Austrian Covered Bonds Cover Pool Reporting Q1 2018
Analyst: Christian Enger, CFA +43 (0) 50100 84052 [email protected]
23 July 2018 Page 1
For the exclusive use of Erste Group Client (Erste Group) Public Sector Cover Pools
Note: In the course of the current year, several issuers have changed their reporting. Therefore, reporting standards were not consistent in Q1 2018. To make the data comparable, we used approximations in a few cases.
23 July 2018 Page 2
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Overcollaterization
S&P Moody's Fitch S&P Moody's Fitch Cover Covered Bonds Covered Covered Bond Covered Issuer Issuer Issuer Assets (in Outstanding (in Nom. OC Issuer Legal Type Bond Rating Rating Bond Rating Rating Rating Rating EUR m) EUR m) (in %) Anadi Bank Pfandbrief ------585 439 33,0% BTV Fundierte Bankschuldverschreibung ------75 24 213,0% BAWAG Fundierte Bankschuldverschreibung - Aaa - - A2 A- 1.187 686 73,0% Erste Group Pfandbrief - Aaa - A A2 A- 3.472 2.319 50,0% Hypo Vorarlberg Pfandbrief - Aa1 - A+ A3 - 786 626 25,5% HYPO NOE Pfandbrief - Aa1 - A - - 4.330 3.413 27,0% Hypo OOE Pfandbrief - - - A+ - - 713 476 49,9% Hypo Salzburg Pfandbrief ------164 125 31,0% Hypo Steiermark Pfandbrief ------190 166 14,0% Hypo Tirol Pfandbrief - Aa1 - A- Baa2 - 631 430 47,0% Hypo Burgenland Pfandbrief ------99 30 231,0% KA Finanz Fundierte Bankschuldverschreibung AA+ - - AA+ - - 1.449 1.075 34,8% KA (neu) Fundierte Bankschuldverschreibung A - - - - - 1.218 962 27,0% RBI Fundierte Bankschuldverschreibung - Aa2 - BBB+ A3 - 948 790 20,0% RLB NOE-Wien Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 1.051 645 62,9% RLB OOE Fundierte Bankschuldverschreibung - - - - Baa1 - 1.067 842 27,0% RLB Steiermark Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 565 344 64,0% RLB Tirol Fundierte Bankschuldverschreibung - - - - Baa1 - 72 57 26,6% Spk. OOE Fundierte Bankschuldverschreibung ------40 0 >1.000% Bank Austria Pfandbrief - Aaa - BBB+ Baa1 - 6.597 4.695 40,5%
Source: Companies, Erste Group Research
23 July 2018 Page 3
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Overcollaterization
7.000 250%
6.000 200%
5.000
150% 4.000
3.000 100%
2.000
50% 1.000
0 0%
RBI
BTV
BAWAG
KA(neu)
RLB Tirol
RLB OOE
Spk.OOE
Hypo Tirol
KAFinanz
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
Bank Austria
Hypo Salzburg
RLB NOE-Wien
RLB Steiermark
Hypo Vorarlberg
Hypo Steiermark Hypo Burgenland
Cover Assets (in EUR m) Covered Bonds Outstanding (in EUR m) Nom. OC (in %)
Source: Companies, Erste Group Research
23 July 2018 Page 4
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Volume Distribution
Issuer (amounts in EUR m) less than 100.000 100.000-300.000 300.000-500.000 500.000-1.000.000 1.000.000-5.000.000 more than 5.000.000 Anadi Bank 6 15 12 27 69 456 BTV 0 0 0 0 0 75 BAWAG 37 175 167 223 481 104 Erste Group 108 312 257 397 757 1.641 Hypo Vorarlberg 4 24 19 35 207 497 HYPO NOE 811 269 239 333 390 2.288 Hypo OOE 4 13 10 37 98 541 Hypo Salzburg 6 21 21 31 37 47 Hypo Steiermark 3 10 5 7 40 125 Hypo Tirol 14 49 44 65 192 267 Hypo Burgenland 1 1 2 6 14 75 KA Finanz n/d n/d n/d n/d n/d n/d KA (neu) 34 133 108 126 206 610 RBI n/d n/d n/d n/d n/d n/d RLB NOE-Wien 16 33 31 110 676 186 RLB OOE 47 144 112 175 173 415 RLB Steiermark 45 108 61 94 68 189 RLB Tirol 2 11 11 15 32 0 Spk. OOE 0 5 6 10 7 12 Bank Austria 54 189 182 436 1.171 4.565 Source: Companies, Erste Group Research
23 July 2018 Page 5
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Volume Distribution
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
RBI
BTV
BAWAG
KA(neu)
RLB Tirol
RLB OOE
Spk.OOE
Hypo Tirol
KAFinanz
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
Bank Austria
Hypo Salzburg
RLB NOE-Wien
RLB Steiermark
Hypo Vorarlberg
Hypo Steiermark Hypo Burgenland
less than 100.000 100.000-300.000 300.000-500.000 500.000-1.000.000 1.000.000-5.000.000 more than 5.000.000
Source: Companies, Erste Group Research
23 July 2018 Page 6
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (1)
Issuer Other Countries/ (amounts in EUR m) EU Austria Germany EU-GIIPS CEE Switzerland Not Disclosed Anadi Bank 585 585 0 0 0 0 0 BTV 75 75 0 0 0 0 0 BAWAG 1.187 1.187 0 0 0 0 0 Erste Group 3.472 3.382 0 0 59 0 0 Hypo Vorarlberg 786 642 78 0 18 0 0 HYPO NOE 4.330 4.262 0 0 68 0 0 Hypo OOE 713 713 0 0 0 0 0 Hypo Salzburg 163 163 0 0 0 0 1 Hypo Steiermark 190 182 8 0 0 0 0 Hypo Tirol 631 621 5 0 0 0 0 Hypo Burgenland 99 99 0 0 0 0 0 KA Finanz 1.382 1.120 262 0 0 67 0 KA (neu) 1.218 1.178 25 0 15 0 0 RBI 947 887 49 0 0 0 1 RLB NOE-Wien 1.051 1.051 0 0 0 0 0 RLB OOE 1.067 1.067 0 0 0 0 0 RLB Steiermark 565 565 0 0 0 0 0 RLB Tirol 72 72 0 0 0 0 0 Spk. OOE 40 40 0 0 0 0 0 Bank Austria 6.597 6.597 0 0 0 0 0 Source: Companies, Erste Group Research
23 July 2018 Page 7
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (1)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
RBI
BTV
BAWAG
KA(neu)
RLB Tirol
RLB OOE
Spk.OOE
Hypo Tirol
KAFinanz
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
Bank Austria
Hypo Salzburg
RLB NOE-Wien
RLB Steiermark
Hypo Vorarlberg
