Recent Developments of Shipping Finance. Arnold Wu Co-Head of Transportation Sector Investment Banking Asia-Pacific BNP Paribas

Size: px
Start display at page:

Download "Recent Developments of Shipping Finance. Arnold Wu Co-Head of Transportation Sector Investment Banking Asia-Pacific BNP Paribas"

Transcription

1 Recent Developments of Shipping Finance Arnold Wu Co-Head of Transportation Sector Investment Banking Asia-Pacific BNP Paribas

2 Recent Developments of Shipping Finance Basel III in focus Shipyard and ship financing Where is China in the ship demand cycle? Development of International Maritime Centre in Singapore, Hong Kong and Shanghai How does Hong Kong continue to be the International Maritime Centre? About BNP Paribas Q &A Page 1

3 Basel III in focus in response to the crisis and bank's bankruptcy, regulators have set out a series of directives by way of the Basel Committee to harden bank regulations and therefore create bank's constraints to prevent new crisis Basel III regulations consider three indicators: the capital of a bank the balance sheet total the liquidity Basel III has set new standards for these three elements Page 2

4 Basel III in focus three domains from the backbone of the new regulatory framework: solvency (capital buffer) to absorb potential losses stricter definition higher hurdles size (leverage) to limit on growth of assets liquidity (short term and long term) to ensure sufficient level of liquidity to withstand potential flight of capital Page 3

5 Basel III in focus new regulations to reinforce: liquidity balance between the money the bank has (liabilities) and the granted loans (assets) solvency balance between the bank's equity (financial reserves) and the granted loans (assets) liability (money) will be more expensive, more selective management of granted loans increase of the level of equity, mobilize more capital to face assets (credits) Page 4

6 Basel III implications the Basel Committee met on 6 January 2013 to set the minimum liquidity requirements under Basel III the Basel Committee has also decided to: enlarge the basket of high quality liquid assets adjust the method of calculating the LCR ease the timetable for the LCR requirements be phased in progressively between 1 January 2015 and 1 January 2019 impact on banks: reduction on Market Activities <limited Proprietary trading> + Lending higher capital requirement lower returns on equity higher liquidity requirement overall costs increase/lower return Page 5

7 Shipyard and Ship Financing - A Highly Capital Intensive Industry shipyards require continuous influx of cash from new orders as well as bank loans to provide working capital for current building projects (purchase of raw materials and equipments) shipyards are under stress from tightened cashflow: reduced order suspension of contracts/delay cancellation liquidity crisis amongst shipyards: smaller/private: consolidation/collapse stronger yards: support by government/local banks shifting focus to high value contracts e.g. offshore upstream contract and LNG Page 6

8 Shipyard and Ship Financing shipyard financing is traditionally supported by local governments and local banks Europe Asia Japan Republic of Korea Mainland China amongst the top banks that lend to shipping, mostly are European banks with an aggregate loan portfolio accounting for over 80% due to global financial crisis, increased capital adequacy regulations and the USD liquidity drought, banks are competing for dollars Page 7

9 Where is China in the Ship Demand Circle? Shipping : A highly cyclical and fragmented industry characterized by separation in many sectors with different business cycles over the last five years, banks and ship owners keep watching on political players shaping financing decisions "Too much policy-driven, easy to neglect other market factors, leaving many ships without owners China's first LNG terminal, to be built across the border from Hong Kong in southern Guangdong province, is being almost entirely underwritten by Chinese banks. Beginning 2005, the terminal, the first of a projected three along the China coast, is slated to begin receiving LNG from Australia's Northwest Shelf delivered by transport franchise holders COSCO and China Merchants China's banks were swimming in deeper pools of cash, "lending criteria is getting tougher." In short, they're very focused on big projects backed by the right people like China's State Council backing LNG projects Page 8

10 Where is China in the Ship Demand Circle? China A planned economy vs market economy Chinese energy consumption according to Salomon Smith Barney, Beijing aims to see natural gas account for 8% of China's energy consumption by 2010 up from 3% in Longer term, much of China's natural gas growth could be supported by pipes rather than by tankers. But then many are betting China will never have enough energy whatever its source and any means of delivering it efficiently stand to grow far into the future Chinese vessel demand China's oil demand in 1996 was 3.7 million barrels a day, 4.2 million in '97 and 4.9 million in '01. In less than that time, seaborne oil imports will have nearly tripled from 0.6 million barrels a day in 1998 to 1.6 million barrels this year Page 9

11 Where is China in the Ship Demand Circle? ship finance in China China is expected to have as an LNG importer in the future, the build-up of their LNG processing capabilities in the transportation and receiving areas is extremely important, these projects in themselves are capital intensive and with 170,000 cubic-meter (CM) vessels now costing in the region of US$200 million each, a large pool of capital will be required at the global picture, order book for LNG newbuilding stands at 7.3 million CM against current supply of 11.3 million CM: 128 ships in service and 65 on order that points to up to US$18 billion in finance requirements over the next 8 years. Such regular opportunities for large scale financings get bankers a little weak at the knees and certainly get their undivided attention Page 10

