.8
CHF,12.4
ISSUANCE BY CURRENCY 2011/12
Data at December 31, 2011. Source: Philip Morris International
$ bn
012345678
2012
2013
-14
2015
-16
2017
+
DEBT MATURITY PROFILE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Anheuser Busch CDS 5yr Philip Morris CDS 5yr SABMiller CDS 5yr
Imperial Tobacco CDS 5yr Pernod Ricard CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
PUBLIC BOND ISSUANCE
Source: Philip Morris International
$ bn
0
2
4
6
8
10
12
14
2008
2009
2010
2011
OPERATING INCOME
Financing Corp
orates 2012 Eu
ro
Week 1
19
P
osco
Posco
Source: Posco
KRW tr
0123456789
10
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
LONG-TERM DEBT
Posco
Chung Joon YangCEO
Choi Jong-tae CFO
KEY OFFICIALS
Source: Posco
KRW tr
0
1
2
3
4
5
6
7
2008
2009
2010
2011
OPERATING PROFIT
Source: Posco
KRW tr
05
10152025303540
31-D
ec-0
8
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
SHAREHOLDERS’ EQUITY
Source: Posco
KRW tr
05
1015202530354045
2008
2009
2010
2011
SALES
Rating A3, A-, A-
Issuer Posco Co LtdPricing date October 14, 2011Value ¥30bnMaturity date October 20, 2014Coupon 1.67%Pricing details 125bp over swapsBookrunners BNP Paribas Daiwa Securities Goldman Sachs HSBC UBS Issuer Posco Co LtdPricing date October 14, 2011Value ¥11.4bnMaturity date October 20, 2016Coupon 2.03%Pricing details 150bp over swapsBookrunners BNP Paribas Daiwa Securities Goldman Sachs HSBC UBS Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1KB Financial Group Inc
509 9 23.1
2Korea Invest-ment & Securities
274 4 12.44
3Daewoo Securities
220 4 10
4Bank of America Merrill Lynch
192 1 8.7
5 Eugene Corp 155 1 7.02
6 UBS 108 2 4.88
6 HSBC 108 2 4.88
6 Goldman Sachs 108 2 4.88
6 Daiwa Securities 108 2 4.88
6 BNP Paribas 108 2 4.88
Subtotal 1,887 14 85.66
Total 2,203 15 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
Daewoo International Corp 179 1
POSCO Co Ltd 1,458 6
POSCO Engineering & Construction Co Ltd
185 2
POSCO ENGINEERING Co Ltd 27 1
Posco ICT Co Ltd 28 1
POSCO Power Corp 326 4
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
KRW,66.9
JPY,33.1
ISSUANCE BY CURRENCY 2011/12
Source: Posco
KRW tr
0
10
20
30
40
50
60
31-D
ec-0
8
31-D
ec-0
931
-Dec
-10
31-D
ec-1
1
ASSETS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0100200300400500600700800
ArcelorMittal CDS 5yr Compagnie de Saint-Gobain CDS 5yr POSCO CDS 5yr
HeidelbergCement CDS 5yr Lafarge CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
PUBLIC BOND ISSUANCE
Source: Posco
KRW tr
00.5
11.5
22.5
33.5
44.5
5
2008
2009
2010
2011
NET PROFIT
A3, negative outlook
Moody’s said POSCO’s moderate operating results in 2011 and investment plan for 2012 will not have any immediate impact on its A3 rating and negative outlook.
Moody’s expects the company’s profi tability to remain weak in 2012, given the adverse structural developments in the region, such as overcapacity and volatile raw material prices, which dampen its bargaining power over customers.
In addition, it plans to increase investments to KRW8.3-9.5tr for 2012, from KRW8.1tr a year earlier. Consequently, Moody’s expects its debt/EBITDA to remain above 3.5x, and EBIT/interest of about 6x in 2012, excluding any deleveraging activities. These ratios are below the levels that are required to maintain the A3 rating.
These concerns are partly alleviated by the management’s increased commitment to reduce fi nancial leverage. In its recent result announcement, the management said that it intends to maintain its A3 rating and lower leverage to 3x in the next 12 months through various deleveraging initiatives, such as sales of non-core assets, treasury shares and stakes at subsidiaries. But, there are uncertainties about the timing and the scale of its deleveraging initiatives.
If POSCO fails to take appropriate measures to address its high fi nancial leverage, then a downgrade is possible.
(February 7, 2012)
RATING AGENCY COMMENTARY: MOODY’S
12
0 E
uro
Week Financing C
orporates 2012
R
enault
Renault
Renault
Rating Ba1, BB+, BB+
Dominique ThormannChairman & CEO
Jean-Marc SaugierSenior VP, fi nance & group treasurer
Yann PasseronHead of capital markets [email protected]
KEY OFFICIALS: RCI BANQUE
Issuer RCI Banque SAPricing date April 18, 2012Value €650mMaturity date April 27, 2017Coupon 4.25%Pricing details 290bp over swapsBookrunners Intesa Sanpaolo RBS SG Issuer RCI Banque SAPricing date March 21, 2012Value €300mMaturity date October 7, 2013Coupon 2%Pricing details 105bp over swapsBookrunners SG UniCredit Issuer RCI Banque SAPricing date January 4, 2012Value €700mMaturity date March 13, 2015Coupon 5.625%Pricing details 430bp over swapsBookrunners Citi Commerzbank Natixis
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Credit Agricole CIB
777 2 10.39
2SG Corporate & Investment Banking
755 5 10.11
3 RBS 726 3 9.71
4 HSBC 645 4 8.63
5 BBVA 630 4 8.43
6Bank of America Merrill Lynch
602 3 8.05
7 BNP Paribas 595 4 7.97
8 Natixis 575 2 7.7
9 UniCredit 470 2 6.29
10Commerzbank Group
414 2 5.54
Subtotal 6,188 18 82.83
Total 7,471 24 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
Cars Alliance Auto Loans Germany 2011-1
1,100 1
Companhia de Credito Financiamento e Investimento RCI Brasil
116 1
RCI Banque SA 5,236 13
RCI Financial Services Korea Co Ltd
467 6
Renault SA 530 2
Rombo Compania Financiera SA
20 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 83.3
KRW,6.3
CHF,5.8
JPY,2.7
Other,2
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
200
400
600
800
1000
1200
1400Fiat CDS 5yr Peugeot CDS 5yr Renault CDS 5yr Volkswagen CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
10
PUBLIC BOND ISSUANCE
Data at December 31, 2011.Source: RCI Banque
%
Bonds, EMTN & BMTN,
48
ABS, 16
Banks & Schuldscheine,
15
CP, 13
SFEF,4
Renault,3
Other,1
RCI BANQUE: DEBT BREAKDOWN
Source: RCI Banque
€ bn
0
0.5
1
1.5
2
2.5
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
RCI BANQUE: EQUITY CORE TIER 1
Source: RCI Banque
%
0
0.2
0.4
0.6
0.8
1
1.2
2008
2009
2010
2011
RCI BANQUE: TOTAL COST OF RISK
Source: RCI Banque
%
8.89
9.29.49.69.810
10.210.410.610.8
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
RCI BANQUE: CORE TIER 1 RATIO
Performing loans outstanding / equity core tier 1. Source: RCI Banque
x
10.6
10.7
10.8
10.9
11
11.1
11.2
11.3
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
RCI BANQUE: LEVERAGE
Source: RCI Banque
€ m
0
100
200
300
400
500
600
2008
2009
2010
2011
RCI BANQUE: NET PROFIT
Excluding non-recurring elements. Source: RCI Banque
%
0
5
10
15
20
25
2008
2009
2010
2011
RCI BANQUE: RETURN ON EQUITY
Source: RCI Banque
€ m
0100200300400500600700800900
2008
2009
2010
2011
RCI BANQUE: PRE-TAX PROFIT
Financing Corp
orates 2012 Eu
ro
Week 1
21
R
io T
into
Rio Tinto
From continuing operations. Source: Rio Tinto
$
0
1
2
3
4
5
6
7
8
2009
2010
2011
BASIC EARNINGS PER SHARE
Source: Rio Tinto
$ bn
24.525
25.526
26.527
27.528
28.529
2010 2011
UNDERLYING EBITDA
Source: Rio Tinto
$ bn
0
2
4
6
8
10
12
14
16
2009
2010
2011
NET EARNINGS
Rio Tinto
Tom AlbaneseCEO
Guy Elliott CFO
Mark ShannonInvestor relationsTel +44 20 7781 1178
KEY OFFICIALS
Source: Rio Tinto
$ bn
02468
1012141618
2008
2009
2010
2011
UNDERLYING EARNINGS
Source: Rio Tinto
%
Copper, 8
Gold, 1Aluminium,
26
Iron ore, 46
Coal, 10
Minerals, 5
Diamonds, 1Uranium, 2
Other, 1
REVENUE BY COMMODITY (2011)
Rating A3, A-, A-
Pricing date March 19, 2012Value $500mMaturity date March 20, 2015Coupon 1.125%Pricing details 62.5bp over USTsBookrunners ANZ, Citi Credit Agricole CIB Credit Suisse Deutsche Bank JPMorgan Mitsubishi UFJ Financial Group SG Pricing date March 19, 2012Value $500mMaturity date March 22, 2017Coupon 2%Pricing details 85bp over USTsBookrunners ANZ, Citi Credit Agricole CIB Credit Suisse Deutsche Bank JPMorgan Mitsubishi UFJ Financial Group SG
Pricing date March 19, 2012Value $1bnMaturity date March 22, 2022Coupon 3.5%Pricing details 120bp over USTsBookrunners ANZ, Citi Credit Agricole CIB Credit Suisse Deutsche Bank JPMorgan Mitsubishi UFJ Financial Group SG Pricing date March 19, 2012Value $500mMaturity date March 22, 2042Coupon 4.75%Pricing details 137.5bp over USTsBookrunners ANZ, Citi Credit Agricole CIB Credit Suisse Deutsche Bank JPMorgan Mitsubishi UFJ Financial Group SGSource: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1SG Corporate & Investment Banking
645 7 14.36
1 Citi 645 7 14.36
3 Morgan Stanley 334 3 7.43
3 HSBC 334 3 7.43
3 Barclays 334 3 7.43
3 BNP Paribas 334 3 7.43
7Mitsubishi UFJ Financial Group
311 4 6.93
7 JPMorgan 311 4 6.93
7 Deutsche Bank 311 4 6.93
7 Credit Suisse 311 4 6.93
7Credit Agricole CIB
311 4 6.93
7 ANZ 311 4 6.93
Subtotal 4,493 7 100
Total 4,493 7 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Rio Tinto
%
China, 31
Japan, 17Other Asia,16
North America, 17
Europe, 13
Other,6
REVENUE BY REGION (2011)
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300
350
400 Anglo American CDS 5yr Barrick Gold CDS 5yr BHP Billiton CDS 5yr
Rio Tinto CDS 5yr Vale CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
PUBLIC BOND ISSUANCE
Source: Rio Tinto
$ bn
05
1015202530354045
2008
2009
2010
2011
NET DEBT
Issuer Deal value $m
No deals
Rio Tinto Finance (USA) Ltd 2,491 4
Rio Tinto Finance Ltd 2,002 3
