Transcript Hinweise und Beispiele

STRUCTURED FINANCE – EXPORT FINANCE
Presentation
for
xxxxxxxxx
Date
Agenda
Page
1. Facts & Figures about BayernLB
3
2. Export Finance at BayernLB
6
3. Export Finance Transactions
14
4. Typical Types of Financing
21
5. References and Awards
29
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Facts & Figures about BayernLB
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Group Corporate Structure of BayernLB
Association of
Bavarian Savings
Banks
Free State of
Bavaria
AAA/Aaa¹
5.97%
100% state
guarantee
94.03%
BayernLB Holding AG
100%
Bayerische Landesbank
Legal corporation incorporated under public law
89.9%
100%
100%
¹ Standard & Poor‘s, Moody‘s
¹
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100%
100%
Highlights 2010 – key messages
1
Solid earnings before taxes of EUR 885m in 2010
2
All earnings before taxes came from core activities
3
Investors benefit from good operating earnings
4
Deleveraging: Substantial reduction of risks, costs and total assets
5
Well capitalized – even under the new Basel III regime
6
Well balanced funding potential and moderate needs
7
BayernLB is one of the leading corporate financiers with good loan quality
BayernLB is on track with its customer oriented business model
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Export Finance at BayernLB
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Part of Structured Finance
Board: Jan-Christian Dreesen
Structured Finance
Alexander von Dobschütz
Project Finance
Export Finance
Infrastructure
Michel Rousseau
Beate Mayer
Energy
Andy Brown
New York Branch
James King
STRUCTURED FINANCE - EXPORT FINANCE
Leasing, Factoring,
Rolling Stock
Dr. Paul Kunkel
CIS / CEE / SEE / Baltics
Elke Wurth-Weis
EMEA, Americas, Asia
Ralf Engelberg
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Export Finance Department
Beate Mayer
Tel.:
(Head of Department)
+49 (89) 2171-23772
E-Mail: [email protected]
Volker Kuntz (Senior Specialist)
Tel.:
+49 (89) 2171-23965
E-Mail: [email protected]
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Export Finance
Section
The Team„CIS / CEE / SEE / Baltics“
Elke Wurth-Weis
Hans Grutza
Tel.:
Tel.:
+49 (89) 2171-23774
+49 (89) 2171-23514
E-Mail: [email protected]
E-Mail: [email protected]
Herta Albert
Evan Sirowinski
Tel.:
Tel.:
+49 (89) 2171-23802
+49 (89) 2171-23998
E-Mail: [email protected]
E-Mail: [email protected]
Andreas Lettow
Doris Wimmer
Tel.:
Tel.:
+49 (89) 2171-23647
+49 (89) 2171-23977
E-Mail: [email protected]
E-Mail: [email protected]
Harm Clasen
Richard Lawrynowicz
Tel.:
Tel.:
+49 89 2171-26388
E-Mail: [email protected]
E-Mail: [email protected]
STRUCTURED FINANCE - EXPORT FINANCE
+49 89 2171-23513
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What are our Strengths?
Long-term
relationship
• Export & Trade Finance experience for more than 30 years
• Supporting growth of our customers in their markets in the long run
• Structuring capabilities
Competence
• Large underwriting capabilities
• Placing / syndication power
• Tailor-made solutions and services
• Know how in specific regions (Europe, CIS, Asia, N&M East, Americas)
People
• Expertise in specific sectors (Utilities, Metals, Oil/Gas, Telecom, M&E,
Aviation)
• Dedicated staff in key markets
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What are our Products?
Structured
Export Finance
•
•
•
•
Multi-source financing of up to 100% of project value
long tenors (often > 10 years)
Lending on basis of corporate risk
Credit enhancement by ECA and/or PRI and/or off-take structures
Trade Finance
• Documentary business
• Short term trade finance (e.g. advances, post-shipment finance)
• Forfaiting
Cross-selling
products
• Hedging instruments for FX, interest and commodities
• Emission Certificates (Joint Implementation Certificates,
Clean Development Mechanism)
• Emission trading
• Consulting and advisory services
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Who are our Partners?