12 Development of International Maritime Centre in Singapore, Hong Kong and Shanghai Hong Kong versus Singapore shipping banks in Hong Kong: two French banks, BNP & Credit Agricole Credit Suisse, HSH.. Standard Chartered, HSBC, & local Chinese banks here in HK shipping banks in Singapore: there are many foreign banks involving in shipping, all the Norwegian, Germany, Japanese.. and local banks there doing shipping Hong Kong versus Shanghai shipping centre: physical (port throughput) maritime centre: China (Shanghai) Pilot Free Trade Zone Page 11

13 How does Hong Kong continue to be the International Maritime Centre? Critical Points quality of legal firms shipping is a very international industry, high quality of legal firms is critical from the very beginning process such as drafting contracts towards protecting owners in any disputes in maritime issues juridical systems law and order that people can rely on London remains being the maritime centre not because of the number of ship owners but because the legal system, the arbitration system and etc. Page 12

14 How does Hong Kong continue to be the International Maritime Centre? Critical Points cluster of maritime professionals rich and strong business culture people knows that this is the place they will get together Singapore government is playing an active and positive role in attracting ship owners, and meanwhile, they invite banks to serve their clients banks usually follow their clients operating cost and living condition low taxation environment Page 13

15 BNP PARIBAS is an European leader in global banking & financial services Leading International Bank S&P Credit Rating RABOBANK with A Strong Presence in One of the largest international networks with operations in 75 countries and 185,000 employees BNP Paribas Group has a well-balanced business model with strong retail banking activities, an important CIB division and investment solutions activities, coupled with strong fundamentals: Core capital at 10.3% in 2013, 5 years ahead of the schedule (above Basel 3 framework of 9.0%) Asia Maintained profitability throughout the crisis: 2008 (EUR3bn), 2009 (EUR5.8bn), 2010 (EUR7.8bn), 2011 (EUR6.1bn), 2012 (EUR6.6bn) and 2013 (EUR 4.8bn). BNP Paribas Group is a leader in financing the real economy, in particular in sectors such as energy, commodities, infrastructure and asset financing with global awards underlying strong fundamentals BNP Paribas is among the world s best rated banks (As of April 2014): S&P A+/ Moody s A1/ Fitch A+ BNPP has received various awards for 2013 evidencing strong and diversified earning streams from all its business lines, client franchises and stringent risk policy culture and good cost control One of the Strongest Credit AA- HSBC BANK AA- ROYAL BANK OF CANADA AA- WELLS FARGO AA- BNP PARIBAS A+ JPMORGAN CHASE A+ BARCLAYS BANK A CREDIT SUISSE A DEUTSCHE BANK A SOCIETE GENERALE A UBS A CREDIT AGRICOLE A LLOYDS TSB BANK PLC A COMMERZBANK A- ROYAL BANK OF SCOTLAND A- BANCO SANTANDER BBB Source: BNP Paribas Commitment to Asia-Pacific GREATER CHINA 1860 INDIA 1860 JAPAN 1867 AUSTRALIA 1881 HONG KONG SAR 1958 SINGAPORE 1968 INDONESIA 1970 MALAYSIA 1974 PHILIPPINES 1975 SOUTH KOREA

16 Transportation Sector (Shipping & Offshore) Global Shipping Expertise and Commitment in Ship Financing Up to 50 years of commitments to the shipping community starting in Hong Kong 2 regional hubs with Paris covering Europe, Russia and EMEA, and Hong Kong covering Asia Pacific, to ensure a global coverage of the industry Supported by a global network through 75 countries where BNP Paribas maintains local coverage for a highly efficient service Regional Shipping hubs Shipping & Offshore Desks Norway France Greece Hong Kong Singapore India Mainland China Vietnam Thailand Malaysia Hong Kong Singapore Indonesia South Korea Taiwan Philippines Australia Japan Asian Shipping & Offshore Finance Team In Asia Pacific, the Shipping & Offshore team is part of the Transportation Sector within Investment Banking APAC ( IB APAC ) and is organized over two poles covering the entire North, East and South Asian markets including Japan and Australia: Hong Kong (11 staff): Regional Head Office covering Greater China and Japan, with fully integrated analyst and asset monitoring support teams Singapore (7 staff): Regional satellite covering Southeast Asia, Korea and India The team works very closely with the broad BNP Paribas branch network spread all over Asia*, offering our clients an efficient contact point for any local support that they might require. There is also close liaison with other global shipping offices such as Paris, Athens and Oslo. *Includes Japan, Korea, Mainland China, Taiwan, India, Indonesia, Malaysia, Philippines Thailand, Vietnam, Australia, etc. Page 15

17 Recent Developments of Shipping Finance What do you think: Who will be the International Maritime Centre in Asia Hong Kong, Singapore, Shanghai or other port cities? Q & A Thank you!

