OKB - OESTERREICHISCHE KONTROLLBANK AG - INVESTOR PRESENTATION OCTOBER 2019 AUSTRIA'S EXPORT CREDIT AGENCY - OEKB
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OKB – Oesterreichische Kontrollbank AG Investor Presentation October 2019 Austria’s Export Credit Agency
Agenda
OKB in Brief 3
Austria’s Economy – An Overview 12
OKB in the Capital Markets 16
OKB’s Sustainability Management 28
Appendix 39
Contacts 44
2
OKB in Brief Austria’s Export Credit Agency
OKB’s Business Activities
Export Capital Market Energy Market Development
Services Services Services Financing
OKB offers central infrastructure
OKB provides export guarantees OKB conducts financial clearing and OeEB provides long-term
services and financial data for the
on behalf of the Republic of provides risk management services finance for private sector
Austrian capital markets. As agent for
Austria and offers financing via for the energy market operators and projects that are economically
Austrian Government Bonds, OKB
domestic and foreign banks. clearing agencies and on the Austrian sustainable and have a positive
carries out the auction procedure on
behalf of the Republic. energy exchange EXAA. impact on development.
4
About OKB
Austria‘s Privately owned Explicit, unconditional and irrevocable guarantee
export credit agency with a public mandate of the Republic of Austria
Credit Rating: ESG Rating:
Aa1/AA+ Sustainalytics: Leader, 2 out of 338; ISS-oekom: Prime C+, 7 out of 28
Explicit exemption Exempt Regulated by the Export
Zero risk from the Capital from the EU Bank Recovery Guarantees Act (EGA) and
weighting Requirements Directive and Resolution Directive Export Financing
(CRD IV) (BRRD) Guarantees Act (EFGA)
Long history of successful Eligible as a recognized agency
capital markets transactions under the ECB’s Public Sector Purchase Programme (PSPP)
5
OKB – Export Financing System
Republic of Austria
Federal Ministry of Finance
Guarantor
Export guarantees administered Issuance guarantees
by OKB (EGA) (EFGA)
Exporter/Bank Investor
OKB
Refinancing Debt issuance
export loans Assets Liabilities in capital markets
Administration OKB
of the export bond
financing system issues
6
Sole agent for the administration of export guarantees and
export financing
OKB’s critical role in the Austrian export industry
Services for exporters
OKB provides export guarantees on behalf of the Republic of of Austria
(according to the Export Guarantees Act/EGA)
OKB offers financing via domestic and foreign banks
Issuer in the capital markets
OKB refinances export loans by issuing debt obligations
guaranteed by the Republic of Austria
(according to the Export Financing Guarantees Act/EFGA)
7
Guarantee of the Republic of Austria
Full Faith and Credit
Austria will unconditionally guarantee the due and punctual payment of principal of
and interest and Additional Interest, if any, on the Guaranteed Debt Securities
under the Export Financing Guarantees Act of 1981, as amended. Such Guarantees
will be general obligations of Austria and the full faith and credit of Austria will be
pledged for the performance thereof. The Act authorizes Austria to guarantee the
Guaranteed Debt Securities if they meet certain conditions relating to, among other
things, the maximum principal amount of Guaranteed Debt Securities which may be
www.oekb.at
issued at any one time and the maximum interest rate.
