DOCSLIB.ORG

German Landesbank Helaba and SFHT Group Banks Affirmed at 'A/A-1' on Acquisition of Westlb's Assets; Outlook Stable

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
German Landesbank Helaba and SFHT Group Banks Affirmed at 'A/A-1' on Acquisition of Westlb's Assets; Outlook Stable Research Update: German Landesbank Helaba And SFHT Group Banks Affirmed At 'A/A-1' On Acquisition Of WestLB's Assets; Outlook Stable Primary Credit Analyst: Harm Semder, Frankfurt (49) 69-33-999-158; [email protected] Secondary Contact: Stefan Best, Frankfurt (49) 69-33-999-154; [email protected] Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And Research Ratings List WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 10, 2012 1 986283 | 300025082 Research Update: German Landesbank Helaba And SFHT Group Banks Affirmed At 'A/A-1' On Acquisition Of WestLB's Assets; Outlook Stable Overview • German Landesbank Hessen-Thueringen Girozentrale (Helaba) has taken over WestLB's business with savings banks and parts of its business with public-sector and midsize corporate clients. • In our view, this transaction has no immediate impact on the SFHT group's credit profile. • We are affirming our 'A/A-1' ratings on the core member banks of the Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT) including their central bank, Helaba. • The stable outlook reflects our assessment that the financial profiles of SFHT and Helaba will stay relatively resilient under increasingly difficult market conditions, and are less likely to change over the next one to two years. Rating Action On July 10, 2012, Standard & Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings on the core member banks of Germany-based Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT), including the regional savings banks and their central bank Landesbank Hessen-Thueringen Girozentrale (Helaba). The outlook is stable. Rationale The affirmation follows the Helaba's acquisition of about €40 billion of WestLB AG's business with savings banks and parts of its business with public-sector and midsize corporate clients, which will retroactively become effective on July 1, 2012. Helaba acquired the assets for €1 billion below book value in a noncash deal. As a result, Helaba will be 19% owned on aggregate by the two national savings bank associations in North Rhine-Westphalia (Rheinischer Sparkassen- und Giroverband and, Sparkassenverband Westfalen-Lippe) and the nationwide German Savings Banks Association. In our view, this transaction has no immediate impact on our view of SFHT's group credit profile, which remains 'a', reflecting our view of the member banks' aggregate creditworthiness and expected solidarity support under stress. We continue to base our ratings on the banks in the SFHT group on the WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 10, 2012 2 986283 | 300025082 Research Update: German Landesbank Helaba And SFHT Group Banks Affirmed At 'A/A-1' On Acquisition Of WestLB's Assets; Outlook Stable group's aggregate "adequate" business position, "strong" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity, as our criteria define these terms. We believe this transaction could expand Helaba's role as central bank for the savings banks in the German states of North Rhine-Westphalia (AA-/Stable/A-1+) and Brandenburg (not rated) and its importance to the nationwide savings banks sector. Whether this could add stability or diversity to Helaba's business profile or improve its access to stable funding from the savings banks remains to be seen. Our ratings assume that Helaba's governance and strategy will not be adversely affected by the new ownership structure The transaction does not undermine our assessment of the SFHT group's earnings and capital as "strong" and its risk position as "adequate". We base this on our unchanged expectation that the SFHT group's aggregate risk-adjusted capital (RAC) ratio, before the diversification benefit, will continue to improve to somewhat higher than 10% by year-end 2012. We estimate that our RAC ratio should slightly improve, because Helaba will assume generally lower-risk assets. Outlook The stable outlook reflects our assessment that the financial profiles of SFHT