Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 1 of 14
Current market environment
Issues and market volume in Q1 2016
Analyst:
Jörg N. Kuypers
Good start to 2016
Average number of tranches
rises further – up to six
maturity bands
Based on the issuance volume observed on our database, following on
from a record year in 2015, the primary market for German Schuldschein
Darlehen (Corporate Schuldschein Darlehen - CSSD) has already
recorded another successful first quarter in Q1 2016. According to the
information on our database, the issuance volume generated from CSSD
comes to EUR 5.7bn (Q1 2015: EUR 5.0bn) as at 31 March 2016, which
equates to an increase of 13.9%. The volume is spread across 20
transactions in total. By way of comparison, there were 22 deals
contributing to a total volume of EUR 5.0bn in the first quarter of 2015. The
level is down by almost 26% on the last quarter of 2015; however, with 36
transactions or a placed nominal of EUR 7.2bn, the fourth quarter of the
past year was the strongest issuance period and also made the biggest
contribution to the success of the previous calendar year. The final quarter
of the year is traditionally regarded as very strong in terms of new issues.
Looking back, it is clear that Q4 2015 was also the strongest period in the
primary market since Q2 2008 with an issuance volume of EUR 6.6bn.
The average number of tranches rose to 4.6 in Q1 2016 (Q1 2015: 3.7),
which is also attributable to a relatively large number of transactions with
up to six different maturity bands as well as alternative coupons. Notably,
an average issuance volume of EUR 283m per transaction was achieved
in the last three months, which is another considerable rise on the figure in
the previous quarter of EUR 211m, which itself clearly exceeded the
historical average of a little over EUR 150m. In relation to the average
issuance amount per CSSD, this is the highest volume on record by far,
with the exception of the first quarter of 2008 (the top year for these
averages) when the figure reached EUR 333m. Standardised to a single
tranche, we estimate the issuance volume to be virtually unchanged on the
first quarter of the previous year at EUR 62m (Q1 2015: EUR 61m).
Fixed Income Research
Newsletter Schuldscheindarlehen 1st Quarter 2016 • 26. April 2016
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 2 of 14
Issuance volumes and number of transactions since 2008
0
5
10
15
20
25
30
35
40
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
Nu
mb
er
of
iss
ue
s
Iss
ua
nc
e V
olu
me
(in
EU
R m
)
Source: NORD/LB Fixed Income Research
Q1 2016 - market sentiment
Although there was no substantial improvement in (macro) economic
conditions in the first quarter of 2016, there were some tangible signs from
China at least of a recovery trend with the highest export figures for a year.
Whether this can halt the economic slowdown in emerging countries
remains to be seen. This will not essentially change anything regarding the
notable recession in Russia and there has been no let up in the political
risks in the Eurozone. A potential Brexit and its repercussions, in
particular, are increasingly being perceived as a sword of Damocles,
posing risks not just for Europe, but also for the global economy. There
had already been profit revisions by companies in the last quarter and
these risks are certainly not having a positive influence on the first
revisions of earning figures this year, or on market sentiment in general.
Some prices on international commodity markets have experienced a
rebound, as can be seen for instance in the recent strong demand for iron
ore, copper and oil, which hit a 12-year low in January, but then rose by
30% within 2 months near to its high for the year. Nevertheless,
commodity indices remain low in parts, which means that primarily
companies from the "basic resources" sector in addition to other cyclical
sectors remain under heavy pressure.
In addition to these developments, the leverages at various European
corporates (large and mid-caps) have risen because of M&A activities,
albeit not to the same extent as at their US counterparts. On the iTraxx
Europe, spreads on 5Y-CDS, just like those on cash bonds had widened
significantly in such an increasingly risk averse market sentiment, are
meanwhile once again exactly in line with those at the start of 2016. The
same is true of the Crossover, which has tightened by a third in the space
of a month. With this positive momentum, due in part to the continuing
expansionary monetary policy of leading central banks, it remains to be
seen how the CSPP, which starts in June 2016, will affect credit spreads.
However, the market for CSSD will at most only be indirectly affected by
this programme through second round effects. Presently, we are of the
opinion that spread tightening for the cash bonds eligible for the CSPP will
be more pronounced than on synthetic credits.