Hypo Steiermark Hypo Burgenland Austria Germany EU-GIIPS CEE Other EU countries Switzerland Other Countries/ Not Disclosed
Source: Companies, Erste Group Research
23 July 2018 Page 8
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (2)
Issuer Central Lower Upper (amounts in EUR m) Government Burgenland Carinthia Austria Austria Salzburg Styria Tyrol Vorarlberg Vienna Anadi Bank 0 2 241 46 111 5 50 5 10 102 BTV 75 0 0 0 0 0 0 0 0 0 BAWAG 0 41 64 336 308 36 260 28 84 30 Erste Group 11 41 20 1.371 294 172 311 172 128 624 Hypo Vorarlberg 0 0 93 4 82 0 52 1 307 104 HYPO NOE 0 24 5 3.833 54 1 39 0 0 278 Hypo OOE 0 0 0 0 682 0 0 0 0 21 Hypo Salzburg 0 0 1 0 0 161 1 0 0 1 Hypo Steiermark 6 0 24 32 0 6 113 1 0 0 Hypo Tirol 0 0 5 36 4 3 6 568 0 0 Hypo Burgenland 0 82 0 1 0 0 0 0 0 17 KA Finanz 100 116 0 34 475 0 392 0 3 0 KA (neu) 0 162 143 272 264 50 172 48 47 20 RBI 0 190 41 462 0 113 0 60 15 0 RLB NOE-Wien 0 30 0 885 0 0 0 0 0 76 RLB OOE 0 0 0 31 1.034 2 0 0 0 0 RLB Steiermark 0 0 0 48 0 0 517 0 0 0 RLB Tirol 0 0 0 0 0 0 0 72 0 0 Spk. OOE 0 0 0 2 39 0 0 0 0 0 Bank Austria 1.115 265 668 1.047 731 90 1.057 182 224 1.217 Source: Companies, Erste Group Research
23 July 2018 Page 9
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (2)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
RBI
BTV
BAWAG
KA(neu)
RLB Tirol
RLB OOE
Spk.OOE
Hypo Tirol
KAFinanz
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
Bank Austria
Hypo Salzburg
RLB NOE-Wien
RLB Steiermark
Hypo Vorarlberg
Hypo Steiermark Hypo Burgenland Central Government Burgenland Carinthia Lower Austria Upper Austria Salzburg Styria Tyrol Vorarlberg Vienna
Source: Companies, Erste Group Research
23 July 2018 Page 10
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Assets By Type
Direct claim Direct claim Claim with Claim with Claim with Issuer against Direct claim against against guarantee guarantee of guarantee of Other (amounts in EUR m) sovereign region/federal state municipality of sovereign region/federal state municipality Claims Anadi Bank 0 82 232 0 177 70 24 BTV 75 0 0 0 0 0 0 BAWAG 18 16 838 0 70 231 14 Erste Group 39 436 1.533 115 737 471 141 Hypo Vorarlberg 117 112 191 12 216 138 0 HYPO NOE 20 1.573 332 0 2.019 209 177 Hypo OOE 0 20 91 0 580 12 10 Hypo Salzburg 0 44 53 1 22 44 -1 Hypo Steiermark 6 8 42 0 76 58 0 Hypo Tirol 0 202 281 0 0 138 10 Hypo Burgenland 0 0 17 0 66 16 0 KA Finanz n/d n/d n/d n/d n/d n/d n/d KA (neu) 0 217 575 32 280 101 13 RBI 0 0 678 0 97 173 0 RLB NOE-Wien 0 0 222 0 728 41 60 RLB OOE 0 52 576 0 227 183 29 RLB Steiermark 0 55 325 0 65 120 0 RLB Tirol n/d n/d 47 n/d n/d n/d 25 Spk. OOE 0 0 20 0 12 8 0 Bank Austria 859 1.799 1.447 256 1.284 564 388 Source: Companies, Erste Group Research
23 July 2018 Page 11
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Assets By Type
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
RBI
BTV
BAWAG
KA (neu)KA
RLB Tirol
RLB OOE
Spk.OOE
Hypo Tirol
KAFinanz
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
Bank Austria
Hypo Salzburg
RLB NOE-Wien
RLB Steiermark
Hypo Vorarlberg
Hypo Steiermark Hypo Burgenland
Direct claim against sovereign Direct claim against region/federal state Direct claim against municipality Claim with guarantee of sovereign Claim with guarantee of region/federal state Claim with guarantee of municipality Other Claims
Source: Companies, Erste Group Research
23 July 2018 Page 12
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – FX Mismatches
EUR CHF USD JPY Cover Assets - Bonds - Issuer Nominal OC Cover EUR Cover CHF Diff. - Cover USD Diff. - Cover JPY Diff. - Other Currencies/ Other Diff. - (amounts in EUR m) (in EUR m) Assets Bonds Diff. - EUR Assets Bonds CHF Assets Bonds USD Assets Bonds JPY Not Disclosed Currencies Other Anadi Bank 147 585 439 (146) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (1) BTV 51 75 24 (51) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) BAWAG 501 1.077 686 (391) 110 0 (110) 0 0 (0) 0 0 (0) 0 0 (0) Erste Group 1.153 3.459 2.319 (1.140) 13 0 (13) 0 0 (0) 0 0 (0) 0 0 (0) Hypo Vorarlberg 160 656 348 (308) 61 278 (-217) 3 0 (3) 43 0 (43) 23 0 (23) HYPO NOE 917 4.251 3.328 (923) 79 85 (-6) 0 0 (0) 0 0 (0) 0 0 (0) Hypo OOE 237 713 476 (237) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Hypo Salzburg 39 162 124 (38) 1 0 (1) 0 0 (0) 0 0 (0) 1 1 (0) Hypo Steiermark 24 190 166 (24) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Hypo Tirol 201 621 430 (191) 0 0 (0) 0 0 (0) 0 0 (0) 10 0 (10) Hypo Burgenland 69 99 30 (69) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) KA Finanz 374 n/d 1.075 n/d n/d 0 n/d n/d 0 n/d n/d 0 n/d n/d 0 n/d KA (neu) 256 1.192 507 (685) 25 455 (-430) 0 0 (0) 0 0 (0) 1 0 (1) RBI 158 948 790 (158) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) RLB NOE-Wien 406 1.035 645 (390) 16 0 (16) 0 0 (0) 0 0 (0) 0 0 (0) RLB OOE 225 1.067 842 (225) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) RLB Steiermark 221 565 344 (221) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) RLB Tirol 15 72 57 (15) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Spk. OOE 40 40 0 (40) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Bank Austria 1.902 6.200 4.695 (1.506) 396 0 (396) 0 0 (0) 0 0 (0) 1 0 (0)
