financing via export and agency finance (eca) - · pdf filefinancing via export and agency...

Treasury and Trade Solutions

Georges Romano

ECA—LatAm Head

[email protected]

Financing via Export

and Agency

Finance (ECA)

Characteristics and Benefits

mailto:[email protected]

Table of Contents

1. Agency Financing Overview

2. Latest Developments

3. How and When to Use EAF

4. Select Case Studies

A. EAF Case Studies for Global Clients

B. EAF Case Studies for Sellers of Strategic Commodities

C. EAF Case Studies for Financial Institutions

D. EAF Case Studies for Public Sector

E. EAF Case Studies for Aviation

F. EAF Case Studies for Energy and Power

5. Citi’s Export and Agency Finance LatAm Team

The Three Types of Official Agencies There are three main types of Official Agencies: (1) Multilateral Agencies,

(2) Bilateral Agencies, and (3) National Export Credit Agencies. Their type of support ranges

from “totally untied” to “completely tied” to national interest.

Multilateral Agencies

(MLAs)

Bilateral Developmental

Finance Institutions

(DFIs)

National Export Credit

Agencies (ECAs)

MLAs are owned by

multiple governments

They promote sustainable economic

and social development in their

low-income member countries

Examples include the World Bank

Group, Asian Development Bank,

Inter-American Development Bank,

and the European Investment Bank

DFIs are owned by

singular governments

They are tasked with

promoting sustainable

economic and

social development

Examples include FMO of

the Netherlands, DEG of

Germany, Proparco of

France and OPIC of the US

Their programs may

sometimes be “tied” to their

owner government’s

national interests

ECAs are owned by singular national

governments and are mandated to promote

their country’s exports

Some ECAs also offer broader “national

interest” programs which go beyond merely

promoting their country’s exports, such as

supporting companies from their home

country invest abroad, or financing nationally

strategic imports into their home country

OECD ECAs follow the OECD Export Credit

Consensus Guidelines

Some OECD ECAs offer a subsidized fixed

rate of financing, called the Commercial

Interest Reference Rate (CIRR)

Examples of ECAs include USEXIM, JBIC,

KSURE, EULER HERMES

4

Who Uses Official Agency Finance? Citi has helped all kinds of users arrange Official Agency finance, from private project

sponsors to sovereign governments. Depending on your need, Citi will identify the Official

Agency(s) with the “best fit” solution.

National

Sovereign

Governments

Sub-Sovereign

Agencies and

State-owned

Enterprises

Municipal/Local/

Provincial

Governments

Utility

Companies and

Operators

Private/

Independent

Project Sponsors

Listed

Companies

Privately Held

Companies

Operating

Lessors

Financial

Institutions

5

Which Commercial Activities Qualify for Agency Support? Citi’s clients qualify for Official Agency support in a number of ways, depending on their

business operations and commercial and financial needs. Citi helps our clients identify how

to qualify for the “best fit” Agency program(s).

Strategic Raw Commodities Environmental Sustainability

Transportation/Logistics Social Development

International Trade

Capital/Heavy Equipment

6

http://www.google.com/url?url=http://www.123rf.com/photo_8967831_wind-farm.html&rct=j&frm=1&q=&esrc=s&sa=U&ei=3ZX7U_3DNcLn8gGi6YDIBw&ved=0CCQQ9QEwBzgU&usg=AFQjCNHYb6bwNJznseLrFKqF-zFI-ALh7Q

http://wall.alphacoders.com/big.php?i=434383

http://trafficsafe.org/ru/wp-content/uploads/2013/06/Dr-Chetana-Subba-of-Siddhi-Memorial-Hospital-Nepal.jpg

An Alternative Source of Capital: From Equity to Senior Debt Official Agency financing can be harnessed right across the capital spectrum, from equity to

long-term senior secured debt. It can also be used for short-term working capital financings,

such as receivables discounting.

Equity Mezzanine

Debt

Receivables

Financing

Project/Non-

Recourse Debt

Full-Recourse

Debt

Usually only available from DFIs and

MLAs

– Will be subject to DFI and MLA

eligibility/focus criteria:

– Environmental/labor/social standards

– Positively promote social/economic

development in developing member

countries

ECA programs

help their

exporters’

discounting banks

take short-term

commercial and

political risk

Some ECA Untied

Programs can be

used to support

pre-export

commodity

finance

Available from all

Official Agencies

Subject to the IFC

Guidelines

relating to social/

environmental/

labor standards

Note OECD

Export Credit

Consensus

Arrangement

rules for project

finance

Available from all

Official Agencies

Terms generally

equal to or better

than terms that

the Obligor can

obtain from

commercial

bank/bond market

7

Activity in the Agency Financing Market Official Agency Financing has remained steady over the financial crisis and the recovery

period. ECAs continue to support projects featuring home country exports in large volumes

across the globe.

Source: US Ex-Im Competitiveness Report from 2013.

9

Asian Agencies Are Stepping Up Their Volumes and Activity Official Agencies from Asia are, in particular, champions in “untied” lending supporting overseas investments and other strategic national interests of their home countries.

Source: US Ex-Im Competitiveness Report from 2013.

10

0.00

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

7,000.00

8,000.00

Ex-Im Bank

KSURE COFACE Hermes NEXI SACE GIEK EKN KEXIM EKF

Global Official Agency Financing Activity In the Last Year

Sector

2014 Deal Volume

($ Billions) Deal Examples

Oil and Gas 23.7 Upstream oil and gas (e.g. oil and gas rigs, including off shore drill rigs)

Midstream oil and gas (e.g. pipelines, LNG storage)

Aviation and Shipping 18.8

Commercial aircraft

Non-military use helicopters (e.g. service helicopters service off-shore oil and gas sector)

Vessel financing (e.g. LNG vessels, ultra deep water drill ships, container vessels)

Power, Energy, Chemicals

and Mining 24.1

Equipment financing into conventional power generation plants (e.g. natural gas)

Related infrastructure: transmission and distribution lines, energy storage

Alternative energy projects (e.g. solar panels, turbines for hydro and wind farm projects)

Government and Finance 12.3

Transportation infrastructure (e.g. toll roads, airports, ports, underground metro)

Trade infrastructure (e.g. shipping ports, rail projects, including rolling stock)

Social infrastructure (e.g. hospitals, water treatment facilities)

Telecoms 3.4 Cellular infrastructure, broadband internet infrastructure

Other Industries 2.2 Financing to financial institutions for on-lending activity

Total ECA Guaranteed 84.5

Source: Dealogic, December 8, 2014.