and Helaba will stay relatively resilient under increasingly difficult market conditions and are less likely to change over the next one to two years. It also reflects our opinion that the solidarity support within the SFHT group remains unchanged and that the group's capitalization will gradually strengthen. We also consider underlying risk from the acquisition of parts of WestLB to be manageable. We could take negative rating actions if we saw a risk that the SFHT group's cohesiveness, risk culture, aggregate creditworthiness, and solidarity support were weakening, due to the increased businesses and diluted ownership structure. This could occur if, for example, a materially weaker capital generation capacity did not allow the group to achieve higher capital targets, if unexpected asset-quality problems led us to revise our view on the risk position, or if the savings banks' margins and business position were to significantly erode. We consider an upgrade unlikely at present, given Helaba's sizable business and wholesale concentrations within the SFHT. Ratings Score Snapshot Issuer Credit Rating A/Stable/A-1 Group Credit Profile a WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 10, 2012 3 986283 | 300025082 Research Update: German Landesbank Helaba And SFHT Group Banks Affirmed At 'A/A-1' On Acquisition Of WestLB's Assets; Outlook Stable Anchor a- Business Position Adequate (0) Capital and Earnings Strong (+1) Risk Position Adequate (0) Funding and Liquidity Average and Adequate (0) Support 0 GRE Support 0 Group Support 0 Sovereign Support 0 Additional Factors 0 Related Criteria And Research All articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated. Related research • German State of North Rhine-Westphalia Affirmed At 'AA-/A-1+' On Transfer Of WestLB's Remaining Assets; Outlook Stable, July 10, 2012 • Germany-Based Erste Abwicklungsanstalt 'AA-/A-1+' Ratings Affirmed On Asset Transfer; Outlook Stable, July 10, 2012 • German Landesbank WestLB Unsolicited 'BBB/A-2' Ratings Withdrawn On Planned Transfer Of Remaining Assets, July 10, 2012 • Outlook On German Mortgage Lender Westdeutsche ImmobilienBank To Stable On Transfer To EAA; 'BBB-/A-3' Ratings Affirmed, July 10, 2012 Related criteria • Stand-Alone Credit Profiles: One Component Of A Rating, Oct. 1, 2010 • Principles Of Credit Ratings, Feb. 16, 2011 • Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011 • Banks: Rating Methodology And Assumptions, Nov. 9, 2011 • Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 • Group Rating Methodology And Assumptions, Nov. 9, 2011 Ratings List Ratings Affirmed Landesbank Hessen-Thueringen Girozentrale Counterparty Credit Rating A/Stable/A-1 Senior Unsecured A Commercial Paper A-1 Certificate Of Deposit A/A-1 Helaba Dublin Landesbank Hessen-Thueringen International Counterparty Credit Rating A/Stable/A-1 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 10, 2012 4 986283 | 300025082 Research Update: German Landesbank Helaba And SFHT Group Banks Affirmed At 'A/A-1' On Acquisition Of WestLB's Assets; Outlook Stable Certificate Of Deposit A/A-1 Kasseler Sparkasse Wartburg-Sparkasse Taunus-Sparkasse Staedtische Sparkasse Offenbach am Main Stadtsparkasse Grebenstein Stadtsparkasse Felsberg Stadt- und Kreis-Sparkasse Darmstadt Sparkasse Werra-Meissner Sparkasse Waldeck-Frankenberg Sparkasse Unstrut-Hainich Sparkasse Starkenburg Sparkasse Sonneberg Sparkasse Mittelthueringen Sparkasse Marburg-Biedenkopf Sparkasse Jena-Saale-Holzland Sparkasse Hanau Sparkasse Gruenberg Sparkasse Gera-Greiz Sparkasse Fulda Sparkasse Dillenburg Sparkasse Dieburg Sparkasse Bensheim Sparkasse Battenberg Sparkasse Altenburger Land Nassauische Sparkasse Naspa Dublin Kreissparkasse Weilburg Kreissparkasse Schwalm-Eder Kreissparkasse Schluechtern Kreissparkasse Saalfeld-Rudolstadt Kreissparkasse Saale-Orla Kreissparkasse Nordhausen Kreissparkasse Limburg Kreissparkasse Gelnhausen Kreissparkasse Eichsfeld Stadtsparkasse Schwalmstadt Stadtsparkasse Borken Sparkasse Wetzlar Sparkasse Rhoen-Rennsteig Sparkasse Odenwaldkreis Sparkasse Oberhessen Sparkasse Laubach-Hungen Sparkasse Langen-Seligenstadt Sparkasse Giessen Sparkasse Bad Hersfeld-Rotenburg Sparkasse Arnstadt-Ilmenau Kyffhaeusersparkasse