Source: Companies, Erste Group Research
23 July 2018 Page 13
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – FX Mismatches
Cover Assets Covered Bonds (plus overcollateralization to balance assets and liabilities)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
RBI
BTV
BAWAG
KA (neu)
RLB OOE
RLB Tirol
Spk. OOE
KA Finanz
Hypo OOE
Hypo Tirol
HYPO NOE
Anadi Bank
Erste Group
Bank Austria
Hypo Salzburg
RLB NOE-Wien
RLB Steiermark
Hypo Vorarlberg
Hypo Steiermark Hypo Burgenland
EUR CHF USD JPY Other Currencies/ Not Disclosed Nominal OC (in EUR m)
Source: Companies, Erste Group Research
23 July 2018 Page 14
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Maturity Mismatches
Cover Bonds - Cover Cover Cover Bonds - Assets - mat. less Diff. - less Assets - Bonds - Assets - Bonds - Assets - Bonds - Cover Assets mat. later Diff. - later Issuer Nominal OC (in mat. less than 12 than 12 mat. 12-36 mat. 12-Diff. - 12- mat. 36-60 mat. 36- Diff. - 36- mat. 60-120 mat. 60- Diff. - 60- - mat. later than 120 than 120 (amounts in EUR m) EUR m) than 12 mth mth mth mth 36 mth 36 mth mth 60 mth 60 mth mth 120 mth 120 mth than 120 mth mth mth Anadi Bank 147 6 2 (4) 54 31 (23) 63 91 (-28) 184 254 (-70) 265 60 (205) BTV 51 0 0 (0) 75 24 (51) 0 0 (0) 0 0 (0) 0 0 (0) BAWAG 501 2 15 (-13) 33 7 (26) 26 30 (-4) 203 530 (-327) 922 104 (818) Erste Group 1.153 5 757 (-752) 52 46 (6) 217 55 (162) 844 1.448 (-604) 2.284 13 (2.271) Hypo Vorarlberg 160 24 87 (-63) 78 193 (-115) 115 10 (105) 157 43 (114) 413 293 (120) HYPO NOE 917 41 57 (-16) 271 1.146 (-875) 343 629 (-286) 669 739 (-70) 2.934 841 (2.093) Hypo OOE 237 28 35 (-7) 90 70 (20) 97 30 (67) 132 171 (-39) 365 170 (195) Hypo Salzburg 39 1 2 (-1) 4 10 (-6) 10 27 (-17) 43 42 (1) 105 43 (62) Hypo Steiermark 24 1 0 (1) 4 35 (-31) 16 1 (15) 45 35 (10) 124 95 (29) Hypo Tirol 201 10 0 (10) 61 385 (-324) 42 0 (42) 243 15 (228) 265 30 (235) Hypo Burgenland 69 0 20 (-20) 1 10 (-9) 20 0 (20) 29 0 (29) 49 0 (49) KA Finanz n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d KA (neu) 256 35 0 (35) 32 95 (-63) 246 473 (-227) 209 394 (-185) 696 0 (696) RBI n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d RLB NOE-Wien 406 1 190 (-189) 12 455 (-443) 5 0 (5) 131 0 (131) 842 0 (842) RLB OOE 225 8 120 (-112) 22 190 (-168) 51 119 (-68) 170 134 (36) 817 280 (537) RLB Steiermark 221 2 0 (2) 12 18 (-6) 84 55 (29) 109 103 (6) 358 168 (190) RLB Tirol 15 0 0 (0) 2 0 (2) 2 3 (-1) 17 9 (8) 52 45 (7) Spk. OOE 40 0 0 (0) 4 0 (4) 1 0 (1) 5 0 (5) 30 0 (30) Bank Austria 1.902 924 1.085 (-161) 808 2.000 (-1.192) 781 1.217 (-436) 1.405 113 (1.292) 2.679 280 (2.399)
Source: Companies, Erste Group Research
23 July 2018 Page 15
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Maturity Mismatches
Cover Assets Covered Bonds (plus overcollateralization to balance assets and liabilities)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
RBI
BTV
BAWAG
KA (neu)
RLB OOE
RLB Tirol
Spk. OOE
KA Finanz
Hypo OOE
Hypo Tirol
HYPO NOE
Anadi Bank
Erste Group
Bank Austria
Hypo Salzburg
RLB NOE-Wien
RLB Steiermark
Hypo Vorarlberg
Hypo Steiermark Hypo Burgenland
less than 12 mth 12-36 mth 36-60 mth 60-120 mth later than 120 mth Nominal OC (in EUR m)
Source: Companies, Erste Group Research
23 July 2018 Page 16
For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Additional Key Figures
Total Cover Assets - Total Cover Assets - Loans in non- Number Number of Number of Loans >90 Avg. Volumen per Avg. Volumen per Largest Largest 10 domestic Issuer of loans borrowers guarantors days past due debtor (in EUR m) loan (in EUR m) 10 loans guarantors Bullet loans currency Anadi Bank 366 134 94 0,0% 4,4 1,6 46,0% 40,0% 19,0% 0,0% BTV 3 1 n/d 0,0% 75,0 25,0 100,0% n/d 100,0% 0,0% BAWAG 2.672 1.176 249 0,0% 1,0 0,4 7,0% 10,0% 6,0% 9,0% Erste Group 6.155 1.694 376 0,0% 2,0 0,6 28,0% 28,0% 24,0% 0,0% Hypo Vorarlberg 436 134 45 0,0% 5,6 1,8 34,8% 40,3% 34,7% 16,6% HYPO NOE n/d n/d 103 0,0% n/d n/d 19,0% 51,0% 9,0% 2,0% Hypo OOE 281 123 18 0,0% n/d n/d 72,6% n/d n/d 0,0% Hypo Salzburg 496 284 97 0,0% 0,6 0,3 41,0% 28,0% 6,0% 1,0% Hypo Steiermark 279 106 n/d 0,0% 1,8 0,7 n/d n/d n/d n/d Hypo Tirol 876 322 n/d 0,0% 2,0 0,7 38,0% 14,0% 2,4% 0,1% Hypo Burgenland 41 23 38 0,0% 4,3 2,4 86,0% 80,0% 25,0% 0,0% KA Finanz n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d KA (neu) 2.018 972 n/d 0,0% 1,3 0,6 31,0% 33,0% 10,0% 2,0% RBI 2.798 871 n/d 0,0% n/d 1,0 n/d n/d n/d n/d RLB NOE-Wien 1.130 n/d n/d n/d n/d 1,6 n/d n/d n/d 2,0% RLB OOE 2.548 n/d 275 0,0% n/d 0,4 32,0% 29,0% 23,0% 0,0% RLB Steiermark n/d n/d n/d 0,0% n/d n/d n/d n/d n/d n/d RLB Tirol 176 82 n/d 0,0% n/d n/d n/d n/d 1,6% 0,0% Spk. OOE 65 45 n/d 0,0% 0,9 0,6 56,0% n/d 17,0% 0,0% Bank Austria 4.067 1.446 290 0,0% n/d 1,6 28,5% 25,6% 56,3% 6,0%
Source: Companies, Erste Group Research
23 July 2018 Page 17
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools
Note: In the course of the current year, several issuers have changed their reporting. Therefore, reporting standards were not consistent in Q1 2018. To make the data comparable, we used approximations in a few cases.