Why Credit Suisse? Private Banking & Wealth Management 3Q2014

Why Credit Suisse? Private Banking & Wealth Management 3Q2014 Why Credit Suisse? Private Banking & Wealth Management 3Q2014 October 2014 Disclaimer Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that

More information

CREDIT AGRICOLE - CREDIT LYONNAIS

CREDIT AGRICOLE - CREDIT LYONNAIS CREDIT AGRICOLE - CREDIT LYONNAIS CREDIT AGRICOLE - CREDIT LYONNAIS The emergence of a major European banking group A historic vocation as a full service bank A strong ambition to develop all its businesses

More information

China Minsheng Bank wins the award for Best China Small Business Trade Finance Bank for 2013

China Minsheng Bank wins the award for Best China Small Business Trade Finance Bank for 2013 T.A.B. International Pte Ltd 10, Hoe Chiang Road, #14-06 Keppel Tower, Singapore 089315 Tel: (65) 6236 6520 Fax: (65) 6236 6530 www.theasianbanker.com Press Release FOR IMMEDIATE RELEASE China Minsheng

More information

BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A. Wells Fargo (Lux) Worldwide Fund

BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A. Wells Fargo (Lux) Worldwide Fund Argen na CITIBANK, N.A. BUENOS AIRES BRANCH Australia Austria HSBC BANK AUSTRALIA LIMITED FOR THE HONGKONG AND SHANGHAI DEUTSCHE BANK AG, VIENNA BRANCH Belgium DEUTSCHE BANK AG, AMSTERDAM BRANCH Brazil

More information

The Center Cannot Hold:

The Center Cannot Hold: The Center Cannot Hold: Singapore to overtake Switzerland as leading Offshore Hub by 2020 April, 2013 Offshore Centers: 2012 Private Banking Handbook The global private banking industry has AuM of $19.3

More information

Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications

Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications Michael Dommermuth 26/06/2014 Sourced: Manulife Asset Management 1 Aging

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information

DECEMBER th 2014 (This document loses its validity on DECEMBER, 2014). COMMODITY GMO SOYA BEANS GRADE # 2

DECEMBER th 2014 (This document loses its validity on DECEMBER, 2014). COMMODITY GMO SOYA BEANS GRADE # 2 DECEMBER th 2014 (This document loses its validity on DECEMBER, 2014). COMMODITY GMO SOYA BEANS GRADE # 2 SPECIFICATIONS: GMO SOYA BEANS GRADE # 2 SOYA BEAN GRADE 2 GMO: suitable for human consumption

More information

Overview of Asian Insurance Markets

Overview of Asian Insurance Markets Overview of Asian Insurance Markets Simon Walpole Session Number: TPS2 Joint IACA, IAAHS and PBSS Colloquium in Hong Kong www.actuaries.org/hongkong2012/ Market Ranking in Asia Notes: 1. Colored boxes

More information

UNIT TRUST Risk Rating

UNIT TRUST Risk Rating 1 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST- LYXOR CHINA A FUND Medium-to-high 2 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST- LYXOR DYNAMIC WATER FUND Medium-to-high 3 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST-

More information

COMMODITY YELLOW CORN GRADE # 2

COMMODITY YELLOW CORN GRADE # 2 DECEMBER th 2014. (This document loses its validity on DECEMBER, 2014). COMMODITY YELLOW CORN GRADE # 2 SPECIFICATIONS: YELLOW CORN GRADE 2 HUMAN FEED TEST: weight min 70 kgs per hl FOREIGN MATTER: 3,00%

More information

Tiger Group Investments. Busan, Korea November 2010

Tiger Group Investments. Busan, Korea November 2010 Tiger Group Investments Busan, Korea November 2010 Creating Value for our Partners and Ourselves Tiger Group Investments is a private investment firm focused exclusively on making control investments in

More information

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. Fidelity Funds Société d Investissement à Capital Variable 2a, Rue Albert Borschette B.P. 2174 L-1021 Luxembourg R.C.S. B34036 Tél: +352 250 404 (1) Fax: +352 26 38 39 38 THIS DOCUMENT IS IMPORTANT AND

More information

Corporate Banking. Understanding your Corporate Banking needs in Africa. Search

Corporate Banking. Understanding your Corporate Banking needs in Africa. Search Corporate Banking Understanding your Corporate Banking needs in Africa Contents 3 Working alongside you to power your success 4 Bringing your business a dedicated relationship model 5 A range of services

More information

Markit iboxx Bond Indices

Markit iboxx Bond Indices Markit iboxx Bond Indices Content. Valuations. Processing. Distribution. www.markit.com. Introduction Markit is the leading independent fixed income index provider committed to open and transparent markets.

