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CARICOM-Canada Trade Development Forum - EDC and its relationship with CARICOM [EDC, Canada]
Canada Export Development Canada (EDC) - GlobalCapital...Canada 116 EuroWeek Financing...
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Canada 116 EuroWeek Financing supranationals and agencies Export Development Canada (EDC) Pricing date February 8, 2011 Value A$500m Maturity date February 8, 2016 Coupon 6% Spread to swaps 21bp Bookrunners Commonwealth Bank of Australia, Deutsche Bank, RBC Capital Markets Pricing date February 2, 2011 Value £200m Maturity date December 14, 2012 Coupon 1.375% Spread to benchmark 50bp over Gilts Bookrunners Deutsche Bank, HSBC Pricing date October 20, 2010 Value $1bn Maturity date October 27, 2015 Coupon 1.25% Spread to benchmark 21.2bp over USTs Bookrunners Bank of America Merrill Lynch, HSBC, RBS, RBC Capital Markets Source: Dealogic RECENT DEALS Rank Lead Manager Amount $m No of Issues % Share 1 RBC 1,119 6 23.13 2 TD Securities Inc 959 8 19.82 3 Deutsche Bank 644 6 13.3 4 BofA Merrill Lynch 499 2 10.31 5 CBA 470 3 9.7 6 HSBC 440 3 9.1 7 RBS 336 2 6.95 8 Citi 250 1 5.16 9 Credit Agricole CIB 80 2 1.65 10 UBS 42 4 0.87 Total 4,839 24 100 Source: Dealogic (March 16, 2010 to March 15, 2011) TOP BOOKRUNNERS Rating Aaa, AAA (issue rating), NR Ken Kember Senior vice president, finance, & CFO KEY OFFICIALS Export Development Canada (EDC) is Canada’s export credit agency, providing trade finance and risk mitigation services to Canadian companies. EDC’s knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide. Around 80% of EDC’s customers are small and medium-sized businesses. EDC is a Crown corporation wholly owned by the Government of Canada. The corporation is financially self-sustaining and raises funds by charging fees for its services and interest on its loans, as well as issuing debt in capital markets. OVERVIEW Minimum size: $5m Currencies: all major and many EM currencies Structures: simple only, no leverage on principal; both rate and currency structures, looking at linked structures for 2010 PRIVATE PLACEMENT POLICY Data at December 31, 2010. Source: EDC C$ bn 0 1 2 3 4 5 6 7 2011 2012 2013 2014 2015 2016 2017 OUTSTANDING ISSUANCE BY MATURITY *Expected. Source: EDC C$ bn 0 1 2 3 4 5 6 7 8 2005 2006 2007 2008 2009 2010 2011* DEBT ISSUANCE Source: EDC C$ bn USD global 2 USD MTNs 0.87 Non-USD benchmark 1.46 Non-USD MTNs 0.35 CAD domestic 0.003 ISSUANCE BY TYPE (2010) Risk weighting (Basel II): 0% Guarantee: Explicit. Irrevocable full faith and credit obligation of Canada. EDC coupon payments are made directly from the Canadian treasury. RISK WEIGHTING / GUARANTEE Standard & Poor’s Long-term issue rating AAA Strengths • Status as an agent Crown corporation (agent of Her Majesty in right of Canada) • 100% government-owned • The provision that debt constitutes a direct obligation of the Canadian government and is a charge on, and payable out of, the government’s Consolidated Revenue Fund • Solid track record of financial self-sustainability • Good capitalisation Weaknesses • High concentration of exposure to transportation and natural resource companies • High concentration of exposure in the US, reflecting Canada’s trade links KEY RECENT RATING AGENCY COMMENTARY
Transcript of Canada Export Development Canada (EDC) - GlobalCapital...Canada 116 EuroWeek Financing...
