Receivable-based finance

Size: px
Start display at page:

Download "Receivable-based finance"

Transcription

1 Receivable-based finance Michel Jansen CFO Clondalkin Amador Malnero ING Working Capital Solutions 0

2 Agenda Clondalkin s refinancing and the added value of using receivables Michel Jansen Clondalkin Deep dive into receivable-based finance Amador Malnero ING Implementation experience from the perspective of Clondalkin Michel Jansen Clondalkin 1

3 Clondalkin s refinancing and the added value of using receivables Michel Jansen CFO Clondalkin 2

4 Clondalkin Group Leading international producer of high value added packaging products and services > 700m revenues with strong and consistent cash flow generation 35 locations in 8 countries Market leader in secondary healthcare packaging with #1 position in North America and #3 position in Europe Leading positions in European flexible packaging markets Well diversified business portfolio and geographic footprint Well invested facilities 3

5 Each division has a blue chip customer base Specialist Packaging (55% of sales) Flexible Packaging (45% of sales) Foils, Laminates & Coatings Folding cartons, leaflets, literature, inserts and labels Laminates of aluminium, paper and film Engineered films Resin based laminates 4

6 Setting the Scene Issuance high yield bonds: 170m fixed rate bonds In light maturing of the upcoming 2014; maturities of the bonds, beginning 413m floating rate of bonds strategic maturing reflection in 2013 on the refinancing. Objectives: Refinance Several existing routes debt are pursued with implementation beginning in 2012 Reduce and leverage target closing before mid 2013: Reduce financing Sale of various costs Clondalkin mandates ING as sole arranger for a 90m divisions in the group both in Europe and USA equivalent transaction Refinancing of the senior Revolving Credit Facility Considerations: Issuance of new debt in the markets Multi jurisdiction and multi currency businesses (35 Setup of off-balance sheet trade receivables securitisation sites in 8 countries selling to > 130 countries) transaction Decentralized collection structure (10 different local ERP systems) Difficult environment to launch a Company wide Securitization project mid 2013 May

7 Scope of the Project: the challenge Deliverables: Minimum funding > 60 million High advance rate on the receivable book (>80%) Funding at acceptable pricing levels Off Balance Multi jurisdictions Timing: Within five months Parallel to disposal process and refinancing process Costs Set-up costs < 2.5% of maximum program amount Minimize costs for maintaining the structure Sources Uses Net Cash proceeds from disposals 135 Repayment of borrowing 585 Cash proceeds from receivable-based finance 65 Cash to balance sheet before fees 52 Term B Loans 349 Existing Cash 88 Total sources 637 Total Uses 637 6

8 Clondalkin structure visualised Clondalkin OpCo 1 (Seller) Clondalkin OpCo (Seller) Clondalkin OpCo x (Seller) 1 Clondalkin Acquisition B.V. Master Servicer / Subordinated lender) 4 3 Purchaser 5 2 Atradius Credit Insurer 1. Each seller sells eligible receivables to ING on a daily basis 2. On a monthly basis ING pays the purchase price on portfolio to Clondalkin Acquisition BV (hereafter Clondalkin or Master Servicer) 3. Clondalkin, as subordinated lender pays to ING the loan sized to equal the required reserve (10-15% program) 4. The Master Servicer passes the collections on receivables sold to ING 5. In case of defaults under the receivables, Atradius as credit insurer pays 90% of each claim to ING 7

9 Securitization: an essential piece The Group entered into a Receivable Purchase Agreement (RPA) with ING to sell its trade receivables Off-balance financing facility App. 80% advance rate (testimony to strong book) Initial proceeds 65 million (May 2013) Maximum program amount 90 million All-in finance costs c. 4.6% p.a. (incl. cost of maintaining the facility) Daily, weekly and monthly reporting routines by our businesses of the sales and cash receipts 8

10 Deep dive into receivable-based finance Amador Malnero Managing Director Working Capital Solutions - ING 9

11 Setting the scene Scarcity of liquidity Stricter regulations Economic downturn Liquidity is scarce and banks are de-leveraging Basel III and regulation of FI s are constraining capital and lending Economic environment pressures profitability Working capital management has moved to the top of the agenda Worldwide receivable financing has increased from 1.3tr in 2007 to 2.2tr in 2013 (Europe 1.4tr¹) Treasurers seeking ways to unlock funds trapped in O2C and P2P Banks focusing more on flow and trade products EU Late Payment Directive 1. Factor chain international; 10

12 Drivers for clients to choose working capital products Cash flow improvement / Working capital optimisation Financial ratio management Improve return on capital employed Funding diversification Pricing benefits 11