Top ECAs by 2014 Loan Guaranteed Volume

($ in Millions)

2014 By Sector 2014 By Sector

PECM, 29%

Government & Finance, 15%

Aviation,9%

Oil & Gas, 28%

Shipping, 13%

Telecoms, 4%

Other, 3%

Americas

28%

Asia

Pacific

23%

EMEA

50%

11

Financings Cost Comparison ECA financing’s guarantees from highly rated agencies typically offers the lowest all-in cost

of capital for most clients. Non-recourse structures price at a small premium above corporate

guaranteed structures as demonstrated below.

Corporate Solution

Interest Margin 0.75% p.a.

Annual Premium 1.00% p.a.

Upfront Fee 1.00%

Tenor1 12 years

All-in Cost 1.89% p.a.

1 2

Notes:

1. Assumes availability of two years with repayment of 12 years—weighted average life of seven years.

2. Assumes availability of two years with repayment of 15 years—weighted average life of nine years.

Non-Recourse Solution

Interest Margin 1.00% p.a.

Annual Premium 1.00% p.a.

Upfront Fee 1.00%

Tenor2 15 years

All-in Cost 2.11% p.a.

The cost comparison is based on long-term corporate and non-recourse financings

12

Indicative Price Range (US$)

US Exim (US) 70–100 bps

Hermes (Germany) 70–100 bps

EKN (Sweden) 75–100 bps

UKEF (UK) 75–100 bps

Coface (France) 90–115 bps

K-Sure (Korea) 90–125 bps

ECA Indicative Pricing

ECA pricing is very competitive but varies across all agencies based on the credit

rating of the guarantor.

Indicative Pricing for ECA Financing

13

http://www.coface.com/

Developments in the Agency Financing Market

Official Agency Financing has broadened its product offering and areas of focus to

keep up with demand.

New Agency Product Offerings/New Trends and Directions/2015 Agency Priorities

US Exim interested to provide guarantees to bond investors for non-recourse projects

Among ECAs, additional new developments include

– Up to 14 year repayment periods for rail infrastructure under new OECD Rules for Trains

– ATRs now covered by the OECD Rules for Civil Aircraft

– COFACE and USEXIM bond take-outs for Aviation deals

– Continued expansion into “untied”/”strategic interest”

KIA’s US$600 million KSURE Overseas Investment Insured Term Loan in Mexico closed by Citi EAF in

November 2015

JBIC/NEXI’s new Local Buyers Credit program—for foreign buyers of Japanese overseas subsidiary’s exports

– “National Champions” increasingly seeking “Jumbo Order” ECA facilities on a corporate basis rather than on a

procurement-specific basis (e.g. Petrobras, PEMEX)

– Commodities pre-export medium-term lending based on off-take contracts to ECA home country

Among DFIs and MLAs, 2015 focus will be on

– Agribusiness/agricultural sector support

– Renewables

– Affordable housing

– Healthcare, education, social development

14

Strategies to Using Official Agency Finance to Maximize Benefit Depending on the customer’s objectives, Official Agency financing can confer a number of

benefits. Citi’s Export and Agency Finance team advises our clients in how to leverage these

benefits to their maximum advantage.

Leveraging Official Agency Financing to your Advantage

▲ Diversify your debt financing sources: Free up your bank credit lines and increase your investor “reach”

▲ Take advantage of stable premium pricing from Official Agencies regardless of market fluctuations, enabling you to

“match or beat” terms you would otherwise be able to get from the market

▲ Achieve longer tenors than what can otherwise be commercially available from the market

▲ If available, choose CIRR, a highly attractive fixed interest rate (no need for bank swap lines)

▲ Defease political and cross-border risk—and provides indirect protection to sponsors

▲ Official Agency enhancements of debt securities can improve their rating to investment grade

▲ Some Official Agencies confer withholding tax exemptions

▲ Reduce syndication risk in large deals: Very large amounts of capital can be raised from Official Agencies

▲ No need for independent public credit rating to be eligible for Agency financing

▲ Leverage the positive “halo” effect: Agency financing confers legitimacy from governance perspective, and can be

beneficial to pre-IPO clients or companies engaging in socially/environmentally sensitive projects

▲ Can be used in conjunction with other forms of equity or debt financing, or with multiple Agencies in a single deal

16

Our Value Added Services for Both Clients and Agencies Citi’s global agency finance business is designed to service both clients and Official Agencies

by leveraging our global platform to enable them to meet each other’s needs and

requirements in a singular transaction.

Citi’s Added Value for Clients

Leadership in deal structuring and negotiation with

importers, exporters, agencies, local regulators and

other lenders

Advise clients on agency requirements

Prepare clients for agency due diligence

Provide funding solutions across international and

local markets

Provide loan syndication services

Citi’s Added Value for Agencies

Leadership in deal management, structuring and

negotiation with importers, exporters, agencies, local

regulators and other lenders

Identification of business opportunities with importers,

project sponsors and exporters

Coordination and instruction of finance parties’ legal

counsel and leading documentation

Support in transaction due diligence, sponsor

screening, etc.

Generally sharing credit risks in the same transaction

Advising agencies of client’s other financing

requirements and considerations (e.g. common terms,

inter-creditor security arrangements, financial

covenants, etc.)

Provide benefit of Citi’s institutional knowledge and

sectorial expertise

Ongoing transaction support services

(e.g. Agency and Trust, etc.)

17

ECA Finance: The Mechanics

Typical ECA Funding Structure

(4) Goods and Services

(3) Insurance policy/

Guarantee/Subsidies

(1) Export Contract (Direct/

Indirect through the contractor)

(2) Loan Agreement

(7) Repayment (5) Presentation of

documents

Exporter Importer

ECA

(6) Payment for exports

18

ECA Tied Financing: ECA Financing Overview Citi has vast experience structuring ECA-supported financings for our clients. We maintain close relationships with

ECAs across the globe and can quickly assess the viability of an ECA solution based on the source, amount and

type of equipment being imported. Some ECAs also offer CIRR, a highly subsidized fixed rate.