23 July 2018 Page 18
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Overcollaterization
S&P Moody's Fitch S&P Moody's Fitch Cover Covered Bonds Covered Covered Bond Covered Issuer Issuer Issuer Assets (in Outstanding (in Nom. OC Issuer Legal Type Bond Rating Rating Bond Rating Rating Rating Rating EUR m) EUR m) (in %) Anadi Bank Pfandbrief ------69 55 27,0% Anadi Bank (CPT) Pfandbrief AA - - - - - 365 280 31,0% BTV Fundierte Bankschuldverschreibung ------435 355 23,0% Wüstenrot (BSK) Fundierte Bankschuldverschreibung ------410 132 211,0% BAWAG Fundierte Bankschuldverschreibung - Aaa - - A2 A- 2.113 1.515 39,5% BKS Bank Fundierte Bankschuldverschreibung ------239 196 22,0% Erste Group Pfandbrief - Aaa - A A2 A- 13.772 10.800 28,0% Hypo Vorarlberg Pfandbrief - Aaa - A+ A3 - 3.724 2.370 57,1% HYPO NOE Pfandbrief - Aa1 - A - - 1.596 1.109 44,0% Hypo OOE Pfandbrief AA+ - - A+ - - 2.830 1.756 61,0% Hypo Salzburg Pfandbrief ------575 296 94,0% Hypo Steiermark Pfandbrief ------613 86 613,0% Hypo Tirol Pfandbrief - Aa2 - A- Baa2 - 2.168 1.586 37,0% Hypo Burgenland Pfandbrief ------746 196 280,0% Oberbank Fundierte Bankschuldverschreibung AAA - - - - - 892 199 348,5% RLB NOE-Wien Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 3.898 3.128 25,0% RLB OOE Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 2.527 1.057 139,0% RLB Steiermark Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 2.622 1.381 90,0% RLB Tirol Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 1.251 914 36,9% RLB Vorarlberg Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 1.786 950 88,0% RV Salzburg Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 852 320 166,3% sBausparkasse Pfandbrief ------624 36 >1.000% Spk. OOE Fundierte Bankschuldverschreibung ------769 526 46,1% Bank Austria Pfandbrief - Aaa - BBB+ Baa1 - 11.557 4.683 146,8% Volksbank Wien Fundierte Bankschuldverschreibung - - - - Baa1 BBB 1.994 1.267 57,0% Source: Companies, Erste Group Research
23 July 2018 Page 19
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Overcollaterization
16.000 250%
14.000
200% 12.000
10.000 150%
8.000
100% 6.000
4.000 50%
2.000
0 0%
BTV
BAWAG
RLB Tirol
Oberbank
RLB OOE
Spk.OOE
Hypo Tirol
BKSBank
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
RVSalzburg
Bank Austria
Hypo Salzburg
sBausparkasse
RLB Vorarlberg
RLB NOE-Wien
RLB Steiermark
VolksbankWien
Hypo Vorarlberg
Hypo Steiermark
Wüstenrot(BSK)
Hypo Burgenland Anadi Bank (CPT) Cover Assets (in EUR m) Covered Bonds Outstanding (in EUR m) Nom. OC (in %)
Source: Companies, Erste Group Research
23 July 2018 Page 20
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Volume Distribution
Issuer (amounts in EUR m) less than 100.000 100.000-300.000 300.000-500.000 500.000-1.000.000 1.000.000-5.000.000 more than 5.000.000 Anadi Bank 16 26 1 1 16 9 Anadi Bank (CPT) 87 136 21 19 66 37 BTV 107 219 58 27 25 0 Wüstenrot (BSK) 133 257 9 2 0 0 BAWAG 631 1.268 67 33 61 54 BKS Bank 81 142 11 6 0 0 Erste Group 2.688 4.155 1.013 1.251 2.816 1.849 Hypo Vorarlberg 662 964 210 278 834 777 HYPO NOE 222 297 111 187 384 396 Hypo OOE 2.226 141 90 148 155 15 Hypo Salzburg 94 227 56 66 121 11 Hypo Steiermark 96 152 28 51 189 97 Hypo Tirol 338 561 134 214 723 198 Hypo Burgenland 112 158 68 97 232 78 Oberbank 252 386 75 60 97 22 RLB NOE-Wien 591 978 300 397 965 667 RLB OOE 573 975 201 225 475 78 RLB Steiermark 754 904 157 200 350 257 RLB Tirol 225 489 160 189 175 14 RLB Vorarlberg 354 743 283 177 230 n/d RV Salzburg 131 268 268 85 52 48 sBausparkasse 170 440 9 0 0 5 Spk. OOE 170 349 51 49 68 81 Bank Austria 749 3.568 1.136 652 1.899 3.424 Volksbank Wien 762 986 160 59 26 0 Source: Companies, Erste Group Research
23 July 2018 Page 21
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Volume Distribution
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
BTV
BAWAG
RLB Tirol
Oberbank
RLB OOE
Spk.OOE
Hypo Tirol
BKSBank
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
RVSalzburg
Bank Austria
Hypo Salzburg
sBausparkasse
RLB Vorarlberg
RLB NOE-Wien
RLB Steiermark
VolksbankWien
Hypo Vorarlberg
Hypo Steiermark
Wüstenrot(BSK)
Hypo Burgenland Anadi Bank (CPT)
less than 100.000 100.000-300.000 300.000-500.000 500.000-1.000.000 1.000.000-5.000.000 more than 5.000.000
Source: Companies, Erste Group Research
23 July 2018 Page 22
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Reg. Distribution (1)