13 ING s receivable-based financing solutions A/R A/R A/R A/R A/R A/R A/R A/R A/R Receivables Pool A/R A/R A/R Approach: Single debtor Multiple debtors Portfolio approach Granularity: Single/multiple invoice(s) Non-granular portfolio Granular portfolio ING Solutions: ICRF International Corporate Receivables Finance TRPP Trade Receivables Purchase program Each solution depends on the number of debtors and volume of trade receivables Each solution is tailored to the specific needs of the client 12

14 Key principles of TRPP (Trade Receivables Purchase Program) Method of funding using securitisation techniques Granular homogeneous pool of assets Isolated from credit risk of the originator; transferred to ING via true sale Continuously refilled with new assets Principles of TRPP Reliance on performance of portfolio for repayment Insulation from or mitigation of the exposure to the originator events Credit enhancement typically up to AA Structures mitigate the traditional credit risk Ring-fencing, true sale of the pool of receivables Credit enhancement by dynamic reserves Structural mechanisms activated by triggers or financial covenants Structures set up in accordance with S&P methodology In order to achieve equivalent of AA rating, analysis of: pool historical performance and transaction structural features 13

15 Simplified TRPP: portfolio structure Portfolio of trade receivables Receivables Purchase Agreement Servicing Agreement Obligor 1 Products Purchase Price Obligor 2 Obligor 3 Receivables Originator* True sale Receivables Purchaser Obligor 4 Collections Collections Credit Insurance Obligor Policy Obligor N Credit Insurer (if any) Portfolio approach with the seller selling a diversified pool of trade receivables from multiple debtors * please note that multiple-originators and multiple-jurisdictions could be brought under one program 14

16 Key benefits of TRPP for Clondalkin Funding Off-balance sheet treatment Flexibility Management tool Provides funding access to lower rated clients Allows competitive pricing compared to other funding sources Scalable to finance trading growth Diversification of funding sources Possibility to achieve offbalance treatment - credit insurance - substantial transfer of risks and rewards (auditor confirmation) Strong balance sheet management tool - improved financial ratios - lower pricing grid thanks to ratios enhancement Customised (organisation structure and objectives) Portfolio approach provides flexibility in terms of pool composition Multiple jurisdictions and originators possible Silent assignment: no impact on commercial relationship with debtors Encourages best business practices through due diligence of policies, procedures, systems and data, and dynamic monitoring of portfolio's performance Centralisation or supervision of the servicing by the master servicer TRPP: A powerful tool for managing working capital needs 15

17 Implementation experience from Clondalkin s perspective Michel Jansen CFO Clondalkin 16

18 Experience and Learnings: the funding The Initial Funding size is determined by the size and quality of the Accounts Receivable Book eligibility criteria (agreed invoices to be acquired) historic performance of the collections process (cash reserve rate) The Funding fluctuates minimally over time under influence of: the balance between collections and new issued invoices quality of the order to cash process Flexible structure: allows for partial implementation (bridging facility through two tier structure). Resulting in a permanent funding, funding grows as the business grows 17

19 Experience and Learnings: the structure Automate the data flow and reporting We have co-developed a cloud based platform for the data flow and reporting requirements Manage eligibility criteria Monitor historic performance of the collections process We gained significant insight in our accounts receivables through the scientific approach enforced through the securitization process. Develop or buy tools that help improve the performance of the order to cash process (reminder on line and dispute management system) Detailed insight in credit terms and its development Flexible structure: allows for partial implementation (bridging facility through two tier structure). Becomes routine 18

20 Concluding remarks In ING we found a partner that was willing to pioneer with us We reduced the quantum of debt required from the Financial Markets We diversified our financing structure The structure is flexible, resulting in permanent funding with funding levels increasing in line with growth of the underlying business We lowered the average financing costs compared to the alternatives available at the time We realized a significant Working Capital reduction We gained significant insight in our accounts receivables through the scientific approach enforced through the securitization process Nobody told them it could not be done... So they just did it! 19

21 20 Q&A

22 Disclaimer This presentation prepared by ING Bank N.V. ( ING ) is intended to provide information and to serve as a basis for discussion purposes only. While reasonable care has been taken to ensure that the information contained in this herein is fair and reasonable as at the date hereof, ING has not independently verified the information herein and accordingly makes no representation or warranty, express or implied, that the information contained herein is accurate, current, complete or correct. Any estimates in this presentation are provisional only and for indicative, preliminary and illustrative purposes only. This presentation does not constitute any valuation, appraisal or advice and there can be no guarantee that any projected results will be achieved. ING reserves the right, but does not have any obligation, to amend or change such projections or assumptions if ING deems it appropriate to do so. This presentation does not constitute an agreement or a commitment or an offer to commit to or a recommendation to enter into any transaction, or creates any obligations on the part of ING. This presentation and the information contained herein are confidential and may not be disclosed to any third party without the prior written consent of ING. ING does not accept any liability whatsoever for any loss however arising from any use of this document or its contents arising in connection herewith 21

Working Capital Solutions. Marc Huijben Laurent de Coster International Business Week October 2012