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12Source: Rio Tinto
$ bn
0
10
20
30
40
50
60
70
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL SHAREHOLDERS’ EQUITY
Source: Rio Tinto
$ bn
0
20
40
60
80
100
120
140
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
12
2 E
uro
Week Financing C
orporates 2012
R
oche H
old
ing
Roche
Roche
Rating A1, AA-, AA-
Severin SchwanCEO
Alan HippeChief fi nancial & IT offi cer
Karl MahlerHead of investor relationsTel +41 61 687 8503
KEY OFFICIALS
Issuer Roche Finance Europe BVPricing date March 14, 2012Value €1bnMaturity date June 25, 2018Coupon 2%Pricing details 18bp over swapsBookrunners BNP Paribas Santander UniCredit Issuer Roche Capital Markets AGPricing date February 22, 2012Value Sfr500mMaturity date September 23, 2022Coupon 1.625%Bookrunners Credit Suisse UBS Issuer Roche Capital Markets AGPricing date February 22, 2012Value Sfr400mMaturity date September 23, 2013Coupon 3m Libor +20bpBookrunners Credit Suisse UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 UBS 826 3 27.89
1 Credit Suisse 826 3 27.89
3 UniCredit 437 1 14.74
3 Santander 437 1 14.74
3 BNP Paribas 437 1 14.74
Subtotal 2,963 4 100
Total 2,963 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
CHF,55.8
EUR,44.2
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0102030405060708090
100GlaxoSmithKline CDS 5yr Pfizer CDS 5yr Roche Holding CDS 5yr Sanofi CDS 5yr
Novartis CDS 5yr Teva CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
5
10
15
20
25
30
35
PUBLIC BOND ISSUANCE
Issuer Deal value $m
No deals
Roche Capital Markets AG 1,653 3
Roche Finance Europe BV 1,311 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Roche Inc
%
28.5
29
29.5
30
30.5
31
31.5
32
32.5
2009
2010
2011
OPERATING FREE CASHFLOW AS % SALES
Source: Roche Inc
Sfr bn
38
40
42
44
46
48
50
2009
2010
2011
SALES
Source: Roche Inc
%
32
32.5
33
33.5
34
34.5
35
35.5
36
2009
2010
2011
OPERATING PROFIT MARGIN
Source: Roche Inc
Sfr bn
7.88
8.28.48.68.8
99.29.49.69.8
2009
2010
2011
NET INCOME
Source: Roche Inc
Sfr
1212.112.212.312.412.512.612.712.812.9
2009
2010
2011
CORE EARNINGS PER SHARE
Source: Roche Inc
Sfr bn
14
14.5
15
15.5
16
16.5
17
2009
2010
2011
OPERATING PROFIT
Source: Roche Inc
Sfr bn
0
2
4
6
8
10
12
14
16
2009
2010
2011
NET ASSETS
Source: Roche Inc
%
0
5
10
15
20
25
30
2009
2010
2011
EQUITY RATIO
Source: Roche Inc
Sfr bn
0
5
10
15
20
25
30
2009
2010
2011
NET DEBT
Financing Corp
orates 2012 Eu
ro
Week 1
23
R
oyal D
utch Shell
Royal Dutch Shell
Source: Shell
$ bn
Upstream, 24.455
Downstream, 4.289
Corporate, 0.086
EARNINGS BY SEGMENT (2011)
Source: Shell
$ bn
0
5
10
15
20
25
30
35
2008
2009
2010
2011
CAPEX
Royal Dutch Shell
Peter VoserCEO
Simon HenryCFO
Tjerk Huysinga VP investor relations, Europe Tel +31 70 377 4540
KEY OFFICIALS
Source: Shell
$ bn
020406080
100120140160180
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
SHAREHOLDERS’ EQUITY
Source: Shell
$ bn
0
5
10
15
20
25
30
35
2008
2009
2010
2011
NET INCOME
Source: Shell
$ bn
05
101520253035404550
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL DEBT
Rating Aa1, AA, AA
Source: Shell
$ bn
050
100150200250300350400
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL ASSETS
Source: Shell
$ bn
050
100150200250300350400450500
2008
2009
2010
2011
REVENUE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200
BP CDS 5yr Royal Dutch Shell CDS 5yr Statoil CDS 5yr Total CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
02468
101214161820
PUBLIC BOND ISSUANCE
Source: Shell
%
02468
1012141618
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
GEARING RATIO
Aa1, stable outlook
Royal Dutch Shell (Shell)’s Aa1 rating continues to be underpinned by the scale and diversifi cation of the group’s upstream and downstream operations, which are characterised by a substantial reserve base strengthened by net organic additions of approximately 2.0 billion boe booked during the period 2008-2010, a leading global position in LNG and a signifi cant refi ning and marketing presence worldwide.
In recent years, Shell’s strategy has been primarily focused on rejuvenating its upstream business following signifi cant de-bookings taken in 2004-05 as well as rationalising its refi nery portfolio (particularly with regard to scale and complexity) and focusing on its most prominent marketing positions. In this context, the ongoing execution of a sizeable Upstream investment programme biased towards long-cycle, capital intensive unconventional projects, constrained the group’s cash fl ow generation and left its credit metrics relatively weakly positioned relative to the rating at the end of 2010.
However, Shell’s earnings and operating cash fl ow have signifi cantly strengthened in the past two years, boosted by the rebound in oil prices and the start-up of key upstream projects. Combined with the acceleration of its asset disposal programme, this has allowed Shell to return to positive net cash fl ow generation during 2011, and further improve its credit metrics following the initial upturn reported in 2010.
The stable outlook refl ects the expectation that based on current oil and gas price assumptions the continuing successful execution of the group’s upstream investment programme combined with a gradual recovery in downstream trading conditions and a strong focus on costs, will help further enhance Shell’s future operating cash fl ow generation.
Downward rating pressures could arise should any material setback in the delivery of Shell’s upstream investment programme, marked deterioration in operating environment and/or any signifi cant departure from its conservative fi nancial policies prevent the group from sustaining the recent improvement in cash fl ow generation and credit metrics, including with RCF to Net Debt trending back towards 50% on a three-year average basis.
(December 16, 2011)
RATING AGENCY COMMENTARY: MOODY’S
>FIG www.euroweek.com/banksNeed help? [email protected]
Get full FIG coverage with EuroWeek’s Bank Finance Daily service”
Senior debt Equity raising MTNs and CP
Visit www.euroweek.com/banks to find out more
12
4 E
uro
Week Financing C
orporates 2012
R
ussian Railw
ays
Russian Railways
Source: Russian Railways
Rb tr
0
20
40
60
80
100
120
140
2008
2009
2010
2011
PRE-TAX INCOME
Source: Russian Railways
Rb tr
0
10
20
30
40
50
60
70
80
2008
2009
2010
2011
NET INCOME
Russian Railways
Tatiana OrlovaCapital markets & investor relationsTel +7 499 260 31 74
KEY OFFICIALS
Data at December 31, 2011. Source: Russian Railways
%
Eurobonds, 21
RUR bonds, 44
Syndicated loans, 3
Project financing , 7
Bank loans, 24
DEBT BY INSTRUMENT
Source: Russian Railways
Rb tr
0
20
40
60
80
100
120
2008
2009
2010
2011
GAINS FROM SALES
Data at December 31, 2011. Source: Russian Railways
%
<1yr, 39
1-3yrs, 32
>3yrs, 29
DEBT MATURITY PROFILE
Rating Baa1, BBB, BBB
Pricing date March 29, 2012Value $1bnMaturity date April 5, 2019Coupon 5.7%Bookrunners JPMorgan RBS VTB Capital Pricing date March 23, 2012Value Rb25bnMaturity date April 2, 2019Coupon 8.3%Bookrunners JPMorgan RBS VTB Capital Pricing date June 15, 2011Value £300mMaturity date March 25, 2031Coupon 7.487%Pricing details 320.2bp over GiltsBookrunners Barclays Goldman Sachs VTB Capital
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 VTB Capital 857 4 35.41
2 RBS 616 2 25.45
2 JPMorgan 616 2 25.45
4 Goldman Sachs 166 1 6.84
4 Barclays 166 1 6.84
Subtotal 2,420 4 100
Total 2,420 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,41.3
RUB,38.1
GBP,20.5
ISSUANCE BY CURRENCY 2011/12
Source: Russian Railways
Rb tr
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2008
2009
2010
2011
REVENUES FROM MAIN ACTIVITY
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
CEZ CDS 5yr Deutsche Bahn CDS 5yr Russian Railways CDS 5yr
RWE CDS 5yr National Grid CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
5
PUBLIC BOND ISSUANCE
Source: Russian Railways
Rb bn
050
100150200250300350400
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET DEBT
Issuer Deal value $m
No deals
Kaluga Plant Remputmash OAO
75 1
Russian Railways OAO 2,345 3
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Baa1, stable outlook
The rating is driven by a combination of (i) Russian Railways’ baseline credit assessment (BCA) of 10 (mapping to Baa3); (ii) the Baa1 local currency rating of the Russian government; (iii) the high default dependence between the company and the government; and (iv) the high probability of state support in the event of fi nancial distress.
Russian Railways’ BCA factors in (i) its strategic importance to the domestic economy and close link with the government; (ii) its status as the monopoly owner and provider of rail infrastructure services in Russia and its leadership in the domestic railway sector; (iii) measures introduced by the government to support the company’s operations in weak economic conditions; (iv) management’s successful efforts to manage Russian Railways’ fi nancial profi le and liquidity during the recent crisis; and (v) management’s commitment to a rather conservative fi nancial policy, including maintaining an unadjusted net debt/EBITDA ratio of less than 2.0x.