Prospectus
of the
Extracted from the 2018 Base Prospectus of the Global Issuance Facility, p. 20
Global Issuance
Facility
8
OKB Rating
Aa1 (stable) AA+ (stable)
Credit opinion: August 14, 2019 Research Update: July 26, 2019
Outlook stable: June 27, 2016 Outlook revised to stable: January 30, 2013
Strong guarantee framework is basis for OKB’s franchise Almost certain likelihood of extraordinary government support
Solid asset quality and liquidity are a function of the government Extremely low-risk loan portfolio, almost entirely comprising fully
guarantee secured loans
Very high likelihood of support from the Republic of Austria as a Strategic importance for the Austrian government,
result of OKB’s role for the Austrian export driven economy which has mandated OKB in specific laws to act
on behalf of the government
9
Consolidated Financial Information
(EUR mn) 2014 2015 2016 2017 2018
Total assets 28,002 28,776 28,505 26,005 28,714
of which export financing 26,446 27,735 25,350 24,858 27,562
Total equity 718 746 766 801 791
Operating profit / Profit before tax* 60 51 56 52* 41*
Total comprehensive income 54 48 40 59 27
Capital ratio 67.4% 83.1% 77.5% 82.6% 86.0%
Number of employees 435 444 442 445 466
No loan loss provisions since the inception of the export financing scheme
No impaired financial assets
10Export Guarantees – Broadly Diversified
by Sector and Region
Servicing top exporters Outstandings per region – EUR 26 bn*
Other sectors
15% Services Southern/ Rest of Europe
Electrical industry 18% Eastern Europe 18%
4% 23%
Chemical and
plastics industry
4% Metal industry North America
Other goods 14% 6% Asia and
5% Middle-East
Latin America 17%
Pulp and paper 6%
5% Traffic
8% Comprehensive policies
Medical technology
4% Africa Supra-
6% Machinery
Energy 5% regional
8%
6% 21%
Trading/retail
business
7%
* Including Promissory Notes and OeEB
11Austria’s Economy – An Overview Austria’s Export Credit Agency
Austria – a Strong Economy
at the Heart of Europe
Austrian economy among top performers Austria Euro-Zone
in the euro area Area (sq. km ‘000) 84 2,758
Highly-diversified economy with well- Population (million) 8.8 341.2
balanced sectoral structure GDP per capita (EUR) 43,600 33,800
Economic upturn has led to steady Net financial assets per private
119,921 109,318
decrease in the already low level of household Q4 2018 (EUR)
unemployment (in %) 2018 2019f 2020f 2018 2019f 2020f
Stable propensity to consume by private Real GDP growth 2.4 1.7 1.4 1.9 1.2 1.4
households whilst having a low debt ratio Inflation (HICP) 2.1 1.6 1.7 1.8 1.3 1.3
Sustained current account surpluses Unemployment 4.9 4.6 4.6 8.2 7.7 7.3
confirm competitiveness of the Austrian Export growth 4.4 2.8 2.9 3.2 2.3 3.0
economy Current account balance 2.3 2.4 2.6 2.9 2.6 2.5
Foreign trade well diversified both by Budget surplus/deficit 0.2 0.3 0.2 -0.5 -0.9 -0.9
region and product type Debt to GDP 74.0 69.6 66.5 87.1 85.8 84.3
Source: Austrian Institute of Economic Research, European Commission, Eurostat, Federal Ministry of Finance,
Statistics Austria, OECD, Austrian National Bank: Facts on Austria and its Banks, April 2019
13Austria – a Strong Economy
at the Heart of Europe
Composition of Austrian GDP (in EUR bn) Geographic distribution of Austrian exports
Australia 1%
Asia 9% Africa 1%
(China 2.8%)
Consumption 274 71% Americas
10%
Investments 97 25% (USA 6.6%)
Net exports 15 4%
Exports 216 56%
Europe
Imports 201 52% 79%
Total GDP 2018 386 (Eurozone 52.0%)
Germany 29.4%
Italy 6.5%
Switzerland 4.9%
Source: Statistics Austria France 4.7%
14Austria – Government Debt Performance
Austria’s strong government bond performance underlines its position
as a core European sovereign
10yr Benchmark Government Bond Spreads vs. Bunds (in bps) Austria-Germany France-Germany
85 Belgium-Germany Netherlands-Germany
75 Finland-Germany
65
55
45
35
25
15
5
-5
Jun 14 Oct 14 Feb 15 Jun 15 Oct 15 Feb 16 Jun 16 Oct 16 Feb 17 Jun 17 Oct 17 Feb 18 Jun 18 Oct 18 Feb 19 Jun 19 Oct 19
Source: Bloomberg
15OKB in the Capital Markets Austria’s Export Credit Agency
Funding Strategy and Program 2019
Long-term Annual Funding Requirement EUR 5bn
2–3 benchmark issues – USD, EUR
Other strategic markets – GBP, AUD
Inaugural sustainability bond EUR 500 mn
Private placements and plain-vanilla MTNs
Global investor diversification
Responsive to investor enquiries
Focus on maturities up to 10 years
17OKB and Comparable European Sovereign Related Issuers
OKB KfW Rentenbank KBN SEK BNG
(Austria) (Germany) (Germany) (Norway) (Sweden) (Netherlands)
Ratings Aa1 / AA+ Aaa / AAA / AAA Aaa / AAA / AAA Aaa / AAA Aa1 / AA+ Aaa / AAA / AAA