Issuer Other Countries/ (amounts in EUR m) EU Austria Germany EU-GIIPS CEE Switzerland Not Disclosed Anadi Bank 69 68 1 0 0 0 0 Anadi Bank (CPT) 366 343 23 0 0 0 -1 BTV 435 435 0 0 0 0 0 Wüstenrot (BSK) 410 410 0 0 0 0 0 BAWAG 2.113 2.113 0 0 0 0 0 BKS Bank 239 239 0 0 0 0 0 Erste Group 13.772 13.438 334 0 0 0 0 Hypo Vorarlberg 3.724 3.150 574 0 0 0 0 HYPO NOE 1.596 1.375 207 0 0 0 0 Hypo OOE 2.830 2.810 n/d n/d n/d 0 0 Hypo Salzburg 575 563 11 0 1 0 0 Hypo Steiermark 613 583 30 0 0 0 0 Hypo Tirol 2.168 2.109 54 0 0 0 0 Hypo Burgenland 746 746 0 0 0 0 0 Oberbank 892 849 44 0 0 0 0 RLB NOE-Wien 3.898 3.898 0 0 0 0 0 RLB OOE 2.527 2.527 0 0 0 0 0 RLB Steiermark 2.622 2.558 64 0 0 0 0 RLB Tirol 1.251 1.251 0 0 0 0 0 RLB Vorarlberg 1.786 1.786 0 0 0 0 0 RV Salzburg 852 852 0 0 0 0 0 sBausparkasse 624 624 0 0 0 0 0 Spk. OOE 769 769 0 0 0 0 0 Bank Austria 11.557 11.557 0 0 0 0 0 Volksbank Wien 1.994 1.994 0 0 0 0 0 Source: Companies, Erste Group Research
23 July 2018 Page 23
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Reg. Distribution (1)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
BTV
BAWAG
RLB Tirol
Oberbank
RLB OOE
Spk.OOE
Hypo Tirol
BKSBank
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
RVSalzburg
Bank Austria
Hypo Salzburg
sBausparkasse
RLB Vorarlberg
RLB NOE-Wien
RLB Steiermark
VolksbankWien
Hypo Vorarlberg
Hypo Steiermark
Wüstenrot(BSK)
Hypo Burgenland Anadi Bank (CPT) Austria Germany EU-GIIPS CEE Other EU countries Switzerland Other Countries/ Not Disclosed
Source: Companies, Erste Group Research
23 July 2018 Page 24
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Reg. Distribution (2)
Issuer Central Lower Upper (amounts in EUR m) Government Burgenland Carinthia Austria Austria Salzburg Styria Tyrol Vorarlberg Vienna Anadi Bank 0 0 43 2 1 3 6 6 0 5 Anadi Bank (CPT) 0 1 225 28 15 6 32 1 1 26 BTV 0 1 2 19 2 2 2 279 60 68 Wüstenrot (BSK) 0 23 53 96 58 30 57 40 9 44 BAWAG 1 90 176 586 216 97 427 74 33 415 BKS Bank 0 17 95 29 1 1 61 1 0 34 Erste Group 0 301 931 2.545 773 1.072 2.012 1.129 333 4.112 Hypo Vorarlberg 0 24 31 119 73 51 384 81 1.654 734 HYPO NOE 0 15 2 968 17 2 41 2 0 303 Hypo OOE 0 1 1 27 2.685 1 24 3 0 33 Hypo Salzburg 0 1 27 3 38 448 25 4 0 18 Hypo Steiermark 0 9 20 46 19 21 346 1 0 121 Hypo Tirol 0 22 3 44 1 11 16 1.768 6 232 Hypo Burgenland 0 246 16 80 13 0 84 0 0 306 Oberbank 0 12 5 158 369 101 15 7 1 181 RLB NOE-Wien 0 17 20 1.594 97 55 36 29 1 2.049 RLB OOE 0 5 19 99 1.999 73 58 22 5 247 RLB Steiermark 0 12 56 36 11 18 2.179 9 1 236 RLB Tirol 0 1 8 4 10 6 4 1.202 4 14 RLB Vorarlberg 0 0 1 5 1 2 2 24 1.725 25 RV Salzburg 0 0 24 13 42 738 10 9 1 14 sBausparkasse 0 12 39 109 109 33 121 110 54 33 Spk. OOE 0 1 1 33 629 7 5 5 0 86 Bank Austria 0 337 513 2.902 705 476 1.022 618 266 4.589 Volksbank Wien 0 32 88 402 73 166 403 297 341 191 Source: Companies, Erste Group Research
23 July 2018 Page 25
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Reg. Distribution (2)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
BTV
BAWAG
RLB Tirol
Oberbank
RLB OOE
Spk.OOE
BKSBank Hypo Tirol
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
RVSalzburg
Bank Austria
Hypo Salzburg
sBausparkasse
RLB Vorarlberg
RLB NOE-Wien
RLB Steiermark
VolksbankWien
Hypo Vorarlberg
Hypo Steiermark
Wüstenrot(BSK)
Hypo Burgenland Anadi Bank (CPT) Central Government Burgenland Carinthia Lower Austria Upper Austria Salzburg Styria Tyrol Vorarlberg Vienna
Source: Companies, Erste Group Research
23 July 2018 Page 26
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Assets By Type
Issuer (amounts in EUR m) Residential, private Residential, subsidised Residential, commercial Residential, other Commercial Anadi Bank 45 0 0 0 21 Anadi Bank (CPT) 226 35 0 0 99 BTV 361 0 74 0 0 Wüstenrot (BSK) 400 0 0 0 0 BAWAG 1.898 89 7 0 119 BKS Bank 239 n/d n/d 0 0 Erste Group 6.639 2.036 1.657 0 3.210 Hypo Vorarlberg 1.694 68 7 0 1.954 HYPO NOE 625 552 62 0 331 Hypo OOE n/d n/d n/d 2.775 0 Hypo Salzburg 303 57 37 0 178 Hypo Steiermark 493 0 0 0 120 Hypo Tirol 1.033 335 83 0 683 Hypo Burgenland 206 62 222 0 255 Oberbank 715 n/d 59 0 118 RLB NOE-Wien 1.576 0 1.224 0 1.097 RLB OOE 1.289 219 356 0 662 RLB Steiermark 1.869 0 0 0 753 RLB Tirol 566 114 20 0 551 RLB Vorarlberg 1.428 n/d n/d 0 357 RV Salzburg 585 0 0 0 267 sBausparkasse 619 0 0 0 0 Spk. OOE n/d n/d n/d 566 203 Bank Austria 5.535 2.000 644 0 3.250 Volksbank Wien 1.670 44 0 0 280 Source: Companies, Erste Group Research
23 July 2018 Page 27
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Assets By Type
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
BTV
BAWAG
RLB Tirol
Oberbank
RLB OOE
Spk.OOE
Hypo Tirol
BKSBank
Hypo OOE
Anadi Bank
HYPONOE
Erste Group
RVSalzburg
Bank Austria
Hypo Salzburg
sBausparkasse
RLB Vorarlberg
RLB NOE-Wien
RLB Steiermark
VolksbankWien
Hypo Vorarlberg
Hypo Steiermark
Wüstenrot(BSK)
Hypo Burgenland Anadi Bank (CPT)