However, the BCA remains constrained by the risks surrounding the evolution of Russian Railways’ credit profi le in the medium and longer term, given the company’s (i) exposure to Russia’s commoditised economy; (ii) substantial investment needs; and (iii) dependence on the government’s ability and willingness to maintain a tight link between Russian Railways’ investments, tariff decisions and additional compensatory instruments.(March 19, 2012)
RATING AGENCY COMMENTARY: MOODY’S
Financing Corp
orates 2012 Eu
ro
Week 1
25
R
WE
RWE
Source: RWE
%
02468
101214161820
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
EQUITY RATIO
RWE
Peter TeriumCEO
Rolf PohligCFO
Stephan LowisVP, investor relationsTel +49 201 12 15031
KEY OFFICIALS
Source: RWE
€ bn
0
2
4
6
8
10
12
2008
2009
2010
2011
EBITDA
Source: RWE
%
0
5
10
15
20
25
30
2008
2009
2010
2011
RETURN ON EQUITY
Source: RWE
€ bn
4445464748495051525354
2008
2009
2010
2011
EXTERNAL REVENUE
Rating A3, A-, A
Issuer RWE AGIssue type HybridPricing date March 29, 2012Value $500mMaturity date October 12, 2072Coupon 7%Pricing details 575bp over swapsBookrunners BNP Paribas, BofA Merrill Lynch, Citi, Credit Suisse, Nomura, UBS Issuer RWE AGIssue type HybridPricing date March 13, 2012Value £750mMaturity date PerpetualCoupon 7%Pricing details 552.8bp over GiltsBookrunners Barclays, Citi, JPMorgan, Morgan Stanley, RBC, RBS Issuer RWE Finance BVPricing date January 17, 2012Value £600mMaturity date January 31, 2034Coupon 4.75%Pricing details 195bp over GiltsBookrunners BBVA, BofA Merrill Lynch, Barclays, Lloyds Banking Group, Mitsubishi UFJ
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Barclays 381 2 13.23
2 Citi 279 2 9.69
3Bank of America Merrill Lynch
269 2 9.32
4 UBS 224 2 7.76
4 Credit Suisse 224 2 7.76
6 RBS 196 1 6.8
6RBC Capital Markets
196 1 6.8
6 Morgan Stanley 196 1 6.8
6 JPMorgan 196 1 6.8
10Mitsubishi UFJ Financial Group
185 1 6.43
10Lloyds Banking Group
185 1 6.43
10 BBVA 185 1 6.43
Subtotal 2,716 4 94.22
Total 2,883 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
GBP,72.9
USD,17.4
CHF,9.7
ISSUANCE BY CURRENCY 2011/12
Source: RWE
€
0
1
2
3
4
5
6
7
8
2008
2009
2010
2011
EARNINGS PER SHARE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250E.On CDS 5yr EDF GDF Suez CDS 5yr RWE CDS 5yr
National Grid CDS 5yr Vattenfall CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
PUBLIC BOND ISSUANCE
Source: RWE
€ bn
0
0.5
1
1.5
2
2.5
3
3.5
4
2008
2009
2010
2011
NET INCOME
Issuer Deal value $m
No deals
RWE AG 1,956 3
RWE Finance BV 927 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: RWE
x
00.5
11.5
22.5
33.5
4
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
LEVERAGE FACTOR
Source: RWE
€ bn
-202468
101214
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET FINANCIAL DEBT
12
6 E
uro
Week Financing C
orporates 2012
S
AB
Miller
SABMiller
Source: SABMiller
%
0
5
10
15
20
25
30
35
31-M
ar-08
31-M
ar-09
31-M
ar-10
31-M
ar-11
TOTAL BORROWINGS / TOTAL ASSETS
Fiscal year ends March 31. Source: SABMiller
%
11
11.5
12
12.5
13
13.5
14
2008
2009
2010
2011
RETURN ON EQUITY
Fiscal year ends March 31. Source: SABMiller
%
19.5
20
20.5
21
21.5
22
22.5
23
23.5
2008
2009
2010
2011
2012
ADJUSTED EBITDA MARGIN
SABMiller
Jamie WilsonCFO
Gary LeibowitzSenior VP, investor relationsTel +44 20 7659 0119
David Mallac Group treasurerTel +44 1483 264187
KEY OFFICIALS
Fiscal year ends March 31. Source: SABMiller
$
00.20.40.60.8
11.21.41.61.8
2008
2009
2010
2011
BASIC EARNINGS PER SHARE
Fiscal year ends March 31. Source: SABMiller
$ bn
0
0.5
1
1.5
2
2.5
3
3.5
2008
2009
2010
2011
ADJUSTED EARNINGS
Rating Baa1, BBB+, BBB+
Pricing date January 10, 2012Value $1bnMaturity date January 15, 2015Coupon 1.85%Pricing details 150bp over USTsBookrunners BBVA BofA Merrill Lynch Barclays, Citi JPMorgan Mitsubishi UFJ Mizuho Morgan Stanley RBS, Santander Pricing date January 10, 2012Value $2bnMaturity date January 15, 2017Coupon 2.45%Pricing details 165bp over USTsBookrunners BBVA BofA Merrill Lynch Barclays, Citi JPMorgan Mitsubishi UFJ Mizuho Morgan Stanley RBS, Santander Pricing date January 10, 2012Value $2.5bnMaturity date January 15, 2022Coupon 3.75%Pricing details 185bp over USTsBookrunners BBVA BofA Merrill Lynch Barclays, Citi JPMorgan Mitsubishi UFJ Mizuho Morgan Stanley RBS, Santander Pricing date January 10, 2012Value $1.5bnMaturity date January 15, 2042Coupon 4.95%Pricing details 200bp over USTsBookrunners BBVA BofA Merrill Lynch Barclays, Citi JPMorgan Mitsubishi UFJ Mizuho Morgan Stanley RBS, SantanderSource: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 RBS 697 4 10
1 Morgan Stanley 697 4 10
1 Mizuho 697 4 10
1Mitsubishi UFJ Financial Group
697 4 10
1 JPMorgan 697 4 10
1 Citi 697 4 10
1 Barclays 697 4 10
1Bank of America Merrill Lynch
697 4 10
1 Santander 697 4 10
1 BBVA 697 4 10
Subtotal 6,974 4 100
Total 6,974 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Fiscal year ends March 31. Source: SABMiller
$ bn
0
5
10
15
20
25
30
35
2008
2009
2010
2011
2012
GROUP REVENUE
Fiscal year ends March 31. Source: SABMiller
$ bn
0
1
2
3
4
5
6
7
2008
2009
2010
2011
2012
ADJUSTED EBITDA
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Anheuser Busch CDS 5yr Philip Morris CDS 5yr SABMiller CDS 5yr
Imperial Tobacco CDS 5yr Pernod Ricard CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: SABMiller
$ bn
0
5
10
15
20
25
31-M
ar-08
31-M
ar-09
31-M
ar-10
31-M
ar-11
31-M
ar-12
TOTAL SHAREHOLDERS’ EQUITY
Fiscal year ends March 31. Source: SABMiller
%
<1yr, 2
1-2yrs, 11
2-5yrs, 57
>5yrs, 30
DEBT MATURITY PROFILE
Financing Corp
orates 2012 Eu
ro
Week 1
27
S
anofi
Sanofi
Source: Sanofi
€ bn
0
2
4
6
8
10
12
14
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
LONG-TERM DEBT
Source: Sanofi
€ bn
0
20
40
60
80
100
120
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Source: Sanofi
€ bn
44
46
48
50
52
54
56
58
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1SHAREHOLDERS’ EQUITY
Sanofi
Jérôme ContamineCFO
Sébastien Martel VP, investor relationsTel +33 1 53 77 45 45
KEY OFFICIALS
Source: Sanofi
€ bn
19
20
21
22
23
24
25
2008
2009
2010
2011
GROSS PROFIT
Source: Sanofi
€
6.36.46.56.66.76.86.9
77.1
2009
2010
2011
BUSINESS EARNINGS PER SHARE
Source: Sanofi
€ bn
0
5
10
15
20
25
30
35
40
2008
2009
2010
2011
TOTAL SALES
Rating A2, AA-, AA-
Pricing date September 27, 2011Value $1bnMaturity date September 30, 2014Coupon 1.2%Pricing details 83bp over USTsBookrunners BofA Merrill Lynch Citi Deutsche Bank Natixis
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Natixis 250 1 25
1 Deutsche Bank 250 1 25
1 Citi 250 1 25
1Bank of America Merrill Lynch
250 1 25
Subtotal 999 1 100
Total 999 1 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Sanofi
%
US, 29.8
Western Europe, 27.3
Emergingmarkets,
30.3
Other,12.5
TOTAL SALES BY REGION (2011)
Source: Sanofi
€ bn
8.38.48.58.68.78.88.9
99.19.29.3
2009
2010
2011
BUSINESS NET INCOME
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0102030405060708090
100GlaxoSmithKline CDS 5yr Pfizer CDS 5yr Roche Holding CDS 5yr Sanofi CDS 5yr
Novartis CDS 5yr Teva CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
012345678
PUBLIC BOND ISSUANCE
Source: Sanofi
€ bn
11.4
11.6
11.8
12
12.2
12.4
12.6
12.8
13
2009
2010
2011
BUSINESS OPERATING INCOME
A2, positive outlook
Moody’s changed the outlook on the A2 long-term senior unsecured ratings of Sanofi and its affi liates to positive from stable on May 23, 2012. The positive outlook primarily refl ects Sanofi ’s solid deleveraging since its acquisition of Genzyme closed in April 2011, as well as Moody’s expectation that the progress Sanofi has made with its diversifi cation strategy in the past two to three years has provided new sources of growth and will help mitigate the effect of patent expiries.
Sanofi ’s A2 rating continues to be underpinned by (i) the group’s large scale, with leading positions in pharmaceuticals, vaccines and animal health; (ii) its wide diversifi cation in multiple therapeutic areas, as well as other health-related areas (eg, over-the-counter and branded generics), reinforced by its acquisition of Genzyme; and (iii) strong cash fl ow generation combined with a healthy liquidity profi le. The A2 rating also takes into account (i) an exposure to some large US patent expiries in 2012 (e.g., Plavix, Aprovel), which will affect the group’s results; (ii) a pipeline that remains more modest than that of some of its peers, although it has improved recently; and (iii) credit metrics positioned on average in the Baa category at year-end 2011, according to our methodology for pharmaceutical companies, although Moody’s notes Sanofi ’s rapid deleveraging following its acquisition of Genzyme.
Sanofi ’s A2 rating and positive outlook could accommodate some bolt-on acquisitions and/or share buybacks, provided these remain of limited amounts. We currently assume that cash outfl ows related to acquisitions and/or share buybacks will remain well below Sanofi ’s free cash fl ow generation, enabling the group to maintain a fi nancial profi le that is comfortably in line with A2, even at the time of large patent expiries during 2012. We also assume that Sanofi will be able to maintain solid growth from its largest-selling drug Lantus, despite a potential increase in competition.
Sanofi displays very healthy liquidity, which is supported by €4.1bn of cash and cash equivalents at year-end 2011, comfortably surpassing the group’s €2.9bn of short-term debt. The group’s strong free cash fl ow generation and several undrawn committed facilities with no conditionality provide additional liquidity sources.