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 3 of 14
Size distribution of CSSD in Q1/2016 (number-weighted by tranche)
Maturity distribution of CSSD in Q1/2016 (number-weighted by tranche)
Source: NORD/LB Fixed Income Research Source: NORD/LB Fixed Income Research
More than 4/5 of CSSD have
volumes over EUR 200m;
maturity bands between 6 and 8
years as well as 4 and 5 years
were most in demand
Trend towards longer maturities
confirmed
In number-weighted terms, at 42.4% the vast majority of transactions in Q1
2016 were above the EUR 200m threshold and around 27% were
attributable to the EUR 40m to 80m range, while approximately one sixth of
the issues were between EUR 80m and 200m, with the final seventh below
EUR 40m. Following the Schuldschein issue by Württemberg-based
automotive supplier Mann+Hummel in October 2015 and the preceding
issue from ZF Friedrichshafen (also automotive) in January 2015, the billion
threshold for a transaction was exceeded once again in Q1 2016 with a
Schuldschein from Hofer Financial Services GmbH in the amount of EUR
1.6bn and a EUR 1.1bn CSSD from Porsche AG. The CSSD from Porsche
was the largest the company has placed to date and is intended to serve as
funding for a bond that matured in February this year as well as an
investment plans, relating to e-mobility for instance. Often the funding of
acquisitions, as in the case of Mann+Hummel for example, is one of the key
factors behind the rapid growth in the CSSD market.
The other large issues in the first three months of the year are as follows:
Heidelberg Cement AG: EUR 625m for the part funding of the
acquisition of Italcementi,
Otto Bock Holding GmbH & Co. KG: EUR 600m,
freenet AG: EUR 560m to service a corporate bond that matures
this month and to create financial leeway for further growth.
Looking at maturities (comparative figures for Q4 2015 in brackets), the
statistical consolidation at maturity bands between 4 and 8 years is
strengthening. Among the CSSD issued, in number-weighted terms, a good
third (46%) of tranches fall into the 4 to 5 years maturity band and as much
as over 40% (30%) into the 6 to 8 years and 9.8% (6%) into the up to 3
years maturity band, with 12% (15%) in the 9 to 10 years band and finally
42,4%
27,2%
16,3%
14,1%
above € 200 mln € 40 - 80 mln
€ 80 - 200 mln up to € 40 mln
9,8%
35,9%
40,2%
12,0%
2,2%
up to 3 years 4 to 5 years 6 to 8 years
9 to 10 years longer than 10 years
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 4 of 14
2.2% (3%) into the longer than 10 years band. In our opinion, the trend
towards longer maturities is partly due to issuers' expectations that capital
market interest rates will rise in the medium term (when ECB's QE ends in
March 2017), as well as to rising credit spreads in the short term in light of
the volatile market environment (and thus higher funding costs overall). The
search for yield is also driving institutional investors in particular into longer
residual maturities.
Motives from issuers' and
investors' perspectives
Issuers' excellent credit quality
High sector granularity
For investors who pursue a buy-and-hold strategy, the CSSD has become a
useful, complementary asset class. Financial accounting rules envisage
measurement at amortised cost (i.e. no mark-to-market measurement) for
plain vanilla CSSD. Investors' income statements therefore remain
unaffected by interim price falls, which reduces the range of fluctuation in
the income statement. However, the CSSD market as a whole has reached
a volume whereby its low transparency is beneficial yet the lack of liquidity
on the secondary market can also be viewed critically. However, at present
we cannot establish whether investors demand a premium priced above the
credit risk in return for accepting a higher liquidity risk. The pressure to
reinvest from institutional investors could also be boosting demand in the
direction of HY issuers (both externally rated and because of indicative
spread levels). As before, the persistently high credit quality in the CSSD
market, which corresponds to the low number of credit events, is striking in
this context. We attribute this primarily to the fact that many SMEs in
Germany and core Europe are market leaders in their niche sectors and
that generally speaking, high sales do not go hand in hand with impeccable
credit ratings.
Diversification in Q1 2016 was high overall. We also continue to expect
debut issues from some sectors, which will help broaden the market.
Naturally the CSSD market remains dominated by traditional SMEs from
German-speaking countries. 34.8% of CSSDs (32 tranches) are allocated to
the "Industrials" sector. The remaining 60 tranches are spread across six
sectors. The other tranches are distributed across the following sectors:
"Consumer, Non-cyclical" (23 tranches), "Consumer, Cyclical" (22),
"Financial" (6), "Communications" (5) and "Basic Materials" (2) as well as
"Government" (2). With Hofer Financial Services GmbH and Heidelberg
Cement AG, the largest and third largest transactions in the first quarter
stem from the Industrial sector, while the second largest transaction,
Porsche, is in the Consumer, Cyclical sector. The fourth largest transaction
was issued by freenet, which is in the Communications sector.
