Absicherungs- und Finanzierungsmöglichkeiten für Projekte der Erneuerbaren Energien in Indien. Commerzbank AG Structured Export & Trade Finance
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1 Absicherungs- und Finanzierungsmöglichkeiten für Projekte der Erneuerbaren Energien in Indien Commerzbank AG Structured Export & Trade Finance Thomas Thomas Rybicki Rybicki Peter Peter Licht Licht Commerzbank AG AG Structured Export Export & Trade & Trade Finance Finance
2 Commerzbank at a glance Commerzbank is Germany's second-largest bank and plays a leading role in German corporate and private banking. Formation: 1870 as "Commerz- und Discontobank" in Hamburg Total assets: 533 bn (Q4 2015) Core Tier 1 ratio: 13.8% (Q4 2015) Rating: Baa1/P-2 (Moody's) BBB+/A-2 (S&P) Employees: Customers: Branch network: 52,000 employees worldwide 11 million customers worldwide - 1,200 domestic branches - 23 branches, 35 representative offices as well as other subsidiaries and affiliated companies in around 50 countries Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 1 1
3 SETF presence in all major European centres New York Caracas Panama City Barcelona Lagos Istanbul Tripoli Riga Moscow Dublin London Amsterdam Warsaw Minsk FrankfurtHradec Králové Brussels Prag Luxemburg Brno Ostrava Kiev Plzen Košice Paris Vienna Bratislava Geneva Zurich Budapest Zagreb Milan Bucharest Belgrade Madrid Luanda Tblisi Beirut Cairo Dubai Addis Ababa Baku Almaty Tashkent Ashgabat Novosibirsk Beijing Tianjin Seoul Shanghai Dhaka Hong Kong Taipei Mumbai Bangkok Kuala Lumpur Ho Chi Minh City Singapore Jakarta Tokyo International Network: Europe Frankfurt 45 Specialists Amsterdam Brussels London Paris Moscow Prague USA New York Asia Singapore Tokyo São Paulo Santiago de Chile Buenos Aires Johannesbourg Representative Offices Operative foreign branches Group companies and major foreign holding Melbourne Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 2 2
4 SETF presence in all major financial centres European Network 6 1 Frankfurt 45 specialists 2 Amsterdam 3 Brussels 4 London 5 Paris 6 Moscow 7 Prague US Presence New York Asia Singapore Tokyo Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 3 3
5 Structured Export & Trade Finance A unique combination of products allows flexible solutions to the needs of our client base Export Finance ECA-covered/uncovered Export Finance Single-sourced Export Finance Multi-sourced Export Finance ECA-covered Project Finance Receivables-backed long-term Export Finance Privately insured Export / Trade Loans Cooperation with multilateral Institutions Trade Finance Pre-export Finance Commodity Trade Finance Borrowing Base Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 4 4
6 Structured Export & Trade Finance covers the whole cycle of a transaction Syndication Financing Origination Arranging Target: Achieve "bankable" solutions to meet financing requirements in co-operation with all parties involved Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 5 5
7 Structured Export Finance - Products & Markets Structured Export & Trade Finance Solutions - Structuring Arranging - Financing Structured Export Finance Single sourced Export credits Multi sourced Export credits EXPORTER ECA-covered/ uncovered Export Finance ECA-covered Project Finance IMPORTER Commodity Pre-Financing Borrowing Base Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 6 6
8 Structured Export Finance - Products & Markets Main features of ECA-covered buyer credits OECD-Arrangement on Officially Supported Export Credits represents binding Framework for medium and long term credits (>2 years) Tied to the supply of durable capital goods produced in the country of the ECA Min. of 15% down- and interim payment required Max. 85% financing to the importer directly or through its bank under ECA-cover Commerzbank risk-participation depending on the ECA-policy (e.g. : in general 5% of the loan amount for political and economic risk) Financing of multi-sourced supplies Financing of foreign content by way of reinsurance with ECA-cover Standardized handling by means of Basic Loan Agreements with international Borrowers Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 7 7
9 Structured Export Finance - Products & Markets Benefits Lifetime of ECA-covered loans much longer than that of commercial facilities with positive effects on the structure of the borrower s balance sheet Larger credit volumes are achievable Mitigation of political and economic risk components contributing to a competitive pricing with interest based on the international money / capital market rates for EUR / USD reliability during long construction periods and thus adding stability to the project implementation Availability of CIRR (Commercial Interest Reference Rate; differs from one exporting country to the other), which is the minimum fixed interest rate, which shall be applied for official financing support for export credits as regulated by the Arrangement on Guidelines for Officially Supported Credits under OECD. Normally with a margin t.b.d. in each case. Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 8 8