More information

NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS

NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS Safeguarding financial wealth From natural resource to financial

More information

ANNEX TABLES Table 1. Revenue by ICT Type Revenue * Share to Total Revenues Growth Rate ICT Type 2004 2005 2004 2005 (in percent)

ANNEX TABLES Table 1. Revenue by ICT Type Revenue * Share to Total Revenues Growth Rate ICT Type 2004 2005 2004 2005 (in percent) ANNEX TABLES Table 1. Revenue by Revenue * Share to Revenues 2004 2005 2004 2005 Contact Centers 32,904.1 54,295.1 44.4 49.4 65.0 Medical Transcription 236.7 466.2 0.3 0.4 97.0 Animation 694.2 939.1 0.9

More information

Singaporean exports set to accelerate due to Asian economic rebound and global trade agreements coming online

Singaporean exports set to accelerate due to Asian economic rebound and global trade agreements coming online News Release 29 May 2015 Singaporean exports set to accelerate due to Asian economic rebound and global trade agreements coming online ** Singapore expected to see one of the highest trade growth rates

More information

Analyzing Risk in an Investment Portfolio

Analyzing Risk in an Investment Portfolio Introduction Analyzing Risk in an Investment Portfolio October 16, 2012 PUBLIC TRUST ADVISORS Neil Waud, CFA Director Portfolio Management neil.waud@publictrustadvisors.com (303) 244-0468 Matthew Tight

More information

Equity Derivatives and Structured Retail: Success Through Innovation. November 2010

Equity Derivatives and Structured Retail: Success Through Innovation. November 2010 Equity Derivatives and Structured Retail: Success Through Innovation November 2010 Agenda The Royal Bank of Scotland Structured Product Trends Integrated Approach Product Segments Client Engagement Online

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Enterprise Risk Management

Enterprise Risk Management Enterprise Risk Management Enterprise Risk Management Understand and manage your enterprise risk to strike the optimal dynamic balance between minimizing exposures and maximizing opportunities. Today s

More information

Overview of K-sure Ship Finance. The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens

Overview of K-sure Ship Finance. The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens Overview of K-sure Ship Finance The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens 1 2 3 4 5 6 ECA Overview Introduction of K-sure K-sure Ship Finance Program New Product : Capital Market

More information

2010 Expatriate, Returnee and China Hired Foreigner, Compensation and Benefits Survey

2010 Expatriate, Returnee and China Hired Foreigner, Compensation and Benefits Survey 2010 Expatriate, Returnee and China Hired Foreigner, Compensation and Benefits Survey Result Sharing Presentation The American Chamber of Commerce in Shanghai Agenda Study Background Growth Expatriates

More information

Theatres/Channels All theatres. Indirect channel. Author/Owner prmadmin@avaya.com

Theatres/Channels All theatres. Indirect channel. Author/Owner prmadmin@avaya.com Getting Started - Partner PRM Administrators Day 1 December 2011 Avaya Proprietary. Use pursuant to Company instructions Printed copies are not controlled. Refer to the latest version at http:/www.salesforce.com

More information

GLOBAL PAYMENTS AND CASH MANAGEMENT. Solutions For Asia-Pacific

GLOBAL PAYMENTS AND CASH MANAGEMENT. Solutions For Asia-Pacific GLOBAL PAYMENTS AND CASH MANAGEMENT Solutions For Asia-Pacific INTRODUCTION HSBC s commitment to supporting your cash management needs goes well beyond our extensive geographic coverage of the Asia-Pacific

More information

The new European Banking Union landscape. Dirk Schoenmaker, Duisenberg school of finance

The new European Banking Union landscape. Dirk Schoenmaker, Duisenberg school of finance DSF POLICY BRIEFS No. 35/ October 2014 The new European Banking Union landscape Dirk Schoenmaker, Duisenberg school of finance Abstract The countries participating in the new European Banking Union have

More information

Hong Kong: Gateway to China for Estonian Businesses

Hong Kong: Gateway to China for Estonian Businesses Hong Kong: Gateway to China for Estonian Businesses Mrs Agnes ALLCOCK, Director-General Hong Kong Economic and Trade Office (London) 2 June 2011 1 Hong Kong: The Latest Economic Situation Real GDP Growth:

More information

Oil & Gas Conference - Cheuvreux October 14 th, 2011

Oil & Gas Conference - Cheuvreux October 14 th, 2011 LNG terminal Montoir, France Oil & Gas Conference - Cheuvreux October 14 th, 2011 Jean - Marie DAUGER Executive Vice-President, in charge of the Global Gas & LNG Business line DISCLAIMER Forward-Looking