(May 23, 2012)
RATING AGENCY COMMENTARY: MOODY’S
12
8 E
uro
Week Financing C
orporates 2012
S
chlumb
erger
Schlumberger
Data at December 31, 2011. Source: Schlumberger
$ bn
0
0.5
1
1.5
2
2.5
3
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
DEBT MATURITY PROFILE
Source: Schlumberger
$ bn
0123456789
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
LONG-TERM DEBT
Source: Schlumberger
$ bn
0
5
10
15
20
25
30
35
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
SHAREHOLDERS’ EQUITY
Schlumberger
Simon AyatCFO
Malcolm Theobald VP, investor relationsTel +1 713 375 3535
KEY OFFICIALS
Diluted earnings per share from continuing operations. Source: Schlumberger
$
0
0.5
1
1.5
2
2.5
3
3.5
4
2009
2010
2011
EARNINGS PER SHARE
Data at December 31, 2011. Source: Schlumberger
$ bn
Fixed rate, 7.99
Floating rate, 1.95
DEBT BY TYPE
Source: Schlumberger
$ bn
0
1
2
3
4
5
6
2009
2010
2011
INCOME FROM CONTINUING OPERATIONS
Rating A1, A+, NR
Pricing date September 7, 2011Value $600mMaturity date September 14, 2016Coupon 1.95%Bookrunners Citi JPMorgan Mitsubishi UFJ Financial Group SG Pricing date September 7, 2011Value $1.6bnMaturity date September 14, 2021Coupon 3.3%Bookrunners Citi Deutsche Bank HSBC JPMorgan Pricing date September 7, 2011Value $300mMaturity date September 12, 2014Coupon 3m Libor +55bpBookrunners Citi JPMorgan
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 823 4 27.51
1 Citi 823 4 27.51
3 HSBC 399 1 13.32
3 Deutsche Bank 399 1 13.32
5SG Corporate & Investment Banking
275 2 9.17
5Mitsubishi UFJ Financial Group
275 2 9.17
Subtotal 2,993 4 100
Total 2,993 4 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Schlumberger
$ bn
05
1015202530354045
2009
2010
2011
REVENUE
Source: Schlumberger
$ bn
0
2
4
6
8
10
12
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
WORKING CAPITAL
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
050
100150200250300350400450
ABB CDS 5yr Caterpillar CDS 5yr GE Capital CDS 5yr Schlumberger CDS 5yr
Hutchison Whampoa CDS 5yr Braskem CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
5
PUBLIC BOND ISSUANCE
Source: Schlumberger
$ bn
0
1
2
3
4
5
6
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET DEBT
Issuer Deal value $m
No deals
Schlumberger Investment SA
2,494 3
Schlumberger Norge AS 499 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Schlumberger
$ bn
0
10
20
30
40
50
60
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Financing Corp
orates 2012 Eu
ro
Week 1
29
S
tatoil
Statoil
Source: Statoil
Nk
0
5
10
15
20
25
30
2009
2010
2011
EARNINGS PER SHARE
Source: Statoil
Nk bn
0
50
100
150
200
250
300
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL EQUITY
Statoil
Torgrim ReitanCFO
Hilde Merete NafstadSenior VP, investor relationsTel +47 957 83 911
KEY OFFICIALS
Source: Statoil
Nk bn
0
50
100
150
200
250
2009
2010
2011
NET OPERATING INCOME
Source: Statoil
Nk bn
0100200300400500600700800900
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Source: Statoil
Nk bn
0
100
200
300
400
500
600
700
800
2009
2010
2011
TOTAL REVENUES & OTHER INCOME
Rating Aa2, AA-, NR
Pricing date November 16, 2011
Value $650m
Maturity date November 23, 2016
Coupon 1.8%
Pricing details 15bp over swaps
Bookrunners BofA Merrill Lynch
Deutsche Bank
JPMorgan
Pricing date November 16, 2011
Value $750m
Maturity date January 23, 2022
Coupon 3.15%
Pricing details 20bp over swaps
Bookrunners BofA Merrill Lynch
Deutsche Bank
JPMorgan
Pricing date November 16, 2011
Value $350m
Maturity date November 23, 2041
Coupon 4.25%
Pricing details 20bp over swaps
Bookrunners BofA Merrill Lynch
Deutsche Bank
JPMorgan
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 583 3 28.89
1 Deutsche Bank 583 3 28.89
1Bank of America Merrill Lynch
583 3 28.89
4 SEB 134 2 6.66
4 Nordea Markets 134 2 6.66
Subtotal 2,016 5 100
Total 2,016 5 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
Statoil ASA 1,748 3
Statoil Fuel & Retail ASA 269 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 86.7
NOK, 13.3
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200
BP CDS 5yr Royal Dutch Shell CDS 5yr Statoil CDS 5yr Total CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: Statoil
Nk bn
0102030405060708090
2009
2010
2011
NET INCOME
Source: Statoil
Nk bn
75
75.5
76
76.5
77
77.5
78
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET INTEREST BEARING LIABILITIES (ADJUSTED)
Source: Statoil
Nk bn
0
5
10
15
20
25
30
2009
2010
2011
NET DEBT / CAPITAL EMPLOYED (ADJUSTED)
13
0 E
uro
Week Financing C
orporates 2012
Teleco
m Italia
Telecom Italia
Source: Telecom Italia
€ bn
Domestic,19
Brazil,7.3
Argentina,3.2
Media, 0.2
Olivetti, 0.3
REVENUE BY SEGMENT (2011)
Adjusted net financial debt/adjusted net invested capital. Source: Telecom Italia
%
44
46
48
50
52
54
56
58
2008
2009
2010
2011
DEBT RATIO
Source: Telecom Italia
€
-0.3-0.25-0.2
-0.15-0.1
-0.050
0.050.1
0.150.2
2008
2009
2010
2011
EPS (ORDINARY SHARES)
Telecom Italia
Franco BernabéChairman & CEO
Alex Pierre BolisInvestor relationsTel +39 02 8595 4715
KEY OFFICIALS
Source: Telecom Italia
€ bn
-5-4-3-2-101234
2008
2009
2010
2011
NET INCOME
Source: Telecom Italia
%
3737.5
3838.5
3939.5
4040.5
4141.5
42
2008
2009
2010
2011
EBITDA / REVENUES
Source: Telecom Italia
€ bn
10.410.610.8
1111.211.411.611.8
1212.212.4
2008
2009
2010
2011
EBITDA
Rating Baa2, BBB, BBB
Pricing date October 28, 2011Value €250mMaturity date January 20, 2017Coupon 7%Pricing details 430bp over swapsBookrunners BBVA BNP Paribas Citi Credit Suisse Deutsche Bank Intesa Sanpaolo Mediobanca Pricing date October 13, 2011Value €750mMaturity date January 20, 2017Coupon 7%Pricing details 498bp over swapsBookrunners BBVA BNP Paribas Citi Credit Suisse Deutsche Bank Intesa Sanpaolo Mediobanca
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Mediobanca 197 2 14.29
1 Intesa Sanpaolo 197 2 14.29
1 Deutsche Bank 197 2 14.29
1 Credit Suisse 197 2 14.29
1 Citi 197 2 14.29
1 BBVA 197 2 14.29
1 BNP Paribas 197 2 14.29
Subtotal 1,382 2 100
Total 1,382 2 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Telecom Italia
€ bn
2525.5
2626.5
2727.5
2828.5
2929.5
3030.5
2008
2009
2010
2011
REVENUES
Source: Telecom Italia
€ bn
30
30.5
31
31.5
32
32.5
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
NET FINANCIAL DEBT
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
100
200
300
400
500
600
700America Movil CDS 5yr Vimpelcom CDS 5yr Telstra CDS 5yr
Telefonica CDS 5yr Telecom Italia CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
PUBLIC BOND ISSUANCE
Source: Telecom Italia
€ bn
0
1
2
3
4
5
6
7
2008
2009
2010
2011
INDUSTRIAL CAPEX
Source: Telecom Italia
€ bn
81828384858687888990
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Financing Corp
orates 2012 Eu
ro
Week 1
31
Telefó
nica
Telefónica
Telefónica
Ronan DunneCFO
María García-Legaz PonceHead of investor relationsTel +34 91 482 8599
KEY OFFICIALS
Rating Baa1, BBB, BBB+
Issuer Telefónica Emisiones SAUPricing date February 27, 2012Value £700mMaturity date March 12, 2020Coupon 5.597%Pricing details 385bp over GiltsBookrunners HSBC Lloyds Banking Group UBS Issuer Telefónica Emisiones SAUPricing date February 7, 2012Value €1.5bnMaturity date February 21, 2018Coupon 4.797%Pricing details 300bp over swapsBookrunners Citi La Caixa Mizuho RBS Santander UniCredit Issuer Telefónica Emisiones SAUPricing date October 18, 2011Value €1bnMaturity date February 3, 2016Coupon 4.967%Pricing details 310bp over swapsBookrunners Deutsche Bank Intesa Sanpaolo SG UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 UBS 716 2 14.64
2 Santander 561 1 11.47
3 Citi 388 3 7.93
4Lloyds Banking Group
370 1 7.57
4 HSBC 370 1 7.57
6SG Corporate & Investment Banking
346 1 7.06
6 Intesa Sanpaolo 346 1 7.06
6 Deutsche Bank 346 1 7.06
9 UniCredit 281 1 5.73
9 RBS 281 1 5.73
9 Mizuho 281 1 5.73
9 La Caixa 281 1 5.73
Subtotal 4,564 5 93.31
Total 4,891 7 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Telefónica
€
0
0.5
1
1.5
2
2.5
2009
2010
2011
BASIC EARNINGS PER SHARE
Source: Telefónica
€ bn
0
2
4
6
8
10
12
2009
2010
2011
NET INCOME
Issuer Deal value $m
No deals
Telefónica Emisiones SAU 4,677 5
Telefónica Moviles Chile 214 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR,71.5
GBP,22.7
CLP,2.6
CLF,1.8
CZK,1.4
ISSUANCE BY CURRENCY 2011/12
Source: Telefónica
€ bn
0
5
10
15
20
25
30
2009
2010
2011
OPERATING INCOME BEFORE D&A
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
100
200
300
400
500
600
700America Movil CDS 5yr Vimpelcom CDS 5yr Telstra CDS 5yr
Telefonica CDS 5yr Telecom Italia CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
02468
1012141618
PUBLIC BOND ISSUANCE
Source: Telefónica
€ bn
535455565758596061626364
2009
2010
2011
REVENUES
Source: Telefónica
€ bn
0
20
40
60
80
100
120
140
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1TOTAL ASSETS
Data at March 31, 2011. Source: Telefónica
%
EUR, 73
LatAmcurrencies,
15
GBP,6
CZK, 3
USD, 3
OUTSTANDING DEBT BY CURRENCY
Source: Telefónica
€ bn
02468
1012141618
2009
2010
2011
OPERATING INCOME
Source: Telefónica
€ bn
2020.5
2121.5
2222.5
2323.5
2424.5
25
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
SHAREHOLDERS’ EQUITY
13
2 E
uro
Week Financing C
orporates 2012
TeliaS
onera
TeliaSonera
Source: TeliaSonera
%
40
42
44
46
48
50
52
2008
2009
2010
2011
EQUITY / ASSETS
Source: TeliaSonera
Skr bn
02468
101214161820
2008
2009
2010
2011
CAPEX
Source: TeliaSonera
%
26.5
27
27.5
28
28.5
29
29.5
30
2008
2009
2010
2011
OPERATING MARGIN
TeliaSonera
Per-Arne BlomquistCFO
Andreas EkströmVP, group investor relationsTel +46 8 504 551 11
KEY OFFICIALS
Source: TeliaSonera
Skr bn
282930313233343536373839
2008
2009
2010
2011
EBITDA
Source: TeliaSonera
Skr bn
02468
1012141618
2008