Kreissparkasse Hildburghausen WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 10, 2012 5 986283 | 300025082 Research Update: German Landesbank Helaba And SFHT Group Banks Affirmed At 'A/A-1' On Acquisition Of WestLB's Assets; Outlook Stable Kreissparkasse Gross-Gerau Kreissparkasse Gotha Frankfurter Sparkasse Counterparty Credit Rating A/Stable/A-1 Certificate Of Deposit A/A-1 Additional Contact: Financial Institutions Ratings Europe; [email protected] Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 10, 2012 6 986283 | 300025082 Copyright © 2012 by Standard & Poor's Financial Services LLC. All rights reserved. No content (including ratings,
Load more

Recommended publications
  • FINANCIAL TRANSFORMATION FORUM 12 June 2018, Audimax Hall, Frankfurt School of Finance & Management, Adickesallee 32-34, 60322 Frankfurt Am Main
    FRANKFURT SCHOOL - CAPCO INSTITUTE FINANCIAL TRANSFORMATION FORUM 12 June 2018, Audimax Hall, Frankfurt School of Finance & Management, Adickesallee 32-34, 60322 Frankfurt am Main 09:15 - 09:45 Registration 09:45 - 10:00 Welcome addresses: Nils Stieglitz, President, Frankfurt School of Finance & Management Bodo Schaefer, Managing Director, Capco Germany, Austria and Poland 10:00 - 11:10 Panel 1 - DIGITAL STRATEGIES Chairman: Philipp Sandner, Professor and Head of Blockchain Center, Frankfurt School of Finance & Management Presenter: Joe Peppard, Principal Research Scientist, Center for Information Systems Research, MIT Panelists: Lars Friedrich, Head of Corporate Strategy, Commerzbank AG Lucie Haß, Managing Director, Helaba Digital André Brunner, Partner, Capco Udo Milkau, Chief Digital Officer, Transaction Banking, DZ BANK AG Michael Strauß, Chief Digital Officer, KfW-Bankengruppe 11:10 - 11:40 Coffee break 11:40 - 13:00 Panel 2 - ARTIFICIAL INTELLIGENCE / MACHINE LEARNING Chairman: André Brunner, Partner, Capco Presenter: Gregory Wheeler, Professor of Philosophy and Computer Science, and Director of the Centre for Human and Machine Intelligence Panelists: Dirk Förterer, Director, Regulatory Affairs, Public Policy and Future Topics, Allianz Deutschland AG Karsten Fiolka, Global Head of Machine Learning, Financial Services Industry, SAP SE Patrick Hunger, CEO, Saxo Bank (Schweiz) AG Roberto Mancone, Chief Operating Officer, we.trade Innovation DAC 13:00 - 13:50 Lunch 13:50 - 15:10 Panel 3 - DIGITAL TRANSFORMATION, LEADERSHIP, AND THE AMBIGUITY
    [Show full text]
  • Fitch Affirms Helaba's, Bayernlb's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable
    12/4/2020 Fitch Affirms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable RATING ACTION COMMENTARY Fitch Afrms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable Thu 03 Dec, 2020 - 2:39 PM ET Fitch Ratings - Frankfurt am Main - 03 Dec 2020: Fitch Ratings has afrmed Landesbank Hessen-Thueringen Girozentrale's (Helaba; A+/Negative/F1+), Bayerische Landesbank's (BayernLB; A-/Negative/F1) and UniCredit Bank AG's (HVB; BBB/Negative/F2) public sector Pfandbriefe at 'AAA' with Stable Outlooks. The afrmations follow the update of Fitch's Covered Bonds and CDOs Public Entities Asset Analysis Criteria published on 16 October 2020. KEY RATING DRIVERS The 'AAA' rating of Helaba's public sector Pfandbriefe is based on the bank's Long-Term Issuer Default Rating (IDR) of 'A+', the various uplifts above the IDR granted to the programme and the overcollaterialisation (OC) protection for Pfandbriefe holders. The public sector Pfandbriefe are rated four notches above the bank's Long-Term IDR. This is out of a maximum achievable uplift of nine notches, consisting of a resolution uplift of two notches, a payment continuity uplift (PCU) of ve notches and a recovery uplift of two notches. As the 'AAA' rating is based on a recovery only basis we did not test for timely payments in our cash ow model. https://www.fitchratings.com/research/structured-finance/covered-bonds/fitch-affirms-helaba-s-bayernlb-hvb-public-sector-pfandbriefe-at-aaa-outl… 1/11 12/4/2020 Fitch Affirms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable The 'AAA' rating of BayernLB's public sector Pfandbriefe is based on the bank's Long- Term IDR of 'A-' and the various uplifts above the IDR granted to the programme.
