absicherungs- und finanzierungsmöglichkeiten für projekte der erneuerbaren … · 2016-09-02 ·...

Thomas Rybicki – Peter Licht ‌ Commerzbank AG ‌‌‌ Structured Export & Trade Finance

Absicherungs- und Finanzierungsm öglichkeiten für Projekte der Erneuerbaren Energien in Indien

Commerzbank AGStructured Export & Trade Finance


1Thomas Rybicki – Peter Licht ‌ Commerzbank AG ‌‌‌ Structured Export & Trade Finance 1

Commerzbank at a glance

Commerzbank is Germany's second-largest bank and pl ays a leading role in German corporate and private bankin g.

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: 52,000 employees worldwide

Customers: 11 million customers worldwide

Branch network: - 1,200 domestic branches

- 23 branches, 35 representative officesas well as other subsidiaries and affiliatedcompanies in around 50 countries


SETF presence in all major European centres

Representative Offices Operative foreign branchesGroup companies and major foreign holding

New York

Caracas

São Paulo

Buenos Aires

Panama City

Johannesbourg

Addis AbabaLagos

TripoliCairo

Beirut

Dubai

AshgabatBaku

Mumbai

TashkentAlmaty

Novosibirsk

BeijingTianjin

Seoul

Shanghai

Taipei

Tokyo

Hong Kong

Ho Chi Minh CityBangkok

SingaporeJakarta

Santiago de Chile

Kuala Lumpur

Melbourne

Milan

ViennaZurichGeneva

Paris

Barcelona

LuxemburgBrussels

LondonAmsterdam

Istanbul

BucharestBelgrade

BudapestZagreb

BratislavaKošiceBrno

OstravaPlzen

PragHradec Králové

WarsawMinsk

Kiev

MoscowRiga

Madrid

Dublin

Luanda

Tblisi

Dhaka

International Network:

EuropeFrankfurt 45 SpecialistsAmsterdamBrusselsLondonParisMoscowPrague

USANew York

AsiaSingaporeTokyo

Frankfurt


SETF presence in all major financial centres

7

6

5

4

3

2

1

European Network

1 Frankfurt 45 specialists2 Amsterdam3 Brussels4 London5 Paris6 Moscow7 Prague

US PresenceNew York

AsiaSingaporeTokyo


Export FinanceTrade Finance

Pre-export Finance

Commodity TradeFinance

Borrowing Base

ECA-covered Project Finance

Receivables-backed long-term Export Finance

Privately insured Export / Trade Loans

Cooperation with multilateral Institutions

ECA-covered/uncovered Export Finance

Single-sourced Export Finance

Multi-sourced Export Finance

A unique combination of products allows flexible sol utions to the needs of our client base

Structured Export & Trade Finance


Structured Export & Trade Finance covers the whole cycle of a transaction

Target:Achieve "bankable" solutions to meet financing requirements in co-operation with all parties involved

Syndication Origination

Financing Arranging


Structured Export Finance - Products & Markets

Structured Export & Trade Finance Solutions - Structuring – Arranging - Financing

StructuredExport Finance

Single sourcedExport credits

Multi sourcedExport credits

ECA-covered/uncovered

Export Finance

ECA-coveredProject Finance

CommodityPre-Financing

EXPORTER IMPORTER

Borrowing Base



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.HERMES : in general5% 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



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 projectimplementation

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.



Phases of a buyer credit

FinancingRequest

Financing Proposal

StartingPoint

RepaymentDisbursement

FinancingMandate

Conclusion ofLoan Agreement

Negotiating- Export

Contract - Financing

proposal

Documentation- ECA-application- Signing of Export

Contract- Negotiating and

Signing of LoanAgreement

Structuring- Parties- Tenor- Pricing- Collateral

FulfilmentofConditionsPrecedent



ECA-covered buyer credit (basic structure)

Deliveries and related servicesExporter

Commerzbank

Disbursement of loanamounts pro ratadeliveries made /services rendered

Buyer

ECA

Loan Agreement

Repayment / Interest Payments

Export Contract

Export cover

Export creditcover



Exporter Importer

BankLoan Agreement

ECA

Export CreditCover

Export Cover

Repayment / Interest Payments

Repayment / InterestPayments

Deliveries and related services

Export Contract

Disbursement of loanLocal Loan Agreement

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

Commerzbank



Co-operation with Export Credit Agencies (ECAs)

AT

FR

DE

US

CH

CZ

DK

BE

NL

FI

SE

GB

LU

KR

NONO

JP

IT

Commerzbank acts as arranger and / or lender of export financings for a large number of Export Credit Agencies


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.

The division Energy

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)

Markets / Deal Sizes Renewable Energies

Center of Competence Energies - Renewable Energies F inance

Commerzbank Center of Competence Energy

Corporate Clients RE

Project Finance RE Origination

Project Finance RE Structuring

Business & Transaction Management


Two-Step-Structure:

- Commerzbank

- State Bank of India, Hong Kong Branch

- Promoter

RE – Potential Cooperation with Indian Banks

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

Project Finance Renewable Energies

* Export Credit Agency

RE-Project Finance Portfolio 12/2014 – by Region(in bn. EUR – total: 3.99 bn. EUR)

RE-Project Finance Portfolio 12/2014 – by Technology(in percent – 100% = 3.99 bn. EUR)

Other Europe (21%)

0.820.16

North America

(4%)

RoW(6%)

0.25Germany

(69%)

2.76

Solar 22%

Bio 3%

Wind offshore 5% Wind onshore 70%

Center of Competence Energies - Renewable Energies F inance ctd.