Working Capital Solutions. Marc Huijben Laurent de Coster International Business Week October 2012 Working Capital Solutions Marc Huijben Laurent de Coster International Business Week October 2012 Our Team at the conference Agenda ING Working Capital Solutions - Introduction WCS Products Supply Chain

More information

VII COMMERCIAL PAPER BACKED BY CREDIT CARD RECEIVABLES

VII COMMERCIAL PAPER BACKED BY CREDIT CARD RECEIVABLES VII COMMERCIAL PAPER BACKED BY CREDIT CARD RECEIVABLES INTRODUCTION Asset-backed commercial paper (ABCP) conduits issue short-term notes backed by trade receivables, credit card receivables, or medium-term

More information

ASPE AT A GLANCE Section 3856 Financial Instruments

ASPE AT A GLANCE Section 3856 Financial Instruments ASPE AT A GLANCE Section 3856 Financial Instruments December 2014 Section 3856 Financial Instruments Effective Date Fiscal years beginning on or after January 1, 2011 1 SCOPE Applies to all financial instruments

More information

Citigroup Global Transaction Services

Citigroup Global Transaction Services Citigroup Global Transaction Services Cash Management Trade Services and Finance Securities and Fund Services Uncovering the Hidden Value in Accounts Receivables Olivia Xu Director, NA Trade Sales Kate

More information

Investor Presentation: Pricing of MRU s Private Student Loan. July 7, 2008 NASDAQ: UNCL

Investor Presentation: Pricing of MRU s Private Student Loan. July 7, 2008 NASDAQ: UNCL Investor Presentation: Pricing of MRU s Private Student Loan Securitization July 7, 2008 NASDAQ: UNCL Disclaimer and Disclosure Statement 1 Except for historical information contained herein, this presentation

More information

NOTE ON LOAN CAPITAL MARKETS

NOTE ON LOAN CAPITAL MARKETS The structure and use of loan products Most businesses use one or more loan products. A company may have a syndicated loan, backstop, line of credit, standby letter of credit, bridge loan, mortgage, or

More information

Debt Refinancing Under the 7(a) Program. Lynn G. Ozer Executive Vice President Government Guaranteed Lending

Debt Refinancing Under the 7(a) Program. Lynn G. Ozer Executive Vice President Government Guaranteed Lending Debt Refinancing Under the 7(a) Program Lynn G. Ozer Executive Vice President Government Guaranteed Lending Debt Refinancing SBA-guaranteed loan proceeds may not be used to refinance debt originally used

More information

1. General Obligation Bonds (G.O.s): Bonds backed by the full taxing power of the issuer.

1. General Obligation Bonds (G.O.s): Bonds backed by the full taxing power of the issuer. S&P INDICES Fixed Income February 2010 S&P Fixed Income Indices: Municipal Bond Investor Tool Kit Key Terms Alternative Minimum Tax (AMT): An extra tax that some taxpayers are required to pay in addition

More information

STELLENBOSCH MUNICIPALITY

STELLENBOSCH MUNICIPALITY STELLENBOSCH MUNICIPALITY APPENDIX 9 BORROWING POLICY 203/204 TABLE OF CONTENTS. PURPOSE... 3 2. OBJECTIVES... 3 3. DEFINITIONS... 3 4. SCOPE OF THE POLICY... 4 5. LEGISLATIVE FRAMEWORK AND DELEGATION

More information

Maturity The date where the issuer must return the principal or the face value to the investor.

Maturity The date where the issuer must return the principal or the face value to the investor. PRODUCT INFORMATION SHEET - BONDS 1. WHAT ARE BONDS? A bond is a debt instrument issued by a borrowing entity (issuer) to investors (lenders) in return for lending their money to the issuer. The issuer

More information

Securitisation and Private Equity. slaughter and may. October 2004

Securitisation and Private Equity. slaughter and may. October 2004 Securitisation and Private Equity slaughter and may October 2004 contents Securitisation and Private Equity 1 1. Refi nancing an Acquisition 2 2. Providing Debt Financing for an Acquisition 4 3. Realising

More information

NorthStar Asset Management Group Inc. New York Office. Harness the Benefits of Real Estate Lending

NorthStar Asset Management Group Inc. New York Office. Harness the Benefits of Real Estate Lending NorthStar Asset Management Group Inc. New York Office Harness the Benefits of Real Estate Lending Forward Looking Statements This sales material includes forward-looking statements that can be identified

More information

Acquisition of Westdeutsche ImmobilienBank AG

Acquisition of Westdeutsche ImmobilienBank AG LOCAL EXPERTISE MEETS GLOBAL EXCELLENCE Acquisition of Westdeutsche ImmobilienBank AG February, 22 nd 2015 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO Agenda Strategic rationale Transaction structure

More information

Public Policy and Innovation: Partnering with Capital Markets through Securitization. Antonio Baldaque da Silva November 2007