Ownership
80% German Federal 100% ownership by 50% Netherlands,
Wholly owned by 100% owned by the
Republic, 20% Federal - the government of 50% Dutch local
Austrian Banks Swedish government
States Norway government
Guarantee Explicit Explicit Explicit Implicit Implicit Implicit
(BIS) Risk Weighting 0% 0% 0% 20% 20% 20%
Purpose German development bank;
Primary function is provision
involved in supporting a To ensure access to Financing the Dutch
of export finance; Financing the
range of public policies Sole role is to lend to financial solutions Public Sector,
Agency function for agricultural sector,
incl. lending to SMEs, the local and regional for the Swedish Exclusive paying
administration of export food industry and
housing, infrastructure and government sector export industry on agent for the Dutch
guarantees on behalf of rural economies
assistance to developing commercial terms municipalities
Republic of Austria
markets
Global Programme (144A) (144A)
2019 Expected Funding €5bn €80bn €10-12bn $10-12bn $8-10bn €18bn
Total Debt Outstanding* €23bn €405bn €73bn $61bn $32bn €100bn
* Bloomberg (as of 7 October 2019)
18OKB vs. Peers
USD Globals – Secondary trading levels
18
14
OKB
ASW (bps)
EIB
10 KfW
KBN
BNG
6
2
2 year 3 year 4 year 5 year
19Issuance Programs
Outstandings by source* Outstandings by currency*
GBP Other
CHF ECP
8% 4%
10% 5% USCP
Kangaroo Issues 6% NEU CP
2% 7%
EUR
GBP/Euroshelf Deposit Market 22%
8% 4%
Other
MTNs/Euroshelf 2%
7%
USD CHF
EUR/Euroshelf 55%
9% 11%
Global Issues
40%
* EUR 23 bn as of September 2019
20USD Globals – Distribution by Type
Average placement
Central Banks/
Bank Treasuries/
Official Institutions
Banks
73%
57% 55% 57% 55%
21% 21% 26% 21%
12%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Asset Managers Pension & Insurance /Corporates
28%
18% 17% 15%
6% 4% 7% 3% 4% 1%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
21USD Globals – Distribution by Region
Average placement
Americas Europe
45% 43%
39% 38% 36%
34% 33% 31%
28%
14%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Asia Middle East & Africa
37%
28% 27%
20% 17%
7% 10%
5% 5% 4%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
22EUR 500 mn Sustainability Bond due October 2026
Distribution by region Distribution by type
Other Europe Pension/ Insurance
3% 5%
UK
7% Austria/Germany
Asia 22%
Central Banks/
7%
Official Institutions
34%
North Fund
America Managers
10% 27%
France
20%
Nordics
13%
BeNeLux Banks
18% 34%
23GBP Issues
GBP 4.9 bn issued, of which GBP 2.2 bn outstanding
* Distribution by region *Distribution by type
Central
Banks/ Official
EMEA
Institutions
23%
27%
GBP 600 mn 0.750% due Mar 2022
GBP 875 mn 1.125% due Dec 2022
GBP 580 mn 1.250% due Dec 2023*
GBP 150 mn 5.750% due Dec 2028 Asia
10%
Fund
Bank Treasuries/ Managers
United Kingdom 13%
67% Private Banks
60%
24AUD Placement Distribution
* Distribution by region * Distribution by type
Australia Central Banks
1% 16%
Asia
22%
Pension
Funds
AUD 450 mn 3.200% due Aug 2025 7%
AUD 215 mn 3.500% due Aug 2027
AUD 175 mn 3.300% due Nov 2028*
Japan Insurers
77% 77%
25ECP Money Market
Distribution by region Distribution by type
Guarantor Republic of Austria
Rating A-1+/P-1 Fund Managers
Europe 13%
Program size EUR 10 bn
58%
Currencies Multi-Currency Program
Maturity 7 – 365 days
Turnover 2018 EUR 8.1 bn
Asia
Average maturity2018 100 days 42%
Dealers BARC/BAML/CITI/CS/GS/UBS Central
Outstanding as of 10/04/19 EUR 1.1 bn (USD 1.2 bn)
Banks/Official
Institutions
87%
26USCP Money Market
Distribution by region Distribution by type
Guarantor Republic of Austria
Rating A-1+/P-1 Asset
Managers
Program size USD 5 bn 60%
USA
Currencies USD 87%
Maturity max. 270 days Other
9%
Turnover 2018 EUR 4.7 bn
Average maturity 2018 60 days
Banks
Dealers BARC/CITI/GS/JPM 13%
Canada
Outstanding as of 10/04/19 USD 1.5 bn 9% Money Market Corporates
Other
Funds 3%
4%
15%
27OKB’s Sustainability Management Austria’s Export Credit Agency
OKB ESG-Rating
Prime C+ ESG Rating Leader ESG Risk Rating Leader
7 out of 28 2 out of 338 1 out of 9850
April 16, 2018 July 7, 2019 June 11, 2019
To control risks from lending, OKB applies OKB’s overall ESG‐related disclosure The company is at negligible risk of
the OECD Common Approaches for export follows best practice, signalling strong experiencing material financial impacts
credit agencies. accountability to investors and the public. from ESG factors, due to its low exposure
and strong management of material ESG
To mitigate risks in the area of resource The company’s overall management of ESG issues.