• Exporters
• Importers
Structured
Export Finance
• Export Credit Agencies (ECAs)
• Private Risk Insurance Companies
• Commercial Banks
• Multinational Finance Institutions (MFIs)
• Exporters
• Trading Companies
Trade Finance
• Commercial Banks
• Off-takers
• Private Insurance Companies
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Our Main Partner Banks in Russia
Existing Basic Agreements for
ECA covered Buyer‘s Credits
Advantages:
• Efficient Work Flow
• Close Cooperation
• International Documentation Standards
• Track Record
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Export Finance Transactions
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Risks and Time Flow
Commercial Risk:  insolvency
Political Risk:  war / riot / confiscation
 ban on imports / embargo
 non-payment („protracted
 risk of conversion and transfer of currency
default“)
 interdiction of payment / moratorium
Purchase /
Production
Acquisition
Delivery/ies
Assembly /
Acceptance
Warranty
Term of Payment
t0
t1
Average
Delivery Date
tn
t2
Forfaiting
Supplier‘s Credit
Conclusion
of Contract
Readiness for Operation
Buyer‘s Credit
Disbursement Period
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Repayment Period
Good operating business – BayernLB „back on track“
Payment Conditions in Export Contracts
• currency (EUR / USD / CHF)
• handling of payments / payment instrument (e.g. L/C)
• payment conditions according to OECD consensus
• place of payment
• type of payment collateral (e.g. guarantees)
• allocation of costs for handling of payments
• allocation of costs for payment collateral
• allocation of costs for financing
• payment of the ECA premium
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Governmental Support for Exports:
OECD Consensus
 „Gentlemen‘s Agreement“ of the OECD countries about rules of
governmental support of exports
 Target: avoid distortion of competition
 Valid for all state-aided export finance transactions with a
credit period of more than 2 years
• (National) Export Credit Insurance (ECA)
Instruments
• Direct credits or refinancing schemes
• Subsidies for interest payments
• Insurance against unlawful claim of guarantee
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OECD Consensus (cont’d)
min. 15 %
of the contract value Down / Interim payments
85%
of the contract value covered by ECA
10 years
maximum tenor (for category II countries)
Repayment in equal, semi-annual instalments, the first
to be due 6 months after „Starting Point“
e.g. last essential delivery, mean weighted delivery,
readiness for operation
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Euler Hermes Kreditversicherungs AG, Hamburg
German „Export Credit Agency“ (ECA)
manages the official export credit guarantee scheme on behalf and for account
of the Federal Government, such scheme granting coverage of political and
commercial risks resulting from receivables and loans agreed in foreign contracts.
Vital preconditions for granting cover:
• Eligibility of goods (deliveries / services must substantially be of
German origin (foreign content max. 30 - 49 %))
• Fungibility of risks / no public budget constraints
• Application for cover needs to be filed before conclusion of contract
• OECD conform payment conditions
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Bayern LB is Partner for Public Export Credit
Agencies (ECAs)
Multi Source /
ECA Desk
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Typical Types of Financing
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ECA-covered Buyer’s Credit
• Definition:
the principal bank of a foreign contractual partner
of the exporter („buyer“) or the buyer is granted
a loan whereas the borrowed funds are
disbursed directly to the exporter for payment
of the purchase price
• Loan Amount: 85% of the contract value plus
100% of the ECA premium plus
part of local costs if eligible for ECA cover
• Additional uncovered financing possibilies:
 possible financing of the down/interim payments
 qualified financing of remaining local costs
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ECA-covered Buyer’s Credit (cont’d)
Additional Collateral required by the ECA:
• Exporter‘s undertaking
• Financial statements according to IRFS in case the buyer is
acting as borrower
• Guarantees (as the case may be)
• Pledge of assets (as the case may be)
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Scheme:
Buyer‘s Credit (bank)
 Export Contract
Exporter
 15% Cash Down and / or
Interim Payment *
Importer (Buyer)
 Loan
Agreement
 Disbursement
of 85%
through L/C
pro rata
deliveries /
services
L/C advising

Repayment

Bayern LB
ECA
 Buyers
Credit
 ECA
Cover **
(Export Credit Agency)
 Opening of L/C
* potential uncovered financing of down payment / interim payments
** potential ECA premium financing
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Domestic
Bank
(“Borrower”)
Scheme:
Buyer‘s Credit (corporate)
Export Contract
Exporter
Importer (Buyer)
“Borrower”
 15% Cash Down and / or
Interim Payment *

Repayment
 Disbursement
of 85%
through L/C
pro rata
deliveries /
services
L/C advising
 Loan Agreement /
Buyer's Credit
(“tied export credit”)
Bayern LB
ECA
 ECA
Cover **
 Guarantee support
(optional)
(Export Credit Agency)
 Opening of L/C
* potential uncovered financing of down payment / interim payments
** potential ECA premium financing
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Domestic
Bank
Supplier’s Credit  Forfaiting
• Supplier‘s Credit:
The supplier is granting a loan to the foreign buyer by by way of
concession of a grace period for payment. This period may be
refinanced via forfaiting.
• Forfaiting:
Purchase without recourse of abstractly documented receivables, e.g.
 receivables from bills of exchange
 deferred payment letters of credit
 book claims
 The bank takes over the commercial and political payment risk
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Forfaiting (cont’d)
Requirements for Forfaitability:
• Additional collateral as might be required by the ECA or the
bank
• Export contract has to allow assignment of claims
• Export contract has to foresee yearly presentation of
financial statements according to IFRS
• Purchased claims have to be free of objections and/or
counterclaims under the export contract
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Scheme:
Forfaiting
1a. Export Contract
6.
Remittance of Interest and
Repayment Amounts
4.
À-forfait Purchase and
Disbursement
3a.
Forfaiting Agreement
German Exporter
2. Term of Payment
5. Interest and Repayment
Payment Obligor
3b.