Public Policy and Innovation: Partnering with Capital Markets through Securitization. Antonio Baldaque da Silva November 2007 Public Policy and Innovation: Partnering with Capital Markets through Securitization Antonio Baldaque da Silva November 2007 Agenda 1. Motivation: Innovation and Public Policy 2. Traditional tools 3. Alternatives:

More information

Debt Policy. I. Purpose of the Debt Policy

Debt Policy. I. Purpose of the Debt Policy Debt Policy I. Purpose of the Debt Policy In support of its mission, (University) maintains a long term strategic plan. The strategic plan establishes University wide priorities as well as divisional programmatic

More information

IFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12

IFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12 IFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12 Summary On 24 July 2014, the International Accounting Standards Board (IASB) completed its project on financial instruments

More information

Laurent De Coster Head of Sales Management Factoring, more than just a financing solution

Laurent De Coster Head of Sales Management Factoring, more than just a financing solution ING Commercial Finance BeLux Laurent De Coster Head of Sales Management Factoring, more than just a financing solution Contents Inhoud Introduction Factoring market evolution Factoring in Europe Products

More information

An Alternative Way to Diversify an Income Strategy

An Alternative Way to Diversify an Income Strategy Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed

More information

American Express Fixed Income Presentation. September 2008 Update (revised November 2009)

American Express Fixed Income Presentation. September 2008 Update (revised November 2009) American Express Fixed Income Presentation September 2008 Update (revised November 2009) Agenda AXP Overview Performance AXP Capital & Funding Management 2 Company Overview ($ in Millions) AMERICAN EXPRESS

More information

GUIDE TO SYNDICATED LEVERAGED FINANCE

GUIDE TO SYNDICATED LEVERAGED FINANCE GUIDE TO SYNDICATED LEVERAGED FINANCE CONTENTS Clause Page 1. Introduction... 1 2. Types Of Senior Leveraged Facilities Commonly Syndicated... 1 3. Parties To A Senior Syndicated Leveraged Facility...

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Mortgage Loan Conduit & Securitization Two Harbors Investment Corp. November 4, 2015

Mortgage Loan Conduit & Securitization Two Harbors Investment Corp. November 4, 2015 Two Harbors Investment Corp. November 4, 2015 Two Harbors Investment Corp. is proud to present a webinar titled: Mortgage Loan Conduit and Securitization. Periodic webinars from Two Harbors will provide

More information

S t a n d a r d 4. 4 a. M a n a g e m e n t o f c r e d i t r i s k. Regulations and guidelines

S t a n d a r d 4. 4 a. M a n a g e m e n t o f c r e d i t r i s k. Regulations and guidelines S t a n d a r d 4. 4 a M a n a g e m e n t o f c r e d i t r i s k Regulations and guidelines THE FINANCIAL SUPERVISION AUTHORITY 4 Capital adequacy and risk management until further notice J. No. 1/120/2004

More information

American Express Fixed Income Presentation. May 2008 Update

American Express Fixed Income Presentation. May 2008 Update American Express Fixed Income Presentation May 2008 Update Agenda AXP Overview Performance AXP Capital & Funding Management 2 Company Overview American Express is a leading global payments and travel company

More information

RECEIVABLES FINANCING

RECEIVABLES FINANCING RECEIVABLES FINANCING Asset-Based Financing Strategies 2015 Practising Law Institute February 27, 2015 Scott A.Lessne Crowell & Moring LLP I. The Role of Receivables in Asset- Based Lending A. What are

More information

SSBCI PROGRAM PROFILE: LOAN PARTICIPATION PROGRAM. May 4, 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury

SSBCI PROGRAM PROFILE: LOAN PARTICIPATION PROGRAM. May 4, 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury SSBCI PROGRAM PROFILE: LOAN PARTICIPATION PROGRAM May 4, 17, 2011 (SSBCI) U.S. Department of the Treasury What is a Loan Participation Program? A Loan Participation Program enables small businesses to

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

2015 Investor Day CFO Presentation. June 25, 2015

2015 Investor Day CFO Presentation. June 25, 2015 The Critical Materials Company 2015 Investor Day CFO Presentation June 25, 2015 Table of Contents Q1 2015 Financial Highlights 4 Currency Translation Effect 5 AMG Q1 2015 At a Glance 6 AMG Critical Materials

More information

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited)

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited) (unaudited) 1. SCOPE OF APPLICATION Basis of preparation This document represents the Basel Pillar 3 disclosures for Canadian Tire Bank ( the Bank ) and is unaudited. The Basel Pillar 3 disclosures included

More information

UK Export Finance Main Features of the Export Refinancing Facility:

UK Export Finance Main Features of the Export Refinancing Facility: UK Export Finance Main Features of the Export Refinancing Facility: Main Features of the Export Refinancing Facility (ERF) Summary UK Export Finance s Export Refinancing Facility (ERF) will help overseas