Factors UKEF (UK), Eximbank (US) EKN (Sweden) EDC (Canada), SACE (Italy) JBIC/NEXI (Japan) Asian ECAs (Korea/China)

Financing Amount Up to 85% of the Export

Contract Value + 15% of

Local Costs

Up to 85% of the Export

Contract Value + 15% of

Local Costs

Variable—can be based

on Export Value or on

“Canadian Interest”/

“Italian Interest”

Variable—can be based

on Export Value or on

“Japanese Interest”

Up to 85% of the Export

Contract Value

Chinese programs

(China-Exim and Sinosure)

flexible on foreign

content amounts

Type of Facility Guarantee

Direct Lending

Comprehensive

Insurance

Direct Lending

Guarantee

JBIC: Direct Loan

NEXI: Comprehensive

Insurance

Direct Loan

and Co-financing

Korea Exim also

offers guarantees

Coverage 100% 95–100% Variable—up to 100% JBIC: Up to 100%

NEXI: Up to 95%

comprehensive

Korea: Up to 100%

guarantee cover, but may

require co-financing

China: Between 50–90%

of project amount

Pricing Guidelines OECD OECD OECD, but can

work around through

various programs

OECD Korea: OECD

China: OECD,

but not bound

Local Currency

Available

Yes Yes No No No

CIRR* Available? Only if Direct Lending Yes Yes (SACE) Yes (JBIC) No

US$ CIRR is published by OECD monthly. For regular projects, it is currently 2.06% for repayment periods up to five year, 1.14% for repayment periods up to 8.5 years, and up to 1.38%

for repayment periods for repayment periods longer than 8.5 years. Even more attractive CIRR rates are available (also published monthly) for renewable power and water projects.

19

http://www.google.com/url?url=http://www.southwaleschamber.co.uk/virtualexhibition.asp&rct=j&frm=1&q=&esrc=s&sa=U&ei=WQvBVPrMH5aBygS9qICICA&ved=0CBwQ9QEwAw&usg=AFQjCNFim4wZNmEx8WzIBaFEtErP2XeXbw

Untied Financing: Multilateral and Bilateral Characteristics EAF transactors can help you assess which untied agency financing solution is most

appropriate to meet your needs. Each Agency has its own specific requirements and can

apply them differently on a case-by-case basis.

Factor/Agency OPIC

Multilaterals

(IFC, IDB, CAF, CABEI)

European DFIs

(DEG, FMO, etc.)

Country of Origin US Owned by shareholding countries DEG (Germany); FMO (Netherlands); EIB

(several EU countries)

Key Investment Point US at Risk component of at least 25%

US Foreign Policy interests

Developmental aspects

Development/Infrastructure Development

Sectors of Focus Housing, Financial Sector Infrastructure, Rural,

SME, Renewable Energy

Manufacturing very difficult

Housing, Infrastructure, Sub-sovereigns,

Financial Sector, Agribusiness,

Renewable Energy

Agriculture, Housing, Financial Sector,

Consumer, Renewable Energy, Infrastructure

Types of Financing CapEx is primary focus

Refinancing, Acquisition under

limited circumstances.

CapEx, restructuring

Acquisition finance on case-by-case basis

CapEx financing

Acquisition and refinance on

case-by-case basis

Financing Structures Risk Sharing

Sovereign Non-honoring

COPS (Direct Lending)

PRI

A / B Loans

Co-Lending

Partial Risk Guarantees

Mezzanine/sub-debt

A / B Structures

Co-Lending

Mezz and Sub-Debt; Equity

Financing Amounts Up to US$30 million guaranteed

under risk sharing

Up to US$350 million under COPS

Limited to 25% of total project value Transactions generally small—

up to US$40 million

EIB transactions may be larger

Other Statutory Requirements of US Effects,

Environment and Worker’s Rights

LCY available

Can also look at carbon credits

LCY sometimes available

Fairly flexible on several terms

20

Kia Motors Mexico—US$578 Million K-sure Facility

In November 2014, Citi successfully arranged a US$578 million K-sure transaction to support

Kia Motor’s new auto manufacturing facility in Mexico.

Transaction Highlights

Established in 1944, Kia Motors Corporation is Korea’s second largest auto

maker with a domestic market share of 31% as of 2013. Kia was acquired

by the Hyundai Motor Group in 1999 and along with Hyundai Motors, has

emerged as a major global player, with production facilities in China,

Slovakia, and the US

Kia Motors has successfully expanded globally and to meet growing

demands in the US and LatAm markets have decided to construct a new

auto manufacturing facility in Mexico. With Kia’s current manufacturing plant

in the US, the Mexico plant will allow Kia to better serve the strong demand

in the US as well as the demand for compact-sized cars in Mexico and other

LatAm markets

This facility allows Kia to build new manufacturing capabilities through

long-term stable financing

Innovations

This well structured K-sure facility received overwhelming attention from the

market leading to be one of the most competitively priced deals seen in

recent times

Citi as the sole Global Coordinator, was able to successfully arrange this

facility providing Kia with a long-term financing solution at a highly

attractive pricing

The facility was arranged under K-sure’s Overseas Business Credit

Insurance Program and was swiftly executed within 10 weeks from the

award of mandate

This financing has been instrumental in providing the necessary financial

support to Kia’s strategic expansion to Mexico

Borrower Kia Motors Mexico S.A. de C.V.

Lenders Citi, HSBC, ING, JP Morgan,

Mizuho, Santander

ECA K-sure

Facility Amount US$578 million

Tenor Three year availability period plus

seven year repayment period

Purpose To support the construction of Kia Motor’s new auto

manufacturing facility in Mexico

MLAs Citi, HSBC, ING, JP Morgan,

Mizuho, Santander

Closing Date November 2014

Citi’s Role Sole Global Coordinator, Mandated Lead Arranger,

and Lender

23

MXN eq. to US$41.32 Million Financing for Navistar Financial Mexico In January 2015, Citi closed the second tranche of a landmark US Ex-Im Bank guaranteed

transaction for Navistar Financial Mexico, the Mexican financing subsidiary of Navistar

International Corporation.

Facility Amount MXN eq. to US$41.32 million

Borrower Navistar Financial Mexico (“NFM”)

Importers Navistar Mexico, Blue Diamond Truck

Agency US Ex-Im Bank

Lenders Banamex, Banorte

Tenor Tranche A: One year avail. +

Three year rpymnt

Tranche B: One year availability (starting at

end of Tranche A avail.) + Three year rpymnt

Purpose To fund retail loans extended by the Borrower

to Mexican consumers for the purchase of

vehicles and trucks containing components

exported by US suppliers to the Importers

Security Overcollateralized local security trust

comprised of retail loan portfolio

Facility Agent Citibank, NA

MXN Agent Banamex

Trustee Banco Invex

Closing January 2015


This facility is a repeat transaction following a MXN eq. to

US$90.0 million financing closed in 2010

Citi devised a unique structure to provide financing to the foreign

financial subsidiary of Navistar based on vehicle components

exported from the US to the company’s manufacturing arm in Mexico

NFM will be able to provide competitive financing to local purchasers

of Navistar vehicles, thereby supporting US exports

Unlike a traditional export financing which, in the case of vehicle

components, would be limited to a tenor of one year,

US Ex-Im Bank bases its support on the average duration of

NFM’s retail loan portfolio, allowing the company to better match its

assets and liabilities

Innovations

This is a landmark transaction for Citi and US Ex-Im Bank as it is the

only such transaction where US Ex-Im Bank provides its

100% guarantee to a financing for the foreign captive finance

arm of a US exporter

This structure has applicability to foreign subsidiaries of US industrial

companies who are finding difficulties in securing financing in the local

markets due to credit constraints

24

Amaggi Exportação e Importação—US$175 Million

In February 2014, Citi acted as Lead Arranger of a US$175 million export prepayment facility

for Amaggi Exportação e Importação, co-financed by the Development Bank of Japan.