efficiency and pollution prevention, OKB issues is strong.
applies the World Bank’s EHS Guidelines. Notably, its overall risk is lower since it is
materially exposed to less ESG issues than
most companies in our universe.
29Milestones in OKB’s Sustainability Management
OKB’s long-standing sustainability focus
1985 Since 2003 Since 2018
ÖGUT (Austrian Society Yearly sustainability Supporting the
for Environment and reporting according to Since 2007 Republic’s “Mission
Since 2012
Technology) founding GRI (Global Reporting UN Global Compact 2030” (Austrian Climate
member Initiative) participant Green-Building Partner and Energy Strategy)
Since 2001 Since 2006 2008 Since 2015
EMAS certified “Workandfamily” Foundation of SDG Alignment
(Eco Management and audit certified Oesterreichische
Audit Scheme) Entwicklungsbank
(OeEB)
30Our Contribution to the Sustainable Development
Goals (SDGs)
SDG focus
31Inaugural Sustainability Bond
Allocation of proceeds (in EUR mn)
Composition Category Region
Americas
Access to 6%
Renewable
Green essential Africa
energy
30% services 15%
30%
38%
Europe
48%
Social Promoting Asia
70% Basic employment 31%
infrastructure creation
12% 20%
32Inaugural Sustainability Bond
Key Impact Measures
Renewable Access Promoting Basic
energy to essential services employment creation infrastructure
142 MW 1.7 mn 100 mn 54,000
Beneficiaries (health care)
Renewable energy installed SME financing in Austrian Beneficiaries from
water system modernization
622 regions with an above average
unemployment rate
New hospital beds
4,984 300 75 km
Hospital beds modernized Water pipes
SMEs financed in Austrian
regions with an above average
100 unemployment rate
Ambulance cars 1,200
1,565 Photovoltaic street lamps
Beneficiaries (education)
33Integrated Sustainability Management
Berne Union Guiding Principles
ILO Core Labour Standards
National Law (Export Guarantees Act,
Export Financing Guarantees Act,
UN Global Compact
Sustainability Policy of the Ministry of Finance)
UNHCR Guiding Principles on Business and Human Rights
Agreement of participants in the United Nations Framework
Convention on Climate Change
IFC Performance Standards
OECD Recommendation on Common Approaches for Officially
Supported Export Credits and Environmental and Social Due Diligence
OECD Recommendation on Bribery and Officially Supported Export Credits
OECD Recommendation on Sustainable Lending Practices and Officially
World Bank EHS-Guidelines (Environment, Health, Safety) Supported Export Credits
World Bank Safeguard Policies OECD Convention on Combating Bribery
World Bank Environmental and Social Framework (ESF) OECD Guidelines for Multinational Enterprises
34Corpus Christi (Texas - USA)
Austrian steel producer Voestalpine
Construction of a natural gas based direct reduction plant
Capacity 2mn to/x of Hot Briquetted Iron
Total investment volume USD 990 mn
OeKB contribution: ECA covered loan for Austrian deliveries and funding
of the equity
major step in achieving a low-carbon economy
35General Hospital in Point Fortin (Trinidad and Tobago)
Access to essential
services
Construction of a hospital in Trinidad and Tobago
This project ensures the medical care of the population. The hospital is
designed as a post-disaster building (hurricane and earthquake) and
includes a waste water treatment plant.