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 5 of 14
Sector allocation of CSSD transactions in Q1/2016 Origin of issuers of CSSD transaction in Q1/2016
Source: NORD/LB Fixed Income Research Source: NORD/LB Fixed Income Research
German-speaking issuers
dominate the market
Market becoming more
international
CSSD grants independence
from the traditional credit
market
Since the beginning of the financial crisis, SMEs in Germany have
benefited from a marked increase in demand for bonded loans, and the
same applies to the rest of Europe. This is true of both financial investors
and companies and banks, which are searching for new sources of income
because of the increasing regulatory pressure in the finance industry
(Basel III capital requirements).
In Q1 2016, of 92 tranches, 69 tranches came "directly" from Germany and
a further 4 were from German-speaking countries, which means the DACH
region accounted for over 79% of the tranches. The remaining 19 tranches
were from Finland (9), France (6), and the USA (4). We believe that the
growing internationalisation of the CSSD market can mainly be attributed to
the following reasons. The PP market in Germany is by far the most
professionally organised in its development across Europe, meaning that
foreign issuers also have an incentive to issue a CSSD under German law.
The only alternative fixed income markets in Europe that are anywhere
near comparable are the Euro PP, which is used predominantly by French
issuers and in some cases by Italian or Belgium corporates, and the MARF
in Spain. Yet neither counterpart comes close to the issuance volume and
frequency of the German PP market. Furthermore, foreign investors are
specifically looking for European credit substitution business with
companies that do not have any (public) corporate bonds or syndicated
credits.
Our experience shows that SMEs are increasingly realising that by issuing
a bonded loan, their dependence on their own bank decreases and new
investors can be accessed while longstanding business relationships with
their own bank do not suffer. At the same time, many banks have reduced
their credit exposure or cut their balance sheet totals as a consequence of
the global regulatory regime (Basel III) and the more stringent capital
requirements associated therewith.
2,2% 5,4%
23,9%
25,0%6,5%
2,2%
34,8%
Basic Materials Communications Consumer, Cyclical
Consumer, Non-cyclical Financial Government
Industrial
6,5%2,2%
2,2%
75,0%
9,8%
4,3%
FR AT CH DE FI US
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 6 of 14
Topical issues Secured CSSD – a brief overview
Analyst: Christopher Kief
Real Estate is a key sector
At first glance, it seems only logical that the issuers with large asset
portfolios on their balance sheets (preferably property or infrastructure) are
considering issuing secured CSSD. In the following, we look at the options
available for collateralisation, with the focus here set to lie firmly on CSSD
secured by mortgages.
While in the past, issuers in the property sector were able to place larger
financing volumes in the market as CMBS or RMBS (e.g. Gagfah and
Vitus), CSSD are becoming increasingly popular with property companies
as well due to their significantly smaller volume requirements compared
with bonds or securitisation.
Collateralisation by way of
charges over property
Mortgage lending value as
sustainable property value
The key points for a CSSD issue secured by a mortgage are described
below. The fair value of the property for purchase (individual building or
portfolio) is determined on the basis of an internal (property valuation by
the bank acting as lead arranger) or external valuation. In light of potential
conflicts of interest, fair value property valuations carried out by the owner
and subsequent borrower are not used. The fair value of the future
collateral for the loan established in the valuation is used as the basis for
calculating the mortgage lending value. This is defined in Section 16 (2) of
the German Pfandbrief Act (PfandBG) as follows (extract): "The mortgage
lending value must not exceed the value resulting from a prudent
assessment of the future marketability of a property by taking into account
the long-term sustainable aspects of the property, the normal regional
market conditions as well as the current and possible alternative uses...".
Funding register an instrument
for transferring loan collateral
Cost and time savings vs. new
entry in the land register
We now look at the approaches available for transferring mortgages. The
funding register is an instrument that provides insolvency-proof security for
rights of transfer relating to credit claims and collateral held in trust. The
latter is especially important in the case of CSSD secured by mortgages,
since the borrower (issuer) generally only provides one (single) property
charge for the benefit of a collateral trustee (usually the bank acting as lead
arranger). In the event of insolvency, the collateral trustee initiates
foreclosure proceedings and distributes the enforcement proceeds to the
lenders on a pro rata basis. While the assignment of loan claims can in
principle be carried out easily by means of a simple assignment
agreement, transferring mortgages is more complicated. In legal relations,
registered land charges have become established which can only be
transferred by means of notarisation and an entry in the land register.
Taking the time and effort involved into account, as well as the costs
incurred (notary and land register costs) in particular, this process cannot
be seen as useful from either an economic or practicability standpoint.
