berenberg - marine money · centres such as frankfurt, london and new york eur 30 bn assets under...

BERENBERG Marine Money 2015 – 14th Annual German Ship Finance Forum

Debt - Participations Andreas Schultheis, Head of International Shipping Department Hamburg, 26 February 2015

Berenberg General Information

Founded in 1590, oldest bank in Germany, one of the oldest banks worldwide

General Partnership, with fully liable Individuals (Managing Partners)

Grown to one of the leading private banks in the world, to a European capital market bank

Head Office in Hamburg, offices in financial centres such as Frankfurt, London and New York

EUR 30 bn Assets under Management EUR 4 bn Balance Sheet Total More than 1.200 employees worldwide

Access to exclusive financing and investment opportunities

• Corporate Banking Corporate clients, Structured Finance, Shipping

• Investment Banking Equities: sales, trading and research, ECM Fin. Markets: fixed income, DCM, FX-Trading, M&A

• Private Banking Wealth management for individuals, families and foundations

• Asset Management Investment Strategies for institutions incl. quantitative techniques and currency management

The European Equities Powerhouse More ECM transactions in 2014 than anyone else

Note: IPOs

Capital Increase

130m Joint Global Coordinator/

Joint Bookrunner

Jan 2014

Convertible

EUR 275m Joint Bookrunner

Feb 2014

10% Capital Increase

EUR 367m Co-Bookrunner

Feb 2014

Secondary Placing of Treasury Shares

EUR 39m Sole Global Coordinator/

Sole Bookrunner

Mar 2014

Convertible


Mar 2014

Secondary Placing of


Sole Bookrunner

Mar 2014

for

Pre-Placement & Rights Issue

EUR 119m Joint Global Coordinator/

Joint Bookrunner

Apr 2014



Sole Bookrunner

Mar 2014



Sole Bookrunner

Apr 2014


GBP 203m Co-Lead Manager

Apr 2014

for

Rights Issue


Jun 2014

<10% Capital Increase


Sole Bookrunner

Nov 2014

10% Capital Increase


Joint Bookrunner

Oct 2014

Rights Issue


Joint Bookrunner

Sep 2014

10% Capital Increase & Secondary Placing

of


Sole Bookrunner

Jul 2014



Sole Bookrunner

Jul 2014

for



Aug 2014

for



Sole Bookrunner

Nov 2014

<10% Capital Increase


Joint Bookrunner

Nov 2014

Convertible

EUR 297m Co-Bookrunner

Nov 2014

IPO

GBP 125m Co-Lead Manager

Feb 2015

IPO

CHF 2.3bn Joint Bookrunner

Feb 2015

IPO


Jan 2015

IPO

GBP 100m Joint Global Coordinator/

Joint Bookrunner

Dec 2014

IPO

EUR 1.4bn Joint Global Coordinator/

Joint Bookrunner

Oct 2014

IPO

EUR 1.2bn Co-Lead Manager

May 2014

IPO


Jun 2014

CHF 44m Sole Global Coordinator/

Sole Bookrunner

Mar 2014


69m Sole Global Coordinator/

Sole Bookrunner

Feb 2014


Spin-off

EUR 1.3bn market cap at listing date Financial Advisor

to BUWOG Apr 2014

for

IPO

TBA Co-Lead Manager

Pending

Sub 10% Capital Increase

EUR 589m Joint-Bookrunner

Feb 2015

Berenberg is the “go-to” house for European mid market ECM Berenberg’s USPs

Note: (1) League table incl. IPOs, rights issues, secondary placements; D/A/CH region (Dealogic) Source: Bloomberg, Dealogic

ECM transactions D/A/CH 2014 – 2015 YTD(1) IPOs D/A/CH 2014 – 2015 YTD

Berenberg USPs

# Bank Deal value (EURm) # of deals Market share (%)

1 Berenberg 1,971.49 22 4.842 UBS 5,141.47 19 12.613 JPMorgan 3,956.60 16 9.713 Deutsche Bank 5,613.74 16 13.775 Goldman Sachs 5,206.98 13 12.776 Credit Suisse 1,359.25 12 3.337 Morgan Stanley 2,592.66 11 6.368 Bank of America Merrill Lynch 3,261.11 9 8.009 Commerzbank Group 1,022.30 6 2.519 Citi 2,106.18 6 5.17