More information

ACCELERATING THE TRANSFORMATION

ACCELERATING THE TRANSFORMATION Paris, September 12, 2011 ACCELERATING THE TRANSFORMATION SOCIETE GENERALE: THE HARD FACTS GIIPS: we have a low, declining and manageable sovereign exposure of EUR 4.3 billion Legacy assets: we accelerated

More information

The RMB market in France Becoming a global currency

The RMB market in France Becoming a global currency The RMB market in France Becoming a global currency 元 (Renminbi): BECOMING A GLOBAL CURRENCY Over the last few years, the Renminbi (RMB) internationalization has been growing steadily. Measures have been

More information

Meteor Asset Management

Meteor Asset Management Meteor Asset Management Counterparty Credit Default Swap Rates 27 th January 2012 This information is for professional investors only and should not be presented to, or relied upon by, private investors.

More information

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE 2013 MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE Our profile We, Societe Generale Equipment Finance, are part of the French banking group Societe Generale and are a leading

More information

Assessing Sources of Funding for Insurance Risk Based Capital

Assessing Sources of Funding for Insurance Risk Based Capital Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types

More information

Global Client Group The Gateway to AWM

Global Client Group The Gateway to AWM Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner

More information

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

Section 4: Treasury Management Strategy, Investment Strategy, Prudential Indicators and Minimum Revenue Provision Policy 2014/15

Section 4: Treasury Management Strategy, Investment Strategy, Prudential Indicators and Minimum Revenue Provision Policy 2014/15 Section 4: Treasury Management Strategy, Investment Strategy, Prudential Indicators and Minimum Revenue Provision Policy 2014/15 Appendix E Annual Investment Strategy 2014/15 1. The Annual Investment Strategy

More information

J.P. Morgan Asset Management

J.P. Morgan Asset Management LU0159059210 LU0117861202 LU0325075579 LU0325075496 LU0289215518 LU0289219007 LU0289215435 LU0572778313 LU0117881226 LU0115097544 LU0278564033 LU0278563068 LU0441853263 LU0441851994 LU0522352607 LU0117867159

More information

DECEMBER TH 2014 (This document loses its validity on DECEMBER, 2014). SUGAR IC 45 BRAZIL

DECEMBER TH 2014 (This document loses its validity on DECEMBER, 2014). SUGAR IC 45 BRAZIL DECEMBER TH 2014 (This document loses its validity on DECEMBER, 2014). SUGAR IC 45 BRAZIL SPECIFICATION: WHITE REFINED SUGAR Icumsa 45 for human consumption shall conform to international specifications

More information

Deutsche Bank Global Transaction Banking. Securities Services. Overview

Deutsche Bank Global Transaction Banking. Securities Services. Overview Deutsche Bank Global Transaction Banking Direct Securities Services Securities Services Overview Finding the right custodian with a long-term commitment to supporting its clients business is critical for

More information

Releasing the potential of tomorrow. Connecting Markets East & West

Releasing the potential of tomorrow. Connecting Markets East & West Releasing the potential of tomorrow Connecting Markets East & West 01 Connecting Tigers and Dragons with Bulls and Bears We live in a complex and unpredictable world that s always changing and always on.

More information

Maximizing ROI in Asia Pacific ecommerce. Asia E-commerce and Digital Marketing Innovation Summit 22 nd January 2016

Maximizing ROI in Asia Pacific ecommerce. Asia E-commerce and Digital Marketing Innovation Summit 22 nd January 2016 Maximizing ROI in Asia Pacific ecommerce Asia E-commerce and Digital Marketing Innovation Summit 22 nd January 2016 Asia Pacific: US$1 trillion in ecommerce by 2020 B2C e-commerce sales in trillions USD

More information

Asian Stock Markets in 2015:

Asian Stock Markets in 2015: Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,

More information

Global Marine Insurance Report 2008

Global Marine Insurance Report 2008 Global Marine Insurance Report 28 Astrid Seltmann Facts & Figures Committee Analyst/Actuary, CEFOR, Norway Report on marine insurance premiums 26 and 27 By end of August 28, 49 of 54 members (ex 45 of

More information

The Top Ten Global Retail Banks: Positioning, Performance and SWOT Analyses

The Top Ten Global Retail Banks: Positioning, Performance and SWOT Analyses Brochure More information from http://www.researchandmarkets.com/reports/651540/ The Top Ten Global Retail Banks: Positioning, Performance and SWOT Analyses Description: Benchmark the performance of the

More information

Seizing Opportunities in Asia and Beyond

Seizing Opportunities in Asia and Beyond Seizing Opportunities in Asia and Beyond Asia, the region of growth opportunities 30% Projected contribution from Asia (excluding Japan) to global GDP in 2020. Today, Asia is the world s fastest growing