    [Show full text]
  • Landesbank Hessen-Thüringen Girozentrale (“Helaba”)
    Landesbank Hessen-Thüringen Girozentrale (“Helaba”) Public Section of 2018 §165(d) Resolution Plan 1 Public Section (i) Executive Summary Section 165(d) of the Dodd-Frank Act (“DFA”) and its implementing rules, as modified or supplemented from time to time by subsequent guidance and/or instructions, require, among other things, any company covered by section 165 (d) to produce a resolution plan (such plan for Landesbank Hessen-Thüringen Girozentrale (“Helaba”) being this “Resolution Plan”) to provide for such company’s rapid and orderly resolution in the event of material financial distress or failure. The implementing rules (collectively, the “Rule”) were jointly issued by the Federal Reserve System (the “Board”), codified at 12 C.F.R. Part 243, and the Federal Deposit Insurance Corporation (the “FDIC” and together with the Board, the “Agencies”), codified at 12 C.F.R. Part 381, on November 1, 2011. Helaba is considered a “Covered company” under the Rule and must file this Resolution Plan with the Agencies. References to the Rule contained herein are to 12 C.F.R. Part 243 promulgated by the Board. Under the requirements of the Rule, Covered companies are required to assess their U.S. banking operations for the presence of “Material entities”, “Critical operations”, and “Core business lines”. Helaba performed this assessment and determined that there were no Material entities, Critical operations or Core business lines as defined in the Rule. Therefore, the focus of this Resolution Plan is the orderly resolution of Helaba’s New York State chartered branch (the “New York Branch”), which conducts the vast majority of the U.S.
    [Show full text]
  • Fitch Places German and Austrian Banks Under Criteria Observation
    3/4/2020 Press Release Fitch Places German and Austrian Banks Under Criteria Observation Fitch Ratings - Frankfurt am Main - 04 March 2020: Fitch Ratings has placed Austrian and German banks' Long-Term (LT) Issuer Default Ratings (IDRs), Derivative Counterparty Ratings (DCR), debt ratings and Deposit Ratings under criteria observation (UCO). The rating actions follow the publication on 28 February 2020 of Fitch's updated bank and non-bank financial institution rating criteria that include changes to the way the agency notches senior and junior ratings from their IDR or Viability Rating (VR) anchors. The updated criteria better reflect continuing developments in bank resolution, notably developments in bank resolution plans, the build-up of 'bail-in' debt buffers that protect more senior creditors and their implication for default risk and recovery prospects for senior and junior liability classes. Fitch has also reduced the base case notching for non-performance on additional tier 1 (AT1) instruments, narrowing the relative gap between Tier 2 and AT1 instruments where Fitch has reappraised its baseline treatment of non- performance risk. Ratings designated as being UCO will be reviewed and resolved as soon as practical and in any case within six months. Key Rating Drivers Fitch has placed UCO the IDRs, DCRs, senior debt, deposit, subordinated debt and hybrid debt ratings of the various issuers as outlined in the rating sensitivities section below. The rating actions reflect the possibility that these ratings will be upgraded or downgraded as a result of the publication of our new Bank Rating Criteria on 28 February 2020, as outlined in more detail in the Rating Sensitivities section of this rating action commentary.
