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NORDIC FIs
& COVERED

INSIDE:
3 Moody’s in negative SBAB
review as CEO departs
4 Vest pleased in hectic mart;
Nordea in corporate IRB OK
5 Nordic euro FI spread data

Thursday, 16 January 2014

EC stresses EU-specific factors
to raise Level 1 LCR hopes

The European Commission will take
into account “features specific to the
EU banking system and financial markets” in addition to European Banking Authority (EBA) reports and international standards when deciding
on covered bonds’ status in the LCRs,
according to an EC spokesperson.
Confirming statements included in a
Bloomberg article published last Friday
(10 January), Chantal Hughes, spokesperson for the European Commission
(EC), Internal Market and Services,
told The Covered Bond Report that “the
Commission is aware of the crucial importance of the covered bond market”.
The comments were sought from the
Commission after the European Banking Authority (EBA) in December recommended against covered bonds being
treated as extremely high quality liquid
assets (Level 1 under Basel III) for the
purposes of Liquidity Coverage Ratio
(LCR) requirements in forthcoming EU
legislation, despite a technical analy-

sis it had conducted showing covered
bonds to be as liquid as government
bonds. Instead, the EBA’s report to
the Commission recommends covered
bonds as Level 2, high quality liquid
assets, only.
However, the final decision on covered bonds’ LCR status will be taken by
the Commission, by the end of June, a
fact noted by the Commission spokesperson in an e-mail to The CBR.
“The EBA recommendations do not
have any legal force of themselves,”
said Hughes (pictured above with
Commissioner Michel Barnier). “The
Commission will consider these recommendations when preparing the secondary legislation on liquidity coverage which it is required to adopt by 30
June 2014. This secondary legislation
should, inter alia, specify which assets
qualify as being of high and extremely
high liquidity/credit quality.
“When adopting that delegated act,
(continued on page 2)

Issue 66

DNB reopens Samurais
for European banks,
increases granularity
DNB is closing the first Samurai issue
for a European financial institution of
2014 tomorrow (Friday), a ¥81.6bn
(Eu573m, Nkr4.78bn) dual tranche
five year senior unsecured deal that
achieved far broader distribution than
the Norwegian bank’s last Samurai.
The issue has been split into a ¥78bn
fixed rate tranche and a ¥3.6bn FRN,
which leads Daiwa, Mizuho and Nomura
are pricing at the equivalent of Yen swap
offered plus 19bp.
A DCM official at one of the leads
said that the level was attractive, putting
the pricing 3bp-5bp tighter than DNB
would likely achieve on a new five year
fixed rate benchmark in euros. He said
that 2020 paper in euros was trading at
around 59bp mid and noted that Rabobank yesterday (Wednesday) priced a
Eu1.5bn five year benchmark at 63bp
over mid-swaps.
The division of the transaction into the
much larger fixed rate and smaller floating tranches was as expected, he added,
noting that DNB was also not interested
in shorter maturities and that the economics of longer dated issuance did not
make sense.
(continued on page 2)
Latest Nordic FI benchmarks
Senior unsecured (z spreads mid)
NYKRE*
SEB
SBAB

1.750%
2.000%
2.375%

01/19
03/18
09/20

75bp
57bp
70bp

Covered bonds (asw spreads mid)
NDASS
SPABOL
DNBNO

1.250%
1.500%
1.125%

01/19
01/20
11/18

6bp
19bp
9bp

*Secured. Source: CA-CIB trading 16/01/14

Page 1
Thursday, 16 January 2014

Issue 66

Danmarks Nationalbank suggests new derogation
(continued from page 1)
in accordance with Article 460(2) of
the Capital Requirements Regulation
(CRR), the Commission shall take into
account not just the reports submitted
by EBA and the international standards
but also features specific to the Union
banking system and financial markets.”
[Commission’s own emphasis.]
In recommending that covered
bonds not be Level 1 assets, the EBA
had stressed the “great importance” of
alignment with Basel Committee on
Banking Supervision rules.
The EBA’s recommendation was met
with dismay and frustration by covered
bond market participants in general, but
in Denmark the reaction was particularly strong and the EC spokesperson
mentioned the Danish case.
“The Commission also recognises the
long tradition and solidity of Danish
covered bonds, in particular, and their
good liquidity characteristics, even in
times of acute stress.
“This is also confirmed by the technical report of the European Banking
Authority.”
Danmarks Nationalbank has meanwhile said that it would strongly recommend permitting countries with a shortage of extremely high quality liquid
assets to allow more covered bonds in

Danmarks Nationalbank
LCRs as a new CRR derogation if they
are ultimately excluded from Level 1.
It took the position in a response released last Friday to an EBA consultation on derogations for currencies with
constraints on the availability of liquid
assets under Article 419(5) of the CRR
that was held from 22 October to 22
December and discussed measures that
can be taken by banks in countries such
as Denmark where there are insufficient
Level 1 assets.
Danmarks Nationalbank points out
that the two derogations already pro-

Nordic FIs & Covered Bonds
Produced by NewType Media,
publisher of

The Covered
Bond Report
Neil Day
Managing Editor
nday@coveredbondreport.com
+44 20 7428 9575
Susanna Rust
Deputy Editor
srust@coveredbondreport.com
+44 20 7485 4909
news.coveredbondreport.com

