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1 Alternative sources of financing 5 June 2014 (Re)financing opportunities given current favourable market conditions PwC
2 Agenda 1. Brief introduction 5 min 2. Current lending environment 10 min 3. Diversification of funding 15 min 4. A few alternatives more in depth 10 min 5. Q&A 5 min 2
3 1. Introduction
4 Introduction Martijn Mouwen Debt Advisory Director Tel: Mob: martijn.mouwen@nl.pwc.com 13 years Corporate lending Structured Finance Project Finance Corporate clients September 2010 Debt Advisory Over 40 engagements completed Various engagements in execution With a dedicated team of 7 debt advisors 4
5 2. Current lending environment
6 Corporate debt in the Eurozone is mainly borrowed from banks. However, this is expected to gradually converge towards the American model where public capital markets and institutional investors play a more significant role Eurozone: sources of corporate debt The US: future sources of of the corporate Eurozone? debt 18% 71% 82% 29% Bonds Bank loans Bonds Bank loans In the US corporate debt is largely formed by bonds whereas in the Eurozone corporate debt mainly consists of bank loans New regulation causes the Eurozone to converge toward the US system, as more corporate debt will consist of financing from the public capital markets and institutional investors 6
7 A clear trend towards alternative sources of funding has emerged Source: FD 7
8 Current market conditions are borrower friendly, we advise to move quickly to take advantage of the favourable dynamics 1 Economies are on the upturn Lenders are liquid Number of funding options has increased during past years Interest rates are low and pricing is attractive Terms & conditions are steadily being relaxed Numerous companies have already refinanced pre-emptively or successfully managed to convince lenders to cut margins (70% of deal volume of the investment grade loan market in 2013 was refinancing activity) But How long will these good times for borrowers last? And what is the right combination of funding alternatives? 8
9 3. Diversification of funding
10 There is a wide range of alternative sources of debt financing US Private Placement Securitisation Family offices High yield bonds Mittelstand bonds Crowd funding Convertible notes Leasing MKB obligatie Mezzanine Retail bonds Unitranche Cumprefs Perpetual bonds Hybrids Schuldscheine Factoring EU Private Placement Supplier finance Informal investors Medium Term Notes Government Facilities Credit Unions 10
11 with new alternatives popping up on a weekly basis B U A S N I G N E E L S S S NL Ondernemingsfonds Nederlandse Investeringsinstelling there is no holy grail, the key question is: what suits your company s (re)financing requirements? 11
12 General observations on alternative sources of financing Size and/or creditworthiness of a company largely determines which alternatives are viable Especially regarding flexible short-term financing vs. longterm (bullet) financing Existing alternatives are subject to continuous development and new alternatives pop up. This requires continuous monitoring of developments in the financing markets To be able to take advantage of particularly attractive pockets of liquidity requires a different approach to the topic of debt financing: more preparation and running parallel financing scenarios In general we observe a trend that more alternatives become available / are at the disposal of a larger group of corporates Liquidity is increasingly fragmented and volatile: pockets of liquidity can open and close at a rapid pace Increasingly corporates combine various sources and types of debt financing In addition, corporates increasingly perform a financing option analysis prior to a refinancing 12
13 Financing option analysis: consider several financing options which all have their own advantages and disadvantages. An option analysis will point out which ones are worth pursuing and combining Convertibles RCF / Overdraft High yield bonds Asset based lending Bonds EU and US private placements Bilateral and syndicated term loans 13
14 4. A few alternatives more in depth
15 Spread (bps) Value ( bn) High yield bonds Issuance has seen steady growth in the past years, with opportunities to lock in debt at very attractive yields 2013 was a record breaking year in terms of the volume of high yield bond issuance. The 70.4 billion of issuance was double the levels seen in each of 2011 and 2012 European high yield volume (primary issue) Market conditions remain extremely attractive with yields at record lows and leverage levels increasing 5 - Volume (HY) With interest rates expected to rise over the longer term, current conditions continue to allow companies to lock in long term debt at very attractive yields We expect the trend of smaller debut issuers accessing the high yield market to continue in 2014, particularly if market liquidity remains robust European BB and B rated bonds vs itraxx Crossover itraxx Crossover B Rated BB Rated 15
