introduction to swedbank and kepler cheuvreux’s...

In cooperation with:

Introduction to Swedbank and Kepler Cheuvreux’s partnership July 2017

Public Information class In cooperation with: 2

New partnership strengthens Swedbank’s offering Excellent international distribution power through local presence in all major markets

Still the same… Our Nordic presence remains unchanged with the same staff and strong local commitment … but strengthened Through the Kepler Cheuvreux partnership, our research coverage and sales force have been significantly expanded on an international level Together, Swedbank and Kepler Cheuvreux offer world-class research and distribution based on local expertise and global presence

=

+

Source: Swedbank, Kepler Cheuvreux

Public Information class In cooperation with:

A full-service Investment Bank with a balance sheet

3

We enable value creation

Corporate Banking Corporate lending, deposits,

general advisory ++

Corporate Finance Advisory services, Mergers &

Acquisitions, Equity Capital Markets ++

Debt Capital Markets Advisory services, bond issuance, trading, convertibles, hybrids ++

Structured Finance Acquisition- and project financing,

IPO financing ++

Loans & Syndication Sector- and asset-based debt financing, project- and event-driven financing ++

Equities Equity sales, company- and

industry research

Markets Macro and credit research. Credit sales, currencies, derivatives ++

Corporate Access Roadshows, company presentations,

events, field trips ++



Ground-breaking partnership will further improve our offering

4

Largest distribution platform in Europe

Corporate Banking Corporate lending, deposits,

general advisory ++

Corporate Finance Advisory services, Mergers &

Acquisitions, Equity Capital Markets ++

Debt Capital Markets Advisory services, bond issuance, trading, convertibles, hybrids ++

Structured Finance Acquisition- and project financing,

IPO financing ++

Loans & Syndication Sector- and asset-based debt financing, project- and event-driven financing ++

Equities Equity sales, company- and

industry research

Markets Macro and credit research. Credit sales, currencies, derivatives ++

Corporate Access Roadshows, company presentations,

events, field trips ++

Corporate client organization and offering unchanged within Swedbank

Investor reach significantly strengthened through Kepler Cheuvreux partnership



Swedbank – ranked as one of the world’s strongest banks

5

A rock-solid business partner

Bloomberg ranking of the world’s strongest banks* CET-1 ratios, selected European banks (AT1)

Ranking Bank

1 Hang Seng Bank (Hong Kong)

2 Norinchukin Bank (Japan)

3 Oversea-Chinese Banking (Singapore)

4 National Commercial Bank (Saudi Arabia)

… …

13 Swedbank (Sweden)

… …

17 UBS (Switzerland)

18 Canadian Imperial Bank of Commerce (Canada)

19 Svenska Handelsbanken (Sweden)

20 Credit Suisse Group (Switzerland) 0%

5%

10%

15%

20%

25%

30%

Swed

bank

SHB

SEB

Nor

dea

Dan

ske

Ban

kD

NB

Lloy

dsA

BN

KBC

RB

SB

KIR

Cred

it A

gr.

AIB

Erst

eP

opul

arSa

ntan

der

Inte

saIN

GB

arcl

ays

HSB

CB

NP

Deu

tsch

eB

BV

ASo

c G

en

Source: Bloomberg, EBA, Swedbank * Bloomberg’s most recent report (for 2015)

Swedbank: Most solid bank in Europe measured on CET-1 ratios


Locally anchored, with global reach

Source: Swedbank, Kepler Cheuvreux * Measured on secondary trading

6

Offering world-class distribution through Kepler Cheuvreux partnership

120+ research analysts

150+ sales & sales

traders

973 companies

covered

1 350 institutional

clients

11 countries with

local distribution

8th largest broker

in Europe*

6% ownership

15% ownership 5% ownership

5% ownership

Swedbank/Kepler Cheuvreux or affiliate office


Highly research-driven

Source: Swedbank, Kepler Cheuvreux, Extel Survey 2017 7

Top-ranked research team with local presence across Europe

A pan-European research team of

120+ analysts covering

973 companies, of which

300 Nordic companies

Henning Steffenrud Head of Nordic Research

Jan-Peter Larsson Head of Nordic Countries

Jose Hernandez Co-Head of Equity Brokerage

#3 Sustainability/SRI

research

Top 10 In 14 research

sectors

#1 Brokerage firm

country research

Michael Jafs Head of Swedish Research


Unrivalled placing power

Source: Swedbank, Kepler Cheuvreux, Extel 2017 survey 8

We have local brokers in every major financial centre in Europe

Strong retail coverage in the Nordics

150+ sales & sales traders; largest

distribution platform in Europe

11 countries with local

distribution

MiFID II compliant; ready for full implementation

US and Asia presence

~5.4m retail clients

~850k trading accounts

~24k priv. banking clients

1

2

3

7 65 2

2 3

10 7

19

9 11 1 29

6

Swedbank/Kepler Cheuvreux or affiliate office Europe: equity sales & sales traders

#2 Pan-European

equity & equity linked sales

#1 Small & Mid cap

sales


Strong ECM track-record

Source: Swedbank, Kepler Cheuvreux France equity includes rights and excludes ABBs/blocks

9

Kepler Cheuvreux partnership model proven through UniCredit, Credit Agricole and Rabobank

Selected Swedbank ECM transactions ECM league tables since start of KC partnerships

Block sale

June 2017 NOK 426m

Initial Public Offering

June 2017

SEK 4 524m

Equity raise

June 2017 USD 500m

Rights issue

June 2017 NOK 190m


April 2017 SEK 136m

Private placement

March 2017 SEK 304m

Convertibles and bond issue

March 2017 SEK 245m

Rights issue

February 2017 SEK 374m

Private placement

February 2017

NOK 154m

Rights issue

January 2017 SEK 1 800m

Block sale in SAS

October 2016 SEK 357m


June 2017

NOK 8 400m

ECM Since Jan. 2012 0% 5% 10% 15%

Merrill Lynch

UBS

Intesa Sanp.