Page 2

In association with

Vincent Hoarau
Head of FIs & Covered Bond Syndicate
vincent.hoarau@ca-cib.com
+44 20 7214 6162
Julian Burkhard
Global Head of Capital Solutions,
Head of FI DCM Nordics & UK
julian.burkhard@ca-cib.com
+44 20 7214 5472
Florian Eichert
Senior Covered Bond Analyst
florian.eichert@ca-cib.com
+44 20 7214 6402

posed have drawbacks for Denmark
with regard to the conduct of monetary policy and its currency peg towards the euro.
“The use of derogation A with foreign
denominated assets in the buffer is not
seen as an appropriate option, since it
introduces currency risk,” it said. “The
use of derogation B — credit lines
from the central bank — is not seen as
a viable solution either, since Denmark
maintains a fixed-exchange rate policy
vis-à-vis the euro area.”
The central bank instead proposed a
new derogation that would better accommodate the country’s needs.
“If Danish covered bonds are not classified as extremely liquid in the Commission’s delegated act, and if the Commission furthermore introduce a cap on
the amount of assets of high liquidity
and credit quality in the liquidity buffer,
we would strongly recommend the introduction of the third derogation in the
BCBS (Basel Committee on Banking
Supervision) to allow additional use of
assets of high liquidity and credit quality (e.g. certain covered bonds) in the
liquidity buffer,” it said.
“This third derogation could allow
banks to hold a more diversified liquidity buffer than mainly government bonds
and central bank reserves. Furthermore
the use of the derogation could assist in
breaking the link between governments
and banks.”
In its consultation response the Danish central bank also reiterated the
country’s position that covered bonds
should be eligible as Level 1 assets as
well as highlighting that this favoured
scenario remains a possibility.
“First of all, we would like to point
out that the results of the EBA’s empirical analysis across asset classes confirm
that some covered bonds achieve the
same average ranking as government
bonds,” it said. “We agree with this
analysis and see no reason to discriminate against such covered bonds based
on other criteria.”
“If this finding is taken into account
when the Commission decide on the
final definition of the LCR in June
2014, Denmark would no longer be
classified as a country with insufficient liquid assets.” n
Issue 66

Thursday, 16 January 2014

Moody’s in negative SBAB review as CEO departs
Moody’s placed the A2 rating of SBAB
Bank on review for downgrade on Tuesday, a day after the bank announced
the departure of its CEO, with the rating agency citing profitability and the
fate of new product offerings among
challenges facing the bank.
The rating agency said that its review
will primarily focus on analysis of the
Swedish bank’s likely future profitability
and the potential for its new products to
succeed in the Swedish banking market.
“Additionally, the review will focus
on the likelihood of systemic support for
SBAB’s subordinated debt given the clear
government indications of reduced support
but the difficulties in actually achieving
this in the more immediate term,” it said.
The Swedish government, SBAB’s sole
shareholder, has made clear its intention
to sell the bank, noted Moody’s.
SBAB on Wednesday said it will engage
with Moody’s within the next few months
with a view to resolving the review.
The rating action came after SBAB on
Monday announced the departure of its
chief executive, Carl-Viggo Östlund, given a difference of opinion between him
and the board about implementation of
the strategy in connection with, inter alia,
cost development at the bank.
Bo Magnusson, chairman of the SBAB
board, said that costs of implementing the
strategy have increased more than expected while a competitive mortgage market
is putting further pressure on margins and
capital and liquidity requirements have
increased.
“The situation requires that the strategy implementation is carried through
with an increased focus on cost efficiency

and balance sheet management,” he said.
“Given this, the Board of Directors concludes that SBAB needs a change of leadership. The process of finding a successor
is initiated promptly.”
In the interim, non-executive director
Per Anders Fasth is taking on the role of
acting CEO.
Moody’s said that its review for downgrade of SBAB reflects some of the same
concerns about profitability raised by the
bank’s board, but is not a direct response
to the change in management.
SBAB’s profitability has historically
been weak, and it is seeking to boost
this by diversifying its product range
and earnings, for example by increasing
deposit funding, according to Moody’s,
which said this action would be credit positive “if proved to be sustainably
profitable”.
“Whilst we view increased deposit
funding positively, SBAB currently pays
relatively high deposit rates compared to
other Swedish banks which casts doubt

on the long term stickiness of such deposits,” it said, “and the launch of new
products needs in Moody’s view, a longer
timeframe to prove their viability.”
The rating agency cited efforts to
lengthen the bank’s maturity profile as a
positive, but noted that the flipside of this
is that longer duration market funding is
likely to put pressure on net interest income in the short to medium term.
Continued weak profitability could
however, make the bank harder to sell and
may presage longer government involvement, which may support SBAB’s long
term ratings, said Moody’s.
Weak profitability is also a concern
from a capital standpoint, according to
Moody’s, which said that it could make
supporting capital levels difficult in a
stressed scenario and result in relatively
fast capital depletion.
“Whilst the ratings agency does not
currently anticipate such a scenario in
Sweden, SBAB’s sensitivity to such an
event is credit negative,” said Moody’s. n

DNB Samurai offers funding inside euro levels
(continued from page 1)
The deal is larger than DNB’s last
Samurai, which was a ¥65bn five year
issue launched in January 2012. The lead
banker also highlighted that distribution
was much more granular, with just two
investors having taken some ¥55bn of
the previous trade and the largest order
on the new issue accounting for less than
30% of the total. He noted that execution
of DNB’s last deal had been more complicated as it had come in the wake of a
crisis at Norway’s Eksportfinans, which

was not an issue this time around.
A total of 112 tickets were sold across
the two tranches, with placement having
increased in Tokyo, which took ¥50.9bn
of the fixed rate tranche, as well as elsewhere in Japan, which took ¥27.1bn.
City banks were allocated ¥30bn, trust
banks ¥0.6bn, specialised banks ¥2bn,
life insurance ¥9.2bn, property insurance
¥2bn, asset managers ¥7.1bn, regional
banks ¥7.9bn, Shinkins, etc ¥9.2bn, and
others ¥10bn.
Thor Tellefsen, senior vice president

and head of long term funding at DNB,
told Nordic FIs & Covered that the transaction is part of the bank’s regular funding business, coming on top of its debut
Samurai to ensure the issuer maintains
access to its Japanese investor base.
The lead banker said that although a
couple of other European names are
looking at the Samurai market there
is no concrete pipeline. He added that,
with DNB’s peers going into blackout,
the next trades are more likely to emerge
in late February or March. n
Page 3
Thursday, 16 January 2014

