Professional Documents
Culture Documents
am
Berlin,Beispiel der
den 2. Oktober Deutschen Bank
2003
Hagen Sinodoru
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Agenda
Anhang
A Weitere Unterlagen
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Struktur der Deutsche Bank Gruppe
Privatkunden und
CORPORATE AND INVESTMENT BANK CORPORATE
ASSET MANAGEMENT
Fitschen (Operating Committee) INVESTMENTS
Pierre de Weck (Operating Committee)
PRIVATE &
GLOBAL GLOBAL CORPORATE GLOBAL BANKING CORPORATE PRIVATE WEALTH ASSET
BUSINESS
MARKETS EQUITIES FINANCE DIVISION INVESTMENTS MANAGEMENT MANAGEMENT
CLIENTS
(Jain) (Parker) (Cohrs) (Fitschen) (Wieandt *) (Weck) (Hughes)
(Neske)
FX Sales & Mergers & Acquisitions Relationship DB Investor DWS Group Deutsche Deutsche
Bonds Trading Equity Capital Markets Management DB Capital Partners Finanza & Asset Mgmt. Bank 24
Derivatives Derivatives Global Credit Products Global Cash Futuro (Retail) (Inst.) Europe
MM Research Management e-Brokerage
Research E-business Global Trade Finance Maxblue
E-business Trust and Security Private
Services Banking
Asset Finance &
Leasing
* not member of the Group Executive Committee
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Aufgaben des Relationship Manager/Versicherungen
in der Deutschen Bank
Banks
664
EMEA
253
Anhang
A Weitere Unterlagen
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Produktgruppen und deren Geschftsanstze
Zahlungsverkehr / Pooling
e-Banking
Kartenservice
Depotverwaltung
Besicherungsanhang
Zahlstellenfunktion CTAS
Letter of Credits
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Asset Management / DeAM / DWS / PWM
Liquidittsfonds / Spezialfonds
Unternehmensanleihen
Hedge Funds
Master KAG
Immobilien KA
Facility Management
Vermgende PK / PWM
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen Asset Management
Kunden nach Sektoren
Weltweit managen wir EUR
Stiftungen und
Privatkunden
Unternehmen 607 Mrd. fr ein breites
147 Mrd.
11 Mrd. Spektrum von Anlegern.
Unser Service ist auf die
Versiche-
rungen
Anlegermentalitt und
85 Mrd. Sprache sowie auf die
lnderspezifischen,
Regierungs-
aufsichtsrechtlichen,
stellen bilanziellen und
50 Mrd.
Publikumsfonds steuerlichen Vorschriften
314 Mrd.
unserer Kunden
zugeschnitten.
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Die Asset Management Produkte
Investment Horizont
Deutsche Global
1-3 Monate 3-6 Monate 6-12 Monate
Liquidity Series 4,50%
Geldmarktnahe
Appendix
DB Funds
DB Portfolio Euro Garant
4,00% Euro Liquidity
DB Funds
Money plus*
A n R u t a l ir z e d
Portfolio Management 5.00% Euro Garant
99
Kapitalgarantie 4.80%
Benchmark
4.60%
Appendix
97 0.50% 0.75% 1.00%
Risk (Standard Deviation)
95
93 6M EUR LIBID
91
89 Guarantee Level
Guarantee as at 31-December-2003: EUR 101.4
87
85
12/98 06/99 12/99 06/00 12/00 06/01 12/01 06/02 12/02 06/03
Datum: 29. August 2003
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Global Equities / Global Markets
Munich Re Allianz
Skandia
GBP 300 Million Eur 4.5 Billion
USD 420 Million
25 NC 15 step-up Capital increase
3.5 year Syndicated Loan Facility
Subordinated Bond
Joint Global Co-ordinator
Lead Arranger
Joint Bookrunner
Europe Europe
U.K.