Mediobanca

UniCredit

0% 5% 10%

JP Morgan

BNP Paribas

Societe Gen.

Deutsche

Credit Agr.

Equity Since Apr. 2013

0% 5% 10% 15% 20%

ABN Amro

Morgan Sta.

BNP Paribas

ING

Rabobank

IPO Since Jul. 2016


Sale of Midtfjellet Vindkraft to Aquila

Capital

Undisclosed December 2015

Excellent M&A capabilities

Source: Swedbank, Infront 10

Solid track record of both buy- and sell-side transactions, long list of recent high-profile deals

Statoil/Lundin Petroleum case study Selected Swedbank M&A transactions

Fairness Opinion in EQT’s acquisition

of DGC

SEK 2,350m June 2017

Advisor to buyer in acquisition of

PayEx

Undisclosed May 2017

Sale of Quintus Technologies

USD 115m April 2017

Sale of Euromaint Advisor to the debt holder

SEK 650m October 2016

Sale of Prevex to Ahlsell

Undisclosed

August 2016

Merger of Hexagon and Agility Fuel

Systems USD 318m June 2016

Hofseth acquisition of

Fjordlaks

NOK 1,000m June 2016

Swap agreement bringing STL’s

stake in LUPE to 20%

SEK 4,300m May 2016

Equity Financing of Fosen Wind farm

February 2016

Undisclosed

Advisor in merger

January 2016 Undisclosed

Sale of Plantasjen to Ratos

NOK 2,900m

September 2016

• In January 2016, Statoil announced the acquisition of 37.1m shares in Lundin

– Corresponding to 11.93% of total outstanding shares

– SEK 4.6bn position at the time of announcement

– Two-step transaction including use of derivatives and wall-crossing in a reverse accelerated bookbuild

• In May 2016, Statoil swapped its 15% interest in the Edvard Grieg license with Lundin and received an additional 8% ownership in Lundin as consideration

• Approximately SEK 2.3bn in profit to date

– Statoil holds 68.4m (20.1%) shares in Lundin at an average purchase price of SEK 130.74 per share*

80

120

160

200

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

January 2016: Acquisition of 12%

May 2016: Swap for 8%

http://www.prevex.se/


Top position in the Nordic HY market

Source: Bloomberg, EBA, Swedbank 11

Swedbank is a leading arranger and trader in bonds

NO+SE: Amount issued NOK/SEK HY bonds 2012 – YTD NO+SE: # of issued NOK/SEK HY bonds 2012 – YTD

38,270

0 10,000 20,000 30,000 40,000 50,000

Swedbank

Pareto

Nordea

DNB

ABG

Danske

SEB

ArcticNOKm

142

0 50 100 150

Swedbank

Pareto

DNB

Nordea

ABG

Danske

SEB

Arctic# of issues


Corporate Access – undisputed leader in Europe

Source: Bloomberg, EBA, Swedbank, Kepler Cheuvreux, Extel 2017 survey 12

Corporate Access is of the highest importance for institutional investors

#1 European broker

Corporate Access (Fund Manager Nominations)

#1 European broker

Rev. Roadshows/ Field Trips

(Fund Manager Nominations)

#1 European broker

Conferences (Fund Manager Nominations)

#1 European broker

Corporate Access (Corporate Nominations)

20 000 one-on-

ones

1 000 road-

shows

2 000 bespoke

trips

200 expert

meetings

50 thematic field trips


Disclaimer

This document was prepared exclusively for the benefit and internal use of selected parties in order to evaluate the feasibility of a possible transaction or transactions and does not carry any right of publication or disclosure to any other party. This document is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Swedbank. This presentation may not be used for any other purposes without the prior written consent of Swedbank. This presentation is not prepared in accordance with the requirements applying to investment research. This document does not constitute or form part of an offer or invitation or recommendation to subscribe for or purchase any securities. The distribution of this document may be restricted by law in certain jurisdictions, and persons into whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. Swedbank shall not have any responsibility for any such violations. Any decision to purchase or subscribe for securities in any offering must be made solely on the basis of the information contained in the prospectus or other offering circular issued in connection with such offering. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise provided to us. The information contained in this document has been taken from sources deemed to be reliable. We do not represent that such information is accurate or complete and it should not be relied on as such. Any opinions expressed herein reflect our judgement at this date, all of which are accordingly subject to change. Swedbank accepts no liability whatsoever for any direct, indirect or consequential loss rising from the use of this document or its contents. Swedbank and/or its employees may hold shares, options or other securities of any issuer referred to in this document and may, as principal or agent, buy or sell such securities. Swedbank may have other financial interests in transactions involving these securities.

Source: Bloomberg, EBA, Swedbank 13

introduction to swedbank and kepler cheuvreux’s...

Documents