2009
2010
2011
FREE CASH FLOW
Source: TeliaSonera
Skr bn
100101102103104105106107108109110111
2008
2009
2010
2011
NET SALES
Rating A3, A-, A-
Pricing date February 7, 2012Value €750mMaturity date February 14, 2042Coupon 3.625%Pricing details 118bp over swapsBookrunners Credit Agricole CIB Deutsche Bank ING RBS Pricing date September 15, 2011Value €500mMaturity date March 22, 2022Coupon 4%Pricing details 142bp over swapsBookrunners BNP Paribas BofA Merrill Lynch Citi Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Credit Agricole 376 2 15.01
2 Citi 321 2 12.81
3 Deutsche Bank 308 2 12.3
4 BNP Paribas 254 2 10.15
5 RBS 245 1 9.76
5 ING 245 1 9.76
7Bank of America Merrill Lynch
226 1 9.01
8Svenska Handelsbanken
160 2 6.37
9 Barclays 129 1 5.16
10 Nordea Markets 123 1 4.92
Subtotal 2,386 9 95.26
Total 2,505 11 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 80.4
SEK, 14.4
JPY,5.2
ISSUANCE BY CURRENCY 2011/12
Source: TeliaSonera
Skr bn
0
10
20
30
40
50
60
70
2008
2009
2010
2011
NET DEBT
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200 AT&T CDS 5yr Deutsche Telekom CDS 5yr France Telecom CDS 5yr
Koninklijke KPN CDS 5yr TeliaSonera CDS 5yr Vodafone CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
PUBLIC BOND ISSUANCE
Attributable to owners of the parent company. Source: TeliaSonera
Skr bn
16.517
17.518
18.519
19.520
20.521
21.522
2008
2009
2010
2011
NET INCOME
Source: TeliaSonera
%
0
10
20
30
40
50
60
70
2008
2009
2010
2011
NET DEBT / EQUITY
Source: TeliaSonera
%
29
30
31
32
33
34
35
36
2008
2009
2010
2011
EBITDA MARGIN
Financing Corp
orates 2012 Eu
ro
Week 1
33
Telstra
Telstra
Source: Telstra
%
49
50
51
52
53
54
55
56
2008
2009
2010
2011
NET DEBT TO CAPITALISATION
Source: Telstra
$ bn
0
1
2
3
4
5
6
7
2008
2009
2010
2011
FREE CASH FLOW
Source: Telstra
%
0
5
10
15
20
25
30
35
2008
2009
2010
2011
RETURN ON AVERAGE EQUITY
Telstra
Andrew PennCFO
Ben SpincerDirector, investor relationsTel +61 3 8647 4954
KEY OFFICIALS
Source: Telstra
$ bn
9.8
10
10.2
10.4
10.6
10.8
11
2008
2009
2010
2011
EBITDA
Source: Telstra
$ bn
12.5
13
13.5
14
14.5
15
15.5
16
2008
2009
2010
2011
NET DEBT
Source: Telstra
$ bn
24.2
24.4
24.6
24.8
25
25.2
25.4
25.6
2008
2009
2010
2011
SALES REVENUE
Rating A2, A, A
Pricing date March 14, 2012Value €1bnMaturity date September 21, 2022Coupon 3.5%Pricing details 115bp over swapsBookrunners Deutsche Bank HSBC JPMorgan Pricing date November 22, 2011Value Sfr225mMaturity date December 14, 2018Coupon 1.75%Pricing details 80bp over swapsBookrunners Deutsche Bank UBS Pricing date November 9, 2011Value €750mMaturity date May 16, 2022Coupon 3.75%Pricing details 145bp over swapsBookrunners BNP Paribas Deutsche Bank HSBC
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Deutsche Bank 899 3 32.69
2 HSBC 776 2 28.22
3 JPMorgan 436 1 15.85
4 BNP Paribas 340 1 12.37
5 Citi 176 2 6.4
6 UBS 123 1 4.47
Subtotal 2,750 5 100
Total 2,750 5 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 88.3
CHF, 9
AUD, 2.8
ISSUANCE BY CURRENCY 2011/12
Source: Telstra
$ bn
36.537
37.538
38.539
39.540
40.5
2008
2009
2010
2011
TOTAL ASSETS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
100
200
300
400
500
600
700America Movil CDS 5yr Vimpelcom CDS 5yr Telstra CDS 5yr
Telefonica CDS 5yr Telecom Italia CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
0.5
1
1.5
2
2.5
3
PUBLIC BOND ISSUANCE
Source: Telstra
$ bn
00.5
11.5
22.5
33.5
44.5
2008
2009
2010
2011
NET PROFIT
Source: Telstra
x
1.2
1.25
1.3
1.35
1.4
1.45
1.5
1.55
2008
2009
2010
2011
NET DEBT TO EBITDA
Source: Telstra
%
15
15.5
16
16.5
17
17.5
18
2008
2009
2010
2011
RETURN ON AVERAGE ASSETS
13
4 E
uro
Week Financing C
orporates 2012
Tesco
Tesco
Fiscal year ends February 25. Source: Tesco
£ bn
0
2
4
6
8
10
12
FY20
09
FY20
10
FY20
11
FY20
12
NET DEBT
Continuing operations. Fiscal year ends February 25. Source: Tesco
£
00.050.1
0.150.2
0.250.3
0.350.4
FY20
09
FY20
10
FY20
11
FY20
12
DILUTED EARNINGS PER SHARE
Fiscal year ends February 25. Source: Tesco
%
11.411.611.8
1212.212.412.612.8
1313.213.4
FY20
09
FY20
10
FY20
11
FY20
12
RETURN ON CAPITAL EMPLOYED
Tesco
Laurie McIlweeFinance director
Steve WebbInvestor relationsTel +44 1992 646484
KEY OFFICIALS
Fiscal year ends February 25. Source: Tesco
£ bn
00.5
11.5
22.5
33.5
44.5
FY20
09
FY20
10
FY20
11
FY20
12
OPERATING PROFIT
Fiscal year ends February 25. Source: Tesco
£ bn
0
0.5
1
1.5
2
2.5
3
FY20
09
FY20
10
FY20
11
FY20
12
NET PROFIT
Fiscal year ends February 25. Source: Tesco
£ bn
0
10
20
30
40
50
60
70
FY20
09
FY20
10
FY20
11
FY20
12
GROUP REVENUE
Rating Baa1, A-, A-
Pricing date November 28, 2011Value $500mMaturity date December 5, 2014Coupon 2%Pricing details 165bp over USTsBookrunners BofA Merrill Lynch Barclays Citi Deutsche Bank Pricing date November 28, 2011Value $500mMaturity date January 5, 2017Coupon 2.7%Pricing details 180bp over USTsBookrunners BofA Merrill Lynch Barclays Citi Deutsche Bank Pricing date October 27, 2011Value €750mMaturity date November 2, 2018Coupon 3.375%Pricing details 105bp over swapsBookrunners BNP Paribas BofA Merrill Lynch Goldman Sachs JPMorgan
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Bank of America Merrill Lynch
509 3 17.85
2 Goldman Sachs 435 2 15.25
3 JPMorgan 259 1 9.1
3 BNP Paribas 259 1 9.1
5 Deutsche Bank 250 2 8.76
5 Citi 250 2 8.76
5 Barclays 250 2 8.76
8 HSBC 232 2 8.14
9 RBS 175 1 6.15
9Lloyds Banking Group
175 1 6.15
Subtotal 2,795 5 98.01
Total 2,852 5 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 36.4
USD, 35
GBP, 24.6
CNY,4
ISSUANCE BY CURRENCY 2011/12
Fiscal year ends February 25. Source: Tesco
£ bn
00.5
11.5
22.5
33.5
44.5
FY20
09
FY20
10
FY20
11
FY20
12
PRE-TAX PROFIT
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Casino Guichard CDS 5yr Wal Mart CDS 5yr Tesco CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
PUBLIC BOND ISSUANCE
Fiscal year ends February 25. Source: Tesco
%
5.65.75.85.9
66.16.26.36.46.5
FY20
09
FY20
10
FY20
11
FY20
12
OPERATING PROFIT MARGIN
Issuer Deal value $m
No deals
Tesco plc 2,150 4
Tesco Property Finance 5 plc 702 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Fiscal year ends February 25. Source: Tesco
£ bn
05
1015202530354045
FY20
09
FY20
10
FY20
11
FY20
12
ENTERPRISE VALUE
Financing Corp
orates 2012 Eu
ro
Week 1
35
Teva P
harmaceutical Ind
ustries
Teva Pharmaceutical Industries
Source: Teva
$ bn
0
2
4
6
8
10
12
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET LONG-TERM DEBT
Source: Teva
$ bn
0
0.5
1
1.5
2
2.5
3
3.5
4
2008
2009
2010
2011
BASIC EARNINGS PER SHARE
Source: Teva
$ bn
0
10
20
30
40
50
60
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL ASSETS
Teva Pharmaceutical Industries
Eyal DeshehCFO
Kevin C MannixVP, head of investor relationsTel +972 215 591 8912
KEY OFFICIALS
Source: Teva
$ bn
02468
101214161820
2008
2009
2010
2011
NET REVENUES
Source: Teva
$ bn
0
0.5
1
1.5
2
2.5
3
3.5
4
2008
2009
2010
2011
NET INCOME
Data at December 31, 2011. Source: Teva
$ bn
<1yr, 1.98
1-3yrs, 4.8
3-5yrs, 3.37
>5yrs, 4.36
LONG-TERM DEBT BY MATURITY
Rating A3, A-, NR
Pricing date April 2, 2012Value Sfr450mMaturity date October 25, 2018Coupon 1.5%Pricing details 80bp over swapsBookrunners BNP Paribas Credit Suisse HSBC Pricing date March 29, 2012Value €1bnMaturity date April 15, 2019Coupon 2.875%Pricing details 100bp over swapsBookrunners BNP Paribas HSBC JPMorgan Pricing date November 7, 2011Value $5bnMaturity date November 8, 2013Coupon 3m Libor +90bpBookrunners BNP Paribas Barclays Citi Credit Suisse Goldman Sachs HSBC JPMorgan Morgan Stanley
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 HSBC 1,209 7 18.26
1 BNP Paribas 1,209 7 18.26
3 JPMorgan 1,042 6 15.73
4 Credit Suisse 766 6 11.57
5 Morgan Stanley 599 5 9.05
5 Goldman Sachs 599 5 9.05
5 Citi 599 5 9.05
5 Barclays 599 5 9.05
Subtotal 6,621 7 100
Total 6,621 7 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Issuer Deal value $m
No deals
Teva Pharmaceutical Finance IV BV
1,328 1
Teva Pharmaceutical Finance V BV
502 1
Teva Pharmaceutical Industries Ltd
4,792 5
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,2.4
EUR,20.1
CHF,7.6
ISSUANCE BY CURRENCY 2011/12
Source: Teva
$ bn
00.5
11.5
22.5
33.5
44.5
2008
2009
2010
2011
OPERATING INCOME
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0102030405060708090
100GlaxoSmithKline CDS 5yr Pfizer CDS 5yr Roche Holding CDS 5yr Sanofi CDS 5yr
Novartis CDS 5yr Teva CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
PUBLIC BOND ISSUANCE
Source: Teva
$ bn
0123456789
10
2008
2009
2010
2011
GROSS PROFIT
Source: Teva
$ bn
0
5
10
15
20
25
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL EQUITY
13
6 E
uro
Week Financing C
orporates 2012
To
tal
Total
Source: Total
$ bn
0
50
100
150
200
250
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL ASSETS
Source: Total
%
0
5
10
15
20
25
30
2008
2009
2010
2011
ROACE
Source: Total
%
0
5
10
15
20
25
30
35
2008
2009
2010
2011
RETURN ON EQUITY
Total
Patrick de la ChevardiereCFO
KEY OFFICIALS
Source: Total
$ bn
0
5
10
15
20
25
2008
2009
2010
2011
ADJUSTED NET INCOME
Source: Total
%
0
5
10
15
20
25
30
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
NET DEBT / EQUITY RATIO
Source: Total
$ bn
0
50
100
150
200
250
300
2008
2009
2010
2011
SALES
Rating Aa1, AA-, AA
Issuer Total Capital InternationalPricing date February 14, 2012Value $1bnMaturity date February 17, 2017Coupon 1.5%Pricing details 78bp over USTsBookrunners BofA Merrill Lynch Credit Suisse Morgan Stanley Issuer Total Capital InternationalPricing date February 14, 2012Value $1bnMaturity date February 17, 2022Coupon 2.875%Pricing details 95bp over USTsBookrunners BofA Merrill Lynch Credit Suisse Morgan Stanley Issuer Total Infrastructures Gaz FrancePricing date June 30, 2011Value €500mMaturity date July 7, 2021Coupon 4.339%Pricing details 95bp over swapsBookrunners Citi Credit Agricole CIB HSBC SG