16 Spreads (bps) Corporate loans vs. bonds (investment grade space) As of 2007 we have seen a gradual shift away from bank lending in Europe to a more US-style corporate financing model in which bonds dominate Total bond issuance increased more than 60% over the last 6 years, while syndicated loans dropped nearly 40%, mostly in mature markets with financing alternatives Investment grade companies have been attracted by falling borrowing costs in the bond market Large corporates increasingly fund themselves through bonds EUR corporate bond issuance (EURbn) European corporate investment grade bond spreads Western & Eastern Europe syndicated corporate loans (EURbn) Merrill Lynch Corporate BBB Rated Euro non-financial index Merrill Lynch Corporate Single-A Rated Euro non-financial index Merrill Lynch Corporate AA Rated Euro non-financial index Merrill Lynch Corporate AAA Rated Euro non-financial index 16
17 (High yield) bonds Advantages Longer-term financing Bullet amortisation schedule preserving cash flow No maintenance covenants, providing more flexibility Creates awareness in public capital markets and benchmark to facilitate repeat issues (buy & build strategy) Allows for additional secured debt ranking ahead of (high-yield) bond and thus easily combined with bank debt Disadvantages Minimum transaction size Rating is required A bond offering takes substantial time and costs to complete Call protection Increased analyst attention and periodic reporting requirements post-issuance Anonymous investors 17
18 Private placements (US, EU, NL) Private placements levels reached record high levels in 2012 and 2013 US Private Placement volume (in $bn) Private placements tend to have long tenors with a bullet amortisation profile This market has relatively deep 10 liquidity provided by institutional investors mainly over Europe, the US and Canada (oct) 18
19 US Private Placements US private placements Providers Demand for US Private Placements outstrips supply, resulting in favourable interest rates Continued yield compression in the US, advantageous swap rates and significant availability of funding suggest that the private placement market is likely to expand its current foothold in the European financing landscape European institutional investors such as M&G, AXA and Allianz have increasingly started to express a strong appetite to directly provide capital to the midcap segment in particular Issuers Mid-market companies who are looking to move their core debt away from the traditional lenders would be wise to look at private placements as an alternative option because of these factors 19
20 Dutch Private Placements NL Private Placements We are slowly but steadily starting to see some momentum for revamping the market for Dutch Private Placements as well With Delta Lloyd being the front runner, having already built up a sizable portfolio of direct loans Providers NL Ondernemingsfonds Another example of the Dutch Private Placement development, albeit on a smaller scale, is the NL OndernemingsFonds, which is scheduled to become operational in 2014 Initiated by ING, Rabobank and ABN AMRO, through this new fund the banks effectively lever their credit expertise to channel institutional money directly to Dutch corporates 20
21 Private Placements Advantages Private placements generally have longer maturities than bank loans Bullet amortisation profile, thus preserving cash flow No rating requirements Deep liquidity, good access to the market Relatively straightforward in terms of execution & documentation Disadvantages Traditionally focussed on stronger and sizeable investment grade corporates Could involve swapping USDfunding to EUR, which could utilize bank lines Early redemptions are expensive due to stiff make whole provisions 21
22 There is more than enough liquidity at attractive terms and conditions available in the debt markets, however, not necessarily at the traditional (i.e. bank) places The Debt Advisory 10 : Key topics to address in relation to debt (re-)financing 1 Be prepared, start early and refinance in time 2 Perform a funding option analysis 3 Prepare and run parallel processes 4 Combine different sources of funding and maturities 5 Maintain banking relations 6 Know your business risks 7 Know your banks 8 Know your liquidity position 9 Updated information Diversifying the credit side of your balance sheet will help you realising your strategy on the asset side of your balance sheet 10 With continued investor appetite across the risk and product spectrum, as companies take advantage of current abundance of liquidity and attractive terms and conditions 22
23 More information Trainer: Martijn Mouwen Tel: Mob: martijn.mouwen@nl.pwc.com the Academy Website: Phone number: pwc-academy@nl.pwc.com 23
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