Residential, private Residential, subsidised Residential, commercial Residential, other Commercial Other
Source: Companies, Erste Group Research
23 July 2018 Page 28
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – FX Mismatches
EUR CHF USD JPY Cover Assets - Bonds - Issuer Nominal OC Cover EUR Cover CHF Diff. - Cover USD Diff. - Cover JPY Diff. - Other Currencies/ Other Diff. - (amounts in EUR m) (in EUR m) Assets Bonds Diff. - EUR Assets Bonds CHF Assets Bonds USD Assets Bonds JPY Not Disclosed Currencies Other Anadi Bank 14 32 55 (-23) 37 0 (37) 0 0 (0) 0 0 (0) 0 0 (0) Anadi Bank (CPT) 85 366 280 (86) 0 0 (0) 0 0 (0) 0 0 (0) -1 0 (-1) BTV 80 375 355 (20) 61 0 (61) 0 0 (0) 0 0 (0) -1 0 (-1) Wüstenrot (BSK) 278 410 132 (278) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) BAWAG 598 2.113 1.515 (598) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) BKS Bank 42 217 196 (21) 21 0 (21) 0 0 (0) 0 0 (0) 1 0 (0) Erste Group 2.972 12.687 10.630 (2.057) 1.085 170 (915) 0 0 (0) 0 0 (0) 0 0 (0) Hypo Vorarlberg 1.354 3.199 2.370 (829) 515 0 (515) 0 0 (0) 10 0 (10) 0 0 (0) HYPO NOE 487 1.556 1.109 (447) 39 0 (39) 0 0 (0) 1 0 (1) 0 0 (0) Hypo OOE 1.074 2.830 1.756 (1.074) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Hypo Salzburg 279 575 296 (279) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Hypo Steiermark 527 608 86 (522) 5 0 (5) 0 0 (0) 0 0 (0) 0 0 (0) Hypo Tirol 582 2.003 1.586 (417) 149 0 (149) 0 0 (0) 16 0 (16) 0 0 (0) Hypo Burgenland 550 704 196 (508) 41 0 (41) 0 0 (0) 0 0 (0) 1 0 (1) Oberbank 693 892 199 (693) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) RLB NOE-Wien 770 3.793 3.000 (793) 104 128 (-24) 0 0 (0) 0 0 (0) 1 0 (1) RLB OOE 1.470 2.527 1.057 (1.470) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) RLB Steiermark 1.241 2.584 1.381 (1.203) 38 0 (38) 0 0 (0) 0 0 (0) 0 0 (0) RLB Tirol 337 1.251 914 (337) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) RLB Vorarlberg 836 1.696 n/d n/d 89 n/d n/d 0 n/d n/d 0 n/d n/d 0 n/d n/d RV Salzburg 532 852 n/d n/d 0 n/d n/d 0 n/d n/d 0 n/d n/d 0 n/d n/d sBausparkasse 588 624 36 (588) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Spk. OOE 243 768 526 (242) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Bank Austria 6.874 10.265 4.683 (5.582) 1.163 0 (1.163) 0 0 (0) 0 0 (0) 129 0 (129) Volksbank Wien 727 1.994 1.267 (727) 0 0 (0) 0 0 (0) 0 0 (0) 0 0 (0) Source: Companies, Erste Group Research
23 July 2018 Page 29
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – FX Mismatches
Cover Assets Covered Bonds (plus overcollateralization to balance assets and liabilities)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
BTV
BAWAG
RLB OOE
RLB Tirol
Spk. OOE
BKS Bank
Oberbank
Hypo OOE
Hypo Tirol
HYPO NOE
Anadi Bank
RV Salzburg
Erste Group
Bank Austria
Hypo Salzburg
sBausparkasse
RLB NOE-Wien
RLB Vorarlberg
RLB Steiermark
Volksbank Wien
Hypo Vorarlberg
Wüstenrot (BSK)
Hypo Steiermark
Anadi Bank (CPT) Hypo Burgenland
EUR CHF USD JPY Other Currencies/ Not Disclosed Nominal OC (in EUR m)
Source: Companies, Erste Group Research
23 July 2018 Page 30
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Maturity Mismatches
Cover Bonds - Cover Cover Cover Bonds - Assets - mat. less Diff. - less Assets - Bonds - Assets - Bonds - Assets - Bonds - Cover Assets mat. later Diff. - later Issuer Nominal OC (in mat. less than 12 than 12 mat. 12-36 mat. 12-Diff. - 12- mat. 36-60 mat. 36- Diff. - 36- mat. 60-120 mat. 60- Diff. - 60- - mat. later than 120 than 120 (amounts in EUR m) EUR m) than 12 mth mth mth mth 36 mth 36 mth mth 60 mth 60 mth mth 120 mth 120 mth than 120 mth mth mth Anadi Bank 14 4 1 (3) 5 6 (-1) 2 17 (-15) 23 20 (3) 33 12 (21) Anadi Bank (CPT) 85 5 0 (5) 11 220 (-209) 10 50 (-40) 93 0 (93) 240 10 (230) BTV 80 2 28 (-26) 8 75 (-67) 14 30 (-16) 58 142 (-84) 354 80 (274) Wüstenrot (BSK) 278 0 0 (0) 0 0 (0) 1 0 (1) 18 0 (18) 381 132 (249) BAWAG 598 3 0 (3) 15 1.000 (-985) 17 500 (-483) 107 15 (92) 1.971 0 (1.971) BKS Bank 42 6 0 (6) 16 15 (1) 18 22 (-4) 57 103 (-46) 143 56 (87) Erste Group 2.972 108 101 (7) 436 2.240 (-1.804) 647 1.875 (-1.228) 2.223 5.884 (-3.661) 10.128 700 (9.428) Hypo Vorarlberg 1.354 134 0 (134) 238 600 (-362) 177 750 (-573) 617 1.000 (-383) 2.557 20 (2.537) HYPO NOE 487 160 6 (154) 151 548 (-397) 56 513 (-457) 198 32 (166) 1.005 10 (995) Hypo OOE 1.074 169 3 (166) 337 235 (102) 361 178 (183) 840 517 (323) 1.123 823 (300) Hypo Salzburg 279 17 0 (17) 21 18 (3) 15 26 (-11) 68 60 (8) 454 193 (261) Hypo Steiermark 527 1 10 (-9) 24 0 (24) 27 0 (27) 112 11 (101) 449 65 (384) Hypo Tirol 582 66 176 (-110) 131 986 (-855) 126 36 (90) 266 299 (-33) 