More information

HKEx Strategy in Enhancing Global Competitiveness

HKEx Strategy in Enhancing Global Competitiveness HKEx Strategy in Enhancing Global Competitiveness Charles Li Chief Executive, HKEx Presentation to Citi Securities Market Infrastructure Conference 9 November 2010 HKEx is the World s Largest Listed Exchange

More information

ECONOMIC REVIEW(A Monthly Issue) March, 2014

ECONOMIC REVIEW(A Monthly Issue) March, 2014 ECONOMIC REVIEW(A Monthly Issue) March, 2014 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Latest Developments and Comparative Advantages of Offshore RMB Centers Liu

More information

Software Tax Characterization Helpdesk Quarterly June 2008

Software Tax Characterization Helpdesk Quarterly June 2008 & McKenzie Software Tax Characterization Helpdesk Quarterly June 2008 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

Bond Markets and Shipping: A Summary of 2011. 5th Annual Marine Money Hong Kong Ship Finance Conference Rodricks Wong, Marine Money Asia

Bond Markets and Shipping: A Summary of 2011. 5th Annual Marine Money Hong Kong Ship Finance Conference Rodricks Wong, Marine Money Asia 5th Annual Marine Money Hong Kong Ship Finance Conference Rodricks Wong, Marine Money Asia Shipping Bonds in Vogue Bonds remain as a vital source of funding for shipping companies in Asia Proceeds raised

More information

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

Competition in the financial sector and its impact on financial intermediation. Dr Mamiko Yokoi-Arai

Competition in the financial sector and its impact on financial intermediation. Dr Mamiko Yokoi-Arai International Conference on Asian Market Integration and Financial Innovation February 10, 2012 Competition in the financial sector and its impact on financial intermediation Dr Mamiko Yokoi-Arai Evolution

More information

BABTA. Hotel Industry Trends and Hot Topics. August 20, Advito

BABTA. Hotel Industry Trends and Hot Topics. August 20, Advito August 20, 2015 BABTA Hotel Industry Trends and Hot Topics Industry trends & forecasts 2 2016 Industry Forecast Hotel North America +4% to 6% Europe +1% to 3% Latin America +4% to 6% Middle East -1% to

More information

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration

More information

The Use of RMB in International Transactions:

The Use of RMB in International Transactions: The Use of RMB in International Transactions: -Background, Development and Prospect JIN Zhongxia 金中夏 Head Research Institute People s Bank of China The early stage of cross-border RMB usage RMB as settlement

More information

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 World Stock Market Capitalization Year-end 2012 18.5% 9.6% United States International: Other Europe United Kingdom Japan Other Pacific

More information

CERTIFICATE OF REAL ESTATE INVESTMENT FINANCE. Department of Real Estate and Construction at Oxford Brookes University

CERTIFICATE OF REAL ESTATE INVESTMENT FINANCE. Department of Real Estate and Construction at Oxford Brookes University CERTIFICATE OF REAL ESTATE INVESTMENT FINANCE Department of Real Estate and Construction at Oxford Brookes University The Certificate of Real Estate Investment Finance CREIF has been delivered in Asia

More information

Citi OpenInvestor. OpenLend. Securities Lending Solutions. Customized Programs to Optimize Portfolio Performance

Citi OpenInvestor. OpenLend. Securities Lending Solutions. Customized Programs to Optimize Portfolio Performance Citi OpenInvestor sm OpenLend sm Securities Lending Solutions Customized Programs to Optimize Portfolio Performance 2 Citi Transaction Services Innovative Solutions for a Sophisticated Market Lending programs

More information

Global payments trends: Challenges amid rebounding revenues

Global payments trends: Challenges amid rebounding revenues 34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.

More information

EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id

EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id 2 Asia Investor Behaviour Study 2015 - Indonesia Asia Investor Behaviour Study 2015 - Indonesia CONTENTS

More information

KEY CRITERIA TO SELECT AN IT SERVICES PROVIDER IN ASIA

KEY CRITERIA TO SELECT AN IT SERVICES PROVIDER IN ASIA KEY CRITERIA TO SELECT AN IT SERVICES PROVIDER IN ASIA (a step-by-step methodology anyone can use) Eurosia IT Insight #6 FIRST QUESTION: WHAT ARE THE FEATURES OF AN APPROPRIATE ASIA-BASED PARTNER? There

More information

Busiest ports. Asian Tiger. Business friendly. Highest Trade/GDP Ratio. 4 th biggest financial centre

Busiest ports. Asian Tiger. Business friendly. Highest Trade/GDP Ratio. 4 th biggest financial centre Busiest ports Business friendly Asian Tiger Highest Trade/GDP Ratio 4 th biggest financial centre Singapore economy at a glance: Singapore is a global trading power. Its strategic geographical location,

More information

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013 Holdings plc and Bank Canada Presentation to Fixed Income Investors September 2013 Forward-looking statements This presentation, including the accompanying slides and subsequent discussion, contains certain