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Morgan Stanley 665 2 22.02
1 Credit Suisse 665 2 22.02
1Bank of America Merrill Lynch
665 2 22.02
4SG Corporate & Investment Banking
179 1 5.92
4 HSBC 179 1 5.92
4Credit Agricole CIB
179 1 5.92
4 Citi 179 1 5.92
8 Deutsche Bank 155 3 5.13
9 TD Securities 107 2 3.56
10 Daiwa Securities 47 1 1.57
Subtotal 3,020 6 100
Total 3,020 6 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,66.1
EUR,23.7
NOK,3.7
AUD,3.5
SEK,3.1
ISSUANCE BY CURRENCY 2011/12
Adjusted fully diluted EPS. Source: Total
$
0123456789
10
2008
2009
2010
2011
EARNINGS PER SHARE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200
BP CDS 5yr Royal Dutch Shell CDS 5yr Statoil CDS 5yr Total CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
PUBLIC BOND ISSUANCE
Issuer Deal value $m
No deals
Total Capital Canada Ltd 206 2
Total Capital International 2,099 3
Total Infrastructures Gaz France SA
716 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Total
$ bn
05
1015202530354045
2008
2009
2010
2011
ADJUSTED OPERATING INCOME FROM BUSINESS SEGMENTS
Source: Total
$ bn
0102030405060708090
100
31-D
ec-0
831
-Dec
-09
31-D
ec-1
031
-Dec
-11
TOTAL SHAREHOLDERS’ EQUITY
Financing Corp
orates 2012 Eu
ro
Week 1
37
To
yota M
oto
r Cred
it Co
rp
Toyota
Fiscal year April 1 to March 31. Source: Toyota
¥ tr
-1
-0.5
0
0.5
1
1.5
2
2.5
FY20
08
FY20
09
FY20
10
FY20
11
OPERATING INCOME
Fiscal year April 1 to March 31. Source: Toyota
¥ tr
0
5
10
15
20
25
30
FY20
08
FY20
09
FY20
10
FY20
11
NET REVENUES
Fiscal year April 1 to March 31. Source: Toyota
¥ tr
-1
-0.5
0
0.5
1
1.5
2
FY20
08
FY20
09
FY20
10
FY20
11
NET INCOME
Toyota
Akio ToyodaCEO
KEY OFFICIALS
Fiscal year April 1 to March 31. Source: Toyota
%
-4
-2
0
2
4
6
8
10
FY20
08
FY20
09
FY20
10
FY20
11
PRE-TAX RETURN ON REVENUES
Fiscal year April 1 to March 31. Source: Toyota
%
32.533
33.534
34.535
35.536
36.537
FY20
08
FY20
09
FY20
10
FY20
11
SHAREHOLDERS’ EQUITY RATIO
Rating Aa3, AA-, A
Issuer Toyota Motor Credit CorpPricing date May 17, 2012Value $1bnMaturity date May 22, 2017Coupon 1.75%Pricing details 110bp over USTsBookrunners Bank of America Merrill Lynch Barclays HSBC RBC Capital Markets UBS Issuer Toyota Motor Credit CorpPricing date February 14, 2012Value $1.25bnMaturity date February 17, 2015Coupon 1%Pricing details 67bp over USTsBookrunners BNP Paribas Barclays Citi Deutsche Bank Issuer Toyota Motor Credit CorpPricing date January 9, 2012Value $1bnMaturity date January 12, 2017Coupon 2.05%Pricing details 125bp over USTsBookrunners Bank of America Merrill Lynch Citi RBC Capital Markets RBS UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Bank of America Merrill Lynch
1,415 10 9.7
2 Deutsche Bank 1,409 7 9.66
3 Citi 1,289 8 8.84
4 Morgan Stanley 1,150 11 7.89
5 UBS 1,096 5 7.52
6 Barclays 1,090 8 7.48
7 Daiwa Securities 925 8 6.35
8RBC Capital Markets
826 7 5.66
9 BNP Paribas 810 3 5.55
10 RBS 748 5 5.13
Subtotal 10,758 34 73.78
Total 14,582 48 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD, 74
AUD,15.2
JPY,4.8
CAD,2.8
NZD,1.5
Other,1.7
ISSUANCE BY CURRENCY 2011/12
Fiscal year April 1 to March 31. Source: Toyota
%
-5
0
5
10
15
20
FY20
08
FY20
09
FY20
10
FY20
11RETURN ON EQUITY
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250BMW CDS 5yr Daimler CDS 5yr Volkswagen CDS 5yr Toyota CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
02468
1012141618
PUBLIC BOND ISSUANCE
Fiscal year April 1 to March 31. Source: Toyota
%
-4
-2
0
2
4
6
8
FY20
08
FY20
09
FY20
10
FY20
11
PRE-TAX RETURN ON CAPITAL
Issuer Deal value $m
No deals
Toyota Auto Receivables 2011-B Owner Trust
879 3
Toyota Auto Receivables Trust
1,047 3
Toyota Capital Malaysia Sdn Bhd
96 2
Toyota Compania Financiera de Argentina SA
17 1
Toyota Credit Canada Inc 400 1
Toyota Finance Australia Ltd 719 6
Toyota Finance Corp 698 4
Toyota Finance NZ Ltd 41 1
Toyota Motor Credit Corp 9,677 22
Toyota Motor Finance (Neth-erlands) BV
936 4
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Fiscal year April 1 to March 31. Source: Toyota
%
-4
-2
0
2
4
6
8
10
FY20
08
FY20
09
FY20
10
FY20
11
OPERATING INCOME RETURN ON REVENUES
13
8 E
uro
Week Financing C
orporates 2012
Vale
Vale
Source: Vale
$
00.5
11.5
22.5
33.5
44.5
5
2008
2009
2010
2011
EARNINGS PER SHARE
Source: Vale
$ bn
0
10
20
30
40
50
60
70
2008
2009
2010
2011
NET OPERATING REVENUE
Source: Vale
$ bn
0
5
10
15
20
25
2008
2009
2010
2011
NET EARNINGS
Vale
Tito MartinsCFO
Roberto Castello BrancoDirector, investor [email protected]
KEY OFFICIALS
Source: Vale
x
0
5
10
15
20
25
30
35
2008
2009
2010
2011
ADJUSTED EBITDA / INTEREST EXPENSES
Source: Vale
$ bn
0102030405060708090
2008
2009
2010
2011
SHAREHOLDERS’ EQUITY
Source: Vale
x
0
0.5
1
1.5
2
2.5
3
2008
2009
2010
2011
TOTAL DEBT / ADJUSTED EBITDA
Rating Baa2, A-, BBB+
Pricing date March 28, 2012Value $1.25bnMaturity date January 11, 2022Coupon 4.375%Pricing details 200bp over USTsBookrunners Barclays Citi Deutsche Bank Pricing date January 4, 2012Value $1bnMaturity date January 11, 2022Coupon 4.375%Pricing details 255bp over USTsBookrunners Banco Bradesco Banco do Brasil Citi HSBC JPMorgan
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Citi 620 2 27.49
2 Deutsche Bank 422 1 18.73
2 Barclays 422 1 18.73
4 JPMorgan 198 1 8.76
4 HSBC 198 1 8.76
4Banco do Brasil SA
198 1 8.76
4Banco Bradesco BBI SA
198 1 8.76
Subtotal 2,255 2 100
Total 2,255 2 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Source: Vale
$ bn
0
5
10
15
20
25
2008
2009
2010
2011
NET DEBT
Source: Vale
$ bn
0
20
40
60
80
100
120
140
2008
2009
2010
2011
TOTAL ASSETS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300
350
400 Anglo American CDS 5yr Barrick Gold CDS 5yr BHP Billiton CDS 5yr
Rio Tinto CDS 5yr Vale CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: Vale
%
0
5
10
15
20
25
30
2008
2009
2010
2011
TOTAL DEBT / ENTERPRISE VALUE
Source: Vale
%
0
10
20
30
40
50
60
70
2008
2009
2010
2011
GROSS MARGIN
Financing Corp
orates 2012 Eu
ro
Week 1
39
Vattenfall
Vattenfall
Source: Vattenfall
%
0
20
40
60
80
100
120
2008
2009
2010
2011
NET DEBT / EQUITY
Source: Vattenfall
Skr bn
0
100
200
300
400
500
600
700
2008
2009
2010
2011
BALANCE SHEET TOTAL
Source: Vattenfall
%
0
2
4
6
8
10
12
14
16
2008
2009
2010
2011
RETURN ON EQUITY
Vattenfall
Ingrid BondeCFO
Klaus AurichHead of investor relationsTel +46 8 739 65 14
KEY OFFICIALS
Source: Vattenfall
Skr bn
0
10
20
30
40
50
60
70
2008
2009
2010
2011
EBITDA
Source: Vattenfall
Skr bn
020406080
100120140160180
2008
2009
2010
2011
NET DEBT
Source: Vattenfall
Skr bn
0
50
100
150
200
250
2008
2009
2010
2011
NET SALES
Rating A2, A-, A-
Pricing date November 15, 2011Value Skr2bnMaturity date May 22, 2013Coupon 3m Stibor +43bpBookrunners SEB Svenska Handelsbanken AB Swedbank Pricing date October 14, 2011Value Skr1bnMaturity date April 22, 2013Coupon 3m Stibor +43bpBookrunners Svenska Handelsbanken AB
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Svenska Handelsbanken
251 2 55.56
2Swedbank First Securities
100 1 22.22
2 SEB 100 1 22.22
Subtotal 452 2 100
Total 452 2 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data as at March 31, 2011. Source: Vattenfall
Skr bn
0
5
10
15
20
25
30
35
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
-203
0
2031
-203
9
DEBT MATURITY PROFILE
Source: Vattenfall
Skr bn
0
5
10
15
20
25
30
2008
2009
2010
2011
FREE CASH FLOW
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250E.On CDS 5yr EDF GDF Suez CDS 5yr RWE CDS 5yr
National Grid CDS 5yr Vattenfall CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
PUBLIC BOND ISSUANCE
Source: Vattenfall
Skr bn
0
5
10
15
20
25
2008
2009
2010
2011
NET PROFIT
Source: Vattenfall
%
02468
101214161820
2008
2009
2010
2011
OPERATING MARGIN
14
0 E
uro
Week Financing C
orporates 2012
V
imp
elcom
Vimpelcom
Vimpelcom
Jo LunderCEO
Henk van DalenCFO
Stefano SonginiFixed income investor [email protected]
KEY OFFICIALS
Rating Ba3, BB, NR
Issuer Vimpelcom Holdings BVPricing date June 22, 2011Value $200mMaturity date June 29, 2014Coupon 3m Libor +400bpPrice 100Bookrunners BNP Paribas, Barclays, Citi, HSBC, ING, RBS Issuer Vimpelcom Holdings BVPricing date June 22, 2011Value $500mMaturity date March 1, 2017Coupon 6.2546%Price 100Bookrunners BNP Paribas, Barclays, Citi, HSBC, ING, RBS Issuer Vimpelcom Holdings BVPricing date June 22, 2011Value $1.5bnMaturity date March 1, 2022Coupon 7.5043Price 100Bookrunners BNP Paribas, Barclays, Citi, HSBC, ING, RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 ING 454 5 11.27
1 Barclays 454 5 11.27
1 BNP Paribas 454 5 11.27
4 Sberbank 396 3 9.85
4Raiffeisen Bank International AG
396 3 9.85
4 Alfa Bank 396 3 9.85
7 RBS 367 3 9.11
7 HSBC 367 3 9.11
7 Citi 367 3 9.11
10SG Corporate & Investment Banking
87 2 2.16
10 Intesa Sanpaolo 87 2 2.16
10 Deutsche Bank 87 2 2.16
10 Credit Suisse 87 2 2.16
Subtotal 3,998 8 99.31
Total 4,026 9 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Vimpelcom Holdings BV
$200m, 3m Libor +400bp June 2014 /$500m, 6.25% March 2017 / $1.5bn, 7.5% March 2022
June 22, 2011
The company looked at various ideas for how to raise the $2.2bn that it wanted, in terms of currency, structure, tenor and size in various markets. When looking for that kind of size, it makes sense to tap the points of the market where there is tried and tested demand — the fi ve and 10 year dollar space. The smaller fl oating rate tranche was added at a later point, driven by a reverse enquiry — we only had the books open for that note for about 20 minutes just to build the $200m we were after.