    [Show full text]
  • Annual Financial Report 2020 Annual Financial Statements of Helaba
    Annual Financial Report 2020 Annual Financial Statements of Helaba Values with impact. Contents Management Report and Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 2 Management Report of Landesbank Hessen-Thüringen Girozentrale 64 Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 66 Balance Sheet of Landesbank Hessen-Thüringen Girozentrale 70 Income Statement of Landesbank Hessen-Thüringen Girozentrale 72 Notes to the Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 128 Responsibility Statement 129 Independent Auditor’s Report 136 Independent Auditor’s Limited Assurance Report Management Report and Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 140 Management Report of Landesbausparkasse Hessen-Thüringen 156 Statistical Annex to the Management Report 169 Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 170 Balance Sheet of Landesbausparkasse Hessen-Thüringen 172 Income Statement of Landesbausparkasse Hessen-Thüringen 174 Notes to the Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 180 Independent Auditor’s Report 183 Advisory Board of Landesbausparkasse Hessen-Thüringen 185 Helaba Addresses Management Report of Landesbank Hessen-Thüringen Girozentrale 4 Management Report Basic Information About the Bank Management Report Basic Information Sparkassen in North Rhine-Westphalia and Brandenburg com- plement the S-Group Concept of the Sparkassen-Finanzgruppe About the Bank Hessen-Thüringen, which continues in its current
    [Show full text]
  • Lamartina Zaghini
    EVERYTHING YOU ALWAYS WANTED TO KNOW ABOUT SYSTEMIC IMPORTANCE (BUT WERE AFRAID TO ASK) Piergiorgio Alessandri*, Sergio Masciantonio* and Andrea Zaghini* Banca d’Italia, Banca d’Italia, Banca d’Italia and CFS Abstract We develop a methodology to identify and rank “systemically important financial institutions” (SIFIs). Our approach is consistent with that followed by the Financial Stability Board (FSB) but, unlike the latter, it is free of judgment and it is based entirely on publicly available data, thus filling the gap between the official views of the regulator and those that market participants can form with their own information set. We apply the methodology to annual data on three samples of banks (global, EU and euro area) for the years 2007-2012. We examine the evolution of the SIFIs over time and document the shifts in the relative weights of the major geographic areas. We also discuss the implication of the 2013 update of the identification methodology proposed by the FSB. Key words: G-SIFIs, Systemic risk, too-big-to-fail, financial crisis. JEL Classification: G21; G01; G18. Contents 1. Introduction .......................................................................................................................... 1 2. The selection procedure ........................................................................................................ 3 3. Identifying systemically important banks ............................................................................ 7 4. The geography of systemic importance between 2007
    [Show full text]
  • European Banks: Adequately Prepared for Rising Credit Defaults? AUTHOR Dr
    Helaba Research CREDIT SPECIAL 10. March 2021 European banks: Adequately prepared for rising credit defaults? AUTHOR Dr. Susanne E. Knips Senior Credit Analyst phone: +49 69/91 32-32 11 Have banks made sufficient provision in setting aside additional reserves in 2020 for an expected [email protected] increase in defaults by corporate and private customers as a result of the Covid-19 pandemic? Our expectation is that credit risk charges in 2021 will be lower than in the previous year, but that EDITOR Stefan Rausch the effects of the pandemic will continue to be felt well into 2022. That said, many banks have Head of Credit Research created very sound risk buffers in the form of equity and operating profit retention, not least thanks to suspending dividend payments and share buyback schemes. On the other hand, it cannot be PUBLISHER taken for granted that additional net interest income by taking part in the ECB's refinancing op- Dr. Gertrud R. Traud erations will be generated in light of a recent slowdown in demand for credit from companies. Chief Economist/ Head of Research Furthermore, while fiscal and monetary policy measures have alleviated some of the immediate pressure on banks, we believe that long-term risks have increased. Bond investors should also Helaba Landesbank keep a close eye on a widening differentiation in credit quality. Hessen-Thüringen MAIN TOWER Neue Mainzer Str. 52-58 60311 Frankfurt am Main phone: +49 69/91 32-20 24 High loan loss provisions in 2020 mainly covered by operating profits fax: +49 69/91 32-22 44 In 2020, banks' earnings were primarily impacted by a sharp rise in loan loss provision expenses due to the Covid-19 shock.
