Norwegian Procurement and Finance Day

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1 Norwegian Procurement and Finance Day Have banks run out of funds and stopped financing the offshore industry? Are there any other innovative ways in financing that could be examined? Tay Kim Joo Investment Banking Division, Asia March 2014

2 Background: What happened to maritime or offshore banks after 2008? 2

3 Dea volume (musd) # of deals Deal Volume (musd) # of deals Resulting in.. Global shipping and offshore loan volume Asia shipping and offshore loan volume 45, , ,000 35,000 30,000 25,000 20,000 15,000 10,000 5, ,000 6,000 5,000 4,000 3,000 2,000 1, North America Europe (excl. Nordic) Africa & Middle East Total # of Deals Asia (incl. Australasia) Nordic Latin America (incl. Caribbean) Australasia India Subc North Asia SE Asia Total # of Deals Global syndicated loan volume in the shipping and offshore space plunged from USD99bn in 2008 to USD35bn in 2009 before recovering to USD78bn in 2013 Most of the decline in activity was seen in Europe (incl. Nordics) followed by North America and the Asia-Pac region. This is probably due to the significant market share of European banks in the global ship finance market prior to the crisis However, the situation has improved ever since with increasing volumes especially in 2013 Source: DNB Markets and Dealogic 3

4 So where have some owners turned to (or have considered turning to) for liquidity post 2008? 4

5 Alternative financing methods to the traditional bilateral bank debt 1 Debt capital markets 6 Private equity Export credit agencies 2 Alternative financing methods 5 Equity capital markets Leases 3 Securitization /Reciv financings 4 5

6 Debt Capital Markets Product Syndicated loans Club transactions Bonds Secured / Project bonds Unsecured bonds Perpetual bonds Convertible bonds US private placement Key features Private & cost effective Relatively easy to arrange Ample liquidity when the window is open Amortisation or non-amortisation Covenant lite Higher leverage compared to bank financing 6

7 Export Credit Agencies (ECAs) Provide various financial services to promote exports from their countries Key features Appears to be one of the largest providers of liquidity particularly during the financial crisis in US and Europe Credit insurance cover to enhance the credit worthiness of the borrower Certain ECAs can also provide direct lending (e.g. The Export-Import Bank of China and Korea Eximbank) Possible fixed rate funding option (Commercial Interest Reference Rate CIRR ) 7

8 Leases Key features Up to 100% financing Possible to obtain off balance sheet treatment via operating leases Relatively easy to arrange Comprises bank and equity financing Could be costly due to the equity component Relatively flexible structure where owners may have the option to purchase the asset at the end of the lease period 8

9 Receivables Financing / Securitisation Key features Possibility of financing with or without recourse Off balance sheet treatment with default risk associated with receivables transferred to the financing company if on a nonrecourse basis Could potentially free up large amounts of capital Up to 85% financing (depending on the age of receivables and credit worthiness of the debtors amongst other factors) 9

10 Equity Capital Markets Key features Dependent on window period and market sentiment (ie. the Norwegian OTC market is hot at the moment) Vast amounts of liquidity could be tapped (i.e. total market cap of NYSE companies is approx. USD17 trillion) High level of disclosure required with frequent reporting to the stock exchanges Developed and in-depth market 10

11 Private Equity Types of funds Long-term equity value funds Special situation funds Key features Good partner for new set up companies (operational, management, etc.) Ample liquidity Equity financing at a relatively high cost Could take an opportunistic approach Various PE investors active in the maritime and offshore space WL Ross & Co. LLC 11

12 Cost of funding (%) Cost comparison among the various alternatives 30% 25% 20% 15% 10% 5% 0% Commercial bank debt ECA financing Bonds Leases Equity capital markets Private equity 12