Initial price guidance had been released in the 6.25% and 7.635% areas for the two tranches, with fi nal guidance fi rmed at the 6.25% and 7.5% areas.
The issuer had a natural desire to take longer dated funding, so we structured the pricing to refl ect that. Books for the fi ve year note were $1.3bn and for the 10 year $4bn.
A fl oating rate tranche is very unusual from the CEEMEA region but there’s enough interest at the moment to easily support a smaller tranche.
We calculate the new issue premium at about 25bp for each tranche, though the market was moving around quite a bit, so it’s diffi cult to say exact numbers.
Russian corporate supply has been scarce and Vimpelcom, which is one of Russia’s best known corporates, is a bellwether for that demand.
BOOKRUNNER COMMENTS
Source: Vimpelcom
$ bn
00.20.40.60.8
11.21.41.61.8
2
2009
2010
2011
NET PROFIT
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
USD,63.8
RUB,29.5
EUR,6
PKR, 0.7
ISSUANCE BY CURRENCY 2011/12
Source: Vimpelcom
$ bn
0123456789
2008
2009
2010
2011
EBITDA
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
100
200
300
400
500
600
700America Movil CDS 5yr Vimpelcom CDS 5yr Telstra CDS 5yr
Telefonica CDS 5yr Telecom Italia CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
1
2
3
4
5
6
7
PUBLIC BOND ISSUANCE
Source: Vimpelcom
$ bn
0
5
10
15
20
25
2008
2009
2010
2011
TOTAL OPERATING REVENUES
Issuer Deal value $m
No deals
Pakistan Mobile Communications Ltd - PMCL
28 1
Vimpel-Communications OAO - VimpelCom
1,189 3
VimpelCom Holdings BV 2,200 3
Wind Acquisition Finance SA 609 2
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Vimpelcom
$ bn
02468
10121416
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL EQUITY
Source: Vimpelcom
$ bn
0
10
20
30
40
50
60
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
TOTAL ASSETS
Source: Vimpelcom
$
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2009
2010
2011
BASIC EARNINGS PER SHARE
Financing Corp
orates 2012 Eu
ro
Week 1
41
V
ivendi
Vivendi
Source: Vivendi
€ bn
0
0.5
1
1.5
2
2.5
3
3.5
4
2008
2009
2010
2011
NET CAPEX
Source: Vivendi
€ bn
0
2
4
6
8
10
12
14
2008
2009
2010
2011
FINANCIAL NET DEBT
Source: Vivendi
€ bn
0
5
10
15
20
25
30
2008
2009
2010
2011
SHAREHOLDERS’ EQUITY
Vivendi
Philippe CapronCFO
Jean-Michel Bonamy Executive VP, investor relationsTel +33 1 71 71 12 04
KEY OFFICIALS
Source: Vivendi
€ bn
2.3
2.4
2.5
2.6
2.7
2.8
2.9
3
2009
2010
2011
ADJUSTED NET INCOME
Source: Vivendi
€ bn
23
24
25
26
27
28
29
30
2008
2009
2010
2011
REVENUES
Source: Vivendi
€ bn
5.15.25.35.45.55.65.75.85.9
2009
2010
2011
EBITA
Rating Baa2, BBB, BBB
Pricing date April 3, 2012Value $550mMaturity date April 10, 2015Coupon 2.4%Pricing details 185bp over USTsBookrunners BNP Paribas Bank of America Merrill Lynch Barclays Citi Credit Agricole CIB Deutsche Bank Goldman Sachs HSBC JPMorgan RBS SG Pricing date April 3, 2012Value $650mMaturity date January 12, 2018Coupon 3.45%Pricing details 235bp over USTsBookrunners BNP Paribas Bank of America Merrill Lynch Barclays Citi Credit Agricole CIB Deutsche Bank Goldman Sachs HSBC JPMorgan RBS SG Pricing date April 3, 2012Value $800mMaturity date April 12, 2022Coupon 4.75%Pricing details 250bp over USTsBookrunners BNP Paribas Bank of America Merrill Lynch Barclays Citi Credit Agricole CIB Deutsche Bank Goldman Sachs HSBC JPMorgan RBS SG
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1Bank of America Merrill Lynch
745 9 9.48
2SG Corporate & Investment Banking
539 8 6.85
2 RBS 539 8 6.85
2 HSBC 539 8 6.85
2 Deutsche Bank 539 8 6.85
2Credit Agricole CIB
539 8 6.85
2 Citi 539 8 6.85
2 Barclays 539 8 6.85
2 BNP Paribas 539 8 6.85
10 JPMorgan 487 5 6.2
Subtotal 5,540 9 70.46
Total 7,864 9 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR, 74.6
USD, 25.4
ISSUANCE BY CURRENCY 2011/12
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Casino Guichard CDS 5yr
France Telecom CDS 5yr Vodafone CDS 5yrVivendi CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
00.5
11.5
22.5
33.5
44.5
PUBLIC BOND ISSUANCE
Data at May 11, 2012. Source: Vivendi
€ bn
0
0.5
1
1.5
2
2.5
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
BOND MATURITY PROFILE
Source: Vivendi
€
2
2.05
2.1
2.15
2.2
2.25
2.3
2.35
2.4
2008
2009
2010
2011
ADJUSTED NET INCOME PER SHARE
14
2 E
uro
Week Financing C
orporates 2012
Vo
dafo
ne
Vodafone
Fiscal year April 1 to March 31. Source: Vodafone
£ bn
5.45.65.8
66.26.46.66.8
77.27.4
FY20
10
FY20
11
FY20
12
FREE CASH FLOW
Vodafone
Andy HalfordCFO
Peregrine RiviereDirector, investor relationsTel +44 7825 124 868
KEY OFFICIALS
Fiscal year April 1 to March 31. Source: Vodafone
£ bn
0123456789
10
FY20
10
FY20
11
FY20
12
NET PROFIT
Fiscal year April 1 to March 31. Source: Vodafone
£ bn
7072747678808284868890
31-M
ar-10
31-M
ar-11
31-M
ar-12
TOTAL SHAREHOLDERS’ EQUITY
Fiscal year April 1 to March 31. Source: Vodafone
£ bn
0
2
4
6
8
10
12
FY20
10
FY20
11
FY20
12
OPERATING PROFIT
Rating A3, A-, A-
Pricing date March 13, 2012Value $1bnMaturity date March 20, 2017Coupon 1.625%Bookrunners Barclays HSBC Morgan Stanley RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 RBS 249 1 25
1 Morgan Stanley 249 1 25
1 HSBC 249 1 25
1 Barclays 249 1 25
Subtotal 994 1 100
Total 994 1 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Fiscal year April 1 to March 31. Source: Vodafone
£ bn
43.5
44
44.5
45
45.5
46
46.5
47
FY20
10
FY20
11
FY20
12
REVENUE
Fiscal year April 1 to March 31. Source: Vodafone
£ bn
132134136138140142144146148150152154
31-M
ar-10
31-M
ar-11
31-M
ar-12
TOTAL ASSETS
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
020406080
100120140160180200 AT&T CDS 5yr Deutsche Telekom CDS 5yr France Telecom CDS 5yr
Koninklijke KPN CDS 5yr TeliaSonera CDS 5yr Vodafone CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0123456789
PUBLIC BOND ISSUANCE
Fiscal year April 1 to March 31. Source: Vodafone
£
0.13
0.135
0.14
0.145
0.15
0.155
0.16
0.165
FY20
10
FY20
11
FY20
12
BASIC EARNINGS PER SHARE
Fiscal year April 1 to March 31. Source: Vodafone
£ bn
14.8
14.85
14.9
14.95
15
15.05
15.1
15.15
FY20
10
FY20
11
FY20
12
GROSS PROFIT
A3, stable outlook
Moody’s upgraded the ratings of Vodafone Group Plc to A3 from Baa1 on August 3, 2011. The rating upgrade to A3 refl ects Vodafone’s strengthened fi nancial profi le following the announcement of the dividend payment from Verizon Wireless (“VZW”) in January 2012 and the fact that a material portion to be received by Vodafone will be retained for debt reduction.