Borrower Amaggi Importação e Importação

Purpose To finance working capital

Agency Development Bank of Japan (“DBJ”)

Facility US$175 million export prepayment facility

Tenor Four year

Currency US$

Closing Date February 2014

Citi Roles Lead Arranger

Lender

DBJ Coordinator

Administrative Agent

Collateral Agent

Calculation Agent


Amaggi Exportação e Importação is a Brazilian commodity trading,

origination, storage and logistics company

The recent commodity price boom coupled with Amaggi´s impressive

growth required Amaggi to access larger amounts of working capital

Citi structured an innovative Four year door to door export

prepayment facility which was co-financed by the Development

Bank of Japan

By obtaining DBJ support, Citi was able to provide Amaggi a

medium-term export prepayment loan at an attractive all-in cost

Market Reactions

The transaction will help enhance Amaggi´s relationship and access

to key Japanese Importers, supporting its current business and

growth strategy

It will help increase trade flows between the Brazil and Japan

Innovations

This transaction represents DBJ´s second deal in Brazil/LatAm

agriculture sector and the second official agency transaction

in the space

Citi leveraged its Brazil trade finance, agriculture sector expertise and

relationship with DBJ to provide Amaggi with a new stable source of

attractive medium-term financing, diversifying its funding base

26

Borrower Nidera Sementes Ltda.

Purpose To finance working capital

Agency Development Bank of Japan (“DBJ”)

Facility US$100 million export

prepayment facility

Tenor Three year

Currency US$

Closing Date August 2013

Citi Roles Lead Arranger

Lender

DBJ Coordinator

Administrative Agent

Collateral Agent

Nidera Sementes Ltda.—US$100 Million

In August 2013, Citi acted as Lead Arranger of a US$100 million export prepayment facility

for Nidera Sementes, co-financed by the Development Bank of Japan.


Nidera Sementes Ltda. Is a Brazilian commodity trading,

origination, storage and logistics company. It is the Brazilian arm

of the Nidera Group which is headquartered in the Netherlands

and has global operations

The recent commodity price boom coupled with Nidera´s impressive

growth required Nidera to access larger amounts of working capital

Citi structured an innovative three year door to door export

prepayment facility which was co-financed by the Development

Bank of Japan

By obtaining DBJ support, Citi was able to provide Nidera a

medium-term export prepayment loan at an attractive all-in cost

Innovations

This transaction represents DBJ´s first deal in Brazil/LatAm

agriculture sector and the first agency transaction in the space

Citi leveraged its Brazil trade finance, agriculture sector expertise

and relationship with DBJ to provide Nidera with a new stable source

of attractive medium-term financing, diversifying its funding base

The transaction will help enhance Nidera´s relationship and access

to key Japanese Importers, supporting its current business and

growth strategy

It will help increase trade flows between the Brazil and Japan

27

CrediQ—US$30 Million

In October 2014, Citi closed a US$30 million, Eight year term loan for CrediQ subsidiaries in

El Salvador and Costa Rica with support from the Overseas Private Investment Corporation.

Borrowers CrediQ, S.A. de C.V.

CrediQ Inversiones C.R., S.A.

Financiera Credi Q, S.A.

Agency Overseas Private Investment

Corporation (“OPIC”)

Facilities Tranche A: US$20 million, guaranteed by OPIC

Tranche B: US$10 million

Tenor Tranche A: Up to Eight year

Tranche B: Up to Five year

Purpose The proceeds of the facility will be on-lent to

SMEs leasing from CrediQ in El Salvador,

Costa Rica and Honduras

Closing Date October 2014

Citi’s Role Mandated Lead Arranger, Lender and

Facility Agent


Grupo Q Holdings Ltd. (“Grupo Q”), the parent company to

CrediQ, is a regional, family-owned corporation in the auto

distribution and financing industries, and has been active for

over 50 years with a presence in El Salvador, Costa Rica,

Guatemala, Nicaragua, and Honduras

CrediQ, Grupo Q’s financing arm, has aggressively sought to

capture an increased share of the SME client base to strengthen

its position in the Central American market. With nearly 60% of

CrediQ’s total portfolio comprised of the SME segment and strong

growth expected, CrediQ needed access to substantial medium-term

funding, which was provided through a repeat OPIC solution

Market Reactions

Citi worked closely with the client and OPIC to expedite the

transaction by utilizing existing documentation

The OPIC-guaranteed tranche was successfully syndicated to

another US financial institution

Innovations

The transaction marks Citi and CrediQ’s second collaboration

following the initial transaction executed in June 2013

Further structuring innovation was evidenced by the pre-cancelable

swap alternative embedded in the loan agreement that provided

CrediQ the alternative of a fixed rate without needing to execute a

separate swap agreement

29

BanPais—US$40 Million In August 2012, Citi executed a US$40 million OPIC-guaranteed financing in support of

Banco del Pais S.A. (“Banpais”) lending to small hydro electricity generation projects

in Honduras.