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes

Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes INTERNATIONAL STRUCTURED FINANCE PRE SALE REPORT Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes CLOSING DATE: September 12, 2001 AUTHOR: Australia-RMBS This pre-sale report

More information

Market Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013

Market Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013 MARKET RISK CAPITAL DISCLOSURES REPORT For the quarter ended March 31, 2013 Table of Contents Section Page 1 Morgan Stanley... 1 2 Risk-based Capital Guidelines: Market Risk... 1 3 Market Risk... 1 3.1

More information

MARKET NOTICE - EXPANDING ELIGIBLE COLLATERAL IN THE DISCOUNT WINDOW FACILITY

MARKET NOTICE - EXPANDING ELIGIBLE COLLATERAL IN THE DISCOUNT WINDOW FACILITY MARKET NOTICE - EXPANDING ELIGIBLE COLLATERAL IN THE DISCOUNT WINDOW FACILITY 1. This Market Notice provides details on the Bank s requirements for accepting portfolios of loans as collateral in the Discount

More information

Supply Chain Finance. 16 June 2009 Brussels

Supply Chain Finance. 16 June 2009 Brussels Supply Chain Finance 16 June 2009 Brussels 2 Avarina Miller Senior Vice President Demica Ltd, London 3 About Demica UK based specialist in working capital solutions with current focus on trade receivables

More information

International Sales Finance Solutions

International Sales Finance Solutions International Sales Finance Solutions Global Transaction Services Cash Management Trade Services and Finance Securities Services Fund Services International Sales Finance Solutions Financing Tools to Support

More information

Selling Your USDA Loans To Coastal. First Quarter 2015

Selling Your USDA Loans To Coastal. First Quarter 2015 Selling Your USDA Loans To Coastal First Quarter 2015 United States Department of Agriculture I. Rural Development A. Rural Development - Cooperative Services (RBS) B & I Loans (Business and Industry)

More information

A leveraged. The Case for Leveraged Loans. Introduction - What is a Leveraged Loan?

A leveraged. The Case for Leveraged Loans. Introduction - What is a Leveraged Loan? PENN Capital Management The Navy Yard Corporate Center 3 Crescent Drive, Suite 400 Philadelphia, PA 19112 Phone: 215-302-1501 www.penncapital.com For more information: Christian Noyes, Senior Managing

More information

Acquisition of Corealcredit Bank AG December 23, 2013 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO

Acquisition of Corealcredit Bank AG December 23, 2013 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO LOCAL EXPERTISE MEETS GLOBAL EXCELLENCE Acquisition of Corealcredit Bank AG December 23, 2013 Dr. Wolf Schumacher, CEO Hermann J. Merkens, CFO Agenda Strategic rationale Transaction structure Financials

More information

Refinancing Presentation October 2013. Sonic Tasmania, Australia

Refinancing Presentation October 2013. Sonic Tasmania, Australia Refinancing Presentation October 2013 Sonic Tasmania, Australia Important Notice and Disclaimer This presentation has been prepared by Boart Longyear Limited, ABN 49 123 052 728 (Boart Longyear or the

More information

Deutsche Wohnen AG.» Investor Presentation. September 2010

Deutsche Wohnen AG.» Investor Presentation. September 2010 Deutsche Wohnen AG» Investor Presentation September 21 1 » Agenda 1 2 3 4 Introduction to Deutsche Wohnen Portfolio Overview and Operations Financial Highlights Guidance and Strategic Objectives 2 » 1

More information

Structured Finance.. Rating Methodology..

Structured Finance.. Rating Methodology.. Structured Finance.. Rating Methodology.. www.arcratings.com GLOBAL CONSUMER ABS ABS RATING CRITERIA This is an update to the methodology previously published on 5 September 2014. There are no material

More information

Meet challenges head on

Meet challenges head on Meet challenges head on Deal Advisory / Global We can help you master Financial Restructuring. Enhancing value through financial restructuring. / 1 Your vision. Our proven capabilities. Despite its challenges,

More information

LMA Webcasts Introduction to syndicated lending 11 June 2015. Toby Mann, Clifford Chance

LMA Webcasts Introduction to syndicated lending 11 June 2015. Toby Mann, Clifford Chance LMA Webcasts Introduction to syndicated lending 11 June 2015 Toby Mann, Clifford Chance The Role of the Parties Introduction A syndicated loan is where more than one bank collectively lend to the same

More information

Priority Senior Secured Income Fund, Inc.

Priority Senior Secured Income Fund, Inc. Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed

More information

Use this section to learn more about business loans and specific financial products that might be right for your company.