Collateral trustee keeps funding
register
This problem was solved in 2005 with the introduction of the funding
register. The collateral trustee keeps a funding register which lists in detail
the property charge as such and the individual lenders. The entry in the
funding register (Section 22 j (1) sentence 1 German Banking Act/KWG)
gives the lenders or investors respectively what is known as a right to
segregation with regard to all duly registered assets and therefore also to
the property charge entered in the land register, in relation to which the
issuing bank holds the legal position of (property charge) creditor. The
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 7 of 14
Deviation from established
standard contracts
design and structure of the funding register are based closely on that of the
cover register for Pfandbrief funding. On 1 January 2014, the Federal
Financial Supervisory Authority (BaFin) also "opened up" the funding
register to insurance companies (Section 33d (3) German Banking
Act/KWG). However, allocation to the tied assets of insurance companies
requires certain special features to be taken into account in the contract
documentation, which necessitates a deviation from the usual standard
contracts.
Pricing a property-secured
CSSD
Property companies likely to
prefer long and fixed tranches
Unlike an unsecured CSSD, the pricing of its counterpart secured by a
mortgage is primarily influenced by the recoverable amount of the loan
collateral. Based on Section 14 PfandBG, a loan to value limit of 60% is
specified for property lending. As a CSSD with a maximum issue volume
equivalent to the amount of the property loan is eligible for inclusion in the
cover pool, the issuer can achieve the corresponding funding advantages.
Mixed variants are also possible however, where the issuer wants to fund
more than the 60% LTV via a CSSD. In this instance, the amount in excess
of the property loan is deemed for regulatory purposes to be a personal
loan or unsecured loan. The pricing of the personal loan is in turn carried
out exclusively on the basis of the issuer's creditworthiness. It is then
conceivable that the property loan and personal loan are issued in a joint
tranche at a corresponding "mixed spread" or as two separate tranches
with different spreads. With regard to the repayment characteristics of
secured CSSD, both annuity and bullet loans are possible. As is generally
the case with CSSD, we believe tranches with maturities of a maximum of
ten years will predominate. Given the ordinary termination rights (Section
489 German Civil Code/BGB) relating to CSSD, longer maturity bands are
covered by registered bonds. Furthermore, we anticipate that issuers in the
property sector will particularly prefer long-term and fixed tranches in order
to achieve matching funding for their assets (in line with fiscal depreciation)
and to manage interest rate risks. Even on the investor side, conservative
stress tests are carried out for cash flows in order to exclude potential
liquidity effects in the event of an expected turnaround in interest rates.
Tapping into new investor
groups wanting to invest
specifically in (commercial)
property finance
Unlike a bilateral loan, the issuer of a secured CSSD is specifically tapping
into new investor groups that want to, or indeed have to, invest in new
assets classes because of low interest rates. For institutional investors,
subscribing to a secured CSSD (real estate) offers the opportunity of
investing in commercial property finance without having to set up
comprehensive infrastructure and personnel. This investment is contingent
on the issue having an external rating and the issuer being the debtor in a
property financing transaction secured directly by a mortgage. Typically,
covenants are included in the contractual definitions of CSSD secured by
mortgages, which are based firstly on the debt ratio in relation to the fair
value of the collateral (LTV ratio) and secondly reflect a quantification for
the ratio of interest expenses to project-related cash flow (interest coverage
ratio or debt service coverage ratio). The transaction does not affect the
original credit lines of the issuer with its own bank (up to max. amount of
property loan) which are available for other financing and hedging
transactions; generally speaking, the issue of a secured CSSD does not
increase exposure to the participating banks. For corporates with sound
assets on their balance sheets that are not presently encumbered by
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 8 of 14
Increased complexity can lead
to need for an NPP
mortgages ("leeway in the land register"), a secured CSSD can also be a
useful alternative in the funding mix. The increased level of complexity
versus a plain vanilla CSSD can lead to investors launching a new product
process (NPP) in accordance with the Minimum Requirements for Risk
Management (MaRisk). With regard to existing IT systems in particular, we
see potential restrictions for recording secured CSSD in these systems.
Other alternatives to security
by way of mortgages
Pledging of shareholdings can
mean subordinate ranking
Finally, we would like to briefly mention two other potential forms of
collateralisation for CSSD. We consider the pledging of shareholdings as
well as the assignment of (rental) claims as other possible forms of loan
collateral for a CSSD issue. For instance, shareholdings in a management
company, which in turn holds stakes in various operating subsidiaries,
could be pledged in favour of the investors. However, where property
charges have already been entered in relation to the assets (real estate) of
the subsidiaries, CSSD investors will have a lower ranking claim
(regardless of whether the management company or one of the
subsidiaries is the issuer of the loan). But it should be taken into account
here that loans at subsidiary level are continually being repaid. Although in
legal terms the property charge is an abstract loan collateral, i.e. its
existence and amount is not dependent on the underlying claim, a
connection between the collateral and the loan is generated by means of a
security agreement. In the example described, through the pledge, the
CSSD investors therefore benefit from the repaid loans secured by
mortgages, or more generally, the more the repayment of the loans has
progressed, the more valuable the pledge becomes. Moreover, a second
property charge would also be conceivable for CSSD investors, although
this would entail the creation of a new property charge and the associated
land register and notary costs. In this regard, we consider the pledging of
shareholdings as useful loan collateral and ultimately a legal vehicle for
avoiding a second property charge.
