KOMERCNÍ BANKA, KB International Cover Pool
Komerční_banka_EUR_HZL_0001
International Cover Pool means a part of the assets of the Issuer, which is recorded separately and which is composed of assets satisfying the relevant contractual and statutory eligibility criteria set out in the Trust Deed to cover the obligations of the Issuer arising from the Mortgage Covered Bonds (including, among other things, their aggregate nominal value and proportionate yield) with a cover pool identifier: Komerční_banka_HZL_EUR_0001.
The Issuer operates two Cover Pools. The first is the International Cover Pool, which covers the Mortgage Covered Bonds issued under under the €5,000,000,000 Mortgage Covered Bond Programme dated 4 January 2021 (and certain other Accessory Debts).
The second is the Local Cover Pool, which covers the covered bonds issued under the Local Covered Bond Programme (and certain other debts).
All figures are current as of 30 June 2023.
Key Facts
Debts | 12 739 693 264 |
Covered Bonds Debts | 11 865 526 611 |
Accessory Debts | 874 166 653 |
Cover Assets | 15 288 636 638 |
Mortgage Loans | 15 088 636 638 |
Liquidity Buffer | 200 000 000 |
The amount of Mortgage Loans is calculated as total of balance of loans adjusted for the 80% LTV cap.
Debts denominated in EUR are expressed in CZK based on the Exchange Rate as of reporting date (30 June 2023).
OC limit statutory (Statutory Minimum OC Level Test) | 2.00% |
OC limit contractual (Contractual Minimum OC Level Test) | 5.00% |
Over-collateralisation target | 20.00% |
Over-collateralisation actual | 20.01% |
Mortgage Loans coverage limit (Statutory 85% Test) | 85.00% |
Mortgage Loans coverage actual | 118.44% |
For the purpose of the calculations in respect to the Statutory Minimum OC Level Test and the Statutory 85% Test the Nominal Value of the Mortgage Loan which exceeds 80% of the Mortgaged Property Value is disregarded to such extent (i.e. issuer applies stricter treatment than the law requirement to disregard only the Nominal Value of the Mortgage Loan which exceeds 100% of the Mortgaged Property Value). Such stricter treatment leads to consistency among calculations of statutory and contractual tests while respecting contractual eligibility criterion that the Mortgage Loan receivables amount included in the International Cover Pool is capped at a maximum LTV Ratio of 80%.
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Bond List
ISIN | CCY | Type | Current Rate | Nominal | Interest Accrued | Bond Debts in CZK |
XS2289128162 | EUR | fixed | 0.01% | 500 000 000 | 22 192 | 11 865 526 611 |
Grand Total | 500 000 000 | 22 192 | 11 865 526 611 | |||
Bond Maturity
ISIN | Maturity Date | Extended Maturity Date |
XS2289128162 | 2026-01-20 | 2027-01-20 |
Maturity extension trigger: If the Issuer fails to redeem all Mortgage Covered Bonds of a Series (the Relevant Series) in full on the Maturity Date or within 14 Business Days thereafter, the maturity of the principal amount outstanding of the Mortgage Covered Bonds of the Relevant Series will be automatically extended up to the Extended Maturity Date.
Cover Pool Loan Overview
Number of Mortgage Loans | 9 685 |
Number of borrowers | 9 516 |
Number of properties | 12 420 |
Nominal Value of Mortgage Loans in CZK | 15 588 273 817 |
Adjusted Value of Mortgage Loans (LTV 80% cap) in CZK | 15 088 636 638 |
Mortgaged Property Value in CZK | 30 279 353 013 |
Weighted Average of seasoning of Mortgage Loans | 5.4 years |
Weighted Average of remaining term of Mortgage Loans | 21.1 years |
Weighted Average of term to interest rate reset of Mortgage Loans | 2.6 years |
Weighted Average Life of Mortgage Loans | 11.7 years |
Weighted Average Life of Covered Bonds | 2.6 years |
Weighted Average of LTV of Mortgage Loans | 61.21% |
Number of Mortgage Loans in Arrears >90 days | 0 |
Loans in Arrears >90 days as % of all loans | 0.00% |
10 largest borrowers per Adjusted Value of Mortgage Loans in CZK | 155 837 382 |
10 largest borrowers in % of total Adjusted Value of Mortgage Loans in CZK | 1.03% |
Loans to employees per Adjusted loan balance in CZK | 0 |
Loans to employees as % of total | 0.00% |
Averages of remaining term, interest rate reset and LTV are weighted by the Adjusted Value of Mortgage Loans (LTV 80% cap) adjusted for the 80% LTV test.
For loans where future interest rate has been formally agreed (with bank customer forfeiting the option of early repayment) the interest reset date reflects the term of this forward rate agreement.