More information

Overview of RMB Internationalisation

Overview of RMB Internationalisation Overview of RMB Internationalisation Candy Ho Head of RMB Business Development, Asia Pacific Date: 8 May 2013 Why is RMB important? China overtook US as the largest goods trading nation in 2012 China:

More information

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business Llinks Asset Management Bulletin October 2012 How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business By Sandra Lu and Lily Luo China Insurance Regulatory Commission ( CIRC

More information

Renminbi Bonds on London Stock Exchange

Renminbi Bonds on London Stock Exchange Renminbi Bonds on London Stock Exchange Dim Sum Bonds on London Stock Exchange There are currently 73 dim sum bonds listed on London Stock Exchange s markets with a combined outstanding amount of RMB 30.02

More information

IAA 2015 Santander Support to the Automotive Sector in Mexico

IAA 2015 Santander Support to the Automotive Sector in Mexico IAA 2015 Santander Support to the Automotive Sector in Mexico September 2015 Santander Group: one of the world s leading banks 2 Founded in 1857 regional bank since 1985 No. 6 in Spain No. 152 worldwide

More information

Latest developments in the international RMB market

Latest developments in the international RMB market Fourth Meeting of London Hong Kong RMB Forum 12 November 2014 The private-sector led London Hong Kong Forum to promote cooperation on the development of international renminbi (RMB) business (the Forum

More information

Digital vs Traditional Media Consumption

Digital vs Traditional Media Consumption Digital vs Traditional Media Consumption Summary Comparing time spent on traditional and digital media at a global level as well as analyzing behaviors between countries and across the age groups GWI Q3

More information

UOB launches yuan products for investors to participate in China s growth

UOB launches yuan products for investors to participate in China s growth UOB launches yuan products for investors to participate in China s growth New Renminbi deposit and fund products benefit from an appreciating Renminbi and its increasing internationalisation SINGAPORE,

More information

Comba Telecom Systems annual report 2003

Comba Telecom Systems annual report 2003 8 Comba Telecom Systems annual report Business Review Turnover of the Group for the year ended 31 December was HK$806,232,000, representing an increase of approximately 39.4% from the previous year. This

More information

Citi Global Financial Conference Hong Kong, 19 November 2013

Citi Global Financial Conference Hong Kong, 19 November 2013 Citi Global Financial Conference Hong Kong, 19 November 2013 Hanse Ringström, Chairman SEB Asia Ulf Grunnesjö, Head of Investor Relations 1 SEB the Nordic corporate bank with a global reach Income distribution

More information

Citi Global Financial Services Conference

Citi Global Financial Services Conference Citi Investor Relations Citi Global Financial Services Conference November 19, 2014 Stephen Bird CEO, Citi Asia Highlights Citi s core strength is its global presence Unparalleled ability to grow with

More information

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction

More information

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario Medium and Long Term Natural Gas Outlook CEDIGAZ February 215 Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario 4 3 %/year 199-213 213-235 6 Main consuming markets - %/year (213-235)

More information

FUND HOUSES List of Funds. Aberdeen International Fund Managers Limited

FUND HOUSES List of Funds. Aberdeen International Fund Managers Limited FUND HOUSES List of Funds Aberdeen International Fund Managers Limited Aberdeen Global - Asia Pacific Equity Fund (USD) A2 Aberdeen Global - Asian Smaller Companies Fund (USD) A2 Aberdeen Global - Chinese

More information

The entry of Private Equity into Shipping a Lender s perspective. Energy, Commodities and Transportation October 2013

The entry of Private Equity into Shipping a Lender s perspective. Energy, Commodities and Transportation October 2013 The entry of Private Equity into Shipping a Lender s perspective Energy, Commodities and Transportation October 2013 ABN AMRO at a glance A leading Dutch bank with the majority of revenues generated by

More information

APAC LNG market: Trends and opportunities

APAC LNG market: Trends and opportunities APAC LNG market: Trends and opportunities Denis Bonhomme, GDF SUEZ LNG Oil Council APAC Assembly 29 January 2015 Global LNG Market Outlook to 2025 2012-2015 Market -ghtness leading to Atlan-c diversions

More information

GLOBAL SHIPPING & OFFSHORE FINANCE

GLOBAL SHIPPING & OFFSHORE FINANCE GLOBAL SHIPPING & OFFSHORE FINANCE CAPITAL MARKETS, FINANCING, ADVISORY SERVING CLIENTS, TO MAKE A DIFFERENCE SOCIETE GENERALE GROUP Societe Generale is one of the leading financial services groups in

More information

Building a Logistics/Supply Chain Hub The Singapore Experience. Hum SinHoon NUS Business School National University of Singapore