Canada
116 EuroWeek Financing supranationals and agencies
Export Development Canada (EDC)
Pricing date February 8, 2011
Value A$500m
Maturity date February 8, 2016
Coupon 6%
Spread to swaps 21bp
Bookrunners Commonwealth Bank of Australia, Deutsche Bank, RBC Capital Markets
Pricing date February 2, 2011
Value £200m
Maturity date December 14, 2012
Coupon 1.375%
Spread to benchmark 50bp over Gilts
Bookrunners Deutsche Bank, HSBC
Pricing date October 20, 2010
Value $1bn
Maturity date October 27, 2015
Coupon 1.25%
Spread to benchmark 21.2bp over USTs
Bookrunners Bank of America Merrill Lynch, HSBC, RBS, RBC Capital Markets
Source: Dealogic
reCent dealS
rank lead Manager amount $m no of Issues
% Share
1 RBC 1,119 6 23.13
2 TD Securities Inc 959 8 19.82
3 Deutsche Bank 644 6 13.3
4 BofA Merrill Lynch 499 2 10.31
5 CBA 470 3 9.7
6 HSBC 440 3 9.1
7 RBS 336 2 6.95
8 Citi 250 1 5.16
9 Credit Agricole CIB 80 2 1.65
10 UBS 42 4 0.87
total 4,839 24 100
Source: Dealogic (March 16, 2010 to March 15, 2011)
toP BookrunnerS
Rating Aaa, AAA (issue rating), NR
ken kemberSenior vice president, finance, & CFO
key offICIalS
Export Development Canada (EDC) is Canada’s export credit agency, providing trade finance and risk mitigation services to Canadian companies. EDC’s knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide. Around 80% of EDC’s customers are small and medium-sized businesses.
EDC is a Crown corporation wholly owned by the Government of Canada. The corporation is financially self-sustaining and raises funds by charging fees for its services and interest on its loans, as well as issuing debt in capital markets.
oVerVIew
Minimum size: $5mCurrencies: all major and many EM currenciesStructures: simple only, no leverage on principal; both rate and currency structures, looking at linked structures for 2010
PrIVate PlaCeMent PolICy
Data at December 31, 2010. Source: EDC
C$ bn
0
1
2
3
4
5
6
7
2011
2012
2013
2014
2015
2016
2017
outStandIng ISSuanCe By MaturIty
*Expected. Source: EDC
C$ bn
0 1 2 3 4 5 6 7 8
2005
2006
2007
2008
2009
2010
2011
*
deBt ISSuanCe
Source: EDC
C$ bn
USD global
2
USD MTNs0.87
Non-USD benchmark
1.46
Non-USD MTNs 0.35
CAD domestic 0.003
ISSuanCe By tyPe (2010)
risk weighting (Basel II): 0%guarantee: Explicit. Irrevocable full faith and credit obligation of Canada. EDC coupon payments are made directly from the Canadian treasury.
rISk weIghtIng / guarantee
Standard & Poor’s
Long-term issue rating AAA
Strengths•StatusasanagentCrowncorporation(agentof
Her Majesty in right of Canada) •100%government-owned•Theprovisionthatdebtconstitutesadirect
obligation of the Canadian government and is a charge on, and payable out of, the government’s Consolidated Revenue Fund
•Solidtrackrecordoffinancialself-sustainability•Goodcapitalisation
weaknesses•Highconcentrationofexposuretotransportation
and natural resource companies •HighconcentrationofexposureintheUS,
reflecting Canada’s trade links
key reCent ratIngagenCy CoMMentary
Canada
Financing supranationals and agencies EuroWeek 117
Source: EDC
C$ m
0
200
400
600
800
1000
1200
1400
31 D
ec 05
31 D
ec 06
31 D
ec 07
31 D
ec 08
31 D
ec 09
total Share CaPItal
Source: EDC
C$ bn
0
5
10
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25
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40
31 D
ec 05
31 D
ec 06
31 D
ec 07
31 D
ec 08
31 D
ec 09
total aSSetS
Data at December 31, 2010. Source: EDC
Nor th America /
Caribbean 63%
Europe 14%
Africa / Middle East
9% South
America / Central America
7%
Asia / Pacific
7%
outStandIng loanS By regIon
Data at December 31, 2010. Source: EDC
Aerospace 28%
Extractive 21%
Surfacetransportation
17%
Infrastructure & environment
15%
Information & communication
technology12%
Sovereign & other
7%
outStandIng loanS By tPe
Source: Markit
bp
3-Au
g-200
9
3-Se
p-200
9
3-Oct-
2009
3-Nov
-200
9
3-Dec
-200
9
3-Jan
-201
0
3-Fe
b-201
0
3-Mar-
2010
3-Ap
r-201
0
3-May
-201
0
3-Ju
n-201
0
3-Ju
l-201
0
3-Au
g-201
0
3-Se
p-201
0
3-Oct-
2010
3-Nov
-201
0
3-Dec
-201
0
3-Jan
-201
1
3-Fe
b-201
1
3-Mar-
2011
-30
-20
-10
0
10
20
30
40
aSSett SwaP SPread 3.625% gBP SeP 2015
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