External rating sometimes
required for pledge or
assignment as collaterl
Given the often lower fair value of the above loan collateral (pledging and
assignment) as compared with mortgages, as well as the possible
subordinate ranking, we see a requirement for an external issuer or
transaction rating (FERI, Creditreform or Euler Hermes) particularly with
regard to issuers in the SME segment wanting to choose such a form of
collateralisation.
Conclusion
Secured CSSD a niche product
for select investors
In our opinion, secured CSSD will remain a niche product. The nature of
CSSD as a simple capital market product with straightforward contractual
requirements is partly counteracted by collateralisation. Moreover,
investors can find themselves in a subordinate position, whereas plain
vanilla CSSD are typically structured on a senior unsecured basis.
Consequently, some investor groups that cannot model the product
category for regulatory reasons (NPP requirement) or as a result of internal
rules, will be excluded from investing in secured CSSD. Ultimately, this
variant of a Schuldschein represents an attractive and potential high
yielding investment option that can lucratively supplement an investor's
portfolio mix, possibly on a low risk basis.
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 9 of 14
Interested in secured CSSD?
Take part in one of our future secured CSSD transactions
.
Please send us your comments so we can address your specific requirements and answer any additional questions you may have.
Contact: [email protected]; or your NORD/LB Sales contact
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 10 of 14
Conclusion & outlook Good start to 2016 following record previous year
SME bonds increasingly
unattractive
For many years, small and medium-sized enterprises were faced with the
choice of funding their activities via a Mittelstandsbond or a CSSD or
diversifying their existing funding. We estimate that since the end of 2014 at
the latest (from this date, the Stuttgart stock exchange stopped actively
soliciting new issuers for the "BondM" segment for Mittelstandsbonds), the
SME bond has suffered from the negative connotations it has gained as a
consequence of increased corporate insolvencies, meaning that the choice
is more and more frequently in favour of CSSD. In January 2016, for
instance, German Pellets had to inform its investors that it was unable to
repay its EUR 80m Mittelstandbond which originally matured this month
because of a liquidity shortfall of EUR 52m. The management attempted to
prevent the looming payment default with a restructuring in the form of a
two year extension in the maturity (their Mittelstandsbonds had previously
fallen sharply in the secondary market). German Pellets finally had to file for
insolvency in February 2016.
New record volume in 2016 still
looks ambitious
(Global) economic risks remain
CSPP leads to positive
sentiment
In the newsletter for FY 2015, we assumed that the issuance volume in the
CSSD market in 2016 would not reach last year's record level, since large-
volume transactions such as ZF Friedrichshafen and Mann+Hummel are
not to be expected with such frequency every year. Even though there have
been several large-volume deals already in the first quarter of this year, we
should not lose sight of the prevailing adverse factors, such as the general
market sentiment and expected persistent high levels of volatility in the
capital markets (due particularly to economic and (geo)political risks). Given
the very positive start to the year with Schuldscheine from Hofer Financial
Services GmbH (EUR 1.6bn) and Porsche AG (EUR 1.1bn), a volume in the
region of EUR 18-20bn now seems realistic on the basis of our data. As
before, there are signs that the growth trend will be sustained, which are
also underlined by the first large mandates in Q1 2016. Accordingly,
HeidelbergCement benefited from sustained strong demand from investors
and placed EUR 625m instead of the originally planned EUR 400m. In this
case too, the issuer was motivated by an acquisition. The proceeds of the
issue will reduce a bridge financing to acquire its Italian competitor
Italcementi to EUR 2.7bn. At the same time, the transaction shows that in
the meantime, a large number of corporates, which are already active on
the capital market via benchmark bonds, are making use of CSSD as a
means of funding. From our perspective, it is primarily the reduced volatility
compared with the corporate bond market which comes into play here.
Finally however, economic risks regarding the frequency and level of new
issues remain for growth in the market for CSSD, which may have a
negative impact on willingness to invest and companies' M&A activity.
The primary market for corporate bonds has become considerably more
attractive again as a result of the monetary policy measures under the
CSPP which starts in June 2016. We now expect that large caps in
particular, which had turned to the CSSD market because of the general
rise in volatility and widening credit spreads at the start of this year
especially, will make increased use of the bond market again. The latest
deals in corporate bonds show very high bid-to-cover ratios in some cases.
