annual report - Hypo Real Estate Holding AG

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Management Discussion – Segments benchmarks is slightly in excess of €24.5 billion equivalent. DEPFA’s activities in the primary markets this year led to the Bank being recognised by EUROMONEY as “Best Covered Bond Borrower 2007”. DEPFA’s US$ benchmarks are largely placed outside Europe (on average 70%), reflecting the strength of DEPFA’s global investor name recognition. As the USA is a region where the Bank has seen, and anticipates further, significant asset growth, DEPFA is committed to further expanding its US$ funding base with other capital markets products, including the recently established AAA 144A USMTN programme. Investors in DEPFA’s ACS benchmarks are attracted by the high quality and liquidity of these instruments and the positive spread to sovereign and agency paper. Despite the global credit and liquidity crisis, the secondary market for public sector-backed covered bonds 22 has remained remarkably stable in contrast to other asset classes. DEPFA was a beneficiary of the stability in this asset class and was therefore well positioned to access the primary markets during the second half of 2007. DEPFA is also an active issuer of EMTN notes, both secured and unsecured in a wide variety of structures, currencies and maturities either as private placements or as public transactions. 2007 was a very strong year for these markets, with two-thirds of DEPFA’s longterm funding being sourced in the private placement markets. The success of the funding strategy employed by DEPFA in 2007 is reflected in the fact that the Bank raised its targeted €13.5 billion of long-term funding at deeper sub-LIBOR levels than were achieved in 2006 or at any stage in recent years. This was achieved whilst maintaining an average weighted tenor of new borrowings of approximately 9 years. Group currency breakdown of non-benchmark long-term funding transactions EUR USD JPY GBP Other BRL HKD ZAR TRY CHF 0 10% 20% 30% 40% 50% 60% 70%
Secured MTNs/ Registered Notes ACS Benchmarks Unsecured MTNS/Loans Structured Plain Vanilla Structure of Group primary sale of long-term instruments 0 10% 20% 30% 40% 50% 60% 70% Group breakdown according to structure type* of non-benchmark long-term transactions 0 20% 40% 60% 80% 100% * All structures can be provided with cap, floor and call features: Floating and Fixed Rate Notes, Zero Coupons Fixed Rate Step-Up Notes, Flip-Flops Reverse Floaters Range Accruals CMS-Structures (e.g. CMS-Spreads, Steepeners) Power Reverse Dual Currency Notes Reverse Dual Currency Notes FX-Digital Notes TARNs Equity-Linked Notes Inflation-Linked Ratchets (Snowballs) Volatility Bonds Quantos SIFMA-Linked We can also issue with restructuring options 23
Page 1 and 2: 2007 DEPFA BANK plc annual report
Page 3 and 4: Profile ❚ The only globally opera
Page 5 and 6: ■ Europe incl. EMEA and CIS (Lond
Page 7 and 8: Risikoberichtbericht Accounts 76 Di
Page 9 and 10: Millau Viaduct, France
Page 11: Client: The Region of Campania, Ita
Page 14 and 15: Corporate Highlights 2007 10 10 Q1:
Page 16 and 17: John Kirwan: “This award winning
Page 18 and 19: Executive Directors 14 Paul Leather
Page 20 and 21: Dr. Christian Kummert: “Probably
Page 22 and 23: Management Discussion - Segments Ma
Page 24 and 25: Management Discussion - Segments co
Page 28 and 29: Management Discussion - Segments Di
Page 30 and 31: Management Discussion - Segments in
Page 32 and 33: Capital Beltway HOT Lanes in Virgin
Page 34 and 35: Aguas de Portugal (AdP), Portugal
Page 36 and 37: Public Sector and Infrastructure Fi
Page 42 and 43: Vincent Matrone: “We were the lea
Page 44 and 45: Marnin Lebovits: “The State of Mi
Page 50 and 51: Export-Import Bank of Korea
Page 54 and 55: Sam Miller: “The transaction with
Page 56 and 57: Puerto Rico Sales Tax Financing Cor
Page 58 and 59: Energinet, Denmark
Page 60 and 61: Management Discussion - Segments Cl
Page 62 and 63: Management Discussion - Segments DE
Page 64 and 65: Management Discussion - Segments Re
Page 66 and 67: Management Discussion - Segments Th
Page 68 and 69: Project Omega, Northern Ireland
Page 70 and 71: Business Performance Business Perfo
Page 72 and 73: Business Performance Balance Sheet
Page 74: Business Performance forms of capit
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Client: Bulgarian State Railways (B
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Client: Royal BAM (BAM PPP Limited)
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Risk Committee Ms. B. von Oesterrei
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Directors’ and Secretary’s inte
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Risikoberichtbericht The credit pro
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Risikoberichtbericht Branches outsi
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Risikoberichtbericht Independent Au
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Risikoberichtbericht We have obtain
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Risikoberichtbericht Consolidated b
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Consolidated statement of changes i
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Consolidated cash flow statement Ca
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Notes to the consolidated financial
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Risikoberichtbericht Expenses incur
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Risikoberichtbericht (b) Loans and
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Risikoberichtbericht Hedging deriva
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Risikoberichtbericht (vi) observabl
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Risikoberichtbericht Cash and cash
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Risikoberichtbericht Share capital
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Risikoberichtbericht Standards, ame
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Risikoberichtbericht Credit Committ
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Risikoberichtbericht Asset and Liab
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Risikoberichtbericht The portfolio
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Risikoberichtbericht Assessing cred
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Company On-Balance Sheet December 2
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Company On-Balance Sheet December 2
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DEPFA’s Counterparty Risk Pools R
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Risikoberichtbericht Credit Risk Ma
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Risikoberichtbericht Further Credit
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DEPFA Deutsche Pfandbriefbank AG
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Risikoberichtbericht As can be seen
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The HRE Group risk management commi
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Risikoberichtbericht As at 31 Decem
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Risikoberichtbericht As at 31 Decem
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Risikoberichtbericht 5. Operational
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Risikoberichtbericht 7. Compliance
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Risikoberichtbericht Taxation The t
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Risikoberichtbericht Corporate Infr
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6. Net interest income Interest and
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10. Other operating income Other op
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Risikoberichtbericht 14. Result fro
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Risikoberichtbericht Operating expe
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Cashflows from discontinued operati
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17. Trading assets 18. Derivative f
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Risikoberichtbericht Futures are st
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Risikoberichtbericht At 31 December
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Allowance for losses on loans and a
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Shares in Group undertakings are in
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24. Property, plant and equipment R
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29. Debt securities in issue 30. Ot
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Deferred income tax assets and liab
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(b) Loan commitments Risikoberichtb
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Details of the share awards of Hypo
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40. Other reserves Unrealised gains
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Risikoberichtbericht 45. Fair value
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Company 2007 Risikoberichtbericht F
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Risikoberichtbericht 47. Acquisitio
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Risikoberichtbericht 49. Capital ma
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Nicosia Branch 10 Diomidous Street,
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DEPFA BANK plc Member of Hypo Real
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annual report - Hypo Real Estate Holding AG

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