Borrower Banco del Pais S.A. (“Banpais”)

Lenders Citi

Guarantor Overseas Private Investment Corporation (“OPIC”) under

the new Citi-OPIC Global Risk Sharing Framework

Facility Amount US$40 million

Tenor 12 years guaranteed tranche (US$30 million)

Five year non-guaranteed tranche (US$10 million)

Purpose To support the growth of BanPais’s lending to small

hydro electricity generation projects in Honduras

Lead Arranger Citi

Closing Date August 2012

Citi’s Role Lead Arranger, Lender and Facility Agent


BanPais is the fifth largest banking institution in Honduras, with a market share of

approximately 10%

Banpais is 89.56% owned by Bicapital Corporation of Guatemala, which also manages

Banco Industrial de Guatemala. Since being acquired in 2007 by Banco Industrial de

Guatemala, Banpais has aggressively sought new corporate customers for

strengthening its position in the Honduran market

BanPais has identified several renewable energy projects—hydro-related—with a

generating capacity in the range of 8 to 10MW, located in the western and southern

regions of Honduras, where rivers of major affluence can be found. Each of the

projects has a PPA in which the government guarantees to buy 100% of the

energy generated

Market Reactions

Given the high demand for renewable energy generation financing in the CCA region

and the very long-term achievable through this structure, the focus on renewable

projects under the Citi-OPIC Global Framework has already generated strong interest

for additional financings of this kind

Innovations

In addition to the credit enhancement provided by OPIC’s partial guarantee,

the facility included additional security in the form of a pledge over pool of

highly rated loan assets

The Borrower benefited from significantly longer tenor than available in the local

market, which was critical for supporting this type of a renewable energy project

This financing allowed BanPais to tap alternative long-term sources of funding and

diversify its investor base

The facility, guaranteed by OPIC under the new Global Framework, was the first ever

used to support a FI for on-lending to hydro generation projects and constituted the

pilot case for the newly established OPIC Environmental Guidance for Renewable

Energy–Hydro Projects

30

Panama Metro II—US$250 Million

In November 2013, Citi executed a repeat US$250 million MIGA-guaranteed financing in

support of the construction of Line One of the Panama Metro.

Borrower Republic of Panama

Guarantor Multilateral Investment Guarantee Agency to cover 95% of

principal and interest under its Non-Honoring of Sovereign

Financial Obligations product

Facility US$250 million

Tenor 10.5 years

Purpose To finance the costs associated with the construction of

Line One of the Panama Metro

Arranger Citi (Global Coordinator)

Closing Date November 2013

Citi’s Role

Global Coordinator, Sole Lead Arranger, Lender and

Facility Agent

EPC Contractor Consorcio Línea Uno: Odebrecht (55% stake) and

FCC (45% stake)


As a solution to its long-standing transportation and urban mobility issues, the

Government of Panama (“GoP”) has prioritized the construction of a mass transit

system for the City of Panama with the Panama Metro as the centerpiece of its plan

At a cost of $1.9 billion, Line One of the Panama Metro will extend approximately

13.7 km along a path that connects the sector of Los Andes in the north to the

Transport Terminal at Albrook and crosses all the main avenues of the

City of Panama

Taken by itself, Line One represents the second most important investment for the

Republic of Panama (“RoP”). The Panama Metro System will be comparable in size to

the investment undertaken for the Panama Canal

The all-in cost of the MIGA-guaranteed financing contributed to a reduction in the

average cost of the RoP’s existing total debt stock

This is a repeat transaction for Citi, Panama Metro and MIGA and positions Citi to win

mandates for the arranging of financing for future lines of the Panama Metro

Market Reactions

The deal team successfully syndicated a portion of the transaction to HSBC and

leveraged previous documentation to ensure an expeditious close for the client

Innovations

The transaction represents the second-ever successful utilization of MIGA’s

Non-Honoring of Sovereign Financial Obligations (“NHSFO”) product in LatAm,

and one of the largest in the product’s history

Citi convinced MIGA to increase its support of the project in order to complete the

ROP's financing requirements for the project

The transaction stands as the second-ever use of a MIGA guarantee product in

the RoP

This is the third transaction that Citi has structured for the GoP to support the Panama

Metro, and complements a US$250 million MIGA-supported financing in June 2012

and a US$362 million ECA-supported financing in November 2011

32

The Government of the Republic of Ecuador—US$16 Million In March 2014, a US$16 million Export Credit Line was set-up for the Government of

Ecuador to fund the purchase of terrestrial digital broadcasting equipment from

Japanese companies.

Borrower The Ministry of Finance on behalf of the

Republic of Ecuador

Lenders Tranche A Lender: Japan Bank for International

Cooperation

Tranche B Lender: Citibank Japan Ltd.

NEXI Insurance Risk insurance covering payments of principal

and interest on the Facility Amount, for up to

100% political risk and commercial risk

coverage

Facility US$16 million Export Credit Line

Tenor 12 years

Purpose To finance the purchase of broadcasting

equipment from Japanese companies in order

to successfully execute a digital broadcasting

network building

project in Ecuador

Closing Date March 2014

Citi’s Role Agent and the Tranche B Lender


Citi’s franchises in Ecuador and in Japan, coupled with

Japan’s track record of Japanese agency-supported

transactions throughout the past 20 years, led to the

successful arrangement of the Export Credit Line for Ecuador

The Export Credit Line was set-up to provide US$ funds for

the purchase of necessary broadcasting equipment to

execute a digital broadcasting network building project that

will be implemented by the state-run broadcasting company,

RTV Ecuador

Market Reactions

The Export Credit Line will also support the export of related

equipment from Japan and expand high-quality terrestrial

digital broadcasting in Ecuador

Innovations

Ecuador has shifted its domestic broadcasting system to

terrestrial digital broadcasting after the government decided in

March 2010 to adopt a digital broadcasting standard based on

the ISDB-T developed in Japan

33

Avianca—US$184.5 Million

Citi, acting as the Sole Mandated Lead Arranger, closed a Hermes-guaranteed financing for

the acquisition of five Airbus aircraft delivering between April and December 2014.

Borrower Aircol 35

Lessee Avianca/Taca

Facilities 100% guarantee from Hermes facility

Deal Size US$184.5 million

Tenor 12 years after delivery of each aircraft

Purpose To finance acquisition of five

A319-100 from Airbus S.A.S

Lenders Citi and DZ Bank AG

Closing Date April 2014

Citi’s Role Sole Mandated Lead Arranger and Advisor,

Joint Lender and Facility Agent


Aerovias del Continente Americano S.A. (Avianca) is one of

the premier airlines in LatAm as well as the overall market

leader in the Andean Region (Colombia, Ecuador and Peru)

and Central America

Citi was mandated as Lead Arranger to provide financing for

the ECA-backed financing of five A319 aircraft for Avianca, as

the company pursues its ambitious fleet optimization and

expansion plans

Working under a very stringent timeframe, Citi demonstrated

remarkable swiftness of execution, by successfully closing the

first aircraft under the facility in just over a week upon of the

signing of the mandate

Three to four additional deliveries are expected to occur under

this mandate between May and December 2014, as the client

was given the option to fund the fifth delivery through

Citi, in its capacity as MLA, brought in a partner Bank

(DZ Bank AG) to jointly provide funding for the entire deal

Innovations

Citi successfully coordinated the pre-closing syndication

of the financing to a partner bank relatively new to the

ECA space

35

LatAm Airlines—US$246.3 Million Citi, acting as Lead Arranger, Lender, Bookrunner and Facility Agent, closed a US$246.3

million US Ex-Im guaranteed financing for LatAm Airlines to finance the purchase of three (3)

Boeing 787-8 aircraft.