BMW, for example, went to the market with two tranches (maturities: four
and eight years) each amounting to EUR 750m which were placed at 28bp
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 11 of 14
Investor crowding out
through CSPP
and 43bp over mid swaps respectively. This was from an order book of
around EUR 4bn, which was more than two times oversubscribed. Investor
demand is therefore not a limiting factor. As well as the restructuring of
(maturing) funding, demand for liquidity is determined by planned M&A
activities in particular. Overall, new issues in the corporate bond market
already totalled around EUR 20bn by the middle of this month, and a
substantial share of this volume was in benchmark format. After the very
high level of over EUR 40bn in March, we expect sustained activity here.
However, with demand from investors remaining strong and pick-ups at
times extremely low, this will only put a strain on the – not very liquid –
secondary market to a limited extent. However, with regard to the CSPP,
we consider it feasible that the ECB will increasingly crowd out institutional
investors from corporate bonds (primary and secondary market). In such a
context, we see an opportunity for institutional investors to turn to CSSD,
which we do not currently consider to be qualifying assets for the CSPP.
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 12 of 14
Anhang Ansprechpartner in der NORD/LB
Fixed Income Research
Michael Schulz Leitung +49 511 361-5309 [email protected]
Kai Niklas Ebeling Covered Bonds +49 511 361-9713 [email protected]
Mario Gruppe Public Issuers +49 511 361-9787 [email protected]
Michaela Hessmert Banks +49 511 361-6915 [email protected]
Christopher Kief Corporates / Retail Products +49 511 361-4710 [email protected]
Melanie Kiene Banks +49 511 361-4108 [email protected]
Jörg Kuypers Corporates / Retail Products +49 511 361-9552 [email protected]
Matthias Melms Covered Bonds +49 511 361-5427 [email protected]
Sascha Remus Corporates / Retail Products +49 511 361-2722 [email protected]
Norman Rudschuck Public Issuers +49 511 361-6627 [email protected]
Martin Strohmeier Corporates / Retail Products +49 511 361-4712 [email protected]
Kai Witt Corporates / Retail Products +49 511 361-4639 [email protected]
Markets Sales
Carsten Demmler Leitung +49 511 361-5587 [email protected]
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(Leitung) [email protected] Stefan Krilcic [email protected]
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Thomas Höfermann [email protected] Marco da Silva [email protected]
Alexander Malitsky [email protected] Lutz Ulbrich [email protected]
Julien Marchand [email protected]
Corporate Finance – Origination Corporates
Tobias Müssig (Leitung) [email protected] Christian Müller [email protected]
Roland Arndt [email protected] Sandro Pittalis [email protected]
Sebastian Dahlhaus [email protected] Sabine Stenschke [email protected]
Birgit Determann [email protected] Karsten Wernecke [email protected]
Davina Haut [email protected]
Financial Markets Trading
Corporates +49 511 9818-9690 Collat. Mgmt / Repos +49 511 9818-9200
Covereds / SSAs +49 511 9818-8040 Cust. Exec. & Trading +49 511 9818-9480
Financials +49 511 9818-9490 Frequent Issuers +49 511 9818-9640
Governments +49 511 9818-9660 Structured Products +49 511 9818-9670
Länder & Regionen +49 511 9818-9550
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 13 of 14
Wichtige Hinweise
Diese Studie (nachfolgend als „Information“ bezeichnet) ist von der NORDDEUTSCHEN LANDESBANK
GIROZENTRALE („NORD/LB“) erstellt worden. Die für die NORD/LB zuständigen Aufsichtsbehörden sind die
Europäische Zentralbank („EZB“), Sonnemannstraße 20, D-60314 Frankfurt am Main, und die Bundesanstalt für
Finanzdienstleitungsaufsicht („BaFin“), Graurheindorfer Str. 108, D-53117 Bonn und Marie-Curie-Str. 24-28, D-60439
Frankfurt am Main. Sofern Ihnen diese Information durch Ihre Sparkasse überreicht worden ist, unterliegt auch diese
Sparkasse der Aufsicht der BaFin und ggf. auch der EZB. Eine Überprüfung oder Billigung dieser Präsentation oder der
hierin beschriebenen Produkte oder Dienstleistungen durch die zuständige Aufsichtsbehörde ist grundsätzlich nicht
erfolgt.