Issue 66

Vest pleased with result in hectic covered market
Sparebanken Vest Boligkreditt sold
a Eu500m no-grow five year covered
bond on Thursday of last week (9
January), having seen “no reason to
wait” to tap the market early in the
year given strong market conditions,
an official at the issuer told Nordic
FIs & Covered.
The Norwegian covered bond company priced the deal at 10bp over midswaps, which compares with a re-offer
spread of 12bp for a Eu500m five year it
sold in early September.
Leads Commerzbank, HSBC, Nordea
and UniCredit built an order book of
around Eu850m for Sparebanken Vest’s
latest issue, after having initially marketed it at 10bp-12bp over.
More than 60 accounts took part. Germany took 44%, the Nordics 24%, the
Benelux 10%, central and eastern Europe 8%, Austria 5%, Switzerland 3%,
Asia 3%, and others 3%. Banks were allocated 54%, central banks and agencies
28%, funds and insurance companies
14%, and corporates 4%.
Sparebanken Vest’s deal was one of
three new covered bonds in the market
that day which took last week’s supply

Nordea gets corporate
IRB OK from FSA
Nordea has received approval to apply
the advanced internal ratings-based
(IRB) approach to its corporate exposures in the Nordic region, which
will boost its pro forma Q3 2013 Core
Tier 1 capital ratio by 0.7 percentage points, the bank said yesterday
(Wednesday).
The Swedish Financial Supervisory
Authority (FSA), in agreement with the
other three Nordic FSAs, gave the green
light on Tuesday, according to Nordea.
“This approval will affect Nordea’s
core Tier 1 capital ratio due to lower
risk-weighted assets as well as higher
Core Tier 1 capital,” it said. “The pro
forma Q3 2013 impact on the Core Tier
1 capital ratio is calculated at approximately 0.7 percentage points.”
The bank previously stated its pro format Q3 2013 Core Tier 1 ratio as being
15%-16%, and said this is confirmed by
Monday’s approval. n
Page 4

Egil Mokleiv, managing director,
Sparebanken Vest Boligkreditt
to Eu8.5bn across nine issues. The other issuers were Commonwealth Bank
of Australia, which priced a Eu1bn five
year at 18bp over, and Credit Suisse,
with a Eu1.25bn seven year at 13bp over.
Egil Mokleiv, managing director,
Sparebanken Vest Boligkreditt, said
that the new issue had been planned for
some time.
“In early September we did a deal and
before that we did substantial investor

work with very good feedback, so we
figured we could capitalise on our market
activity in the second half of 2013 by going out relatively early this year,” he said.
A positive start to new issuance in
2014 encouraged the issuer to make its
move when it did, according to Mokleiv.
“Investors seemed quite ready to invest so we found no reason to wait and
just had to find the right day,” he said.
“It seems to have worked out and we are
happy with that.
“The spread is quite satisfactory and
we are glad to see that it is possible to
place a Eu500m no-grow in a hectic
market at quite a good margin.”
2014 is the first year that Sparebanken
Vest will tap the capital markets for some
major refinancing, according to Mokleiv,
with the issuer having until now mostly having raised new funding since its
creation in 2008. Refinancing in 2014 is
only for Norwegian krone transactions,
he said, with the issuer’s first public euro
transaction, sold in 2010, maturing in
June 2015.
Additional funding needs are lower than
in the past given slower growth in the Norwegian banking sector, he added. n

Why not visit us online at
Nordic-FI.com?
Issue 66

Thursday, 16 January 2014

Euro Nordic covered bond & senior unsecured secondary spreads
Nordic benchmarks: covered versus ASW, senior unsecured (shaded) versus Z spreads. Thursday, 16/01/14.
ISIN
Coupon
Maturity
Mid Spd
AKTIA (*AKTIA REMB)
XS0640889803*
3.125
22/06/2016
2
XS0946639381
1.125
25/06/2018
0
BRF
XS0882166282
2.500
31/01/2018
106
DANBNK
XS0456413847
3.250
07/10/2015
-3
XS0601855652
3.250
09/03/2016
-4
XS0437056954
4.500
01/07/2016
-1
XS0501663099
3.500
16/04/2018
5
XS0469000144
4.125
26/11/2019
13
XS0519458755
3.750
23/06/2022
20
XS0802067636
2.500
09/07/2015
25
XS0627692204
3.875
18/05/2016
2
XS0751166835
3.875
28/02/2017
38
DNBNO
XS0478979551
3.375
20/01/2017
2
XS0728790402
2.375
11/04/2017
2
XS0537686288
2.375
31/08/2017
3
XS0877571884
1.000
22/01/2018
3
XS0992304369
1.125
12/11/2018
9
XS0794233865
1.875
18/06/2019
9
XS0637846725
3.875
16/06/2021
18
XS0759310930
2.750
21/03/2022
19
XS0856976682
1.875
21/11/2022
16
XS0522030310
3.875
29/06/2020
58
XS0595092098
4.375
24/02/2021
66
XS0732513972
4.250
18/01/2022
70
EIKBOL
XS0736417642
2.250
25/01/2017
7
XS0851683473
1.250
06/11/2017
7
XS0794570944
2.000
19/06/2019
15
XS0881369770
2.125
30/01/2023
31
JYBC
XS0856532618
3mE+110bp
20/05/2015
27
LANSBK
XS0926822189
1.125
07/05/2020
8
MINGNO
XS0893363258
2.125
21/02/2018
78
NDASS
XS0478492415
3.500
18/01/2017
-5
XS0731649660
2.375
17/07/2017
0
XS0965104978
1.375
20/08/2018
3
XS1014673849
1.250
14/01/2019
6
XS0778465228
2.250
03/05/2019
7
XS0874351728
1.375
15/01/2020
9
XS0591428445
4.000
10/02/2021
12
XS0489825223
3.750
24/02/2017
33
XS0801636571
2.250
05/10/2017
33
XS0916242497
1.375
12/04/2018
32
XS0728763938
4.000
11/07/2019
50
XS0520755488
4.000
29/06/2020
52
XS0801636902
3.250
05/07/2022
55
NYKRE (*senior secured)
LU0787776052*
3.250
01/06/2017
57
LU0921853205*
1.750
02/05/2018
65
LU0996352158*
1.750
28/01/2019
75
Source: Crédit Agricole CIB Trading, Bloomberg — See disclaimer on page 6