Use this section to learn more about business loans and specific financial products that might be right for your company. Types of Financing Use this section to learn more about business loans and specific financial products that might be right for your company. Revolving Line Of Credit Revolving lines of credit are the most

More information

Overview of Financial Solutions

Overview of Financial Solutions Overview of Financial Solutions The Etra Advisory Group provides solutions to businesses for growth, expansion, cash flow, refinance and acquisition. We cover the world of business financing that banks

More information

Global Investments Limited. FY2014 Financial Results

Global Investments Limited. FY2014 Financial Results Global Investments Limited FY2014 Financial Results DISCLAIMER Information contained in this presentation is intended solely for your personal reference and is strictly confidential. Such information is

More information

Credit Default Swaps and the synthetic CDO

Credit Default Swaps and the synthetic CDO Credit Default Swaps and the synthetic CDO Bloomberg Seminar 20March 2003 Moorad Choudhry Journal of Bond Trading and Management www.yieldcurve.com Agenda o Credit derivatives and securitisation o Synthetic

More information

ASF Discussion Paper - Use of Master Trust Structures for Securitisation by ADIs

ASF Discussion Paper - Use of Master Trust Structures for Securitisation by ADIs ASF Discussion Paper - Use of Master Trust Structures for Securitisation by ADIs A. Key benefits of master trust structures Below is a high level summary of the key benefits of master trust technology.

More information

An Overview of Small Business Investment Company Funds. Jonathan Kivell Commerce Street Capital

An Overview of Small Business Investment Company Funds. Jonathan Kivell Commerce Street Capital An Overview of Small Business Investment Company Funds Jonathan Kivell Commerce Street Capital Disclaimer This presentation ( presentation ) is intended solely for the Recipient and has been prepared for

More information

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market Market capitalization $b Spectrum Insights Damien Wood, Principal JUNE 9, 2015 Corporate bonds often provides investors with an income stream that is above deposit rates, but less risky than dividends

More information

Equipment Financing. Christine Gould Hamm February 27, 2015

Equipment Financing. Christine Gould Hamm February 27, 2015 Equipment Financing Christine Gould Hamm February 27, 2015 Equipment Equipment means goods other than inventory, farm products, or consumer goods. UCC 9-102(a)(33). Inventory goods held for sale or lease

More information

Financial. Management FOR A SMALL BUSINESS

Financial. Management FOR A SMALL BUSINESS Financial Management FOR A SMALL BUSINESS Welcome 1. Agenda 2. Ground Rules 3. Introductions FINANCIAL MANAGEMENT 2 Objectives Explain the concept of financial management and its importance to a small

More information

Assurance and accounting A Guide to Financial Instruments for Private

Assurance and accounting A Guide to Financial Instruments for Private june 2011 www.bdo.ca Assurance and accounting A Guide to Financial Instruments for Private Enterprises and Private Sector t-for-profit Organizations For many entities adopting the Accounting Standards

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

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Understanding Fixed Income

Understanding Fixed Income Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding

More information

Structured Finance. College Loan Corp. Trust I, Series 2004-1. Asset-Backed Presale Report. Expected Ratings

Structured Finance. College Loan Corp. Trust I, Series 2004-1. Asset-Backed Presale Report. Expected Ratings Asset-Backed Presale Report College Loan Corp. Trust I, Series 2004-1 Expected Ratings $293,000,000 Class A-1 Student Loan Asset-Backed Senior Notes... AAA $307,000,000 Class A-2 Student Loan Asset-Backed

More information

SOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 2a: Capital Market Drives Investment Strategy.

SOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 2a: Capital Market Drives Investment Strategy. SOA Annual Symposium Shanghai November 5-6, 2012 Shanghai, China Session 2a: Capital Market Drives Investment Strategy Genghui Wu Capital Market Drives Investment Strategy Genghui Wu FSA, CFA, FRM, MAAA

More information

Annual Disclosures (Banks, Foreign Bank Branches, Federally Regulated Trust and Loan Companies, and Cooperative Credit Associations)

Annual Disclosures (Banks, Foreign Bank Branches, Federally Regulated Trust and Loan Companies, and Cooperative Credit Associations) Guideline Subject: (Banks, Foreign Bank Branches, Federally Regulated Trust and Loan Companies, and Cooperative Credit Associations) Category: Accounting No: D-1 Date: July 1997 Revised: July 2010 Introduction

More information

Risk Factors Relating to NWR s Debt

Risk Factors Relating to NWR s Debt Risk Factors Relating to NWR s Debt The following is a brief summary of certain risks related to the 7.375% Senior Notes of NWR due 2015 (the 2015 Notes ) and the 7.875% Senior Secured Notes of NWR due

More information

MISSOURI TRANSPORTATION FINANCE CORPORATION LOAN POLICY

MISSOURI TRANSPORTATION FINANCE CORPORATION LOAN POLICY Purpose MISSOURI TRANSPORTATION FINANCE CORPORATION The purpose of this document is to provide written guidelines for the processing of applications and approval of direct loans by the Missouri Transportation

