SEI Forums Frankfurt Making Energy Efficiency Investible - what do banks need? MünchenerHyp
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SEI Forums Frankfurt Making Energy Efficiency Investible – what do banks need? MünchenerHyp December 2018 Münchener Hypothekenbank eG
Sustainability within MünchenerHyp
systemic important bank under direct ECB supervision:
- Partner of Volksbanken and Raiffeisenbanken in the mortgage lending business
sustainable business modell:
- sustainability as integral part of our business activities
exclusion of business activities to certain critical sectors:
Gambling Tobacco
Pornography Alcohol
Military Weapons Uranium Mining
2014 issuance of the first ESG Pfandbrief:
- pioneer in the market segment for sustainable Pfandbriefe
integration of sustainable loan products into our core business:
- November 2015 MünchenerHyp Green Loan
- January 2018 MünchenerHyp Family Loan
MünchenerHyp‘s investment into sustainability via own products:
- reduced interest rates as incentive for customers
Membership in EeMAP (Energy efficient Mortgages Action Plan):
- founding member and pilot bank
Sustainability 2
Integration of Sustainability
sustainability
management of
MünchenerHyp
sustainable funding through
sustainable mortgage lending
ESG Pfandbriefe
Sustainability 3
MünchenerHyp Green Loan
green loan for retail customers:
- strict energy standards for sustainable financing
- MünchenerHyp is granting the full loan on a
discounted interest rate to incentivise customers
- available for new construction, purchase,
modernisation or restructuring
- loans are certified by ISS-oekom
loans represent the top 10% in energy efficiency
performance in the German housing market:
- annual primary energy consumption not more than
70 kWh/m²
- current median in German residential housing is
about 140 kWh/m² per year1
positive climate impact:
- energy saved is approx. 330 tons of CO2 emission
per year
sustainable strategy:
- currently every 9th loan granted was already green
- permanently growing cover pool for future ESG
Pfandbriefe 1source: energy values according to dena Gebäudereport 2015
Sustainability 4
Certified Commercial Mortgage Lending
financing commercial assets with sustainability
certificates
evaluation on the basis of the four most important
certification systems
minimum criteria subject to eligibilty of the
sustainability rating agency ISS-oekom:
- DGNB (min. Gold or Platinum)
- BREEAM (min. Very good, Excellent or Outstanding)
- LEED (min. Gold or Platinum)
- HQE (min. Excellent or Exceptional)
Sustainability 5
Set-up for Sustainable Funding
Sustainability ratings:
- ISS-oekom, imug, Sustainalytics, DZ Bank Seal of Quality for Sustainability
Green Bond Framework:
- including the Green Bond Principles
Second Party Opinion (SPO):
- external proof from ISS-oekom regarding the energy efficencyperformance
contribution to the SDGs:
- 7.3 Double the global rate of improvement in energy efficiency
energy efficient assets for an ecological ESG Pfandbrief:
− EUR 280.9 mn energy-efficient residential building in the cover pool
− EUR 310.8 mn certified environmental commercial buildings in the cover pool
− EUR 538.9 mn granted, partly or fully payed out green loans outside the coverpool
− EUR 1,129.6 mn total
permanent business cycle for energy-efficient loans:
− green loans and certified environmental loans are constantly offered and contracted
marketing via deal-related roadshow:
- explanation of the business model and the product/deal concept
Sustainability 6
Ecological ESG Pfandbrief
Issue 10/2018: EUR 0.50 bn, long 5 years, Mortgage Pfandbrief, MS – 8bp
ISIN DE000MHB21J0, 08/11/2018 – 13/12/2023
Orderbook over EUR 0.9 bn
80 orders from 14 countries
Investors Geographic split
Nordic
Central Banks & Region
Official Institutions 14.6%
37.4%
UK 8.9%
Asset
Manager & Benelux
Funds 5.0%
Banks Germany 62.9%
14.4%
44.0% France 3.6%
Asia & Middle
Insurances East 3.5%
4.2% Other
Europe
1.5%
Funding 7Pros, Cons & Risks
Pros:
- sharpen the sustainable profile of the bank
- implementing a complete sustainable business cycle
- pioneer in a dynamic growing market
- broadening of the investor base
Cons:
- extensive internal work
- additional costs but no benefit for funding costs so far
- potential reputational risk
Risks or uncertainties:
- HLEG Taxonomie
- EeMAP definition of an energy efficient mortgage
- too ambitious targets
- “Grandfathering“ of existing ecological assets
Sustainability 8Contact Information Münchener Hypothekenbank eG Karl-Scharnagl-Ring 10 D-80539 München Telephone: +49-89-5387-0 Telefax: +49-89-5387-243 Reuters: MHB01 Internet: http://www.muenchenerhyp.de Treasury – Debt Investor Relations Rafael Scholz rafael.scholz@muenchenerhyp.de Tel. +49-89-5387-106 Claudia Bärdges-Koch claudia.baerdges-koch@muenchenerhyp.de Tel. +49-89-5387-110 Sustainability Dr. Johanna Dichtl johanna.dichtl@muenchenerhyp.de Tel. +49-89-5387-577 Appendix 9
Notes Appendix 10
Disclaimer This MATERIAL IS PROVIDED SOLELY FOR INFORMATIONAL PURPOSES AND is not an offer for sale of, or an invitation for the subscription or purchase, of securities offered by THE BANK in the United States or in any otherjurisdiction. Such securities may not be offered, sold or delivered in the United States or to, or for the account or benefit of, US persons (as such terms are defined in Regulations S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) unless registered under the Securities Act or pursuant to an exemption from such registration. Such securities have not been and will not be registered under the Securities Act. Any offer of such Securities in the United States will only be made by means of an offering circular that will contain detailed information about the Bank and its management, as well as financial statements. Zukunftsbezogene Aussagen Die Präsentation enthält zukunftsbezogene Aussagen. Diese zukunftsbezogenen Aussagen basieren auf den derzeitigen Erwartungen und Prognosen der Bank im Hinblick auf zukünftige Ergebnisse und sind mit Risiken, Unsicherheiten und Vermutungen verbunden, die die Bank und ihr Geschäftsfeld betreffen. Risiken, Unsicherheiten und Annahmen können dazu führen, dass die tatsächlichen Ergebnisse, Leistungen und erreichten Ziele der Bank wesentlich von den durch solche zukunftsbezogenen Aussagen ausdrücklich oder implizit umschriebenen zukünftigen Ergebnisse, Leistungen oder Zielen abweichen können. Darüber hinaus sollten potentielle Investoren beachten, dass Aussagen über in der Vergangenheit liegende Trends und Ereignisse keine Garantie dafür bedeuten, dass sich diese Trends und Ereignisse auch zukünftig fortsetzen werden. Die Bank übernimmt keinerlei Verpflichtung, zukunftsgerichtete Aussagen aufgrund von neuen Informationen, zukünftigen Ereignissen oder aus anderen Gründen öffentlich zu aktualisieren oder zu revidieren. Appendix 11
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