10 Structured Export Finance - Products & Markets Phases of a buyer credit Structuring - Parties - Tenor - Pricing - Collateral Negotiating - Export Contract - Financing proposal Documentation - ECA-application - Signing of Export Contract - Negotiating and Signing of Loan Agreement Fulfilment of Conditions Precedent Disbursement Repayment Financing Request Financing Proposal Financing Mandate Conclusion of Loan Agreement Starting Point Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 9 9
11 Structured Export Finance - Products & Markets ECA-covered buyer credit (basic structure) Exporter Export Contract Deliveries and related services Buyer Export cover Disbursement of loan amounts pro rata deliveries made / services rendered Export credit cover ECA Commerzbank Loan Agreement Repayment / Interest Payments Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 10 10
12 Structured Export Finance - Products & Markets Exporter Export Contract Deliveries and related services Importer Disbursement of loan Export Cover Export Credit Cover ECA Repayment / Interest Payments Local Loan Agreement Commerzbank Loan Agreement Repayment / Interest Payments Bank Major advantages of an ECA-covered Buyer Credit: the longer tenor for an ECA-covered financing compared to commercial facilities diversification and thus expansion of the possible funding sources Commerzbank s experience in the ECA business which guarantees a professional approach to the financing and allows a short implementation period until reaching financial close Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 11 11
13 Structured Export Finance - Products & Markets Co-operation with Export Credit Agencies (ECAs) DE FI NO DK SE JP BE IT FR CH GB AT US LU KR Commerzbank acts as arranger and / or lender of export financings for a large number of Export Credit Agencies CZ NL Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 12 12
14 Center of Competence Energies - Renewable Energies Finance The division Energy Experience: more than 25 years of experience and track record in the RE market. Integrated approach: we service RE corporates as well as projects and has therefore a substantial market overview concerning technologies, companies, RE market structures and latest developments. Team of specialists: more than 50 employees Technologies: Focused on proven technologies Due diligence: Structuring and financing process accompanied professionally; combination of internal expertise and integration of external partners Risk management: Established internal rating process based on Commerzbank s long-standing engagement and experience with RE projects; audited and certified by the German regulator Documentation: Terms and conditions are negotiated on an individual basis. Corporate Clients RE Commerzbank Center of Competence Energy Project Finance RE Origination Project Finance RE Structuring Markets / Deal Sizes Renewable Energies Business & Transaction Management Countries: Germany, Northern and Western Europe, Poland, U.S. and Canada Preferred minimum deal size (debt): Germany: EUR 10m Other countries: from EUR 20m., for debt volumes > EUR 50m: arranging of club deals Technologies: wind (onshore and offshore), solar (PV and CSP) Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 13 13
15 Center of Competence Energies - Renewable Energies Finance ctd. Project Finance Renewable Energies Core products: - Recourse/Non-recourse project financings in core regions ECA*- covered export financings on a global basis. Clients: all corporates of the RE industry such as - Manufacturers - Project developers - Strategic financial investors RE Potential Cooperation with Indian Banks Two-Step-Structure: - Commerzbank - State Bank of India, Hong Kong Branch - Promoter RE-Project Finance Portfolio 12/2014 by Region (in bn. EUR total: 3.99 bn. EUR) 0.16 North America (4%) 0.25 RoW (6%) 0.82 Other Europe (21%) 2.76 Germany (69%) RE-Project Finance Portfolio 12/2014 by Technology (in percent 100% = 3.99 bn. EUR) Solar 22% Bio 3% Wind offshore 5% Wind onshore 70% * Export Credit Agency Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 14 14
16 Structured Export Finance - Buyer Credit Basic requirements for direct lending to corporates Audited consolidated annual reports in accordance with international accounting standards (IFRS, Indian or US-GAAP) for at least two previous financial years Any additional information upon request (e.g. list of all shareholders up to beneficial shareholders / individuals) Acceptable risk-level as per risk assessment of the lending bank and the ECA Adequate level of total shareholders equity of the Borrower compared with the loan amount Additional collaterals Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 15 15