Subtotal 32,231.79 76 79.06Total 40,766.94 96 100.00

# Bank Deal value (EURm) # of deals Market share (%)

1 UBS 1,163.52 7 15.282 Morgan Stanley 1,120.26 6 14.713 Berenberg 925.88 4 12.164 JPMorgan 875.14 8 11.495 Deutsche Bank 665.53 3 8.746 Credit Suisse 605.10 5 7.957 Citi 449.03 2 5.908 Bank of America Merrill Lynch 361.51 2 4.759 Goldman Sachs 326.80 3 4.2910 Bankhaus Lampe KG 215.08 1 2.82

Subtotal 6,707.84 14 88.08Total 7,615.27 21 100.00

Leading Pan European ECM team with more than 55 successfully completed transactions since the beginning of 2013 with a total transaction volume of more than EUR 20 bn 1

Global distribution platform with one of the largest sales forces selling European Equities (c. 60 sales located in the UK, Continental Europe and the US + 16 (sales) traders) 2

Leading European Research House with dedicated and consistently top-ranked research teams, covering more than 540 Pan-European Stocks 3

Access to additional pockets of demand: Coverage of > 625 mid-market institutional investors, which (1) are not covered by larger banks and (2) come early into the book creating bookbuilding and pricing momentum 4

Highly motivated & energetic team with strong desire to further showcase the strength of Berenberg’s distribution franchise in maximising demand in ECM transactions 5

Debt Capital Markets Strong track record - selected DCM transactions in 2012/13/14 YTD

Covered Bond

EUR 100m

Jan 2013

Sole Lead Manager/ Sole Bookrunner

2.750% 01/2023

Convertible Bond

EUR 58.8m

Feb 2013

Joint-Lead Manager/ Joint Bookrunner

2.000%/ 26% 02/2018

Senior Unsecured Bond

EUR 200m

Mar 2013

Joint-Lead Manager

FRN 03/2016


EUR 300m

Apr 2013

Co-Lead Manager

4.000% 04/2020

EUR 200m

May 2013

Senior Co-Lead Manager


3.000% 05/2020

Convertible Bond Tap

EUR 91.2m

Jul 2013


2.000%/ 26% 02/2018


EUR 150m

Mar 2012

Joint-Lead Manager

8.500% 03/2017


EUR 100m

May 2012

Senior Co-Lead Manager

4.250% 05/2019


EUR 210m

Sep 2012

Sole Lead Manager/ Sole Bookrunner

3.340% 09/2022


EUR 300m

Oct 2012

Co-Lead Manager

3.875% 11/2019


EUR 325m

Aug 2013

Co-Lead Manager

9.750% 02/2018


EUR 225m

Sep 2013

Co-Lead Manager

3.750% 09/2020

Senior Unsecured Bond Tap

EUR 150m

Oct 2013

Co-Lead Manager

7.750% 10/2018


EUR 250m

Sep 2013

Co-Lead Manger

7.750% 10/2018


EUR 250m

Apr 2014

Co-Lead Manager

6.000% 05/2021

Convertible Bond Tap

EUR 125m

Jun 2014


1.500%/ 27.5% 02/2019

Convertible Bond

EUR 45m

Mar 2014

Joint Lead Manager/ Joint Bookrunner

0.875%/ 20% 03/2019

Senior Unsecured Bond Tap

EUR 100m

Jul 2014

Joint Global Coordinator/ Joint Bookrunner

6.000% 04/2019


EUR 100m

Oct 2014

Sole Global Coordinator/ Sole Bookrunner

0.132% 10/2019


EUR 210m

Oct 2014

Sole Global Coordinator/ Sole Bookrunner

0.234% 10/2019

State of Lower Austria

Convertible Bond

EUR 150m

Feb 2014


1.500%/ 27.5% 02/2019

Government Bond

EUR 500m

Feb 2014

Sole Lead Manager

3.60% Registered Notes 02/2034

Slovak Republic


EUR 250m

Nov 2014

Joint Global Coordinator/ Joint Bookrunner

7.500% 10/2019

Convertible Bond

EUR 297m

Nov 2014

Bookrunner 0.500%/ 27.5% 11/2019

Note: Straight Bond Convert

http://www.adler-ag.com/adler-ag/contao-2.11.7/index.php/start.html

Hapag-Lloyd EUR 250 m High-Yield Bond Berenberg acted as a Joint Global Coordinator and Bookrunner

• Bond performed well in the secondary market

• Linking pay-out of proceeds to merger

completion of Hapag-Lloyd and CSAV plus capital increase

• Providing investors with necessary protection due to uncertainties

• Highlighting the performance potential to

investors to justify a lower coupon

• Installing “New Hapag-Lloyd” as the issuer and marketing new business plan with stronger financials and operation ratios to investors