Borrower Zarapito Leasing LLC

Lessee LatAm Airlines

Facility Amount US$246.3 million

Guarantee 100% comprehensive guarantee from

the Export-Import Bank of the US

(“US Ex-Im”), the US Export Credit

Agency (“ECA”)

Tenor 12 years

Purpose To finance the airline’s purchase of

three B787-8 aircraft from Boeing

Signing Date July 2014

Delivery Dates August 2014 through October 2014

Citi’s Role MLA, Lender, Bookrunner and

Facility Agent


LatAm Airlines Group provides passenger transport services

to about 150 destinations in 22 countries and cargo services

to about 169 destinations in 27 countries, with a fleet of

310 aircrafts

Citi acted as Sole Arranger and Lender to finance the

purchase of three (3) Boeing 787-8 aircraft, which have all

been delivered by November 14, 2014

On September 19, 2014, Citi priced a $160 million

US Ex-Im guaranteed bond to refinance the Bank Note for

two (2) B787-8 aircraft. A similar bond was issued on

November 17, 2014 to refinance the Bank Note for the

third B787-8 aircraft

Market Reactions

The offering of the $160 million US Ex-Im guaranteed bond

drew strong market demand, allowing the tightest credit

spread for an Ex-Im backed bond to date in 2014

Innovations

The financing was enhanced with a capital markets takeout

option, providing the client the ability to refinance the bank

loan in the capital markets

36

Ecopetrol—US$847 Million In March 2013, Citi closed a US$426.6 million US Ex-Im guaranteed loan and a

US$420.4 million Credit Guarantee Facility for Ecopetrol, Colombia’s largest company and

oil producer.

Borrower Ecopetrol S.A.

Official Agency US Ex-Im Bank

Facilities Credit Guarantee Facility:

US$420.4 million

Long-Term Guarantee:

US$426.6 million long-term buyer’s

credit facility

Both facilities were 100% guaranteed by

US Ex-Im Bank

Tenor CGF: Eight year (up to one year

availability and up to seven year

following for repayment)

LTG: 10 years (up to one year

availability and up to 10 years following

for repayment)

Purpose Purchase equipment from the US

Closing Date March 2013

Citi’s Role US Ex-Im Facility Lender

Legal Counsel Morrison and Foerster


Ecopetrol is the largest company in Colombia and the largest

oil producer, with its main operations accounting for roughly

70% of the oil and gas output in the country

It is today among the 40 largest oil industry companies in

the world, occupying 38th position in 2012, according to

PIW. Also, according to the 2012 ranking by Platts, it holds

14th place among the best performing energy companies in

the world and fourth place in the Americas

The transaction has two separate facilities: A Credit

Guarantee Facility and a Long-term Guarantee facility

totaling US$847.0 million. The proceeds of the CGF will be

used mainly for the purchase of spare parts, while the

long-term guarantees’ proceeds will be used in conjunction

with the overhaul of the Barranca refinery

Market Reactions

Given the strong market appetite, Ecopetrol ran a very

competitive bidding process prior to selecting its bank group

Innovations

This large financing allows Ecopetrol to diversify its sources

of financing given the guarantee provided by US Ex-Im Bank

to the lenders

38

Perforadora Central S.A. de C.V. III— US$172.2 Million In July 2014, Citi executed a US$172.2 million US Exim-guaranteed financing for Central

Panuco, S.A. de C.V., a subsidiary of Perforadora Central S.A. de C.V., to support the

financing of one (1) Jack-up Drilling Rig, built at the Keppel AmFELS shipyard in Texas.

Borrower Central Panuco, S.A. de C.V

Guarantors Perforadora Central S.A. de C.V.

Exploraciones y Perforadora Central de C.V.

Mantenimiento Perforadora CD. Del Carmen,

S.C. de R.L de C.V.

Agency Export-Import Bank of the US of America

Facility Amount US$172.2 million

Tenor 10.5 years (with a two year availability period)

Purpose To finance the construction of one (1) Jack-up Drilling

Rig, built at the Keppel AmFELS shipyard, Texas

Signing Date July 2014

Citi’s Role Mandate Lead Arranger

Lender

Facility Agent


Perforadora Central S.A. de C.V. (“Perforadora Central”) is a Mexican oil and gas

company that specializes in land and marine well drilling and dredging of waterways

as well as off-shore inspections, transportation, and construction. Perforadora Central

was founded in 1959 and has since performed several drilling operations for

Petroleos Mexicanos (PEMEX)

Central Panuco, S.A. de C.V. was incorporated in 2005 as a subsidiary of Perforadora

Central (99.99% ownership). Its main activity is the provision of equipment for the

construction and drilling of oil and gas wells as well as the leasing of platforms for the

same purpose

Citi acted as the mandate lead arranger and sole bookrunner on the entire

US$172.2 million, 100% US Exim-guaranteed facility to partly finance the construction

of one (1) Jack-up Drilling Rig, built at the Keppel AmFELS shipyard, Texas

Market Reactions

This will be the third transaction that Citi arranges for Perforadora Central with the

support of US Exim which reflects Citi’s commitment to providing the company with the

best pricing and expertise in ECA financing

Strong market appetite for the asset has allowed Citi to sell down to two additional

institutions including a bank that had not participated in a US Exim transaction before

Innovations

Drilling rigs are capital-intensive investments that have useful lives exceeding 20 years

and require longer repayment terms. This transaction is an example of how ECA

enhancement allows to obtain attractive and suitable financing solution given complex

market conditions

The financing will disburse during the construction period and will rely on a bareboat

charter with Perforadora Central for repayment

39

http://www.directoriopemex.com/empresa.php?perforadora_central=&rid=6d19c113404cee55b4036fce1a37c058

Abengoa’s Palmatir Wind Farm—US$154 Million

Citi acted as Financial Advisor and Bridge Loan Arranger for the 50MW Palmatir greenfield

wind project in Tacuarembó, Uruguay, which is expected to be operational in February 2014.

Borrower Palmatir S.A.

