168,169 credit agricole · source: credit agricole income statement data at march 2010. source:...
TRANSCRIPT
Crédit Agricole
168 EuroWeek Financing financial institutions
Crédit Agricole
Covered bonds Subordinated debt Senior unsecured Securitisation
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2005 2006 2007 2008 2009 2010
Source: Dealogic. Data to August 20 2010
$m
Debt issuance
Debt issuance
Pricing date: July12,2010
Value: €1bn
Maturity date: July20,2015
coupon: 3%
spread to swaps: 100bp
bookrunners: CreditAgricoleCIB
issue type: Coveredbond
Pricing date: July5,2010
Value: €1.25bn
Maturity date: July16,2025
coupon: 4%
spread to swaps: 77bp
bookrunners: BarclaysCapital,CreditAgricoleCIB,LBBW,UBS,WestLB
issue type: Coveredbond
Pricing date: June15,2010
Value: €1bn
Maturity date: June24,2015
coupon: 2.5%
spread to swaps: 45bp
bookrunners: CreditAgricoleCIB,Dexia,DZBank,HSBC,Unicredit
Source: Dealogic
Rank Lead Manager amount $m no of issues
% share
1 Credit Agricole CIB 13,691 60 54.59
2 Deutsche Bank 1,763 4 7.03
3 Barclays Capital 1,173 4 4.68
4 WestLB 1,153 3 4.6
5 HSBC 1,001 3 3.99
6 UBS 885 4 3.53
7 LBBW 824 7 3.28
8 JPMorgan 748 2 2.98
9 Dexia 493 2 1.97
10 SG Corporate & Investment Banking
430 1 1.72
10 NordLB 430 1 1.72
subtotal 22,589 65 90.07
total 25,080 71 100
Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)
toP bookRunneRs
Recent DeaLs
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
-204
0
2041
+
Source: Dealogic. Data to September 1, 2010 (securitisations not included)
$m
MatuRity PRofiLe
Actual t
ier one
(2009)
Benchmark sc
enario
Adverse
scenario
Additional
sovereig
n shock
Source: Committee of European Banking Supervisors
%
9.7
10.6
9.2 9
8
8.5
9
9.5
10
10.5
11
cebs stRess tests
Core tier one Tier one Tier two Tier three
March 2009 Dec 2009 March 2010 0
5
10
15
20
25
30
35 Eu bn
Source: Credit Agricole
caPitaL bReakDown
0
2
4
6
8
10
12
March 2009 Dec 2009 March 2010
Total solvency ratio Tier one Core tier one
%
Source: Credit Agricole
caPitaL Ratios
Crédit Agricole
Financing financial institutions EuroWeek 169
credit agricole sa
Long term iDR aa- short term iDR f1+individual Rating -support Rating 1support Rating floor a+
summary:Crédit Agricole’s ratings reflect its dominant French retail franchise, small market risk exposure, solid customer funding base, conservative liquidity management and satisfactory capital ratios considering its risk profile, but also its below-peer-average profitability.
Greater emphasis placed by the bank on mature low-risk/low-return French retail banking translates into a stable revenue base and sound asset quality but cost/income and operating return on equity ratios are high at around 60% and 12%, respectively. Crédit Agricole’s profitability is rather low for a bank rated in the AA category. While additional write-downs on crisis-related problematic assets are not expected to be material, loan impairment provisioning will remain significant across most business lines, and notably at the bank’s troubled Greek subsidiary, Emporiki Bank of Greece.
Customer credit exposure and off-balance sheet commitments are of a high quality and focused on western Europe. Doubtful customer loans are 93% covered by reserves. The group enjoys some flexibility to improve its 122% loan/customer deposits and 68% customer deposits/total funding ratios.
Liquidity management is conservative and includes over Eu125bn of unused repoable assets. Capital ratios are satisfactory given the group’s risk profile and strong coverage of impaired loans.
fitch Ratings uPDate
Data to June 2010. Source: Credit Agricole.
Senior benchmarks
23%
Private placements
26%
Covered bonds
27%
Retail network
24%
MeDiuM to Long-teRM funDing (2010)
Commercial lending commitments (excl banks) at March 31, 2010. Source: Credit Agricole
France (retail banking)
18%
F rance (excl retail banking)
27%
Italy
12%
Western Europe
Central & South America
2%Japan 1%
Asia &Oceania
4%
Africa & Middle East
4%
EasternEurope
3%(excl Italy)
20%
North America
9%
outstanDing Loans by Region
March 2009 Dec 2009 March 2010 3.3
3.4
3.5
3.6
3.7
3.8
3.9
4
4.1
4.2 %
Source: Credit Agricole
DoubtfuL Loan Ratio
-500
0
500
1,000
1,500
2,000
Gross operating income Net income
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
�m
Source: Credit Agricole
incoMe stateMent
Data at March 2010. Source: Credit Agricole
%
Shareholders' equity
44.6 Eu bn
Minority interests
7.6 Eu bn
Other core capital
12.5 Eu bn
Non-core capital
22.7 Eu bn
PRuDentiaL caPitaL
320
322
324
326
328
330
332
334
336
338
340
March 2009 Dec 2009 March 2010
Eu bn
Source: Credit Agricole
Risk-weighteD assets
head of financial management departmentOlivier Nicolas+33 1 43 23 34 [email protected]
global head of fundingNadine Fedon+33 1 43 23 48 [email protected]
head of medium & long-term funding / London deskDoncho Donchev+44 207 214 [email protected]
investor relationsPatricia Dambrine+33 1 57 72 63 [email protected]
key contacts