    [Show full text]
  • Helaba Germany
    Helaba Germany On record This profile is no longer actively maintained, with the information now possibly out of date Send feedback on this profile By: BankTrack Created before Nov 2016 Last update: Oct 31 2016 Contact: Johan Frijns, BankTrack About Helaba Helaba is the short name for Landesbank Hessen-Thüringen. It is a German commercial bank in and was founded in 1953. Helaba functions as central bank for the savings banks in Hesse, Thuringia, North Rhine-Westphalia and Brandenburg it acts as central clearing institution and service provider for 40 per cent of German savings banks. Frankfurter Sparkasse, the leading retail bank in the Rhine-Main region, is a wholly-owned subsidiary of Helaba. The Helaba Group also comprises the online bank 1822direkt, LBS Hessen-Thüringen and WIBank. The latter implements development programmes of the State of Hesse. The principle, “partnership, not competition”, is the basis for joint market canvassing with the savings banks. The bank's strategic business model is based on three corporate sectors: business with large corporate customers and the S-Group, business with private customers and smaller and medium-sized enterprises (“SMEs”), and also public development and infrastructure business. Website https://www.helaba.de Headquarters Neue Mainzer Straße 52-58 D-60311 Frankfurt am Main Germany CEO/chair Hans-Dieter Brenner CEO Supervisor Bundesbank Annual report Annual Report 2014 Ownership Heleba is a legal entity under public law Helaba's equity is divided as follows between: Savings banks and Giro
    [Show full text]
  • This Press Release As Pdf-File
    Contacts: Press Release Aareal Bank Sven Korndörffer Phone: +49 611 348-2306 [email protected] Christian Feldbrügge Phone: +49 611 348-2280 [email protected] Aareal Bank, Allianz, and Helaba complete € 650 million loan for CentrO in Oberhausen Wiesbaden, 24 July 2012 – Aareal Bank, together with Allianz Real Estate and Landesbank Hessen-Thüringen ("Helaba"), provided a loan facility of € 650 million secured against "CentrO" in Oberhausen, one of Germany's biggest shopping centres. The financing was provided to a joint venture between the Stadium Group and the Canadian Pension Plan Investment Board who jointly own “CentrO”, which is currently valued at approximately € 1.3 billion. Allianz Real Estate acted as Agent and Asset Manager on behalf of the Allianz Entities. It is the first time that the company has directly extended commercial property financing in cooperation with a syndicate of banks. Allianz provided € 325 million of the overall facility. The cooperation between parties was excellent, which resulted in swift execution of the transaction. Experienced sector specialists Aareal Bank and Helaba each provided € 162.5 million. Aareal Bank acted as Facility Agent, Helaba as Security Agent and Co-Agent. Barclays and Santander acted as Arrangers for the landmark € 650 million financing with Barclays acting as coordinator for the structuring. CMS Hasche Sigle acted as legal counsel for the lenders. Orrick Hölters & Elsing acted as legal counsel for the owner. “CentrO” is located in Oberhausen, in the heart of one of the largest conurbations in Western Europe (the “Ruhrgebiet”) with a core catchment of approximately 12 million people within a 60 minute drive.