Project Cost US$153.5 million

Debt Tranches Senior Term Loans:

– US Ex-Im Bank: US$72.7 million

– IDB: US$39.6 million

Tenor C+18 years (19 years)

Purpose To facilitate the development of the 50MW Palmatir

greenfield wind project in Tacuarembó, Uruguay

Amortization Fully amortizing via semi-annual payments

Debt Sizing Metrics 10 years, P90: 1.30x min for each

12 month period

One year, P99: 1.00x min for each

six month period

Maintenance

Covenant

Historical DSCR not less than 1.10x for any

12 month period

Closing Date April 2013

Citi’s Role Financial Advisor and Bridge Loan Arranger


In order to facilitate the development of renewable energy and take advantage of

Uruguay’s reliable wind resource, Usinas y Terminales Eléctricas (“UTE”) implemented

a plan to purchase 300MW of wind power by independent producers by 2015

25 Gamesa G90 2.0MW Class II wind turbines

The project was granted a 50MW PPA pursuant to which UTE agreed to purchase all

the power generated by the project for a fixed escalating price over 20 years

Key Deal Participants

Abengoa: Is a Spain-based company focusing on the energy, infrastructure and

biofules sectors. Abengoa acted as Project Sponsor and EPC contractor for Palmatir

Gamesa: Is a Spain-based manufacturing company principally involved in the

fabrication of wind turbines and the construction of wind farms. Gamesa has

manufacturing facilities in the US, which made the turbines supplied for Palmatir

eligible for US Ex-Im Bank support

UTE: Is Uruguay’s government-owned power company. UTE provided a 20 years PPA

Market Reactions

First tender auction for a total of 150MW was finalized in December 2010, in which

three power purchase agreements (PPAs) were awarded for 50MW each

(one of which was awarded to this project)

Second tender auction for a total of 150MW was finalized in August 2011

Innovations

The capital structure was optimized based on financing alternatives available in the

jurisdiction and project characteristics, ultimately resulting in multiple facilities which

included: Bridge loan financing, senior term loans, ability to incur third-party

subordinated debt and equity

Citi acted as Financial Advisor and Arranger, working with the Borrower through the

Agencies’ due diligence and documentation processes. Citi is also acting as Ex-Im

Facility Agent, Administrative Agent, On-shore and Off-shore Security Agent and

Accounts Bank

Direct Loans from both US Ex-Im Bnak and the IDB were the preferred

solutions due to

– The available long tenor of 19 years door-to-door

– Attractive fixed rate at CIRR from US Ex-Im Bank

40

Citi Export and Agency Finance

Export and Agency Finance (EAF) arranges and offers advice on structured financings that

manage risk and funding through various forms of support provided by official agencies.

Global Organization and Capabilities

Part of TTS/Global Trade organization

Four hubs in New York, London, Hong Kong and Tokyo and 14 additional

offices in Washington, Moscow, Zurich, Beijing, Dublin, Dubai, Seoul, Sao

Paulo, Singapore, Johannesburg, Lagos, Nairobi, Mexico City and

Panama City

Relationships with agencies and clients are managed through our regional

offices to deliver our global capabilities to agencies and clients

Valentino Gallo

EAF Global Head

Ae Kyong

Chung

Americas

Head

Alex Taylor

EMEA Head

Sumanta

Panigrahi

APAC Head

Yohei

Yumoto

Japan Head

Georges

Romano

LatAm Head

Global Export and Agency Finance Regional Offices

New York

Washington D.C.

Dublin

London Moscow

UAE Hong Kong

Tokyo

Singapore Lagos

Mexico City

Seoul

Sao Paulo Johannesburg

Panama City Nairobi

Beijing

Zurich

Client Coverage

Agency Coverage

New York London Tokyo Hong Kong

North America Europe Japan Asia-Pacific

LatAm Middle East

Central America Africa

Caribbean

New York London Tokyo Hong Kong

US Ex-Im ECGD Finnvera JBIC EFIC

OPIC Hermes OekB NEXI ADB

EDC SACE FMO DBJ CDB

IFC Coface DEG CEXIM

World Bank EKN NIB Sinosure

MIGA ONDD FEC KEXIM

IDB EGAP EKF KSURE

CAF KUKE Simest

CABEI GIEK Atradius

SBCE Cesce SERV

Bancomext EBRD EIB

42

Citi Export and Agency Finance Overview

EAF consistently leads the league tables for export credit agency (ECA) supported financing

and receives market recognition for its focus on innovation in export and agency finance.

Key Facts about Citi Export and Agency Finance

Long standing relationships with over 65 agencies globally

60+ professionals which focus on seamless transaction

execution through direct engagement with agencies and

clients in native language and through local presence

Portfolio includes transactions supported by export credit

agencies (ECAs), development finance institutions (DFIs) and

multilateral agencies (MLAs)

Our approach is unique insofar as

– Citi’s portfolio includes transactions supported by ECAs,

DFIs and Multilateral Agencies

– Transactions are not limited to standalone financings, but

often incorporate larger syndications and embedded

structured derivatives

– Citi’s portfolio is not biased towards any particular agency

given its global approach

Broad industry experience: Aviation, Shipping and

Transportation, Power, Oil and Gas, Metals and Mining,

Telecom, Infrastructure, Financial Institutions, and Automotive

Source: Dealogic data as of January 9, 2015.

Rankings for ECA Supported Loans (2010–2014)

2010–2014 (US$ in Millions)

30,778

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Citi HSBC BNP Paribas Mitsubishi UFJ JPMorgan SG CIB Credit

Agricole CIB

Sumitomo

Mitsui

ING Santander

Recent Highlights

In 2014, Citi’s EAF business arranged more than

US$12 billion in Official Agency-supported transactions

across 32 countries

Citi was No.1 for ECA financing globally and No.1 for

US Exim bonds in 2014

Transactions executed by Citi in 2013 won 12 Deal of the

Year Awards

43

Citi’s Export and Agency Finance LatAm Team

Citi would be most pleased to field a dedicated specialist team for your Official

Agency financing transaction.