1.544 89 (1.455) Hypo Burgenland 550 30 35 (-5) 55 0 (55) 55 0 (55) 120 42 (78) 486 119 (367) Oberbank 693 0 25 (-25) 14 35 (-21) 23 70 (-47) 125 39 (86) 731 30 (701) RLB NOE-Wien 770 134 0 (134) 303 628 (-325) 189 1.000 (-811) 559 1.500 (-941) 2.713 0 (2.713) RLB OOE 1.470 38 65 (-27) 67 190 (-123) 83 50 (33) 319 617 (-298) 2.020 135 (1.885) RLB Steiermark 1.241 14 25 (-11) 46 0 (46) 107 503 (-396) 367 273 (94) 2.088 580 (1.508) RLB Tirol 337 8 13 (-5) 14 475 (-461) 36 176 (-139) 159 180 (-21) 1.035 71 (964) RLB Vorarlberg 836 12 46 (-34) 12 95 (-83) 12 310 (-298) 125 158 (-33) 1.625 341 (1.284) RV Salzburg 532 4 0 (4) 10 0 (10) 9 194 (-185) 67 48 (19) 762 78 (684) sBausparkasse 588 0 0 (0) 0 0 (0) 0 13 (-13) 3 23 (-20) 616 0 (616) Spk. OOE 243 4 25 (-21) 8 69 (-61) 26 25 (1) 78 91 (-13) 652 317 (336) Bank Austria 6.874 177 888 (-711) 602 1.636 (-1.034) 444 574 (-130) 2.168 1.262 (906) 8.037 322 (7.715) Volksbank Wien 727 8 35 (-27) 26 336 (-310) 39 280 (-242) 231 535 (-304) 1.691 81 (1.610)
Source: Companies, Erste Group Research
23 July 2018 Page 31
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Maturity Mismatches
Cover Assets Covered Bonds (plus overcollateralization to balance assets and liabilities)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
BTV
BAWAG
RLB OOE
RLB Tirol
Spk. OOE
BKS Bank
Oberbank
Hypo OOE
Hypo Tirol
HYPO NOE
Anadi Bank
RV Salzburg
Erste Group
Bank Austria
Hypo Salzburg
sBausparkasse
RLB NOE-Wien
RLB Vorarlberg
RLB Steiermark
Volksbank Wien
Hypo Vorarlberg
Wüstenrot (BSK)
Hypo Steiermark
Anadi Bank (CPT) Hypo Burgenland
less than 12 mth 12-36 mth 36-60 mth 60-120 mth later than 120 mth Nominal OC (in EUR m)
Source: Companies, Erste Group Research
23 July 2018 Page 32
For the exclusive use of Erste Group Client (Erste Group) Mortgage Cover Pools – Add. Key Figures
Total Cover Assets - Total Cover Assets - Loans in non- Number Number of Number of Loans >90 Avg. Volumen per Avg. Volumen per Largest Bullet domestic Issuer of loans borrowers properties days past due debtor (in EUR m) loan (in EUR m) 10 loans loans currency Anadi Bank 466 452 491 0,0% 0,2 0,1 35,0% 55,0% 55,0% Anadi Bank (CPT) 2.705 2.349 2.813 0,0% 0,2 0,1 15,0% 7,0% 0,0% BTV 3.658 2.837 2.926 0,0% 0,2 0,1 5,0% 7,0% 14,0% Wüstenrot (BSK) 4.076 n/d n/d 0,0% n/d 0,1 1,2% 0,0% 0,0% BAWAG 21.050 19.955 24.732 0,0% 0,1 0,1 3,3% 1,4% 0,0% BKS Bank 2.384 2.367 2.401 0,0% 0,1 0,1 2,0% 9,0% 9,0% Erste Group 87.557 68.643 121.765 0,0% 0,2 0,2 4,0% 12,0% 8,0% Hypo Vorarlberg 16.435 11.334 n/d 0,7% 0,3 0,2 5,5% 22,9% 14,1% HYPO NOE 8.238 6.310 7.134 0,0% 0,3 0,2 13,0% 11,0% 3,0% Hypo OOE 53.968 n/d n/d 0,0% n/d 0,1 1,5% 0,0% 0,0% Hypo Salzburg 3.698 5.251 3.221 0,0% 0,1 0,2 7,0% 10,0% 0,0% Hypo Steiermark 3.035 2.437 2.799 0,0% 0,3 0,2 n/d n/d n/d Hypo Tirol 11.978 9.107 9.943 0,5% 0,2 0,2 5,0% 15,0% 8,0% Hypo Burgenland 4.072 3.028 n/d 0,0% 0,2 0,2 11,0% 20,0% 6,0% Oberbank 7.839 n/d n/d 0,0% n/d 0,1 5,3% 15,1% 0,0% RLB NOE-Wien 20.877 15.271 22.394 0,0% 0,3 0,2 8,9% 18,1% 2,7% RLB OOE 18.931 n/d 18.032 0,0% n/d 0,1 3,0% 6,0% 0,0% RLB Steiermark n/d n/d n/d 0,0% n/d n/d n/d n/d n/d RLB Tirol 7.956 6.472 8.015 0,0% n/d 0,2 3,6% 5,6% 0,0% RLB Vorarlberg n/d n/d n/d 0,1% n/d n/d 3,0% 7,0% 5,0% RV Salzburg n/d n/d n/d n/d n/d n/d n/d n/d n/d sBausparkasse 5.419 n/d n/d 0,0% n/d 0,1 1,0% 0,0% 0,0% Spk. OOE 5.416 n/d n/d 0,0% n/d 0,1 12,6% 4,3% 0,0% Bank Austria 41.172 36.053 38.392 0,0% n/d 0,3 11,0% 22,6% 10,2% Volksbank Wien 21.856 19.052 22.032 0,0% 0,1 0,1 n/d 5,4% 0,0% Source: Companies, Erste Group Research
23 July 2018 Page 33
For the exclusive use of Erste Group Client (Erste Group) Contacts
Group Research
Head of Group Research Research, Poland Institutional Distribution CEE: Friedrich Mostböck, CEFA +43 (0)5 0100 11902 Director of Research: Tomasz Duda (Equity) +48 22 330 6253 Head: Jaromir Malak +43 (0)5 0100 84254
Major Markets & Credit Research Deputy Director: Magdalena Komaracka, CFA (Equity) +48 22 330 6256 Institutional Distribution PL and CIS Head: Gudrun Egger, CEFA +43 (0)5 0100 11909 Konrad Grygo (Equity) +48 22 330 6246 Pawel Kielek +48 22 538 6223 Ralf Burchert, CEFA (Agency Analyst) +43 (0)5 0100 16314 Mateusz Krupa (Equity) +48 22 330 6251 Michal Jarmakowicz +43 50100 85611 Hans Engel (Senior Analyst Global Equities) +43 (0)5 0100 19835 Karol Brodziński (Equity) +48 22 330 6252 Institutional Distribution Slovakia Christian Enger, CFA (Covered Bonds) +43 (0)5 0100 84052 Research, Romania Head: Sarlota Sipulova +421 2 4862 5619 Margarita Grushanina (Economist AT, Quant Analyst) +43 (0)5 0100 11957 Head: Horia Braun-Erdei +40 3735 10424 Peter