A4 für Copyshop GB.indd - Bayerische Landesbank

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46 BayernLB – our company New issue business fell far short of estimates in 2004. Instead, the focus was on other types of capital market transaction. These included complex squeeze-outs (such as the squeeze-out of EON Bayern AG) and capital increases (such as those carried out by Lufthansa AG and SGL Carbon AG). Here, the Bank succeeded in positioning itself well. In order to strengthen our competitive position and to benefit European issuers and German private customers, a cooperative agreement was reached with five leading landesbanks. In addition to an additive underwriting commitment, the agreement facilitates the offer of European share issues to German private customers in line with European prospectus guidelines. Following their record performance in 2003, the success of structured retail products continued in 2004. BayernLB’s status as product developer for the Bavarian savings banks was further enhanced by 12 jumbo retail issues and various individual issues. The Bank showed real innovation in expanding the product range, from pure equities right up to interest rate and hybrid products. This trend is set to continue with the issue of a family of certificates in 2005. Customer demand for plain vanilla options showed healthy growth in 2004, with a concomitant increase in traded premium volumes. Retail issues Period from June 2002 Name Date Volume (in EUR) Current coupon Golden-Goal-Bond June 2002 92,092,000 5.00 % Magic 10-Bond November 2002 150,000,000 10.00 % 1 Catch-up-Bond March 2003 250,000,000 10.00 % Power Bond May 2003 53,541,000 9.00 % Catch-up-Bond w. Kick July 2003 200,000,000 15.00 % 2 Oktoberfest-Bond November 2003 427,692,000 1.00 % 3 smart-Bond March 2004 200,000,000 0.66 % Espresso-Bond May 2004 200,000,000 1.00 % smartXL June 2004 62,000,000 4.80 % Feuer & Flamme-Bond August 2004 50,000,000 8.00 % Genuss-Bond October 2004 50,000,000 3.00 % 4 Sparfein-Bond November 2004 100,000,000 4.50 % Swiss Value-Bond December 2004 25,000,000 5 Polar-Bond March 2005 150,000,000 6.00 % 1 First determination date in third year of duration on 8 December 2004 2 “Catch-up-function”: interest income lost in the first year (7 %) can be caught up in the second year (7 % + 8 % = 15 %) 3 First determination date in second year of duration on 7 February 2005 4 Minimum interest rate of 3 % upon matrity 5 No current return
Bond market Issuers on the Euro capital market enjoyed a good year, ending with a boom in the fourth quarter, triggered by the weakness of the US dollar. The low interest rate policy favoured by the central banks had promoted a general surge of liquidity. Against the backdrop of a sometimes considerable scarcity of offers, this meant that spreads narrowed to historical lows. While burgeoning budget deficits resulted in unabated issuing activity from public-sector issuers, there was a 40 percent decrease in new corporate issues in comparison with 2003. The offer of corporate bonds shrank further due to diminished activity in the M&A sector, the existence of alternative sources of funding and measures aimed at consolidating or improving corporate rating. Given the low nominal interest rate level, investors either looked to the BBB sector for yield opportunities, held, or turned increasingly toward durations of up to 30 years (corporates: 20 years). Corporate investors, on the other hand, exploited the capital market situation in order to buy back outstanding high-coupon bonds. BayernLB was lead manager for 40 customer issues in 2004. This allowed the Bank to both preserve and gain market share in public-sector issues as well as in the area of arranging and drawing under MTN and CP programmes. Considerable headway was made in expanding the pfandbrief / covered bond product at a national and international level. This included the issue and successful placement of the first covered bond from a Hungarian issuer – placed in HUF and EUR – as well as the first Bavarian savings bank pfandbrief (Stadtsparkasse München, with a volume of EUR 150 million), for which BayernLB was lead manager. Particularly worthy of note was EUROweek’s decision to award both first and second place in the category “Best sub-sovereign municipal bond – 2003” to BayernLB-man- aged issues: namely of a EUR 750 million 3 3 /4 percent treasury note by the Free State of Bavaria and a EUR 1 billion 4 1 /4 percent bond by the Province of Quebec under BayernLB’s lead management. BayernLB’s lead management of a EUR 1 billion 4 1 /8 percent bond with a duration from 2004 to 2009 for DaimlerChrysler represented another important milestone in 2004 in terms of corporate bond issues. This placement was also completed success- fully. Business with asset backed securities (ABS) continued to be highly satisfactory for BayernLB in 2004. The Bank is currently sponsoring five asset backed commercial paper programmes (ABCPs) in Europe and the USA, whose activities include the pur- chase of receivables from customers. The programmes are funded on the capital market. At year-end, the Special Purpose Entities had a total of around of EUR 11.6 billion outstanding ABCPs. As one of the instigators of the true sale initiative (TSI) and one of the founding mem- bers of True Sale International GmbH, founded in May 2004, BayernLB, along with 12 other banks, contributes significantly to the expansion of the securitisation market in Germany. The objective of the TSI is to create favourable conditions for true sale securitisation transactions. These conditions are already in place in other European countries BayernLB – our company 47 } BayernLB places first Hungarian- issued covered bond and first Bavarian savings bank pfandbrief } As founding member of TSI, BayernLB develops German securitisation market
