Market announcement
AS LHV Group
LEI code
529900JG015JC10LED24
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
7987
Submission date and time
05.05.2020 08:00:00
Content of announcement in Estonian
Title
Moody's andis LHV pandivõlakirjadele esialgse reitingu (P)Aa1
Message
Moody's Investors Service on kinnitanud AS-i LHV Pank poolt välja antavate hüpoteekpandikirjade esialgseks pikaajaliseks reitinguks (P)Aa1. Rahvusvaheline reitinguagentuur Moody's on esialgse reitingu väljastamisel analüüsinud LHV Panga plaanitavat võlakirjaemissiooni, võtnud arvesse muu hulgas tagatiseks seatavate hüpoteeklaenude head krediidikvaliteeti, emitendi tegevust ja järelevalvet puudutavat Eesti õiguslikku raamistikku, aga ka tururiske ja tänase majanduskeskkonna määramatust. Pikaajaline reiting (P)Aa1 tähistab kõrgekvaliteedilisi kohustusi, mille krediidirisk on väga madal. "Reitingu saamine pandivõlakirjadele on oluline samm, et saaksime plaanipäraselt jätkata emissiooni ettevalmistusega ja kuigi emissiooni lõplik aeg sõltub ka turuolukorrast, soovime juba suve alguses pandivõlakirjad välja anda," ütles LHV Panga juhatuse esimees Erki Kilu. "LHV on likviidsuse juhtimisel hoidnud alati konservatiivset joont ning pandikirjad annavad meile võimaluse finantseerimist veelgi mitmekesistada ja kulusid vähendada. Eluasemelaenude tagatisel väljastatavate pandivõlakirjade abil saab LHV vähendada seniseid hoiuseplatvormide kaudu kaasatud kallimaid hoiuseid. Ühtlasi toob see pikemas vaates kaasa soodsama rahastamise klientidele," lisas Kilu. Pandikirju on LHV Pangal plaanis pakkuda Euroopa institutsionaalsetele investoritele. Pandikirjad annavad LHV-le võimaluse kaasata välist rahastust ka keerulisematel aegadel. Samuti saab LHV võimaluse kasutada Euroopa keskpanga poolseid likviidsuspakkumisi. Euroopa Keskpank andis LHV Pangale Eesti Finantsinspektsiooni ettepanekul loa väljastada pandivõlakirju 18. märtsil 2020. Pandikirjade emiteerimist võimaldav pandikirjaseadus jõustus Eestis 2019. aasta märtsis. LHV alustas kodulaenude väljastamist 2016. aastal. Danske Bank A/S-i eraisikute laenuportfelli ostuga kasvas eluasemelaenuportfelli maht pandivõlakirjade emiteerimiseks piisavale tasemele. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab üle 450 inimese. LHV pangateenuseid kasutab ligi 217 000 klienti ja LHV hallatavatel pensionifondidel on ligi 178 000 aktiivset klienti. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Moody's assigned LHV mortgage covered bonds a provisional rating of (P)Aa1
Message
Moody's Investors Service has assigned a provisional (P)Aa1 long-term rating to the mortgage covered bonds issued by AS LHV Pank. The international credit ratings agency Moody's has analysed the planned issue of covered bonds by LHV Pank and considered, inter alia, the high credit quality of the assets backing the covered bonds, the support provided by the Estonian legal framework, which provides for the issuer's regulation and supervision, but also exposure to market risks and the increased uncertainty of the current economic environment. The long-term rating (P)Aa1 indicates high quality obligations that are subject to very low credit risk. "Obtaining a credit rating is an important step in order to continue the preparations for the bond issue as planned and although the final date is subject to the market situation, we plan to issue the covered bonds in early summer," said Erki Kilu, the chairman of the management board of LHV Pank. "LHV has always maintained a conservative position regarding liquidity management and covered bonds offer an opportunity to further diversify funding and reduce costs. The cost of more expensive deposits, raised through deposit platforms, can be reduced by issuing covered bonds that are secured by residential mortgages. In the long run, this will also lead to more favourable cost of financing for our clients," Kilu added. LHV Pank is planning to offer covered bonds to European institutional investors. Covered bonds are expected to provide a new resilient source of funding for LHV. Covered bonds also provide LHV with the opportunity to use liquidity offers from the European Central Bank. On the proposal of the Estonian Financial Supervision Authority, AS LHV Pank was granted an authorisation by the ECB to issue covered bonds on 18 March 2020. The legislation enabling the issuance of covered bonds under the Estonian Covered Bonds Act entered into force in Estonia in March 2019. LHV began issuing home loans in 2016. With the acquisition of the private customer loan portfolio of Danske Bank A/S Estonia branch in 2019, LHV achieved a sufficient volume of mortgages for issuing covered bonds. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and the asset management company LHV Varahaldus. LHV employs over 450 people. LHV's banking services are used by nearly 217,000 clients, and pension funds managed by LHV have nearly 178,000 active clients. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])