Kaufmann, CFA (Corporate Bonds) +43 (0)5 0100 11183 Monika Smelikova +421 2 4862 5629 Dumitru Dulgheru (Fixed income) +40 3735 10433 Stephan Lingnau (Global Equities) +43 (0)5 0100 16574 Eugen Sinca (Fixed income) +40 3735 10435 Institutional Distribution Czech Republic Carmen Riefler-Kowarsch (Covered Bonds) +43 (0)5 0100 19632 Dorina Ilasco (Fixed Income) +40 3735 10436 Head: Ondrej Cech +420 2 2499 5577 Rainer Singer (Senior Economist Euro, US) +43 (0)5 0100 17331 Milan Bartos +420 2 2499 5562 Research, Slovakia Bernadett Povazsai-Römhild (Corporate Bonds) +43 (0)5 0100 17203 Barbara Suvadova +420 2 2499 5590 Elena Statelov, CIIA (Corporate Bonds) +43 (0)5 0100 19641 Head: Maria Valachyova (Fixed income) +421 2 4862 4185 Katarina Muchova (Fixed income) +421 2 4862 4762 Institutional Asset Management Czech Republic Gerald Walek, CFA (Economist Euro, CHF) +43 (0)5 0100 16360 Head: Petr Holecek +420 956 765 453 Research Turkey Macro/Fixed Income Research CEE Martin Perina +420 956 765 106 Head CEE: Juraj Kotian (Macro/FI) +43 (0)5 0100 17357 Ender Kaynar (Equity) +90 212 371 2530 Petr Valenta +420 956 765 140 Zoltan Arokszallasi, CFA (Fixed income) +43 (0)5 0100 18781 Umut Cebir (Equity) +90 212 371 2537 David Petracek +420 956 765 809 Katarzyna Rzentarzewska (Fixed income) +43 (0)5 0100 17356 Blanca Weinerova +420 956 765 317
CEE Equity Research Treasury - Erste Bank Vienna Institutional Distribution Croatia
Head: Henning Eßkuchen +43 (0)5 0100 19634 Group Markets Retail Sales Head: Antun Buric +385 (0)7237 2439 Daniel Lion, CIIA (Technology, Ind. Goods&Services) +43 (0)5 0100 17420 Head: Christian Reiss +43 (0)5 0100 84012 Željko Pavičić +385 (0)7237 1494 Michael Marschallinger +43 (0)5 0100 17906 Natalija Zujic +385 (0)7237 1638 Christoph Schultes, MBA, CIIA (Real Estate) +43 (0)5 0100 11523 Markets Retail Sales AT Institutional Distribution Hungary Vera Sutedja, CFA, MBA (Telecom) +43 (0)5 0100 11905 Head: Markus Kaller +43 (0)5 0100 84239
Thomas Unger, CFA (Banks, Insurance) +43 (0)5 0100 17344 Head: Peter Csizmadia +36 1 237 8211 Group Markets Execution Attila Hollo +36 1 237 8209 Vladimira Urbankova, MBA (Pharma) +43 (0)5 0100 17343 Head: Kurt Gerhold +43 (0)5 0100 84232 Gabor Balint +36 1 237 8205 Martina Valenta, MBA +43 (0)5 0100 11913 Editor Research CEE Retail & Sparkassen Sales Institutional Distribution Romania and Bulgaria Head: Uwe Kolar +43 (0)5 0100 83214 Brett Aarons +420 956 711 014 Head: Ciprian Mitu +43 (0)50100 85612
Corporate Treasury Product Distribution AT Stefan Mortun Racovita +40 373 516 531 Research, Croatia/Serbia Head: Christian Skopek +43 (0)5 0100 84146 Head: Mladen Dodig (Equity) +381 11 22 09178 Institutional Equity Sales Head: Alen Kovac (Fixed income) +385 72 37 1383 Fixed Income Institutional Sales Head: Brigitte Zeitlberger-Schmid +43 (0)50100 83123 Anto Augustinovic (Equity) +385 72 37 2833 Werner Fürst +43 (0)50100 83121 Milan Deskar-Skrbic (Fixed income) +385 72 37 1349 Group Securities Markets Josef Kerekes +43 (0)50100 83125 Magdalena Dolenec (Equity) +385 72 37 1407 Head: Harald Müller +43 (0)5 0100 84890 Cormac Lyden +43 (0)50100 83120
Ivana Rogic (Fixed income) +385 72 37 2419 Institutional Distribution non CEE Business Support Davor Spoljar, CFA (Equity) +385 72 37 2825 Head: Margit Hraschek +43 (0)5 0100 84117 Bettina Mahoric +43 (0)50100 86441 Research, Czech Republic Bernd Bollhof +49 (0)30 8105800 5525 Head: David Navratil (Fixed income) +420 956 765 439 Charles-Henry La Coste de Fontenilles +43 (0)5 0100 84115 Head: Petr Bartek (Equity) +420 956 765 227 Rene Klasen +49 (0)30 8105800 5521 Vit Machacek (Fixed income) +420 956 765 456 Christian Kössler +43 (0)5 0100 84116 Jiri Polansky (Fixed income) +420 956 765 192 Karin Rattay +43 (0)5 0100 84118 Michal Skorepa (Fixed income) +420 956 765 172 Bernd Thaler +43 (0)5 0100 84119
Pavel Smolik (Equity) +420 956 765 434 Bank Distribution Jan Sumbera (Equity) +420 956 765 218 Head: Marc Friebertshäuser +49 (0)711 810400 5540 Research, Hungary Sven Kienzle +49 (0)711 810400 5541 Head: József Miró (Equity) +361 235 5131 Michael Schmotz +43 (0)5 0100 85542 András Nagy (Equity) +361 235 5132 Ulrich Inhofner +43 (0)5 0100 85544 Orsolya Nyeste (Fixed income) +361 268 4428 Klaus Vosseler +49 (0)711 810400 5560 Zsombor Varga (Fixed income) +361 373 2830 Andreas Goll +49 (0)711 810400 5561 Tamás Pletser, CFA (Oil&Gas) +361 235 5135 Mathias Gindele +49 (0)711 810400 5562
23 July 2018 Page 34
For the exclusive use of Erste Group Client (Erste Group) Disclaimer
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For the exclusive use of Erste Group Client (Erste Group)