Repositioning of Hapag-Lloyd’s Credit Story Success for Hapag-Lloyd

Berenberg’s sales force generated over EUR 150 m of unique demand and EUR 270 m incl. pot orders for the Hapag-Lloyd bond

• Achieved a coupon significantly below high-yield market standard at that time

Bond price performance after issue

99

100

101

102

103

104

105

106

20/11/14 30/11/14 10/12/14 20/12/14 30/12/14

Bon

d P

rice

HAPAG-LLOYD AG 10/2019

Berenberg Structured Finance Advisory, financing and arranging – selected transactions

Financing of the public takeover of

BIEN-ZENKER AG

Sole Lead Arranger 2013 2013 2013/2014 2013

Guarantor 2012/2013

Financing confirmation regarding the

public takeover and Squeeze-out

of Cinemaxx AG

Structuring of the syndicated financing within an acquisition

process (building sector)

Financial Advisor 2013

Financing of the acquisition of a majority in

Aqua Vital

Advisor in the structuring of a

Syndicated Loan

Financial Advisor Mandated Lead Arranger

Mandated Lead Arranger

Financial Advisor 2013

Financing of the acquisition of a majority

in Wback Group

Structuring of the acquisition financing of

a firm specialized in surface finishing

Sole Lead Arranger 2012/2013

Financing of the acquisition of a stake in a listed producer of

sensor solutions

Mandated Lead Arranger

Structuring, participation in and refinancing of a

Syndicated Loan

Co-Arranger 2012

2012

Financing of the acquisition of a

majority in 360T

Mandated Lead Arranger 2009/2010/2013

Participation in the financing of add-on

acquisitions for amedes Group

2010/2013 Mandated Lead Arranger

Financing of the public takeover of Personal &

Informatik AG

Financing of the acquisition of the

RHM Group

Supporting Bank of the Bidder

2012/2013/2014

Financing (Super Senior RCF) of

the acquisition of Hussel Süßwaren-Fachgeschäfte

2014

Sole Lead Arranger (Super Senior RCF)

Mandated Lead Arranger 2014

Sole Lead Arranger 2014

Financing of the acquisition in the

education sector

Structuring of the financing of a Peer-to-Peer

Lending platform

Structuring and arrangement of the

syndicate loan

Mandated Lead Arranger & Coordinator

2014

Mandated Lead Arranger 2015

Structuring of the group financing

of the VivaNeo fertility clinics chain

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http://www.360t.com/cnt_home/home.php

http://www.pi-ag.com/

Participating in Mortgage backed Loans Berenberg offering loan sub participations

Counter-cyclical investments

Low interest rate environment

Offer to institutional investors – very selectively and exclusively – to participate in new first preferred mortgage loans

Very attractive investments in terms of risk/return profile

Syndications, sub-participations, club deals and loan sales

Berenberg‘s related services: Originating, Fronting, Asset Management, Security Trustee, Monitoring

Participating in Mortgage backed Loans Berenberg Shipping Debt Funds

• No conflict of interest

• Only newly issued loans, no un-loading of our risks from past transactions

• Alignment of interests, Berenberg remains Lead Investor and Agent

• Conservative LtVs and covenants • Limited downside potential as

asset values have fallen to a historical low

• Excellent borrowers (reputation, performance, track record)

• Marketable tonnage

• Inspection of the asset

• High standards regarding P&I, H&M, class, flag etc.

• Monitoring the cash flow (operational payments to be settled via our bank)

• Diversified portfolio

Our General Approach The Shipping Debt Funds

Participating in Mortgage backed Loans Conclusion

• Volatile and inefficient markets offer opportunities for achieving above-average returns

• Berenberg understands inefficient markets

• Benefit from the turmoil in the shipping and in the financial markets

• Extensive experience in the development and structuring of shipping projects

• Proven track record

• Conservative approach

• In-depth market knowledge

• Investors shift origination, management and administration to

professionals • Aligned interest • Therefore being able

to access a niche market with high barriers of entry

Access to high-quality assets, i.e. high quality loans combined with specific sector knowledge are

Berenberg’s decisive criteria for success

Disclaimer

Publisher

BERENBERG

Joh. Berenberg, Gossler & Co. KG

Neuer Jungfernstieg 20

20354 Hamburg

Germany

Internet: http://www.berenberg.com

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Disclaimer

The information in this publication was developed using data that we assume to be accurate;

nevertheless, we accept no liability and offer no guarantee. This publication may not be considered

as an offer to sell or an invitation to treat for the purchase of securities. The statements made in this

publication can be changed without prior notice.

berenberg - marine money · centres such as frankfurt, london and new york eur 30 bn assets under...

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