April 2003 May 2003
March 2003
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Global Equities: Marktanteile
Deutschland 17.1% #1
Frankreich 13.6% #2
Niederlande 11.1% #3
Italien 13.3% #2
Schweiz 18.3% #1
Spanien 19.5% #1
Portugal 29.0% #1
sterreich 30.4% #1
Finnland 18.5% #2
Japan *** #1
40.00
7-Apr
14-Apr
28-Apr
21-Apr
24-Mar
31-Mar
17-Mar
Allianz DAX
Deutsch-Rusische Konferenz
Schwerpunktthema:
Aegon EUR 1 Mrd. 4.625% 2008 Erstrangige Anleihe
Versicherungen
* by allocations
Deutsch-Rusische Konferenz
Schwerpunktthema: Allianz 2 Mrd. 6.125% 20 NC 10 step-up Nachrangige
Hybrid Kapital Anleihe Aa2/AA-
Versicherungen
Investoren Emissionsdetails
Funds
52%
Risiko
Transformation
Exotic Forms
of Derivatives Exotische Optionen
Weather
Seit 1991 catastrophe Derivatives
Derivatives
Basic Form Interest Rate Equity Currency MBS
of Derivatives Derivatives Derivatives Derivatives Futures
Seit 1973
Anhang
A Weitere Unterlagen
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen Geschftsanstze mit Russischen
Versicherungen
Anhang
A Weitere Unterlagen
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Russland / Osteuropa
Hagen Sinodoru
Hagen Sinodoru
Deutsche Bank AG
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Agenda
Anhang
A Weitere Unterlagen
Deutsch-Rusische Konferenz
Schwerpunktthema: Global Equity Derivatives - Sales
Versicherungen
Institutional Derivatives - Market Driven Structured and Investment Products - Strategic Equity Transaction Group
Clients Client Driven
Clients
Pension Funds Corporates
Clients
Fund Managers Institutionals Financial Institutions
Insurance Companies Retail Intermediaries
Hedge Funds Retail direct
Applications
Products Activity
Portfolio Trading
Diverse payment formulas Corporate Finance
Tactical Asset Allocation and Hedging
CPPI and other portfolio trading products Legal, Accounting and Tax Transactions
Strategic Asset Allocation and Hedging
Leveraged Equity Exposure Underlyings: equities, funds and hedge funds
Yield Enhancement Applications
Packaging
OTC
Combined Sales & Research ESOP
Deposits
Analysts
Relative Value Product Securitized
Funds (ETFS) Balance Sheet Management
Derivative Value Added
Web Based Tools - ederivatives.db.com SPVs
Solution Driven Products Insurance Contacts Regulatory Arbitrage
DB Sectors
Branding M&A Derivatives
Marketing services and brands available
Products / Business Groups
for retail intermediaries and retail direct Hedging and Monetisation
Portfolio Trading
Exchange Traded and OTC Derivatives
Legal
Relative Value Group Ultra High Net Worth
Optimisation
Securitized Products Regulatory capital optimisation
Exchange Traded Funds Listing services
Deutsch-Rusische Konferenz Beispiel : PIONEER 2002 Katastrophen Bond Struktur
Schwerpunktthema:
Versicherungen
Swiss Re
Investment LIBOR
Capital
Bank Swap
Markets
Collateral investment
EUR 2 billion
EUR 3 billion EUR 1 billion 6.125% 20NC10
6.75% 20 NC 10 6.5% 22NC12
Joint Lead Manager
Joint Bookrunner Joint Bookrunner May 2002
April 2003 December 2002
Book built up to 6.3bn, leading to Munich Re Orderbook totalled approximately 1.8bn in 3 No roadshow undertaken, nor was a
increasing initial size from 2bn to 3bn days time - oversubscription of 80% preliminary prospectus published
Due to strong demand and favourable Due to strong demand, final pricing was set at Mandate announced as minimum 1bn deal.
conditions, the deal priced at 245 bps over mid-swaps +177 bps as against initial talk of Order book totalled in excess of 3bn in three
mid-swaps as against expectations of 250 - mid-swaps +180 bps area. Issue tightened by days
260 bps 3bps after bonds were free to trade At the time largest Hybrid Capital offering for
Strong order book performance despite Transaction achieved broad geographical an insurance company ever, and largest
preceding downgrading of Munich Res Insurer distribution in Europe. 355 separate orders single tranche hybrid capital offering ever in
Financial Strength Rating by two notches placed into book prior to launch Euros
Extensive marketing material included detailed With submitting 39% of the total order volume 2002 deal of the year in Financial Institutions
company presentation, a red herring and Deutsche Bank once again proved its strong segment: EuroWeek
credit research distributed to sales before distribution capabilities
roadshow
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Recent completed transactions (continued)
Munich Re Finance BV Allianz Finance II BV Aegon
The tranche was announced during The issue was part of a dual currency This transaction represents Aegons first
the road show for the Euro funding exercise that also comprised a senior benchmark transaction in the capital
1 bn 22NC12 subordinated hybrid capital markets.
denominated subordinated issue, and issue
intended to diversify Munich Res Given the difficult market environment
investor base and to create price
The transaction successfully targeted generally for insurance companies, Aegon
retail investors, in particular the Asian undertook a European roadshow
tension for the EUR investors. retail base encompassing the UK, Germany, France and
Due to increase of EUR denominated Marketing took place with roadshows in the Netherlands as well as numerous investor
Hong Kong and Singapore; initial price conference calls to address investor concerns.
tranche from 2 bn to 3 bn, the
envisioned size of GBP 300 - 500 m talk was 7.50% area After completion of the roadshow, the lead
was reduced to GBP 250 mm The strong demand resulted in 50% managers approached the market with price
oversubscription, with an orderbook guidance of mid swaps + 120-125 bps for a
Premarketing spread started with a approaching US$ 750 mm. benchmark transaction (EUR 500mm or
larger). Strong order inflow resulted in the
range of 285 -300 bps over the Gilt Due to the extremely strong order book books being closed by early afternoon on the
8% December 2015. Due to strong the final pricing was revised downwards second day.
demand the spread could be and set at 7.25% At close, the book totalled EUR 1.1bn of high
tightened to 295 and the issue The transaction achieved broad quality orders, allowing high allocations. The
amount increased to GBP 300 mm geographical distribution, led by Asia lead managers priced a EUR 900 mm
Pacific, Germany/Austria and Switzerland transaction at the tight end of the price
Bookbuilding officially started on guidance.