Page 1 and 2: Annual Report and Accounts 2004
Page 3 and 4: LBS Bayern Corporates Business Area
Page 5 and 6: Clear figures. Clear objectives. Th
Page 7: Foreword by the Board of Management
Page 11 and 12: 1 Board of Management and executive
Page 13 and 14: Dr. Rudolf Hanisch born in 1946, De
Page 15 and 16: In transforming its business model,
Page 17 and 18: Sparkassen-Finanzgruppe Bayern Baye
Page 19 and 20: Financial Statements Audit Committe
Page 21 and 22: Norbert Kastner Lord Mayor of the C
Page 25 and 26: 2 Economic situation
Page 27 and 28: (Hartz IV) contributed to an overal
Page 30: An open mind. Clarity. Inspiration.
Page 34 and 35: 30 BayernLB - our company } BayernL
Page 36 and 37: 32 BayernLB - our company } Restruc
Page 38 and 39: 34 BayernLB - our company } Cross-b
Page 40 and 41: 36 BayernLB - our company } Lead ar
Page 42 and 43: 38 BayernLB - our company } Coopera
Page 44 and 45: 40 BayernLB - our company Real Esta
Page 46 and 47: 42 BayernLB - our company Activitie
Page 52 and 53: 48 BayernLB - our company and the U
Page 54 and 55: 50 BayernLB - our company Savings B
Page 58 and 59: 54 BayernLB - our company } LBS Bay
Page 60 and 61: 56 BayernLB - our company } Moderni
Page 62 and 63: 58 BayernLB - our company Group ret
Page 64 and 65: 60 BayernLB - our company In 2004,
Page 66 and 67: 62 BayernLB - our company Support o
Page 68 and 69: 64 BayernLB - our company Landesban
Page 70 and 71: 66 BayernLB - our company Magyar K
Page 72 and 73: 68 BayernLB - our company Banque LB
Page 74 and 75: 70 BayernLB - our company LB(Swiss)
Page 76 and 77: 72 BayernLB - our company Corporate
Page 78 and 79: 74 BayernLB - our company } Shared
Page 80 and 81: 76 BayernLB - our company } Target
Page 82 and 83: 78 BayernLB - our company Our staff
Page 84 and 85: 80 BayernLB - our company Fostering
Page 86 and 87: 82 BayernLB - our company Public se
Page 88 and 89: 84 BayernLB - our company DKB and S
Page 90 and 91: A product is only as good as the to
Page 93 and 94: 4 Report on the Bank and the Group
Page 95 and 96: position and serves as a bridgehead
Page 97 and 98: Management report Assets, liabiliti
Page 99 and 100: Funding EUR billion Due to banks -
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EUR million 1.1. - 31.12.2004 Bayer
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Group operating expenses were down
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In the 2004 financial year, the ope
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Outlook The forecasts relating to t
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Strategy / rating Upon withdrawal o
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BayernLB’s subsidiaries (Hungaria
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Gross exposure by Group entity [%]
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Investment risk Similarly to counte
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Net exposure of the Group by countr
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Market price risk Market risk compr
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Operational risk BayernLB defines o
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119
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5 Report by the Board of Administra
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Report by the Board of Administrati
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Liabilities 1. Due to banks a) Paya
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Liabilities Report by the Board of
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Liabilities 1. Due to banks a) Paya
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Liabilities Report by the Board of
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Complex enterprises demand reliabil
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184 Advisory Boards and addresses T
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186 Advisory Boards and addresses D
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188 Advisory Boards and addresses B
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190 Advisory Boards and addresses S
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Bayerische Landesbank Brienner Stra
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