It confi rms the sound performance and increasing cash-fl ow generation of VZW, and evidences Vodafone’s long-term efforts to realise the increasing value hidden in its 45% stake in the US mobile operator. This is the fi rst dividend paid since it was suspended in 2005.
Vodafone’s A3 rating continues to refl ect the benefi ts of its scale and geographical diversifi cation, as well as its management’s focus on preserving solid cash fl ow generation and a strong credit profi le through a balanced approach between shareholder remuneration and bondholder protection. In Moody’s view, VZW offsets some of the negative trends experienced in Vodafone’s core Western European markets, including heightened competition, slowing growth, regulatory pressures and macroeconomic weakness.
The stable outlook assumes that the fl ow of dividends from VZW will continue going forward, and that a material part of the proceeds will be used for debt reduction, such that adjusted debt/EBITDA trends to below 2.5x and retained cash fl ow (RCF)/net adjusted debt reaches 30%. This compares with the 2.7x and 22%, respectively, reported as of March 2011.
Upward pressure on the rating could develop if Vodafone’s credit metrics were to strengthen on a sustainable basis, with an RCF/net adjusted debt ratio comfortably in excess of 35% and an adjusted debt/EBITDA ratio decreasing below 2.0x-1.5x, along with demonstrated strong free cash fl ow generation. However in view of Vodafone’s current fi nancial policy, such an upgrade appears unlikely.
The rating is not expected to be strongly positioned in the A3 category in the near term. The rating could come under pressure if the group’s fi nancial profi le were to weaken vs current expectations such that its RCF/net adjusted debt ratio were to decline sustainably below 30%, and its adjusted debt/EBITDA ratio were to rise above 2.5x.(August 3, 2011)
RATING AGENCY COMMENTARY: MOODY’S
Financing Corp
orates 2012 Eu
ro
Week 1
43
Vo
lkswag
en
Volkswagen
Source: Volkswagen
%
02468
101214161820
2008
2009
2010
2011
GROSS MARGIN (GROUP)
Volkswagen
Hans Dieter PötschCFO
Christine RitzGroup head of investor [email protected]
KEY OFFICIALS
Source: Volkswagen
€ bn
020406080
100120140160180
2008
2009
2010
2011
SALES REVENUE (GROUP)
Rating A3, A-, A-
Issuer Volkswagen International FinancePricing date May 9, 2012Value €1.5bnMaturity date May 15, 2017Coupon 1.875%Pricing details 65bp over swapsBookrunners Commerzbank Group, HSBC, Santander
Issuer Volkswagen International FinancePricing date March 19, 2012Value $1.25bnMaturity date March 22, 2015Coupon 1.625%Pricing details 113bp over USTsBookrunners BofA Merrill Lynch, Citi, Goldman Sachs, Morgan Stanley
Issuer Volkswagen International FinancePricing date March 19, 2012Value $1bnMaturity date March 22, 2017Coupon 2.375%Pricing details 133bp over USTsBookrunners BofA Merrill Lynch, Citi, Goldman Sachs, Morgan Stanley
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Barclays 1,765 12 7.38
2 Citi 1,624 9 6.79
3Bank of America Merrill Lynch
1,591 8 6.65
4 Mizuho 1,481 6 6.19
5Commerzbank Group
1,389 5 5.81
6 JPMorgan 1,368 8 5.72
7 HSBC 1,314 7 5.49
8RBC Capital Markets
1,288 10 5.38
9 Deutsche Bank 1,266 7 5.29
10SG Corporate & Investment Banking
1,153 4 4.82
Subtotal 14,239 50 59.52
Total 23,922 68 100
Source: Dealogic (June 1, 2011 to May 31, 2012)
TOP BOOKRUNNERS
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
%
EUR,62.7
USD,24.4
GBP, 3
AUD,2.8
CAD,2.5
NOK,1.9
Other,2.7
ISSUANCE BY CURRENCY 2011/12
Source: Volkswagen
€ bn
02468
1012141618
2008
2009
2010
2011
NET PROFIT (GROUP)
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250BMW CDS 5yr Daimler CDS 5yr Volkswagen CDS 5yr Toyota CDS 5yr
CDS PRICING
Issuer Deal value $m
No deals
DFM Master SA Compartment 1
49 5
Driver Espana One 858 2
DRIVER JAPAN ONE 246 1
MAN SE 1,181 2
Porsche Innovative Lease Owner Trust
536 3
Private Driver 2011-1 GmbH 963 2
Volkswagen Auto Lease Trust
787 3
Volkswagen Auto Loan Enhanced Trust
1,006 3
Volkswagen Bank GmbH 33 1
Volkswagen Bank SA Institu-cion de Banca Multiple
73 1
Volkswagen Car Lease (VCL) No 14 SA
1,125 2
Volkswagen Car Lease (VCL) No 15 SA
1,287 2
Volkswagen Credit Auto Master Owner Trust
625 1
Volkswagen Financial Services Australia Ltd
481 3
Volkswagen Financial Services NV
1,811 16
Volkswagen International Finance NV
9,822 13
Volkswagen Leasing GmbH 2,473 4
VW Credit Canada Inc 442 2
VW Credit Inc 50 1
Data from May 26, 2011 to May 25, 2012. Source: Dealogic
ISSUANCE BY ENTITY 2011/12
Source: Volkswagen
%
19
20
21
22
23
24
25
26
2008
2009
2010
2011
EQUITY RATIO (GROUP)
Source: Volkswagen
€ bn
02468
101214161820
2008
2009
2010
2011
EBITDA (AUTOMOTIVE)
Source: Volkswagen
%
02468
10121416
2008
2009
2010
2011
PRE-TAX RETURN ON EQUITY (FINANCIAL SERVICES)
Source: Volkswagen
%
9.89.910
10.110.210.310.410.510.610.7
2008
2009
2010
2011
EQUITY RATIO (FINANCIAL SERVICES)
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
5
10
15
20
25
30
PUBLIC BOND ISSUANCE
14
4 E
uro
Week Financing C
orporates 2012
W
al-Mart S
tores
Wal-Mart Stores
Fiscal year February 1 to January 31. Source: Walmart
$ bn
05
101520253035404550
FY20
09
FY20
10
FY20
11
FY20
12
LONG-TERM DEBT
Wal-Mart Stores
Charles M Holley, JrCFO
KEY OFFICIALS
Fiscal year February 1 to January 31. Source: Walmart
$ bn
20
21
22
23
24
25
26
27
FY20
09
FY20
10
FY20
11
FY20
12
OPERATING INCOME
Fiscal year February 1 to January 31. Source: Walmart
$ bn
145150155160165170175180185190195200
FY20
09
FY20
10
FY20
11
FY20
12
TOTAL ASSETS
Fiscal year February 1 to January 31. Source: Walmart
%
2424.124.224.324.424.524.624.724.824.9
25
FY20
09
FY20
10
FY20
11
FY20
12
GROSS PROFIT MARGIN
Rating Aa2, AA, AA
Pricing date December 1, 2011Value €200mMaturity date December 9, 2031Coupon 4%Bookrunners SG Pricing date October 10, 2011Value €1bnMaturity date October 19, 2026Coupon 3.5%Pricing details 65bp over swapsBookrunners Credit Suisse Deutsche Bank HSBC UBS Unicredit Pricing date July 6, 2011Value €1bnMaturity date July 13, 2021Coupon 3.625%Pricing details 30bp over swapsBookrunners BNP Paribas JP Morgan Raiffeisen Bank International RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 RBS 363 1 11.62
1 RBI 363 1 11.62
1 JPMorgan 363 1 11.62
1 BNP Paribas 363 1 11.62
5 SG 267 1 8.55
6 UniCredit 266 1 8.52
6 UBS 266 1 8.52
6 HSBC 266 1 8.52
6 Deutsche Bank 266 1 8.52
6 Credit Suisse 266 1 8.52
Subtotal 3,048 3 97.66
Total 3,121 4 100
Source: Dealogic (March 5, 2011 to March 4, 2012)
TOP BOOKRUNNERS
Fiscal year February 1 to January 31. Source: Walmart
$ bn
370380390400410420430440450
FY20
09
FY20
10
FY20
11
FY20
12
NET SALES
Diluted net income per common share from continuing operations attributable to Walmart. Fiscal year February 1 to January 31. Source: Walmart
$
00.5
11.5
22.5
33.5
44.5
5
FY20
09
FY20
10
FY20
11
FY20
12
NET INCOME PER SHARE
Source: Markit
bps
02-Ju
n-11
02-A
ug-1
1
02-O
ct-11
02-D
ec-1
1
02-Fe
b-12
02-A
pr-12
02-M
ay-1
2
02-M
ay-1
1
02-Ju
l-11
02-Se
p-11
02-N
ov-1
1
02-Ja
n-12
02-M
ar-12
0
50
100
150
200
250
300Casino Guichard CDS 5yr Wal Mart CDS 5yr Tesco CDS 5yr
CDS PRICING
Source: Dealogic (as at May 15, 2012)
$ bn
2006
2007
2008
2009
2010
2011
2012
0
2
4
6
8
10
12
PUBLIC BOND ISSUANCE
Income from continuing operations attributable to Walmart. Fiscal year February 1 to January 31. Source: Walmart
$ bn
11.512
12.513
13.514
14.515
15.516
FY20
09
FY20
10
FY20
11
FY20
12
NET INCOME
Fiscal year February 1 to January 31. Source: Walmart
$ bn
616263646566676869707172
FY20
09
FY20
10
FY20
11
FY20
12
TOTAL SHAREHOLDERS’ EQUITY
Aa2, stable outlook
Wal-Mart’s Aa2 rating considers its position as the world’s largest retailer and the myriad competitive advantages this generates, and its superior credit metrics. The rating also considers its growth potential, both in the US via the Supercenter and other store formats and internationally, as well as its solid liquidity.
The stable outlook refl ects the expectation that Wal-Mart’s operating performance will continue to result in a credit profi le that, despite share repurchases and growth expenditures, either organic store expansion or acquisition activity, will remain substantially at present levels. Moody’s also believes that in keeping with past practice, in the event of a sizeable acquisition, shareholder returns will be tempered to ensure that the credit profi le is not impaired for more than a short time period.
There is little upward rating momentum due to the large amounts of cash fl ow necessary to continue to fund new store growth in tandem with the company’s material shareholder distributions and potentially increased acquisition activity.
Ratings could be downgraded if operating performance or Wal-Mart’s competitive edge were to weaken such that credit metrics began to soften, or if the company undertook a large, debt-fi nanced acquisition or very material share buyback. Quantitatively, a downgrade could occur if retained cash fl ow/net debt were to be sustained much below 35%.
(March 28, 2012)
RATING AGENCY COMMENTARY: MOODY’S