Diese Information richtet sich ausschließlich an Empfänger in Deutschland (nachfolgend als „relevante Personen“ oder
„Empfänger“ bezeichnet). Die Inhalte dieser Information werden den Empfängern auf streng vertraulicher Basis gewährt
und die Empfänger erklären mit der Entgegennahme dieser Information ihr Einverständnis, diese nicht ohne die
vorherige schriftliche Zustimmung der NORD/LB an Dritte weiterzugeben, zu kopieren und/oder zu reproduzieren. Diese
Information ist nur an die relevanten Personen gerichtet und andere Personen als die relevanten Personen dürfen nicht
auf die Angaben in dieser Information vertrauen. Insbesondere darf weder diese Information noch eine Kopie hiervon
nach Japan, Kanada oder in die Vereinigten Staaten von Amerika oder in ihre Territorien oder Besitztümer gebracht
oder übertragen oder an Mitarbeiter oder an verbundene Gesellschaften in diesen Rechtsordnungen ansässiger
Empfänger verteilt werden.
Bei dieser Information handelt es sich nicht um eine Finanzanalyse, sondern um eine lediglich Ihrer allgemeinen
Information dienende Werbemitteilung. Aus diesem Grund ist diese Information nicht unter Berücksichtigung aller
besonderen gesetzlichen Anforderungen an die Gewährleistung der Unvoreingenommenheit von Finanzanalysen
erstellt worden. Ebenso wenig unterliegt diese Information dem Verbot des Handels vor der Veröffentlichung, wie dies
für Finanzanalysen gilt.
Die hierin enthaltenen Informationen wurden ausschließlich zu Informationszwecken erstellt und werden ausschließlich
zu Informationszwecken bereitgestellt. Es ist nicht beabsichtigt, dass diese Information einen Anreiz für
Investitionstätigkeiten darstellt. Sie wird für die persönliche Information des Empfängers mit dem ausdrücklichen, durch
den Empfänger anerkannten Verständnis bereitgestellt, dass sie kein direktes oder indirektes Angebot, keine
Empfehlung, keine Aufforderung zum Kauf, Halten oder Verkauf sowie keine Aufforderung zur Zeichnung oder zum
Erwerb von Wertpapieren oder anderen Finanzinstrumenten und keine Maßnahme, durch die Finanzinstrumente
angeboten oder verkauft werden könnten, darstellt.
Alle hierin enthaltenen tatsächlichen Angaben, Informationen und getroffenen Aussagen sind Quellen entnommen, die
von der NORD/LB für zuverlässig erachtet wurden. Da insoweit allerdings keine neutrale Überprüfung dieser Quellen
vorgenommen wird, kann die NORD/LB keine Gewähr oder Verantwortung für die Richtigkeit und Vollständigkeit der
hierin enthaltenen Informationen übernehmen. Die aufgrund dieser Quellen in der vorstehenden Information geäußerten
Meinungen und Prognosen stellen unverbindliche Werturteile dar. Veränderungen der Prämissen können einen
erheblichen Einfluss auf die dargestellten Entwicklungen haben. Weder die NORD/LB, noch ihre Organe oder
Mitarbeiter können für die Richtigkeit, Angemessenheit und Vollständigkeit der Informationen oder für einen
Renditeverlust, indirekte Schäden, Folge- oder sonstige Schäden, die Personen entstehen, die auf die Informationen,
Aussagen oder Meinungen in dieser Information vertrauen (unabhängig davon, ob diese Verluste durch Fahrlässigkeit
dieser Personen oder auf andere Weise entstanden sind), die Gewähr, Verantwortung oder Haftung übernehmen.
Frühere Wertentwicklungen sind kein verlässlicher Indikator für künftige Wertentwicklungen. Währungskurse,
Kursschwankungen der Finanzinstrumente und ähnliche Faktoren können den Wert, Preis und die Rendite der in dieser
Information in Bezug genommenen Finanzinstrumente oder darauf bezogener Instrumente negativ beeinflussen. Die
Bewertung aufgrund der historischen Wertentwicklung eines Wertpapiers oder Finanzinstruments lässt sich nicht
zwingend auf dessen zukünftige Entwicklung übertragen.
Diese Information stellt keine Anlage-, Rechts-, Bilanzierungs- oder Steuerberatung sowie keine Zusicherung dar, dass
ein Investment oder eine Strategie für die individuellen Verhältnisse des Empfängers geeignet oder angemessen ist,
und kein Teil dieser Information stellt eine persönliche Empfehlung an einen Empfänger der Information dar. Auf die in
dieser Information Bezug genommenen Wertpapiere oder sonstigen Finanzinstrumente sind möglicherweise nicht für
die persönlichen Anlagestrategien und -ziele, die finanzielle Situation oder individuellen Bedürfnisse des Empfängers
geeignet.