13 DNB leading active Norwegian maritime capital markets DNB led transactions Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Equity $35m PP $170m PP $250m PP $80m PP $14m IPO $50m BT $150m IPO $200 PP $300m PP $130m PP $50m PP $250 PP $420m High yield bonds $230m bond $125m bond $25m bond $42m bond $230m bond $90m bond $55m bond $120m bond $85m bond $70m bond $105m bond $65m bond $140m bond $575m bond $85m bond $85m bond $320m bond Oceanic Champion $70m bond $75m bond $50m bond $50m bond $120m bond $45m bond $50 bond $90m bond $120m bond $170 bond $95m bond $350m bond $70m bond $48m bond $150m bond $80m bond $60m bond $105m bond $85 bond $175m bond $160m bond Santa Maria Offshore Ltd $175m bond $150m bond $85m bond $115m bond $250m bond Santa Maria Offshore Ltd $175m bond World Wide Supply AS $150m bond Select DNB led syndicated loans $420m $420m $1,350m $1,000m $355m $396m $584m $530m $415m $1.3bn $275m $300m $160m $350m $608m $900m $1230m $1,000m $475m $390m $300m $120m $270m $401m $1400m $375m $270m $250m Source: DNB Markets, Stamdata Note: High yield bond includes transactions larger than USD 25m. For the Syndicated Loans DNB is either Bookrunner or Joint Lead Manager. NOK amounts are converted to USD for comparison purposes 13

14 DNB is the #1 bookrunner of shipping & offshore bonds , Volume (USDm, lhs) #tranches (rhs) 60 3, , , , , , Pareto Citi Deutsche Bank Goldman Sachs HSBC JP Morgan Nordea Wells Fargo Jefferies Swedbank First 0 Note: Includes Bookrunners on shipping and offshore bond issues in the USD, EUR, NOK, SEK and SGD markets. Equally divided volume credited to all Bookrunners participating in an issue. Sources: Bloomberg, Stamdata, DNB Markets Data per 20/12/

15 DNB consistently leading league tables for syndicated maritime finance Bookrunner League Tables 2013 Rank Bookrunner Deal Value (USDm) Market Share (%) 1 DNB 5, Nordea 5, ING 4, Citi 3, Mitsubishi UFJ Financial Group 3, HSBC 1, BAML 1, Wells Fargo 1, Mizuho 1, ABN AMRO 1, Rank Bookrunner Deal Value (USDm) Market Share (%) 1 DNB 4, Nordea 3, BTMU 2, RBS 1, Mizuho 1, SEB 1, ING 1, Citi 1, ABN Amro 1, BAML 1, Mandated Lead Arranger League Tables 2013 Rank Mandated Lead Arranger Deal Value (USDm) Market Share (%) 1 DNB 4, Mitsubishi UFJ Financial Group 4, Nordea 4, ING 3, Citi 3, Sumitomo Mitsui Financial Group 2, SEB 2, HSBC 2, BNP Paribas 2, Mizuho 2, Rank Mandated Lead Arranger Deal Value (USDm) Market Share (%) 1 DNB 5, Nordea 3, BTMU 3, SBI 2, SEB 2, BNP 1, HSBC 1, SMBC 1, Citi 1, RBS 1,

16 Thank you! 16

17 Disclaimer This presentation is strictly confidential and prepared exclusively for the benefit and internal use of our client to whom it is directly addressed and delivered (including such client s subsidiaries, the Company ) and not for distribution or publication. The information may not be reproduced without the consent of DNB Markets. The information in this presentation is based upon any management forecasts supplied to us by the Company and publicly available information. We have relied upon and assumed, without independent verification, the accuracy and completeness of all information available. DNB Markets opinions and estimates constitute DNB Markets judgment and should be regarded as indicative, preliminary and for illustrative purposes only. Statements in the presentation reflect prevailing conditions and DNB Markets opinion at the date the presentation was prepared, all of which are accordingly subject to change. DNB Markets does not warrant that the information in the presentation is exact, correct or complete. The presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, oral briefing provided by DNB Markets. Our analyses are not and do not purport to be appraisals of the assets, shares, or business of the Company or any other entity. DNB Markets makes no representation as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction. Unless expressly contemplated hereby, the information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. This presentation is not an offer or a recommendation to purchase or sell financial instruments or assets, and does not constitute a commitment by DNB Markets to underwrite, subscribe for or place any securities or to extend or arrange credit to or to provide any other services. DNB Markets does not accept any responsibility for direct or indirect losses that are due to the interpretation, and/or use, of this presentation. DNB Bank ASA and/or other companies in the DNB group or employees and/or officers in the group may be market makers, trade or hold positions in instruments referred to or connected therewith, or provide financial advice and banking services in this connection. Rules regarding confidentiality and other internal rules limit the exchange of information between different units in DNB Bank. Employees in DNB Markets who have prepared this presentation are therefore prevented from using, or being aware of, information in DNB Bank and other companies in the DNB group which may be relevant to this presentation. This presentation has been prepared in accordance with the general business terms of DNB Markets, a division of DNB Bank ASA, available at dnb.no/markets. 17

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