ISIN
POHBK
XS0611353086
XS0785351213
XS0646202407
XS0576922271
XS0758309396
XS0540216669
XS0931144009
SAMBNK
XS0693226978
XS0834714254
XS0640463062
SBAB
XS0619631624
XS0498316255
XS0968885623
SEB
XS0548881555
XS0894500981
XS0988357090
XS0614401197
XS0538031211
XS0628653007
XS0730498143
XS0592695000
XS0972089568
XS0854425625
SHBASS
XS0625427215
XS0760243328
XS0906516256
XS0592450232
XS0490111563
XS0732016596
XS0794225176
XS0965050197
XS0693812355
XS0819759571
SPABOL
XS0707700919
XS0495145657
XS0820929437
XS0738895373
XS0995022661
XS0942804351
XS0587952085
XS0674396782
SPAROG
XS0853250271
XS0965489239
XS0876758664
SWEDA
XS0455687920
XS0496542787
XS0925525510
XS0794246925
XS0768453101
XS0740788699

Coupon

Maturity

Mid Spd

3.250
1.625
3.500
3.125
2.625
3.000
1.250

01/04/2016
23/05/2017
11/07/2018
12/01/2016
20/03/2017
08/09/2017
14/05/2018

-6
-3
2
26
40
38
42

2.750
1.625
3.875

19/10/2016
27/09/2019
21/06/2021

0
10
22

3.375
3.250
2.375

20/04/2016
30/03/2017
04/09/2020

-3
-1
70

2.625
1.500
1.625
4.125
2.500
3.750
3.875
4.250
2.000
1.875

16/10/2017
25/02/2020
04/11/2020
07/04/2021
01/09/2015
19/05/2016
12/04/2017
21/02/2018
18/03/2019
14/11/2019

-1
6
11
12
13
22
35
50
57
54

3.375
1.875
1.000
3.625
3.750
3.375
2.250
2.250
4.375
2.625

11/05/2016
21/03/2017
19/06/2018
16/02/2016
24/02/2017
17/07/2017
14/06/2018
27/08/2020
20/10/2021
23/08/2022

-5
-1
-1
20
33
34
39
55
54
54

2.375
3.250
1.250
2.750
1.500
1.500
4.000
3.375

22/11/2016
17/03/2017
28/02/2018
01/02/2019
20/01/2020
12/06/2020
03/02/2021
07/09/2021

3
3
2
12
19
16
22
21

2.000
2.125
2.125

14/05/2018
27/02/2019
03/02/2020

64
77
79

3.625
3.375
1.125
1.750
2.375
3.375

05/10/2016
22/03/2017
07/05/2020
18/06/2015
04/04/2016
09/02/2017

-5
-4
5
15
31
39

Page 5
Thursday, 16 January 2014

Issue 66

Disclaimer
This material has been prepared by Crédit Agricole Corporate and Investment Bank or one of its affiliates (collectively “Crédit
Agricole CIB”). It does not constitute “investment research” as defined by the Financial Conduct Authority and is provided
for information purposes only. It is not to be construed as a solicitation or an offer to buy or sell any financial instruments and
has no regard to the specific investment objectives, financial situation or particular needs of any recipient. Crédit Agricole CIB
does not act as an advisor to any recipient of this material, nor owe any recipient any fiduciary duty and nothing in this material
should be construed as financial, legal, tax, accounting or other advice. Recipients should make their own independent appraisal
of this material and obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. The information in this material is based on publicly available information and
although it has been compiled or obtained from sources believed to be reliable, such information has not been independently
verified and no guarantee, representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. This material may contain information from third parties. Crédit Agricole CIB has not independently verified the accuracy
of such third-party information and shall not be responsible or liable, directly or indirectly, for any damage or loss caused or
alleged to be caused by or in connection with the use of or reliance on this information. Information in this material is subject
to change without notice. Crédit Agricole CIB is under no obligation to update information previously provided to recipients.
Crédit Agricole CIB is also under no obligation to continue to provide recipients with the information contained in this material
and may at any time in its sole discretion stop providing such information. Investments in financial instruments carry significant
risk, including the possible loss of the principal amount invested. This material may contain assumptions or include projections,
forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may
not be consistent with, and may differ materially from, those assumed. Past performance is not a guarantee or indication of future
results. The price, value of or income from any of the financial products or services mentioned herein can fall as well as rise and
investors may make losses. Any prices provided herein (other than those that are identified as being historical) are indicative only
and do not represent firm quotes as to either price or size. Financial instruments denominated in a foreign currency are subject
to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. None
of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other
party without the prior express written permission of Crédit Agricole CIB. No liability is accepted by Crédit Agricole CIB for any
damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of, or reliance upon, this material. This material is not directed at, or intended for distribution to or use by, any person or entity domiciled or resident in any
jurisdiction where such distribution, publication, availability or use would be contrary to applicable laws or regulations of such
jurisdictions. Recipients of this material should inform themselves about and observe any applicable legal or regulatory requirements in relation to the distribution or possession of this document to or in that jurisdiction. In this respect, Crédit Agricole CIB
does not accept any liability to any person in relation to the distribution or possession of this document to or in any jurisdiction.
United States of America: The delivery of this material to any person in the United States shall not be deemed a recommendation
to effect any transactions in any security mentioned herein or an endorsement of any opinion expressed herein. Recipients of this
material in the United States wishing to effect a transaction in any security mentioned herein should do so by contacting Crédit
Agricole Securities (USA), Inc.
United Kingdom: Crédit Agricole Corporate and Investment Bank is authorised by the Autorité de Contrôle Prudentiel (ACP)
and supervised by the ACP and the Autorité des Marchés Financiers (AMF) in France and subject to limited regulation by the
Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial
Conduct Authority and the Prudential Regulation Authority are available from us on request. Crédit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales Registered number : FC008194. Registered office:
Broadwalk House, 5 Appold Street, London, EC2A 2DA.
© 2014, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK All rights reserved.