More information

Is Account Receivables Your Largest Asset? Unleash the Hidden Values A/R Insurance Can Deliver to Your Company. Presented by Glenn Robins

Is Account Receivables Your Largest Asset? Unleash the Hidden Values A/R Insurance Can Deliver to Your Company. Presented by Glenn Robins Is Account Receivables Your Largest Asset? Unleash the Hidden Values A/R Insurance Can Deliver to Your Company Presented by Glenn Robins US Companies Profile On Insuring Assets Compare Balance Sheet Assets

More information

INDEX. Page. Directory 3. Important Notice 4. Background 6. The Waratah Structure 8. Summary of Terms 8. The Issuer 9. Commercial Paper Notes 9

INDEX. Page. Directory 3. Important Notice 4. Background 6. The Waratah Structure 8. Summary of Terms 8. The Issuer 9. Commercial Paper Notes 9 A$5,000,000,000 Asset Backed Commercial Paper Programme Servicing Agent & Sponsor Dealers Commonwealth Bank of Australia Macquarie Bank Limited Westpac Banking Corporation August 2009 INDEX Page Directory

More information

MONTHLY STATEMENT. Series 2012-1 HSBC Bank plc AS SERVICER. RECEIVABLES TRUST MONTHLY PERIOD ENDING: 31 January 2015

MONTHLY STATEMENT. Series 2012-1 HSBC Bank plc AS SERVICER. RECEIVABLES TRUST MONTHLY PERIOD ENDING: 31 January 2015 MONTHLY STATEMENT Series 2012-1 HSBC Bank plc AS SERVICER RECEIVABLES TRUST MONTHLY PERIOD ENDING: 31 January 2015 1. 2. 3. 4. Capitalised terms used in this report have their respective meanings set forth

More information

Building an Asian Transaction Banking Franchise

Building an Asian Transaction Banking Franchise Building an Asian Transaction Banking Franchise Tom McCabe Global Head, GTS September 2012 Disclaimer: The information contained in this document is intended only for use during the presentation and should

More information

Treasury Market Risk Management

Treasury Market Risk Management Treasury Market Risk Management Treasury Management Treasury management is a broader concept than liquidity management Management of cash flows in terms of: Amount of cash inflow / outflow Currency of

More information

Rating Action: Moody's upgrades LEAF Receivables Funding equipment backed ABS from 2011 and 2012

Rating Action: Moody's upgrades LEAF Receivables Funding equipment backed ABS from 2011 and 2012 Rating Action: Moody's upgrades LEAF Receivables Funding equipment backed ABS from 2011 and 2012 Global Credit Research - 28 Feb 2014 Approximately $168 million of asset-backed securities affected New

More information

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference

B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P BMO 2013 Technology and Digital Media Conference Forward-Looking Statements This presentation contains certain statements that

More information

How Bankers Think. Build a sound financial base to support your company for future growth

How Bankers Think. Build a sound financial base to support your company for future growth How Bankers Think Build a sound financial base to support your company for future growth Presented by: Lisa Chapman Business Planning, Social Media Marketing & SEO 615-477-8412 Questions to Consider First

More information

Disclosure 17 OffV (Credit Risk Mitigation Techniques)

Disclosure 17 OffV (Credit Risk Mitigation Techniques) Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of

More information

Phoenix Memory with barrier at maturity

Phoenix Memory with barrier at maturity Final terms Product Agreement - Phoenix Memory Investment context Phoenix Memory structure is a product that offers to the Investor the opportunity to receive a Potential recurrent Coupon with Memory Effect,

More information

Shared National Credits Program 2014 Leveraged Loan Supplement

Shared National Credits Program 2014 Leveraged Loan Supplement Shared National Credits Program 2014 Leveraged Loan Supplement Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Washington,

More information

Gjensidige Bank ASA Investor Presentation 2013. 19. March 2013

Gjensidige Bank ASA Investor Presentation 2013. 19. March 2013 Gjensidige Bank ASA Investor Presentation 2013 19. March 2013 Agenda Gjensidige Bank in Brief (Hans Harèn - GB CEO) p. 3-6 Gjensidige Group capital position (Linn Soltvedt - Investor Relations Officer)

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

José Antonio Álvarez CFO Santander Group

José Antonio Álvarez CFO Santander Group José Antonio Álvarez CFO Santander Group Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking statements are found in

More information

Diane Delelis 21.10.2011. Securitization. Finance (Basics) Luděk Benada

Diane Delelis 21.10.2011. Securitization. Finance (Basics) Luděk Benada Diane Delelis 21.10.2011 Securitization Finance (Basics) Luděk Benada Index Introduction... 3 I. Detailed presentation...3 II. Vocabulary of securitization...4 III. An example...5 IV. Advantages...6 1.