Friday, April 4th. Books were already
The offering is structured to boost the
issuers capital base and satisfy rating The order book was largely driven by German
closed after 1 hour when total book agency hybrid capital criteria. The issue and to a lesser extent UK institutional buyers,
volume of GBP 429 mm was reached structure is perpetual fixed rate. The however German retail also participated in the
issuer has the option to defer coupon deal.
payments subject to no dividend being The issue exhibited a strong secondary market
declared on common stock of Allianz AG performance, despite a one notch downgrade
from S&P, and was tapped for EUR 100mm at
mid swaps + 103 bps one week later
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Munich Re Finance B.V. EUR 3 billion 6.75% 2013/2023
Guaranteed Subordinated Bond (A2/A) 20 NC 10 Step-Up
Issue Highlights
On March 20th Munich Re and the Joint Bookrunners announced the mandate of Munich Res first subordinated bond
issue. With this issue, Munich Re will strengthen its capital base for rating agency and regulatory purposes.
After the release of the preliminary 2002 figures, Munich Re and the Joint Bookrunners undertook an intensive
roadshow in London, Paris, Amsterdam, The Hague and Frankfurt, as well as investor conference calls in the first week
of April. Extensive marketing material included a detailed company presentation and a red herring, as well as credit
research distributed to sales before the roadshow started.
Bookbuilding started on Monday morning 07 April. Books increased rapidly to EUR 6.8 bn before closing. Therefore,
Munich Re increased the initial issue size of EUR 2 bn to EUR 3 bn on the day immediately preceding launch and
pricing.
Order book and deal performance was very good despite the preceding downgrading of Munich Res Insurer Financial
Strength Rating by two notches to AA-(neg.)/Aa3 (Fitch confirmed the AA+ (neg.) IFSR rating) and volatile stock
markets with Munich Res share breaking the EUR 70 mark during book building after a low of EUR 52.50 (closing
price) on 31 March.
Due to huge investor demand and favourable market conditions, the initially announced spread range of 250 - 260 bps
over midswaps could be tightened to 245 - 250 bps. The deal then priced at the lower end of this range.
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Munich Re Finance B.V. EUR 3 billion 6.75% 2013/2023
Guaranteed Subordinated Bond (A2/A) 20 NC 10 Step-Up
Regional Distribution Investor Type Distribution
Others
Other Europe 5%
Other
5% Retail /HNWI
Asia 3% 6%
Austria 5%
3% Germ any Insurances
Sw itzerland 32% 11%
4%
Spain
ORDER BOOK 5% Funds
48%
USA
5%
Italy Banks
10% UK 30%
France 17%
11%
Other Europe
4% Other Others
Asia Retail /HNWI 4%
Austria
4% 3% 7%
3%
Sw itzerland
3% Insurances
Spain Germany 12%
4% 38%
ALLOCATION USA
5%
Funds
53%
Italy
10%
Banks
24%
France
UK
11%
15%
Deutsch-Rusische Konferenz
Schwerpunktthema:
Versicherungen
Group Executive Committee
Hermann-Josef
Lamberti
COO Tessen von
Clemens Brsig
Heydebreck
CFO / CRO
CAO
Rainer Neske
Anshu Jain
Private & Business
Global Markets
Clients
Pierre de Weck
Michael Cohrs
Private Wealth
Member of the Board of Managing Corporate Finance
Directors Management
Corporate and Investment Bank (CIB)
Fixed Income Sales & Trading Corporate Finance Coverage Relationship Management (RM)
Bond Origination
Financial Institutions
Global Credit Products
German Midcaps
Bond Syndication High Yield
Global Corporates
Derivatives Mortgage-Backed
Global Cash Management (GCM)
Loans Syndication
Money Markets/Repo Electronic Banking Services
Leveraged Finance
Securitisation Payment Services
Project Finance
Foreign Exchange
Liquidity Management
Mergers and Acquisitions Information Services
Metals and Commodities
Advisory
Card Services
Exchange Traded Derivatives e-Business
ECM
Research Global Trade Finance (GTF)
Equity Origination
e-Business Structured Trade and Export
Equity-Linked Finance (STEF)
Syndication Trade & Risk Services (TRS)
Portfolio and Risk Management
(PRM)
Global Equities
Asset Finance & Leasing (AFL)
Equities Sales and Trading Trust & Securities Services (TSS)
Equity Derivatives Domestic Custody Services (DCS)
Research
Corporate Trust and Agency
e-Business
Deutsch-Rusische Konferenz
Schwerpunktthema: Organigramm Global Banking Division
Versicherungen
Wolfgang Wagner
Business Manager
North America
Asset Manager
Banks, Broker /
Kathleen Bowers
Dealer & Insurance
Alan Krouk
Charles Kohler