Page 6

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Nordic FIs & Covered - 16 January 2014

  • 1. In association with NORDIC FIs & COVERED INSIDE: 3 Moody’s in negative SBAB review as CEO departs 4 Vest pleased in hectic mart; Nordea in corporate IRB OK 5 Nordic euro FI spread data Thursday, 16 January 2014 EC stresses EU-specific factors to raise Level 1 LCR hopes The European Commission will take into account “features specific to the EU banking system and financial markets” in addition to European Banking Authority (EBA) reports and international standards when deciding on covered bonds’ status in the LCRs, according to an EC spokesperson. Confirming statements included in a Bloomberg article published last Friday (10 January), Chantal Hughes, spokesperson for the European Commission (EC), Internal Market and Services, told The Covered Bond Report that “the Commission is aware of the crucial importance of the covered bond market”. The comments were sought from the Commission after the European Banking Authority (EBA) in December recommended against covered bonds being treated as extremely high quality liquid assets (Level 1 under Basel III) for the purposes of Liquidity Coverage Ratio (LCR) requirements in forthcoming EU legislation, despite a technical analy- sis it had conducted showing covered bonds to be as liquid as government bonds. Instead, the EBA’s report to the Commission recommends covered bonds as Level 2, high quality liquid assets, only. However, the final decision on covered bonds’ LCR status will be taken by the Commission, by the end of June, a fact noted by the Commission spokesperson in an e-mail to The CBR. “The EBA recommendations do not have any legal force of themselves,” said Hughes (pictured above with Commissioner Michel Barnier). “The Commission will consider these recommendations when preparing the secondary legislation on liquidity coverage which it is required to adopt by 30 June 2014. This secondary legislation should, inter alia, specify which assets qualify as being of high and extremely high liquidity/credit quality. “When adopting that delegated act, (continued on page 2) Issue 66 DNB reopens Samurais for European banks, increases granularity DNB is closing the first Samurai issue for a European financial institution of 2014 tomorrow (Friday), a ¥81.6bn (Eu573m, Nkr4.78bn) dual tranche five year senior unsecured deal that achieved far broader distribution than the Norwegian bank’s last Samurai. The issue has been split into a ¥78bn fixed rate tranche and a ¥3.6bn FRN, which leads Daiwa, Mizuho and Nomura are pricing at the equivalent of Yen swap offered plus 19bp. A DCM official at one of the leads said that the level was attractive, putting the pricing 3bp-5bp tighter than DNB would likely achieve on a new five year fixed rate benchmark in euros. He said that 2020 paper in euros was trading at around 59bp mid and noted that Rabobank yesterday (Wednesday) priced a Eu1.5bn five year benchmark at 63bp over mid-swaps. The division of the transaction into the much larger fixed rate and smaller floating tranches was as expected, he added, noting that DNB was also not interested in shorter maturities and that the economics of longer dated issuance did not make sense. (continued on page 2) Latest Nordic FI benchmarks Senior unsecured (z spreads mid) NYKRE* SEB SBAB 1.750% 2.000% 2.375% 01/19 03/18 09/20 75bp 57bp 70bp Covered bonds (asw spreads mid) NDASS SPABOL DNBNO 1.250% 1.500% 1.125% 01/19 01/20 11/18 6bp 19bp 9bp *Secured. Source: CA-CIB trading 16/01/14 Page 1
  • 2. Thursday, 16 January 2014 Issue 66 Danmarks Nationalbank suggests new derogation (continued from page 1) in accordance with Article 460(2) of the Capital Requirements Regulation (CRR), the Commission shall take into account not just the reports submitted by EBA and the international standards but also features specific to the Union banking system and financial markets.” [Commission’s own emphasis.] In recommending that covered bonds not be Level 1 assets, the EBA had stressed the “great importance” of alignment with Basel Committee on Banking Supervision rules. The EBA’s recommendation was met with dismay and frustration by covered bond market participants in general, but in Denmark the reaction was particularly strong and the EC spokesperson mentioned the Danish case. “The Commission also recognises the long tradition and solidity of Danish covered bonds, in particular, and their good liquidity characteristics, even in times of acute stress. “This is also confirmed by the technical report of the European Banking Authority.” Danmarks Nationalbank has meanwhile said that it would strongly recommend permitting countries with a shortage of extremely high quality liquid assets to allow more covered bonds in Danmarks Nationalbank LCRs as a new CRR derogation if they are ultimately excluded from Level 1. It took the position in a response released last Friday to an EBA consultation on derogations for currencies with constraints on the availability of liquid assets under Article 419(5) of the CRR that was held from 22 October to 22 December and discussed measures that can be taken by banks in countries such as Denmark where there are insufficient Level 1 assets. Danmarks Nationalbank points out that the two derogations already pro- Nordic FIs & Covered Bonds Produced by NewType Media, publisher of The Covered Bond Report Neil Day Managing Editor nday@coveredbondreport.com +44 20 7428 9575 Susanna Rust Deputy Editor srust@coveredbondreport.com +44 20 7485 4909 news.coveredbondreport.com Page 2 In association