Newsletter Schuldscheindarlehen 26. April 2016
NORD/LB Fixed Income Research
Page 14 of 14
Ebenso wenig handelt es sich bei dieser Information im Ganzen oder in Teilen um einen Verkaufs- oder anderweitigen
Prospekt. Dementsprechend stellen die in dieser Information enthaltenen Informationen lediglich eine Übersicht dar und
dienen nicht als Grundlage einer möglichen Kauf- oder Verkaufsentscheidung eines Investors. Eine vollständige
Beschreibung der Einzelheiten von Finanzinstrumenten oder Geschäften, die im Zusammenhang mit dem Gegenstand
dieser Information stehen könnten, ist der jeweiligen (Finanzierungs-) Dokumentation zu entnehmen. Soweit es sich bei
den in dieser Information dargestellten Finanzinstrumenten um prospektpflichtige eigene Emissionen der NORD/LB
handelt, sind allein verbindlich die für das konkrete Finanzinstrument geltenden Anleihebedingungen sowie der jeweilig
veröffentlichte Prospekt und das jeweilige Registrierungsformular der NORD/LB, die insgesamt unter www.nordlb.de
heruntergeladen werden können und die bei der NORD/LB, Georgsplatz 1, 30159 Hannover kostenlos erhältl ich sind.
Eine eventuelle Anlageentscheidung sollte in jedem Fall nur auf Grundlage dieser (Finanzierungs-) Dokumentation
getroffen werden. Diese Information ersetzt nicht die persönliche Beratung. Jeder Empfänger sollte, bevor er eine
Anlageentscheidung trifft, im Hinblick auf die Angemessenheit von Investitionen in Finanzinstrumente oder
Anlagestrategien, die Gegenstand dieser Information sind, sowie für weitere und aktuellere Informationen im Hinblick
auf bestimmte Anlagemöglichkeiten sowie für eine individuelle Anlageberatung einen unabhängigen Anlageberater
konsultieren.
Jedes in dieser Information in Bezug genommene Finanzinstrument kann ein hohes Risiko einschließlich des Kapital-,
Zins-, Index-, Währungs- und Kreditrisikos, politischer Risiken, Zeitwert-, Rohstoff- und Marktrisiken aufweisen. Die
Finanzinstrumente können einen plötzlichen und großen Wertverlust bis hin zum Totalverlust des Investments erfahren.
Jede Transaktion sollte nur aufgrund einer eigenen Beurteilung der individuellen finanziellen Situation, der
Angemessenheit und der Risiken des Investments erfolgen.
Die NORD/LB und mit ihr verbundene Unternehmen können an Geschäften mit den in dieser Information dargestellten
Finanzinstrumenten oder deren Basiswerte für eigene oder fremde Rechnung beteiligt sein, weitere Finanzinstrumente
ausgeben, die gleiche oder ähnliche Ausgestaltungsmerkmale wie die der in dieser Information dargestellten
Finanzinstrumente haben sowie Absicherungsgeschäfte zur Absicherung von Positionen vornehmen. Diese
Maßnahmen können den Preis der in dieser Information dargestellten Finanzinstrumente beeinflussen.
Soweit es sich bei den in dieser Information dargestellten Finanzinstrumenten um Derivate handelt, können diese je
nach Ausgestaltung zum Zeitpunkt des Geschäftsabschlusses einen aus Kundensicht anfänglichen negativen Marktwert
beinhalten. Die NORD/LB behält sich weiterhin vor, ihr wirtschaftliches Risiko aus einem mit ihr abgeschlossenen
Derivat mittels eines spiegelbildlichen Gegengeschäfts an Dritte in den Markt abzugeben.
Nähere Informationen zu etwaigen Provisionszahlungen, die im Verkaufspreis enthalten sein können, finden Sie in der
Broschüre „Kundeninformation zum Wertpapiergeschäft“, die unter www.nordlb.de abrufbar ist.
Die in dieser Information enthaltenen Informationen ersetzen alle vorherigen Versionen einer entsprechenden
Information und beziehen sich ausschließlich auf den Zeitpunkt der Erstellung der Information. Zukünftige Versionen
dieser Information ersetzen die vorliegende Fassung. Eine Verpflichtung der NORD/LB, die Informationen in dieser
Information zu aktualisieren und/oder in regelmäßigen Abständen zu überprüfen, besteht nicht. Eine Garantie für die
Aktualität und fortgeltende Richtigkeit kann daher nicht gegeben werden.
Mit der Verwendung dieser Information erkennt der Empfänger die obigen Bedingungen an.
Die NORD/LB gehört dem Sicherungssystem der Deutschen Sparkassen-Finanzgruppe an. Weitere Informationen
erhält der Empfänger unter Nr. 28 der Allgemeinen Geschäftsbedingungen der NORD/LB oder unter
www.dsgv.de/sicherungssystem.
Redaktionsschluss
26.04.2016