Georges Romano

LatAm Region Head, New York

Phone: +1 (212) 816-6158

Email: [email protected]

Winnie Lui

Vice President, New York

Phone: +1 (212) 816 7678


Kate Medernach

Vice President, New York

Phone: +1 (212) 816 7443


Catalina Munoz

Vice President, Miami

Phone: +1 (305) 329 4543


Raul Gonzalez

Associate, Panama City

Phone: +1 (212) 816 7443

Email:

[email protected]

Georges leads a team of

specialists across offices in New

York and LatAm

He is recognized with numerous

awards from Project Finance

Magazine and Project Finance

International for notable

transactions in Mexico, Chile,

Peru, Colombia,

and Brazil

He holds an MBA-equivalent

degree from HEC School of

Management of Paris, France

and a Master’s degree in

management from Erasmus

University of Rotterdam,

Netherlands

Winnie is responsible for

structuring credit enhanced debt

and trade financing solutions for

LatAm clients

She has executed ward winning

transactions across many

industries, including ones which

won Deal of the Year Award

from GTR Magazine, Trade

Finance Magazine and Jane’s

Transport Magazine

She has a Bachelors Degree in

Economics Social Science and

a Bachelors Degree in Laws

from the University of Sydney,

and a Masters Degree in Laws

from the

University of NSW

Since joining Citi in 2013, Kate

has worked on transactions

throughout the LatAm region in

shipping, on-shore and

off-shore oil and gas, power and

infrastructure sectors

Prior to joining Citi, Kate worked

in Credit Agricole’s Project

Finance team

for LatAm

Kate has also spent over two

years at Standard and Poor’s in

the US Infrastructure and Utility

Group rating

investor-owned utilities and

project finance bank and

bond financings

Catalina joined Citi in 2013

as Cluster Head of Oil and

Gas, Power and Public Sector

in Colombia

For the past 13 years she has

been involved in numerous

M&A, CMO, Project Finance

and Structured Loans

transactions internationally

Previous to joining Citi, Catalina

worked for BNP Paribas New

York, ABN Amro London, and

Banca de Inversion

Bancolombia in Colombia

Catalina holds an M.B.A. from

Rotterdam School of

Management (Netherlands)

and a BA in international

business from EAFIT

University (Colombia)

Raul is responsible for

supporting the origination

and execution of structured

finance transactions

throughout LatAm

Raul previously worked in

Cash Management and

Business Development in the

Dominican Republic

He holds an MBA from

EAE Business School and

a Bachelor's degree in

International Business

from Rochester

Institute of Technology

44






EAF Americas Deals of the Year 2014

Mandate Lead Arranger

US$172.2 million

2014

Mexico

US Exim—guaranteed facility for

the construction of one (1) Jack—

up rig

Sole Arranger, Advisor, Joint Lender

and Facility Agent

US$184.5 million

2014

Colombia

Hermes—guaranteed

facility for financing five

Airbus 319-100 aircraft

Mexico

K-sure—supported financing of Kia

Motor’s new auto manufacturing

facility in Mexico

Sole Global Coordinator, MLA,

and Lender

US$578 million

2014

Joint Bookrunner/Mandate Lead

Arranger

US$1,000 million

2014

Mexico

US Exim—guaranteed for goods

and services from US

45

https://www.google.com/url?q=http://www.tradefinancemagazine.com/&sa=U&ei=SF9EU4OeOYPt2QXi7YDgDQ&ved=0CC4Q9QEwAA&usg=AFQjCNG7jsNlTZ3nYnWi53x4UPQLdUbmiA

http://www.directoriopemex.com/empresa.php?perforadora_central=&rid=6d19c113404cee55b4036fce1a37c058

IRS Circular 230 Disclosure: Citigroup Inc. and its affiliates do not provide tax or legal advice. Any discussion of tax matters in these materials (i) is not intended or written to be used, and cannot be used or

relied upon, by you for the purpose of avoiding any tax penalties and (ii) may have been written in connection with the "promotion or marketing" of any transaction contemplated hereby ("Transaction").

Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor.

In any instance where distribution of this communication is subject to the rules of the US Commodity Futures Trading Commission (“CFTC”), this communication constitutes an invitation to consider entering

into a derivatives transaction under U.S. CFTC Regulations §§ 1.71 and 23.605, where applicable, but is not a binding offer to buy/sell any financial instrument.

Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements. This presentation is not a commitment to lend, syndicate a

financing, underwrite or purchase securities, or commit capital nor does it obligate us to enter into such a commitment, nor are we acting as a fiduciary to you. By accepting this presentation, subject to applicable law or

regulation, you agree to keep confidential the information contained herein and the existence of and proposed terms for any Transaction.

Prior to entering into any Transaction, you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal,

tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us

for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you

should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters. By acceptance of these materials,

you and we hereby agree that from the commencement of discussions with respect to any Transaction, and notwithstanding any other provision in this presentation, we hereby confirm that no participant in any Transaction

shall be limited from disclosing the U.S. tax treatment or U.S. tax structure of such Transaction.

We are required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with us. We will ask for your complete name, street address, and taxpayer ID number.

We may also request corporate formation documents, or other forms of identification, to verify information provided.

Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers. These indications are provided solely for your information and consideration, are subject to change at any time

without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which

represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product. Any estimates included herein constitute our judgment as of the date hereof

and are subject to change without any notice. We and/or our affiliates may make a market in these instruments for our customers and for our own account. Accordingly, we may have a position in any such instrument at

any time.

Although this material may contain publicly available information about Citi corporate bond research, fixed income strategy or economic and market analysis, Citi policy (i) prohibits employees from offering, directly or indirectly,

a favorable or negative research opinion or offering to change an opinion as consideration or inducement for the receipt of business or for compensation; and (ii) prohibits analysts from being compensated for specific

recommendations or views contained in research reports. So as to reduce the potential for conflicts of interest, as well as to reduce any appearance of conflicts of interest, Citi has enacted policies and procedures designed to

limit communications between its investment banking and research personnel to specifically prescribed circumstances.

Citi believes that sustainability is good business practice. We work closely with our clients, peer financial institutions, NGOs and other partners to finance solutions to climate change, develop

industry standards, reduce our own environmental footprint, and engage with stakeholders to advance shared learning and solutions. Highlights of Citi’s unique role in promoting sustainability

include: (a) releasing in 2007 a Climate Change Position Statement, the first US financial institution to do so; (b) targeting $50 billion over 10 years to address global climate change: includes

significant increases in investment and financing of renewable energy, clean technology, and other carbon-emission reduction activities; (c) committing to an absolute reduction in GHG emissions

of all Citi owned and leased properties around the world by 10% by 2011; (d) purchasing more than 234,000 MWh of carbon neutral power for our operations over the last three years; (e)

establishing in 2008 the Carbon Principles; a framework for banks and their U.S. power clients to evaluate and address carbon risks in the financing of electric power projects; (f) producing equity

research related to climate issues that helps to inform investors on risks and opportunities associated with the issue; and (g) engaging with a broad range of stakeholders on the issue of climate

change to help advance understanding and solutions.

Citi works with its clients in greenhouse gas intensive industries to evaluate emerging risks from climate change and, where appropriate, to mitigate those risks.

efficiency, renewable energy and mitigation

© 2015 Citibank, N.A. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

financing via export and agency finance (eca) - · pdf filefinancing via export and agency...

Documents