17 Structured Export Finance - Buyer Credit Overview (I) Borrower: Arranger: Lender: Indian bank off-shore branch on-lending to Indian corporate or, alternatively, Indian corporate Commerzbank AG Commerzbank AG, possibly with a consortium of banks Loan Agreement: between Commerzbank AG and Borrower Collateral: Loan amount: Disbursement: - ECA-cover - Exporter applies for an export cover up to 85 % of the export contract value + up to 100% of ECArelated costs+ up to 100% of interest accruing during construction period for up to 85% of the export contract value directly to the account of the Exporter with Commerzbank against presentation of documents under a letter of credit Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 16 16
18 Structured Export Finance - Buyer Credit Overview (II) > Repayment: depending on underlying supply contract in in up to 20 (re industrial projects) or up to 36 (re renewable energy projects) equal, consecutive at least semi-annual instalments by the Borrower Due date for first Repayment: 6 months after the Starting Point being e.g. Interest: Management Fee: Commitment Fee: the mean weighted delivery date, the date of the last essential delivery or the date of readiness for operation (dependent on the structure of the export transaction) at the latest on a specific Latest Date to be agreed upon with the ECA. Euribor / Libor + margin payable semi-annually in arrears fixed rate under German CIRR-Scheme, especially for longer tenors to be payable within 30 days after conclusion of the Loan Agreement, to be payable quarterly in arrears on the loan amount not yet disbursed Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 17 17
19 Structured Trade Finance Standard structure: A self-liquiditing structure binds the credit to trade flows and controls related exports proceeds Buyer EMERGING MARKET 4. Delivery of goods 1. Export Contract 5. Payment for the goods under Export Contract Producer Bank 2. Loan Agreement 3. Disbursement of Loan The Producer fulfils its repayment obligations under the Loan Agreement via the delivery of the commodity in line with the terms of the Export Contract The Buyer s payment proceeds for the commodity are directly used to repay the loan The repayment obligation of the Producer is substituted with a performance obligation in combination with a payment obligation of the Buyer Any inherent transfer and/or conversion risks are mitigated/reduced Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 18 18
20 Synergies from combining Structured Export and Structured Trade Finance Increasing demand for structured solutions Combination of Structured Export and Structured Trade Finance in one department creates synergies with regard to industry know-how structuring know-how efficiency (one stop solution) Creation of attractive collateral structures for banks and ECAs Opening of opportunities in commodity-/raw material rich markets, e.g. CIS Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 19 19
21 Selected transactions 2015 Sberbank of Russia EUR 70 m Finnvera Arranger / Lender December 2015 Reliance Industries Ltd. EUR 950 m ECA-covered Club Loan Mandated Lead Arranger December 2015 Royal Caribbean Cruises Ltd. EUR m Mandated Lead Arranger December 2015 Royal Caribbean Cruises Ltd. EUR m Mandated Lead Arranger December 2015 Shubhalakshmi Polyester Ltd., Mumbai EUR 8.64 m d Arranger/Risk Participant October 2015 Seabras 1 Bermuda Ltd. USD 245 m Term Loan Mandated Lead Arranger September 2015 Shubhalakshmi Polyester Ltd., Mumbai EUR 9.75 m d Risk Participant September 2015 Gazprombank JSC EUR 158 m Mandated Lead Arranger Lender June 2015 Banco de Negócios Int. S.A. Angola EUR m Lender August 2015 Fitesa Naotecidos S.A. EUR 31 m Lender August 2015 Ayen Enerji A.S. EUR m EKF Sole Lender July 2015 TUI Cruises GmbH Mein Schiff 7 EUR 476 m Finnvera Lender / Participant June 2015 TUI Cruises GmbH Mein Schiff 8 EUR 476 m Finnvera Lender / Participant June 2015 Tatfondbank EUR 10.8 m KUKE Sole Lender May 2015 Banca Poupança e Crédito, Angola EUR 61 m KRAKATAU STEEL USD 250 m VTB Bank EUR 97.5 m Finnvera VTB Bank EUR m EKN Republic of Cameroon USD 56 m COFACE Republic of the Congo EUR 80 m Delcredere - Ducroire Corinth Pipeworks S.A. Greece EUR 3.97 m Lender May 2015 Mandated Lead Arranger May 2015 Arranger/Lender April 2015 Arranger/Lender April 2015 Mandated Lead Arranger Lender April 2015 Mandated Lead Arranger Lender March 2015 Lender February 2015 Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance 20 20
22 Thomas Rybicki Corporate Banking Structured Export & Trade Finance Senior Vice President Tel Mail Peter Licht Corporate Banking Structured Export & Trade Finance Senior Vice President Tel Mail Thomas Rybicki Peter Licht Commerzbank AG Structured Export & Trade Finance
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