248,249 piraeus bank - globalcapital...george georgopoulos +30 210 333 5858 head of investor...
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Piraeus Bank
248 EuroWeek Financing financial institutions
Piraeus Bank
Debt issuance
$m
Source: Dealogic. Data to August 20 2010
2005 2006 2007 2008 2009 2010
Senior unsecured Securitisation
-
500
1,000
1,500
2,000
2,500
3,000
Source: Piraeus Bank
%
0
2
4
6
8
10
12
Equity tier one Core tier one Total capital
Dec 312008
Mar 312009
Jun 302009
Sep 302009
Dec 312009
Mar 312010
Source: Piraeus Bank
€ bn
52.5
53
53.5
54
54.5
55
55.5
56
56.5
57
Dec 312008
Jun 302009
Dec 312009
Jun 302010
Source: Piraeus Bank
%
0
2
4
6
8
10
12
2008 2009 1H10
Debt issuance
capital ratios
total assets return on average assets
pricing date: September9,2009
value: €500m
Maturity date: September17,2012
coupon: 4%
spread to swaps: 200bp
bookrunners: BarclaysCapital,Citi,Natixis,UBS
pricing date: June3,2009
value: €500m
Maturity date: June15,2011
coupon: 4.5%
spread to swaps: 295bp
bookrunners: BankofAmericaMerrillLynch,Citi,DeutscheBank,HSBC
pricing date: March20,2007
value: €750m
Maturity date: March29,2010
coupon: 3mEuribor+20bp
bookrunners: BankofAmericaMerrillLynch,BarclaysCapital,Natixisn
Source: Dealogic
rank lead Manager amount $m no of issues
% share
1 Bank of Piraeus SA 1,226 4 100
total 1,226 4 100
Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)
recent Deals
top bookrunners
treasurerGeorge Georgopoulos+30 210 333 5858
Head of investor relationsGeorge Marinopoulos+30 210 333 5027
key contacts
piraeus bank sa
long term iDr bbb- (negative outlook)short term iDr F3individual rating D (negative Watch)support rating 2support rating Floor bbb-
summary:Piraeus Bank’s issuer default rating is based on Fitch’s assessment of the availability of international support for the Greek banking system from the IMF/EU support framework and via the European Central Bank (ECB). After Piraeus’ offer to acquire the Greek government’s equity stakes in ATEbank (77.31%) and Hellenic Postbank SA (33.04%) in order to create one of Greece’s largest banking groups, Fitch has placed Piraeus’ individual rating of D on rating watch negative. The group would have total assets of around Eu105bn, a net loan portfolio of Eu69bn and Eu64bn in deposits. Fitch acknowledges potential long-term benefits from these transactions, notably regarding the combined group’s funding profile and cost and revenue synergies, but notes the considerable execution and integration risks at a time when the operating environment will remain challenging. Fitch will resolve the watch once it has obtained more details and clarity on whether the bids will be successful and all regulatory approvals are received.
FitcH ratings upDate
Actual t
ier one
(2009)
Benchmark sc
enario
Adverse
scenario
Additional
sovereig
n shock
Source: Committee of European Banking Supervisors
%
9.1
10.9
8.3
6
0
2
4
6
8
10
12
cebs stress tests
Piraeus Bank
Financing financial institutions EuroWeek 249
Source: Piraeus Bank
%
96
98
100
102
104
106
108
110
112
114
116
Jun 3
0, 20
08
Sep 3
0, 20
08
Dec 3
1, 20
08
Mar 31
, 200
9
Jun 3
0, 20
09
Sep 3
0, 20
09
Dec 3
1, 20
09
Source: Piraeus Bank
%
0
1
2
3
4
5
6
Dec 312008
Mar 312009
Jun 302009
Sep 302009
Dec 312009
Mar 312010
All benchmark bonds and loans. Source: Piraeus Bank
Greece 26%
Germany 22% UK & Ireland
18%
France & Benelux
12%
Italy 6%
Iberia 4%
Rest of Europe
9%
Rest of the world 3%
Source: Piraeus Bank
€ m
50
0
100
150
200
250
300
350
400
450
Pre-tax profit Profit attributable to shareholders
2008 2009 1H10
Source: Piraeus Bank
%
0
10
20
30
40
50
60
70
80
Retail Wholesale Repo Interbank
Dec 312008
Mar 312009
Jun 302009
Sep 302009
Dec 312009
Mar 312010
Data at March 31, 2010. Source: Piraeus Bank
Senior debt2 € bn
Subordinated debt 0.6 € bn
Senior loans0.55 € bn
Secured9.625 € bn
loan/Deposit ratio loans in arrears >90 Days
priMary Debt Distribution
incoMe stateMent
FunDing coMpositionWHolesale Debt suMMary
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