Building a Logistics/Supply Chain Hub The Singapore Experience. Hum SinHoon NUS Business School National University of Singapore Building a Logistics/Supply Chain Hub The Singapore Experience Hum SinHoon NUS Business School National University of Singapore BACKGROUND Singapore Rankings World Business Environment Rank Country Total

More information

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure

More information

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012 ICBC: Your Global Portal to RMB Market July 2012 Content General Introduction Investment in RMB Services Solution 1 General Introduction to Renminbi (RMB) RMB Renminbi (commonly abbreviated as RMB) is

More information

Ship Finance Practice. Covering ship finance from every perspective. www.allenovery.com

Ship Finance Practice. Covering ship finance from every perspective. www.allenovery.com Ship Finance Practice Covering ship finance from every perspective 2 Ship Finance Practice Why Allen & Overy? A pre-eminent ship finance practice Our international ship finance practice holds a premier

More information

DOMINION GLOBALIZATION WORKSHOP

DOMINION GLOBALIZATION WORKSHOP DOMINION GLOBALIZATION WORKSHOP Financial Sector Dennis Encarnation Harvard University For more information, please contact me at www.encarnation.com SERVICES Financial Services & Capital Markets Topics:

More information

BNP Paribas Private Banking

BNP Paribas Private Banking BNP Paribas Private Banking Olivier Cœnon Head of Development & Partnerships BNP Paribas Private Banking May 2007 1 Disclaimer This presentation includes forward-looking statements based on current beliefs

More information

Seeking Alternatives. Senior loans an innovative asset class

Seeking Alternatives. Senior loans an innovative asset class Trends 09 10.11 Seeking Alternatives Senior loans an innovative asset class Dirk Wieringa, Alternative Investments Advisory Senior loans are an innovative asset class that provide a hedge against rising

More information

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific Joint Statement Asian Shadow Financial Regulatory Committee and Australia-New Zealand Shadow Financial Regulatory Committee Queenstown, New Zealand 6 April, 2011 * Capital Market Integration and Stock

More information

UniCredit Asia Pacific Your bridge between Europe and Asia.

UniCredit Asia Pacific Your bridge between Europe and Asia. UniCredit Asia Pacific Your bridge between Europe and Asia. 3 UNICREDIT CORPORATE & INVESTMENT BANKING YOUR ACCESS TO BOUNDLESS OPPORTUNITIES UniCredit Corporate & Investment Banking serves corporate

More information

SMBC in Infrastructure Finance

SMBC in Infrastructure Finance SMBC in Infrastructure Finance Overview of PT Indonesia Infrastructure Finance Rajeev Kannan General Manager, Project & Export Finance Department Sumitomo Mitsui Banking Corporation Member of Board of

More information

Bank of America Merrill Lynch Banking & Financial Services Conference

Bank of America Merrill Lynch Banking & Financial Services Conference Bank of America Merrill Lynch Banking & Financial Services Conference Manuel Medina Mora Chairman of the Global Consumer Banking Council November 17, 2010 Consumer Banking in Citicorp Agenda Our Business

More information

QFBS WAIVE TRANSACTION FEE ON SHARED ATM NETWORK - atm 5

QFBS WAIVE TRANSACTION FEE ON SHARED ATM NETWORK - atm 5 QFBS WAIVE TRANSACTION FEE ON SHARED ATM NETWORK - atm 5 4 April 2006, Singapore - In a move to provide greater convenience, the five Qualifying Full Banks (QFBs) - ABN AMRO, Citibank, HSBC, Maybank and

More information

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Report Prospectus March 2013 Finaccord, 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1

More information

Finance Sector Background & User Needs

Finance Sector Background & User Needs Finance Sector Background & User Needs Brussels, October 2014 Finance European top 25 Ranking Bank Assets ( bn) Capital ( bn) 1 Deutsche Bank AG, Frankfurt am Main, Germany 2,052 2.43 2 BNP Paribas SA,

More information

Fixed Income Investor Presentation DBS Group May 2016

Fixed Income Investor Presentation DBS Group May 2016 Fixed Income Investor Presentation DBS Group May 2016 Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed

More information

Verdict Financial: Wealth Management. Data Collection and Forecasting Methodologies

Verdict Financial: Wealth Management. Data Collection and Forecasting Methodologies Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global

More information

Localize to Globalize: Your Next Growth Frontier

Localize to Globalize: Your Next Growth Frontier Localize to Globalize: Your Next Growth Frontier Sushant Mantry, Vice President Group Logistics, Singapore Post 13 th October 2015 Quick introduction to Singapore Post and Quantium Solutions International

More information

Corporate Financing: Diversification of Funding Sources

Corporate Financing: Diversification of Funding Sources Rolf Michon, Managing Partner, and Richinel van Aanholt, Consultant, Orchard Finance Consultants This article discusses four measures a company can take to increase the availability and continuity of financing:

More information