More information

Cash Drivers and Enterprise Value

Cash Drivers and Enterprise Value Cash Drivers and Enterprise Value Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 Gérard Adsuar Corporate Executive Finance & Treasury, EADS 1 1 Safe Harbour Statement Disclaimer This presentation

More information

The 2003 ISDA Credit Derivatives Definitions

The 2003 ISDA Credit Derivatives Definitions The 2003 ISDA Credit Derivatives Definitions Edmund Parker, Mayer Brown www.practicallaw.com/0-380-8160 This note provides an overview of the 2003 ISDA Credit Derivatives Definitions (the 2003 Definitions).

More information

Aquila (Eclipse 2005-1) PLC - DEAL SUMMARY REPORT

Aquila (Eclipse 2005-1) PLC - DEAL SUMMARY REPORT Aquila (Eclipse 20051) PLC Aquila (Eclipse 20051) PLC DEAL SUMMARY REPORT Report Date 13 September 2012 Prior Report Date 14 June 2012 25 July 2012 14 December 2012 Pages Deal Overview 1 8 Individual Loan

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Disclaimer 1. This presentation may contain certain forward-looking

More information

Commerzbank Well positioned for the upcoming challenges. Commerzbank German Investment Seminar 2012

Commerzbank Well positioned for the upcoming challenges. Commerzbank German Investment Seminar 2012 Commerzbank Well positioned for the upcoming challenges Commerzbank German Investment Seminar 2012 Commerzbank with major achievements in 2011 Op. Profit ( bn) -0,8 FY 09 1,0 FY 10 3,0 9M 11 Operating

More information

H1 2014 IFRS Results. August 2014

H1 2014 IFRS Results. August 2014 H 4 IFRS Results August 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent

More information

Strategic and Operational Overview May 11, 2016

Strategic and Operational Overview May 11, 2016 Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,

More information

Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer

Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer Research Update: Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer Primary Credit Analyst: Marie-Aude Vialle, London (44) 20-7176-3655;

More information

The Securitization Process/1

The Securitization Process/1 The Securitization Process/1 Asset-Backed Securities The Securitization Process Prof. Ian Giddy Stern School of Business New York University Asset-Backed Securities The basic idea What s needed? The technique

More information

Close Brothers Group plc

Close Brothers Group plc Close Brothers Group plc Pillar 3 disclosures for the year ended 31 July 2008 Close Brothers Group plc Pillar 3 disclosures for the year ended 31 July 2008 Contents 1. Overview 2. Risk management objectives

More information

2015 Annual General Meeting. People Partners Process Product Profit

2015 Annual General Meeting. People Partners Process Product Profit People Partners Process Product Profit 1 Disclaimer This document has been prepared by echoice Limited ( echoice ) and comprises written materials/slides concerning echoice. The material in this presentation

More information

Analyst Conference Call Q3 2006

Analyst Conference Call Q3 2006 THE INTERNATIONAL PROPERTY SPECIALIST Analyst Conference Call Q3 2006 13 November 2006 Group Facts and Figures Q3 2006 1 Group P&L Q3 2006 Q3 2006 Q2 2006 Q3 2005 mn mn mn Net interest income 97 102 93

More information

Taking advantage of debt financing and other investment options

Taking advantage of debt financing and other investment options Taking advantage of debt financing and other investment options What opportunities are there for you today? Amsterdam, 28 January 2014 Bert van der Toorn Managing Director, Head of Oil and Gas, Europe

More information

Financial. Management FOR A SMALL BUSINESS

Financial. Management FOR A SMALL BUSINESS Financial Management FOR A SMALL BUSINESS 1 Agenda Welcome, Pre-Test, Agenda, and Learning Objectives Benefits of Financial Management Budgeting Bookkeeping Financial Statements Business Financing Key

More information

The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA. 2015 Annual Dodd-Frank Act Stress Test Disclosure

The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA. 2015 Annual Dodd-Frank Act Stress Test Disclosure The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA 2015 Annual Dodd-Frank Act Stress Test Disclosure March 2015 2015 Annual Dodd-Frank Act Stress Test Disclosure for The Goldman Sachs Group, Inc.

More information

BBIF Government Securities Fund BBIF Tax-Exempt Fund. Shareholders should retain this Supplement for future reference.

BBIF Government Securities Fund BBIF Tax-Exempt Fund. Shareholders should retain this Supplement for future reference. BBIF Government Securities Fund BBIF Tax-Exempt Fund Supplement dated April 22, 2016 to the Prospectus, Summary Prospectuses and Statement of Additional Information of the Funds, dated January 4, 2016

More information

Optimizing Payment Cycles for Trade Payables and Receivables

Optimizing Payment Cycles for Trade Payables and Receivables Optimizing Payment Cycles for Trade Payables and Receivables Houston Treasury Management Association Space City Cash Conference September 2013 Madeline Sprague, HSBC Bank USA, N.A. Global Trade & Receivables

More information