Assignment
of Claims from
- the Export Contract
- the Exporter‘s ECA cover
- L/C or Payment Guarantee
ECA
BayernLB
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Buyer /
(Export Credit Agency)
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References and Awards
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Deal Highlights
2010
2010
2010
2010
Undersecretariat of Treasury
EUR 1,878,700,000
EUR 149,351,984
EUR 1,500,000,000
€ 3,900,000,000
6 submarines Type 214 Hermes covered
Export Finance Facility
Euler Hermes covered Export Finance
Facility
Syndicated Pre Export Finance
Mandated Lead Arranger
(Turkey)
Mandated Lead Arranger
(Russia)
Gas Pipeline
Baltic Sea Region
Mandated Lead Arranger
Mandated Lead Arranger
2010
2010
2010
2010
OAO Kabbalkgips
EUR 26,205,806
Wind Energy Converters Turkey
Export Credit Facility
Euler-Hermes Cover
Lead Arranger
STRUCTURED FINANCE - EXPORT FINANCE
EUR 115,500,000
Export Finance Facility
EUR 325,000,000
for SIF
Revolving Collateralised Loan Facility
Mandated Lead Arranger
(Russia)
Mandated Lead Arranger
(Russia)
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USD 475,000,000
Issuance of Import LOCs
Participating Lender
(Hungary)
Deal Highlights (cont’d)
2009
2009
2009
2009
Vyksa Steel Works
Tomis Team / M.W. Team
Invest
EUR 262,350,000
Fantanele Windfarm
EUR 69,892,500
EUR 524,000,000
Wind turbine generators
EUR 346,920,200
Multi-Source Master Export Finance
Facility
Euler Hermes covered Export Finance
Facility
EulerHermes covered
Export Finance Facility
Lead Arranger
(Turkey)
Mandated Lead Arranger
(Russia)
Jamshedpur Expansion Project
EUR 264,000,000
Export Credit Facility
Euler-Hermes Cover
Mandated Lead Arranger
(India)
STRUCTURED FINANCE - EXPORT FINANCE
Mandated Lead Arranger
(Russia)
2008
2008
2009
EUR 255,000,000
Road Infrastructure
Export Finance Facility
Co-Arranger
(Azerbaijan)
Indramayu Power Project
EBRD A/B-Loan Facility
USD 592,224,258
First project under new Sustainable
Energy Action Plan
Export Credit Facility
Sinosure Cover
Mandated Lead Arranger
(Kazakhstan)
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Agent & MLA
2008
Azeryolservis OJSC
USD 80,500,000
347.5 MW
Euler Hermes covered
Export Finance Facility
Senior Lead Arranger
(Indonesia)
Deal Highlights (cont’d)
2008
2008
2008
EUR 600,000,000
EUR 60,000,000
EBRD A/B-Loan Facility
Euler Hermes Covered Export Finance
Facilities
Energy Efficiency Loan
2008
CHF 45,000,000
Refinancing of the Leasing Portfolio
EUR 278,800,000
Euler Hermes covered Export Finance
Facility
Mandated Lead Arranger
(Russia)
Participating Lender
(Russia)
Sole Lender
(Russia)
Arranger
(Russia)
2008
2007
2007
2007
LLP KaR-Tel
EUR 218,000,000
USD 47,500,000
Euler Hermes Covered Export Finance
Facility
Sole Lender
(Kazakhstan)
STRUCTURED FINANCE - EXPORT FINANCE
Export Credit Facility
Finnvera-covered
USD 300,000,000
USD 50,000,000
EBRD A/B-Loan Facility
Refinancing of the Leasing
Portfolio
Environmental Loan
Mandated Lead Arranger
(Russia)
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Mandated Lead Arranger
(Russia)
Participating Lender
(Russia)
Deal Highlights (cont’d)
2007
2005
2005
USD 307,237,810
Commercial Loan
+
USD 174,606,198
Export Finance
Euler-Hermes Cover
EUR 185,000,000 HERMES-covered
Participant
(Turkey)
STRUCTURED FINANCE - EXPORT FINANCE
2002
„AzerEnerji“ JSC
EUR 74,500,000
SACE-covered
EUR 300,000,000
USD 238,000,000
Finnvera-covered
Power Project
Export Finance Facility
Mandated Lead Arranger
(Russia)
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Mandated Lead Arranger
(Azerbaijan)
Undersecretariat of Treasury
EUR 613,000,000
Ermenek Dam and HEPP
OeKB covered
Export Finance Facility plus Commercial
Loans
Lead Arranger
International Awards (since 2009)
Trade & Forfaiting Review - Deal of the Year Awards 2009
Russia - NLMK – ECA-backed financing
Trade Finance Deal of the Year Awards 2009
Russia - NLMK - ECA-backed financing
Russia - Vyksa - ECA-backed financing
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Awards Project Finance since 2009
Category:
Deal of the Year
GTR
Best Deals of
2009
GSM-Rail –
Europe Telecoms Deal of the Year
R1 –
Europe Infrastructure Deal of the Year
Castor –
Europe Oil & Gas Deal of the Year
M25 –
Europe PPP Deal of the Year
Barka III & Sohar II –
Middle East Power Deal of the Year
Dolphin –
Middle East Oil & Gas Deal of the Year
Shuweihat –
Gulf Power Deal of the Year
Nord Stream –
Gas Deal of the Year
Centrica/TCW Windfarm Portfolio –
Portfolio Deal of the Year
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