with Vincent Hoarau Head of FIs & Covered Bond Syndicate vincent.hoarau@ca-cib.com +44 20 7214 6162 Julian Burkhard Global Head of Capital Solutions, Head of FI DCM Nordics & UK julian.burkhard@ca-cib.com +44 20 7214 5472 Florian Eichert Senior Covered Bond Analyst florian.eichert@ca-cib.com +44 20 7214 6402 posed have drawbacks for Denmark with regard to the conduct of monetary policy and its currency peg towards the euro. “The use of derogation A with foreign denominated assets in the buffer is not seen as an appropriate option, since it introduces currency risk,” it said. “The use of derogation B — credit lines from the central bank — is not seen as a viable solution either, since Denmark maintains a fixed-exchange rate policy vis-à-vis the euro area.” The central bank instead proposed a new derogation that would better accommodate the country’s needs. “If Danish covered bonds are not classified as extremely liquid in the Commission’s delegated act, and if the Commission furthermore introduce a cap on the amount of assets of high liquidity and credit quality in the liquidity buffer, we would strongly recommend the introduction of the third derogation in the BCBS (Basel Committee on Banking Supervision) to allow additional use of assets of high liquidity and credit quality (e.g. certain covered bonds) in the liquidity buffer,” it said. “This third derogation could allow banks to hold a more diversified liquidity buffer than mainly government bonds and central bank reserves. Furthermore the use of the derogation could assist in breaking the link between governments and banks.” In its consultation response the Danish central bank also reiterated the country’s position that covered bonds should be eligible as Level 1 assets as well as highlighting that this favoured scenario remains a possibility. “First of all, we would like to point out that the results of the EBA’s empirical analysis across asset classes confirm that some covered bonds achieve the same average ranking as government bonds,” it said. “We agree with this analysis and see no reason to discriminate against such covered bonds based on other criteria.” “If this finding is taken into account when the Commission decide on the final definition of the LCR in June 2014, Denmark would no longer be classified as a country with insufficient liquid assets.” n
  • 3. Issue 66 Thursday, 16 January 2014 Moody’s in negative SBAB review as CEO departs Moody’s placed the A2 rating of SBAB Bank on review for downgrade on Tuesday, a day after the bank announced the departure of its CEO, with the rating agency citing profitability and the fate of new product offerings among challenges facing the bank. The rating agency said that its review will primarily focus on analysis of the Swedish bank’s likely future profitability and the potential for its new products to succeed in the Swedish banking market. “Additionally, the review will focus on the likelihood of systemic support for SBAB’s subordinated debt given the clear government indications of reduced support but the difficulties in actually achieving this in the more immediate term,” it said. The Swedish government, SBAB’s sole shareholder, has made clear its intention to sell the bank, noted Moody’s. SBAB on Wednesday said it will engage with Moody’s within the next few months with a view to resolving the review. The rating action came after SBAB on Monday announced the departure of its chief executive, Carl-Viggo Östlund, given a difference of opinion between him and the board about implementation of the strategy in connection with, inter alia, cost development at the bank. Bo Magnusson, chairman of the SBAB board, said that costs of implementing the strategy have increased more than expected while a competitive mortgage market is putting further pressure on margins and capital and liquidity requirements have increased. “The situation requires that the strategy implementation is carried through with an increased focus on cost efficiency and balance sheet management,” he said. “Given this, the Board of Directors concludes that SBAB needs a change of leadership. The process of finding a successor is initiated promptly.” In the interim, non-executive director Per Anders Fasth is taking on the role of acting CEO. Moody’s said that its review for downgrade of SBAB reflects some of the same concerns about profitability raised by the bank’s board, but is not a direct response to the change in management. SBAB’s profitability has historically been weak, and it is seeking to boost this by diversifying its product range and earnings, for example by increasing deposit funding, according to Moody’s, which said this action would be credit positive “if proved to be sustainably profitable”. “Whilst we view increased deposit funding positively, SBAB currently pays relatively high deposit rates compared to other Swedish banks which casts doubt on the long term stickiness of such deposits,” it said, “and the launch of new products needs in Moody’s view, a longer timeframe to prove their viability.” The rating agency cited efforts to lengthen the bank’s maturity profile as a positive, but noted that the flipside of this is that longer duration market funding is likely to put pressure on net interest income in the short to medium term. Continued weak profitability could however, make the bank harder to sell and may presage longer government involvement, which may support SBAB’s long term ratings, said Moody’s. Weak profitability is also a concern from a capital standpoint, according to Moody’s, which said that it could make supporting