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 beneficialshareholders / 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 loanamount

Additional collaterals



Overview (I)

Borrower: Indian bank off-shore branch on-lending to Indian corporate or, alternatively, Indian corporate

Arranger: Commerzbank AG

Lender: Commerzbank AG, possibly with a consortium of banks

Loan Agreement: between Commerzbank AG and Borrower

Collateral: - ECA-cover- Exporter applies for an export cover

Loan amount: up to 85 % of the export contract value + up to 100% of ECA-related costs+ up to 100% of interest accruing during construction period

Disbursement: for up to 85% of the export contract value directly to the account of theExporter with Commerzbank against presentation of documents under a letter of credit



Overview (II)

> Repayment: depending on underlying supply contract in in up to 20 (re industrialprojects) or up to 36 (re renewable energy projects) equal, consecutive at least semi-annual instalments by the Borrower

Due date for firstRepayment: 6 months after the Starting Point being e.g.

– 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 .

Interest: Euribor / Libor + margin payable semi-annually in arrears

fixed rate under German CIRR-Scheme, especially for longer tenors

Management Fee: to be payable within 30 days after conclusion of the Loan Agreement,

Commitment Fee: to be payable quarterly in arrears on the loan amount not yetdisbursed


Structured Trade Finance

Standard structure: A self-liquiditing structure binds the credit to trade flows and controls related exportsproceeds

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

Buyer

Bank

Producer5. Payment for the goods

under Export Contract

EMERGING MARKET

2. Loan Agreement

3. Disbursement of Loan

1. Export Contract

4. Delivery of goods


Synergies from combining Structured Export and Stru ctured 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


Selected transactions 2015

KRAKATAU STEELUSD 250 mECA-covered LoanHERMES

Mandated Lead ArrangerMay 2015

VTB BankEUR 131.5 mECA-covered LoanEKN

Arranger/LenderApril 2015

VTB BankEUR 97.5 mECA-covered LoanFinnvera

Arranger/LenderApril 2015

Banca Poupança e Crédito, AngolaEUR 61 mECA-covered LoanHERMES

LenderMay 2015

Republic of CameroonUSD 56 mECA-covered LoanCOFACE

Mandated Lead ArrangerLenderApril 2015

Republic of the CongoEUR 80 mECA-covered LoanDelcredere - Ducroire

Mandated Lead ArrangerLenderMarch 2015

TatfondbankEUR 10.8 mECA-covered LoanKUKE

Sole LenderMay 2015

Sberbank of RussiaEUR 70 mECA-covered LoanFinnvera

Arranger / LenderDecember 2015

Fitesa Naotecidos S.A.EUR 31 mECA-covered LoanHERMES

LenderAugust 2015

Seabras 1 Bermuda Ltd.USD 245 mTerm LoanHERMES

Mandated Lead Arranger

September 2015

Shubhalakshmi Polyester Ltd., MumbaiEUR 9.75 mECA-covered LoandHERMES

Risk Participant

September 2015

Shubhalakshmi Polyester Ltd., MumbaiEUR 8.64 mECA-covered LoandHERMES

Arranger/Risk Participant

October 2015

Corinth Pipeworks S.A.GreeceEUR 3.97 mECA-covered LoanHERMES

LenderFebruary 2015

Gazprombank JSCEUR 158 mECA-covered LoanHERMES

Mandated Lead ArrangerLenderJune 2015

Banco de Negócios Int. S.A. AngolaEUR 35.46 mECA-covered LoanHERMES

LenderAugust 2015

Reliance Industries Ltd.EUR 950 mECA-covered Club LoanHERMES

Mandated Lead ArrangerDecember 2015

Royal CaribbeanCruises Ltd.EUR 762.881 mECA-covered LoanHERMES


Royal CaribbeanCruises Ltd.EUR 777.510 mECA-covered LoanHERMES


Ayen Enerji A.S.EUR 17.560 mECA-covered LoanEKF

Sole LenderJuly 2015

Lender / ParticipantJune 2015

TUI Cruises GmbHMein Schiff 7EUR 476 mECA-covered LoanFinnvera

TUI Cruises GmbHMein Schiff 8EUR 476 mECA-covered LoanFinnvera

Lender / ParticipantJune 2015


Thomas RybickiCorporate Banking – Structured Export & Trade Financ eSenior Vice President

Tel. +49 69 136 22577Mail [email protected]

Peter LichtCorporate Banking – Structured Export & Trade Financ eSenior Vice President

Tel. +49 69 136 24365Mail [email protected]

absicherungs- und finanzierungsmöglichkeiten für projekte der erneuerbaren … · 2016-09-02 ·...

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