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All loans meet the Statutory and Contractual Eligibility Criteria:
- There is a first ranking mortgage in favor of the Issuer securing repayment of the relevant Mortgage Loan, which is also not subject to any other security interest of the same or prior ranking or any prior restrictions on disposals unless they cease to exist as a result of repayment of the obligations secured by them from the proceeds of the relevant mortgage loan
- The mortgage loans are governed by Czech law
- The mortgaged property is real property
- The mortgaged property is located in the Czech Republic
- The mortgaged property is residential property
- The mortgage loans are not in default (90+ days in arrears or defaulted under Art. 178 CRR)
- Under each mortgage loan, the maximum amount of secured receivables of the issuer is at least equal to the amount of receivables from that mortgage loan included in the cover pool
- The mortgage loan receivables amount included in the cover pool is capped at a maximum LTV ratio of 80%
- The mortgage loans are all denominated and payable by the relevant borrower in Czech Koruna
- The cover pool does not contain any asset-backed securities
- The relevant borrower has paid at least one installment
- The mortgage loans are fully disbursed
- The mortgage loans are not subject to any state subsidy
- The mortgage loans have been granted to one or more individuals
- There are no employee mortgage loans
Liquidity Buffer Overview
ISIN | Maturity | Currency | Volume Outstanding | Volume Outstanding in CZK |
CZ0001003123 | 04/2023 | CZK | 0 | 0 |
CZ0001004600 | 10/2023 | CZK | 200 000 000 | 200 000 000 |
Grand Total | CZK | 200 000 000 | 200 000 000 | |
Cover Pool Swaps Overview
Counterparty | CCY | Amount | Rate | CCY | Amount | Rate | Market Value |
SOCIETE GENERALE (SGIB) | EUR | 500 000 000 | 0.01% | CZK | 13 080 000 000 | 1.09% | -874 166 653 |
Amount in CZK is based on actual Exchange Rate as of trade date (13 January 2021).
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Covered Block Cashflow Forecast (next 6 months)
Month | Mortgage Loans | Liquidity Buffer | Derivatives | Bonds Issued | Total |
2023-07 | 93 257 378 | 0 | 0 | 0 | 93 257 378 |
2023-08 | 93 257 378 | 0 | 0 | 0 | 93 257 378 |
2023-09 | 93 257 378 | 0 | 0 | 0 | 93 257 378 |
2023-10 | 93 257 378 | 899 384 | 0 | 0 | 94 156 762 |
2023-11 | 93 257 378 | 0 | 0 | 0 | 93 257 378 |
2023-12 | 93 257 378 | 0 | 0 | 0 | 93 257 378 |
Grand Total | 559 544 265 | 899 384 | 0 | 0 | 560 443 649 |
The projection is based on the following assumptions:
- projection of Mortgage Loans cashflow is done on the basis of contractual cashflows (annuity payments)
- projection of EUR cashflows is reported in CZK using current (30 June 2023) exchange rate
- projection of Liquidity Buffer cashflow considers only interest flows, as maturity of the instrument does not imply cash position change at the covered block level (principal received would remain in the covered block as cash)
- projection of Bonds Issued is done on the basis of Extended Maturity (i.e. not contractual maturity)
Loan Product Range
Mortgage Loan Purpose | Number of | Adjusted Value of Mortgage | % | |
Mortgage Loans | Loans (LTV 80% cap) in CZK | |||
Purchase | 5 | 678 | 9 901 815 061 | 65.62% |
Construction | 596 | 1 008 250 511 | 6.68% | |
Reconstruction | 663 | 534 870 231 | 3.54% | |
Refinancing | 1 989 | 2 958 527 279 | 19.61% | |
Others | 759 | 685 173 556 | 4.54% | |
Grand Total | 9 685 | 15 088 636 638 | 100.00% | |
Impact of COVID-19 Moratorium on Loans
Loans in COVID-19 moratorium per Adjusted loan balance in CZK | 0 |
Loans in COVID-19 moratorium as % of total | 0.00% |
Cover Pool Loan Detail
Loan Assets only; overview of Liquid Assets is given separately.
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Mortgage Loans Contractual Maturity Profile
Adjusted loan balance (LTV 80% cap) in CZK mln.
2 000 |
1 500 |
1 000 |
500 |
0 |
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Mortgage Loan maturity date (year) |
Mortgage Loans Interest Rate Reset Profile
Adjusted loan balance (LTV 80% cap) in CZK mln.
- 000
- 500
- 000
-
500
0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Mortgage Loan interest reset date (year)
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Disclaimer
Komercní banka a.s. published this content on 10 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 July 2023 11:25:02 UTC.