capital levels difficult in a stressed scenario and result in relatively fast capital depletion. “Whilst the ratings agency does not currently anticipate such a scenario in Sweden, SBAB’s sensitivity to such an event is credit negative,” said Moody’s. n DNB Samurai offers funding inside euro levels (continued from page 1) The deal is larger than DNB’s last Samurai, which was a ¥65bn five year issue launched in January 2012. The lead banker also highlighted that distribution was much more granular, with just two investors having taken some ¥55bn of the previous trade and the largest order on the new issue accounting for less than 30% of the total. He noted that execution of DNB’s last deal had been more complicated as it had come in the wake of a crisis at Norway’s Eksportfinans, which was not an issue this time around. A total of 112 tickets were sold across the two tranches, with placement having increased in Tokyo, which took ¥50.9bn of the fixed rate tranche, as well as elsewhere in Japan, which took ¥27.1bn. City banks were allocated ¥30bn, trust banks ¥0.6bn, specialised banks ¥2bn, life insurance ¥9.2bn, property insurance ¥2bn, asset managers ¥7.1bn, regional banks ¥7.9bn, Shinkins, etc ¥9.2bn, and others ¥10bn. Thor Tellefsen, senior vice president and head of long term funding at DNB, told Nordic FIs & Covered that the transaction is part of the bank’s regular funding business, coming on top of its debut Samurai to ensure the issuer maintains access to its Japanese investor base. The lead banker said that although a couple of other European names are looking at the Samurai market there is no concrete pipeline. He added that, with DNB’s peers going into blackout, the next trades are more likely to emerge in late February or March. n Page 3
  • 4. Thursday, 16 January 2014 Issue 66 Vest pleased with result in hectic covered market Sparebanken Vest Boligkreditt sold a Eu500m no-grow five year covered bond on Thursday of last week (9 January), having seen “no reason to wait” to tap the market early in the year given strong market conditions, an official at the issuer told Nordic FIs & Covered. The Norwegian covered bond company priced the deal at 10bp over midswaps, which compares with a re-offer spread of 12bp for a Eu500m five year it sold in early September. Leads Commerzbank, HSBC, Nordea and UniCredit built an order book of around Eu850m for Sparebanken Vest’s latest issue, after having initially marketed it at 10bp-12bp over. More than 60 accounts took part. Germany took 44%, the Nordics 24%, the Benelux 10%, central and eastern Europe 8%, Austria 5%, Switzerland 3%, Asia 3%, and others 3%. Banks were allocated 54%, central banks and agencies 28%, funds and insurance companies 14%, and corporates 4%. Sparebanken Vest’s deal was one of three new covered bonds in the market that day which took last week’s supply Nordea gets corporate IRB OK from FSA Nordea has received approval to apply the advanced internal ratings-based (IRB) approach to its corporate exposures in the Nordic region, which will boost its pro forma Q3 2013 Core Tier 1 capital ratio by 0.7 percentage points, the bank said yesterday (Wednesday). The Swedish Financial Supervisory Authority (FSA), in agreement with the other three Nordic FSAs, gave the green light on Tuesday, according to Nordea. “This approval will affect Nordea’s core Tier 1 capital ratio due to lower risk-weighted assets as well as higher Core Tier 1 capital,” it said. “The pro forma Q3 2013 impact on the Core Tier 1 capital ratio is calculated at approximately 0.7 percentage points.” The bank previously stated its pro format Q3 2013 Core Tier 1 ratio as being 15%-16%, and said this is confirmed by Monday’s approval. n Page 4 Egil Mokleiv, managing director, Sparebanken Vest Boligkreditt to Eu8.5bn across nine issues. The other issuers were Commonwealth Bank of Australia, which priced a Eu1bn five year at 18bp over, and Credit Suisse, with a Eu1.25bn seven year at 13bp over. Egil Mokleiv, managing director, Sparebanken Vest Boligkreditt, said that the new issue had been planned for some time. “In early September we did a deal and before that we did substantial investor work with very good feedback, so we figured we could capitalise on our market activity in the second half of 2013 by going out relatively early this year,” he said. A positive start to new issuance in 2014 encouraged the issuer to make its move when it did, according to Mokleiv. “Investors seemed quite ready to invest so we found no reason to wait and just had to find the right day,” he said. “It seems to have worked out and we are happy with that. “The spread is quite satisfactory and we are glad to see that it is possible to place a Eu500m no-grow in a hectic market at quite a good margin.” 2014 is the first year that Sparebanken Vest will tap the capital markets for some major refinancing, according to Mokleiv, with the issuer having until now mostly having raised new funding since its creation in 2008. Refinancing in 2014 is only for Norwegian krone transactions, he said, with the issuer’s first public euro transaction, sold in 2010, maturing in June 2015. Additional funding needs are lower than in the past given slower growth in the Norwegian banking sector, he added. n Why not visit us online at Nordic-FI.com?