Project owner: VAMED, Austria
Location: Point Fortin, Trinidad and Tobago
Capacity: 116 beds
Financing: EUR 81 mn
Completion date: May 2019
36Wind farm Kosava (Serbia)
Renewable
energy
OeEB co-finances construction of 69 MW wind farm in Serbia
As Serbia’s biggest wind power facility Kosava is expected to
help promote the development of further renewable energy projects
in the country
It is planned to reach about 47,000 people with renewable energy
Financing:
In total: EUR 122 mn
OeEB investment: EUR 24 mn
37Water supply system Altai (Mongolia)
Basic
infrastructure
The project supports the Millenium Development Program of Mongolia
and helps to improve the water supply conditions in Altai
18,000 residents of Altai City will have access to high quality water
Scope of the project includes a water intake for the water withdrawal
from the reservoir, water treatment, approx. 55 km of transport pipelines
incl. pumping stations, two water reservoirs with a capacity of 1,000 m3
each; mechanical, electrical and control equipment, construction services,
engineering services and training
Exporter: Tiroler Rohre GmbH, Austria
Location: Gobi-Altai, Mongolia
Financing: EUR 14 mn
38Appendix Austria’s Export Credit Agency
OKB’s Shareholders
Shareholders Shares in %
CABET-Holding-GmbH, Vienna (UniCredit Bank Austria Group) 24.750
UniCredit Bank Austria AG, Vienna 16.140
Erste Bank der oesterreichischen Sparkassen AG, Vienna 12.890
Schoellerbank Aktiengesellschaft, Vienna 8.260
AVZ GmbH, Vienna 8.250
Raiffeisen Bank International AG, Vienna 8.120
BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft, Vienna 5.090
Raiffeisen OeKB Beteiligungsgesellschaft mbH, Vienna 5.000
Oberbank AG, Linz 3.890
Beteiligungsholding 5000 GmbH, Innsbruck 3.055
BKS Bank AG, Klagenfurt 3.055
Volksbank Wien AG, Vienna 1.500
The share capital of EUR 130 million is divided into 880,000 ordinary no par value shares in registered form, not listed.
40OeEB at a Glance
Founded Mandated by the Austrian Government Finances investments
in March 2008 as the official Development Bank of private companies in developing
in Vienna of Austria countries and emerging markets
New commitments 2018 Committed Portfolio 2018
Project requirements (Financing & Equity): (Financing & Equity):
EUR 275.5 mn EUR 1.19 bn
be located in a developing country
be predominately in the private sector
be commercially self-supporting Total assets 2018: EUR 835.7 mn Operating profit 2018: EUR 9.9 mn
demonstrate positive development
effects for the host country
Profit for the year 2018: EUR 6.8 mn Staff 2018: 60
fulfill international best practice
environmental and social standards
Standard & Poor’s Rating 2019: AA+
Figures as of 31/12/2018
41OeEB’s Impact
For more than 10 years, OeEB has been contributing to sustainable growth
and economic development worldwide
Since 2008, OeEB has provided more than OeEB’s projects have provided access to finance
EUR 590 mn for climate-related projects in for over 88,000 micro-, small- and medium-sized
developing countries. enterprises.
OeEB’s projects have already created 1,700 MW More than 8,800 people have benefited from
of additional electrical power from renewable training measures directly financed by OeEB.
sources.
More than 310,000 people have found employment OeEB’s total portfolio has grown to over EUR 1.2 bn,
in the projects financed by OeEB since 2008. which makes it the sixth-largest of the 15 European
Development Finance Institutions (EDFI).
42Regulatory Environment
Export Financing Guarantees Act – EFGA
(Federal Law Gazette No. 216/1981, as amended)
Export Guarantees Act – EGA
(Federal Law Gazette No. 215/1981, as amended)
Austrian Banking Act
(Federal Law Gazette No. 532/1993, as amended)
Exemption for the Export Financing Scheme due to Art 3 para 1
No 7 and Art 39 para 3 and 4
EU Capital Requirements Directive (CRD) 2013/36/EU
Explicit exemption for OKB due to Art 2 para 5 no 17
EU Capital Requirements Regulation (CRR) 2013/575/EU
not applicable to OKB due to exemption from CRD
EU Bank Recovery and Resolution Directive (BRRD) 2014/59/EU
not applicable to OKB due to exemption from CRD
43Contacts
Treasury
Anish Gupta – Head of Treasury
Elisabeth Schneider – Deputy Head of Treasury
Maximilian Plattner – Director, Markets
Monika Seitelberger – Director, Markets
Alexander Schierlinger-Brandmayr – Junior Analyst
investor.relations@oekb.at
www.oekb.at
44Disclaimer
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