    [Show full text]
  • FCF Bank Monitor Q2 2021
    FCF Bank Monitor Q2 2021 1 EXECUTIVE SUMMARY Executive Summary The FCF Bank FCF Bank Monitor Recipients Monitor is a standardized report is a comprehensive quarterly analysis of the historic and current The FCF Bank Monitor targets the following audience: on Credit Default spreads of Credit Default Swaps (CDS) and ratings for banks most ■ Financial Institutions Swap spreads and active in the German and Austrian corporate lending market. The ratings of German analysis provides the short-term, medium-term and long-term market ■ Investors and foreign banks, view on such banks’ credit default risks and is an indicator for banks’ ■ Corporates with existing bank financings and with further financing most active in the (re-)financing costs in the capital markets needs German and Austrian midcap market and is a Selection of Financial Institutions Availability reference for investors, corporates The selection of financial institutions is based on FCF’s financing The FCF Bank Monitor is available on FCF’s website at 'www.fcf.de' and professionals expertise in the German midcap market and includes the most relevant institutions with respect to funding volumes in the German midcap market More advanced, Data detailed and / or ■ Only institutions with actively traded CDS instruments are included customized reports All input data is provided by S&P Capital IQ and is not independently are available upon verified by FCF. Ratio and multiple calculations are driven based on request Customized Information the input data available. For additional information
    [Show full text]
  • Fitch Takes Actions on 6 German Banking Groups on Coronavirus Uncertainties
    3/27/2020 Press Release Fitch Takes Actions on 6 German Banking Groups on Coronavirus Uncertainties Fitch Ratings - Frankfurt am Main - 27 March 2020: Fitch Ratings has taken rating actions on 6 German banking groups following the coronavirus disruption. Fitch has affirmed the Long-Term Issuer Default Ratings (IDRs) and Viability Ratings (VRs) of Sparkassen- Finanzgruppe (Sparkassen) and Sparkassen-Finanzgruppe Hessen-Thueringen (SFG-HT) and has revised the Outlooks on both groups' Long-Term IDRs to Negative. Fitch has also placed the Long-Term IDR and VR of Deutsche Bank AG on Rating Watch Negative (RWN) and has downgraded the Long-Term IDR and VR of Commerzbank AG (CBK). The Outlook on CBK's Long-Term IDR remains Negative. The Long-Term IDR of Unicredit Bank AG (HVB) has been affirmed with a Negative Outlook. Aareal Bank AG's Long-Term IDR has been downgraded to 'BBB+' to reflect Fitch's new Bank Rating Criteria and placed on RWN to reflect the coronoavirus disruption. A full list of rating actions is at the end of this Rating Action Commentary. While the ultimate economic and financial market implications of the coronavirus outbreak are unclear, Fitch considers the risks to banks' credit profiles to be clearly skewed to the downside and this has driven the rating actions. Fitch revised its sector outlook for German banks to negative in December 2019, and the coronavirus outbreak will put additional pressure on the banks' earnings and asset quality. These are exacerbated by the structural weaknesses of the domestic banking sector, where most banks have been unable to generate adequate returns during periods of strong economic growth.
    [Show full text]
  • Helaba Code of Conduct
    HELABA CODE OF CONDUCT H E L AB A CODE OF CONDUCT Publisher: Helaba Landesbank Hessen-Thüringen Girozentrale MAIN TOWER Neue Mainzer Straße 52-58, 60311 Frankfurt am Main Germany Tel: +49 69 9132-01 DECEMBER 2017 · © HE LABA 2 Contents Foreword..................................................................................................................................................................................... 4 1 Implementation of Code of Conduct .................................................................................................................................... 5 2 Basic principles...................................................................................................................................................................... 5 2.1 Adherence to applicable law .............................................................................................................................................. 5 2.2 Respect, trust and tolerance .............................................................................................................................................. 5 3 Conflicts of interest ............................................................................................................................................................... 6 4 Insider knowledge and employee transactions ................................................................................................................... 6 5 White-collar crime, money laundering, financing of terrorism and financial
    [Show full text]