  • 5. Issue 66 Thursday, 16 January 2014 Euro Nordic covered bond & senior unsecured secondary spreads Nordic benchmarks: covered versus ASW, senior unsecured (shaded) versus Z spreads. Thursday, 16/01/14. ISIN Coupon Maturity Mid Spd AKTIA (*AKTIA REMB) XS0640889803* 3.125 22/06/2016 2 XS0946639381 1.125 25/06/2018 0 BRF XS0882166282 2.500 31/01/2018 106 DANBNK XS0456413847 3.250 07/10/2015 -3 XS0601855652 3.250 09/03/2016 -4 XS0437056954 4.500 01/07/2016 -1 XS0501663099 3.500 16/04/2018 5 XS0469000144 4.125 26/11/2019 13 XS0519458755 3.750 23/06/2022 20 XS0802067636 2.500 09/07/2015 25 XS0627692204 3.875 18/05/2016 2 XS0751166835 3.875 28/02/2017 38 DNBNO XS0478979551 3.375 20/01/2017 2 XS0728790402 2.375 11/04/2017 2 XS0537686288 2.375 31/08/2017 3 XS0877571884 1.000 22/01/2018 3 XS0992304369 1.125 12/11/2018 9 XS0794233865 1.875 18/06/2019 9 XS0637846725 3.875 16/06/2021 18 XS0759310930 2.750 21/03/2022 19 XS0856976682 1.875 21/11/2022 16 XS0522030310 3.875 29/06/2020 58 XS0595092098 4.375 24/02/2021 66 XS0732513972 4.250 18/01/2022 70 EIKBOL XS0736417642 2.250 25/01/2017 7 XS0851683473 1.250 06/11/2017 7 XS0794570944 2.000 19/06/2019 15 XS0881369770 2.125 30/01/2023 31 JYBC XS0856532618 3mE+110bp 20/05/2015 27 LANSBK XS0926822189 1.125 07/05/2020 8 MINGNO XS0893363258 2.125 21/02/2018 78 NDASS XS0478492415 3.500 18/01/2017 -5 XS0731649660 2.375 17/07/2017 0 XS0965104978 1.375 20/08/2018 3 XS1014673849 1.250 14/01/2019 6 XS0778465228 2.250 03/05/2019 7 XS0874351728 1.375 15/01/2020 9 XS0591428445 4.000 10/02/2021 12 XS0489825223 3.750 24/02/2017 33 XS0801636571 2.250 05/10/2017 33 XS0916242497 1.375 12/04/2018 32 XS0728763938 4.000 11/07/2019 50 XS0520755488 4.000 29/06/2020 52 XS0801636902 3.250 05/07/2022 55 NYKRE (*senior secured) LU0787776052* 3.250 01/06/2017 57 LU0921853205* 1.750 02/05/2018 65 LU0996352158* 1.750 28/01/2019 75 Source: Crédit Agricole CIB Trading, Bloomberg — See disclaimer on page 6 ISIN POHBK XS0611353086 XS0785351213 XS0646202407 XS0576922271 XS0758309396 XS0540216669 XS0931144009 SAMBNK XS0693226978 XS0834714254 XS0640463062 SBAB XS0619631624 XS0498316255 XS0968885623 SEB XS0548881555 XS0894500981 XS0988357090 XS0614401197 XS0538031211 XS0628653007 XS0730498143 XS0592695000 XS0972089568 XS0854425625 SHBASS XS0625427215 XS0760243328 XS0906516256 XS0592450232 XS0490111563 XS0732016596 XS0794225176 XS0965050197 XS0693812355 XS0819759571 SPABOL XS0707700919 XS0495145657 XS0820929437 XS0738895373 XS0995022661 XS0942804351 XS0587952085 XS0674396782 SPAROG XS0853250271 XS0965489239 XS0876758664 SWEDA XS0455687920 XS0496542787 XS0925525510 XS0794246925 XS0768453101 XS0740788699 Coupon Maturity Mid Spd 3.250 1.625 3.500 3.125 2.625 3.000 1.250 01/04/2016 23/05/2017 11/07/2018 12/01/2016 20/03/2017 08/09/2017 14/05/2018 -6 -3 2 26 40 38 42 2.750 1.625 3.875 19/10/2016 27/09/2019 21/06/2021 0 10 22 3.375 3.250 2.375 20/04/2016 30/03/2017 04/09/2020 -3 -1 70 2.625 1.500 1.625 4.125 2.500 3.750 3.875 4.250 2.000 1.875 16/10/2017 25/02/2020 04/11/2020 07/04/2021 01/09/2015 19/05/2016 12/04/2017 21/02/2018 18/03/2019 14/11/2019 -1 6 11 12 13 22 35 50 57 54 3.375 1.875 1.000 3.625 3.750 3.375 2.250 2.250 4.375 2.625 11/05/2016 21/03/2017 19/06/2018 16/02/2016 24/02/2017 17/07/2017 14/06/2018 27/08/2020 20/10/2021 23/08/2022 -5 -1 -1 20 33 34 39 55 54 54 2.375 3.250 1.250 2.750 1.500 1.500 4.000 3.375 22/11/2016 17/03/2017 28/02/2018 01/02/2019 20/01/2020 12/06/2020 03/02/2021 07/09/2021 3 3 2 12 19 16 22 21 2.000 2.125 2.125 14/05/2018 27/02/2019 03/02/2020 64 77 79 3.625 3.375 1.125 1.750 2.375 3.375 05/10/2016 22/03/2017 07/05/2020 18/06/2015 04/04/2016 09/02/2017 -5 -4 5 15 31 39 Page 5
  • 6. Thursday, 16 January 2014 Issue 66 Disclaimer This material has been prepared by Crédit Agricole Corporate and Investment Bank or one of its affiliates (collectively “Crédit Agricole CIB”). It does not constitute “investment research” as defined by the Financial Conduct Authority and is provided for information purposes only. It is not to be construed as a solicitation or an offer to buy or sell any financial instruments and has no regard to the specific investment objectives, financial situation or particular needs of any recipient. Crédit Agricole CIB does not act as an advisor to any recipient of this material, nor owe any recipient any fiduciary duty and nothing in this material should be construed as financial, legal, tax, accounting or other advice. Recipients should make their own independent appraisal of this material and obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. The information in this material is based on publicly available information and although it has been compiled or obtained from sources believed to be reliable, such information has not been independently verified and no guarantee, representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. This material may contain information from third parties. Crédit Agricole CIB has not independently verified the accuracy of such third-party information and shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this information. Information in this material is subject to change without notice. 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Recipients of this material in the United States wishing to effect a transaction in any security mentioned herein should do so by contacting Crédit Agricole Securities (USA), Inc. United Kingdom: Crédit Agricole Corporate and Investment Bank is authorised by the Autorité de Contrôle Prudentiel (ACP) and supervised by the ACP and the Autorité des Marchés Financiers (AMF) in France and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from us on request. Crédit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales Registered number : FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA. © 2014, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK All rights reserved. Page 6