Deutsche Bank SAE Cédulas Hipotecarias Cover Pool Update - Q1 2019
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Deutsche Bank
Deutsche Bank SAE
Cédulas Hipotecarias Cover Pool Update
Q1 2019
DB S.A.E.
Cover Pool Details – Overview Cédulas Rating
(1/2) Moody´s
Aa1
Cover Pool details (as of Q1 19) Outstanding Cédulas – Maturity profile
EUR bn EUR bn
1.0 1.0 1.0
OC level =
133%
0.8
0.6
0.5 0.5
7.8
7.2 4.0
5.8
0.05
1.4
Total Mortgage Eligible mortgages Legal Issuance Outstanding 2020 2021 2022 2023 2024 2025
Portfolio Capacity cedulas Retained Public placement
Retained Public Placement
In Jan ‘19 DB SAE issued its fifth public Cédulas Outstanding volume at € 5,400mn by end of Q1 2019
benchmark (€ 500mn) with a tenor of 6 years
Deutsche Bank SAE Cédulas Hipotecarias Investor Update 2
Q1 2019
For internal use onlyCover Pool Details – Overview
(2/2)
Cover Pool details(1) (as of Q1 19) Cover Pool eligibility
— Average outstanding loan size: EUR 96.9k Non-eligible 8%
— Number of loans: 79,941
— Weighted avg. loan seasoning (years): 7.4
— Weighted avg. remaining loan maturity (years): 20.2
— Total pool weighted avg. Loan-to-Value (LTV): 49.7%
— Total pool Non-Performing Loan (NPL) ratio: 1.80%
— Interest rate type: 97.1% FRN
— Residential mortgages: 95.2%
— EUR denominated loans: 99.0% Eligible 92%
— 1st residence mortgages: 89.0% High quality mortgage portfolio with over 92% of the
volume qualified as eligible
(1) Figures based on total cover pool (EUR 7.8bn)
Deutsche Bank SAE Cédulas Hipotecarias Investor Update 3
Q1 2019
For internal use onlyCover Pool Details(1) – Mortgage quality
(1/3)
Cover Pool by asset type Cover Pool Loan-to-Value (LTV) profile
5% 69%
WA 49.7%
95%
11%
8% 9%
1% 1% 1%
Commercial Residential 0-50% 50-60% 60-70% 70-80% 80-90% 90-100% >100%
Focus on residential mortgages Low Loan-to-Value portfolio due to prudent lending policy
Marginal exposure to commercial mortgages
Almost no exposure to real estate developers
(1) Figures based on total cover pool (EUR 7.8bn)
Deutsche Bank SAE Cédulas Hipotecarias Investor Update 4
Q1 2019
For internal use onlyCover Pool Details(1) – Mortgage quality
(2/3)
Historical development of NPL(2) ratio Distribution by average loan size
4.68%
44%
4.75% 4.40%
4.53% 4.20% 36%
4.28% 4.04% Avg. EUR 96.9k
3.51% 3.40%
3.89%
3.41%
13%
2.36%
2.00% 2.01% 1.90% 1.85%
4%
2.02% 2.00% 1% 2%
2.13% 1.90% 1.80%
0-100k 100k-200k 200k-300k 300k-400k 400k-500k >500k +
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
NPL ratio relatively stable at very low levels Well diversified portfolio
No large lending risk concentration
(1) Figures based on total cover pool (EUR 7.8bn)
(2) NPL: Non-performing loans - Loan is defined as non-performing if a loan is due more than 90 days in arrears
Deutsche Bank SAE Cédulas Hipotecarias Investor Update 5
Q1 2019
For internal use onlyCover Pool Details(1) – Mortgage quality
(3/3)
Cover Pool maturity profile Seasoning
10y 89%
6% 5% 5% 5% 6%
> 10y 5y - 10y < 5y
< 1y < 2y < 3y < 4y < 5y > 5y
Long-term mortgage portfolio High credit quality demonstrated by high seasoning
Remaining average maturity over 20 years score
(1) Figures based on total cover pool (EUR 7.8bn)
Deutsche Bank SAE Cédulas Hipotecarias Investor Update 6
Q1 2019
For internal use onlyCredit quality – Locations
Mortgage loans - location % of Pool
Barcelona 27.2
Madrid 26.4
Baleares 4.2
Alicante 4.2
Málaga 4.0
Sevilla 3.9
Valencia 3.7
Girona 2.6
Tarragona 2.4
Cadiz 2.1
Rest 19.3
Top 10 regions account for over 80% of DB S.A.E.‘s mortgage portfolio
Madrid and Barcelona region represent over 50% of total mortgage portfolio:
Lower unemployment rate than the Spanish average
Highest contributors to Spanish GDP
Economically resilient regions
(1) Figures based on total cover pool (EUR 7.8bn)
Deutsche Bank SAE Cédulas Hipotecarias Investor Update 7
Q1 2019
For internal use onlyCautionary statements
By viewing this presentation you agree to be bound by the foregoing limitations:
Figures under this presentation are prepared in accordance with local GAAP and are therefore non-IFRS financial measures. Figures have not been
reviewed by our external auditor. This report is presented in euros (EUR), which is DB SAE presentation currency. Certain financial statistical information
in this presentation has been subject to rounding and currency conversion adjustments. Accordingly, the sum of certain data may not conform to the
expressed total.
The report may contain estimates and forecasts with respect to the future development of the business and to the financial results of DB SAE, which stem
from the expectations of DB SAE and which, by their very nature, are exposed to factors, risks and circumstances that could affect the financial results in
such a way that they might not coincide with such estimates and forecasts.
This presentation is directed only at “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) and
amendments thereto, including Directive 2010/73/EU to the extent implemented in a relevant EEA member state. Other persons should not rely or act
upon these materials or any of their contents.
This document is being shown to you solely for your information. It may not be reproduced or redistributed to any other person, and it may not be
published, in whole or in part, for any purpose. It is expressly forbidden to disclose to any third party the information in this document or the fact that it
has been delivered to you. By viewing this presentation, you agree to be bound by the above-referred confidentiality obligation and as further outlined
below.
The distribution of this document in other jurisdictions may be forbidden. Accordingly, holders of this document should be aware of such restrictions and
comply with them. In particular, neither this presentation nor any part or copy of it may be taken, transmitted into, disclosed or distributed in the United
States or any other jurisdiction or to any other person. Persons into whose possession this presentation comes should inform themselves about and
observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the laws of the United States, United Kingdom, Spain
or any other such jurisdiction.
This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or exchange or acquire, or
an invitation for offers to buy any securities nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with,
any contract or investment decision. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the
basis of the information set out in the Folleto Informativo and Condiciones Finales prepared by DB SAE in relation to such specific issue, which are, in any
case, published in CNMV website. Nobody who becomes aware of the information contained in this presentation must regard it as definitive, because it is
subject to changes and modifications.
The information contained in this report meets the requirements of paragraph 7 article 129 of CRD IV- Capital Requirements Regulation (CRR)-575/2013.
Valuation of the real estate assets is performed in line with Article 208.3 CRR.
Deutsche Bank SAE Cédulas Hipotecarias Investor Update 8
Q1 2019
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