Copia de seguridad de Latest Market report H2 2014.07.09 ... · James Petras Chief technology...

Full year 2014

Export finance market report A breakdown by:

Region

Sector

Structure

A full comparison of:

Financial institutions

Export credit agencies

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Export finance market status 2014

Intro

THIS REPORT

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Data and art editor

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Editor-in-chief

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Content editor

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Working towards a common goal - more accurate export finance

data

Welcome to the first export finance market overview from TXF Data. Over the

past two years, we have created a powerful new database for the ECA finance

community. The culmination of this project is our TXF Data analytics tool. This is

now in its final testing phase with a number of major financial institutions and

agencies. The following pages give you a preview into just a small portion of the

insight this tool will give you access to.

The data for both the TXF Data analytics tool and this report is powered by

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allows dealmakers and institutions to take ownership of the data that feeds our

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reporting on market trends and deals analysis.

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appreciate the dedication that a number of institutions have shown in working

with us towards this goal. On the next page, we have provided a list of those

institutions that have responded to our efforts in this regard.

tagmydeals currently covers transactions within Project Finance, Export

Finance, Commodities Finance and Loans to FIs. The platform is accessible to

every member of the deal-making chain. We are calling on all institutions to

assist us in improving the quality of information available on these markets.

Accurate data will help to explain the product internally and externally, and

enhance reporting, research, benchmarking and business development in the

sector.

Simply get in touch with us and we can arrange a short tagmydeals tutorial and

demonstration of the new TXF Data analytics tool. Contact us on

[email protected].

Thank you to those who have worked with us over the past two years, and we

look forward to working with the rest of you going forward!

This is just the beginning…

The TXF Data team

TXF Limited “TXF” makes no representation regarding the completeness, accuracy, or timeliness of any information and data provided or that such information and data will be error-free. TXF assumes no responsibility for the consequences of use of the information. In no event shall TXF be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information.

Users are encouraged to visit and review individual deal data on www.tagmydeals.com and contribute to the completeness and accuracy of our deal coverage.

3

A very special thank you to our supporters:

Contents

Contents

1. Market at a glance

2. Tranche analysis

3. Regions and countries

4. Ratings and currencies

5. Sectors

6. Export credit agencies

7. EBF presentation to the European Commission

8. League tables

6

7

10

12

14

16

18

20


5

6

Total amountUSD 124.524bn2014

No of deals385

ECA/DFI coverage81.3%

Top sectorEnergy

Top regionEurope

$17.92b

$14.82b

$25.71b

$34.94b$37.49b

$26.36b

<25 100 175 250 325 400 475 550 550+

USDb

Market at a glance

Breakdown by volume range

USDm No %

<25 922.5 80 0.6%

25-100 5,471.7 100 4.2%

100-175 7,319.4 55 5.6%

175-250 9,185.4 43 6.4%

250-325 6,184.8 22 4.9%

325-400 4,047.8 11 2.8%

400-475 6,134.3 14 3.8%

475-550 7,120.1 14 4.6%

>550 78,138.8 46 67.0%

Deals by volume

Deals by use of proceeds

Use of proceeds

USDm No %

1 Project Finance 57,130.6 52 45.9%

2 Equipment Purchase 30,526.9 191 24.5%

3 Vessel Acquisition 18,148.1 55 14.6%

4 Aircraft Aquisition 7,621.9 43 6.1%

5 General Corp. Purposes 3,810.5 21 3.1%

6 Satellite Purchase 2,846.0 10 2.3%

7 Refinancing 2,724.5 5 2.2%

8 Oil Rig Acquisition 1,100.0 1 0.8%

9 Other Asset Acquisition 290.0 2 0.2%

10 Commodity Purchase 255.9 4 0.2%

11 SME Financing 70.0 1 0.1%

Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Deals


Find the methodology at: www.txfdata.com/methodology

80

56

9894

92

101

Deals

$14.82b* $13.21b*

$20.69b* $19.99b*

$24.09b*

$30.23b*

Vol

ECA vol*

*Tranches backed or lent by ECAs, DFIs and MFIs

Tranche analysis

Avg tranche USD 174.41m

Avg syndication2.1 banks

Avg tenor9.85 years

Avg ticket27.9USDm

Tranches breakdown by support

88.10%

8.83%

410 tranches$66.6bn

38 tranches$6.63bn

20 tranches$2.36bn

ECA supported Unsupported DFI/MFI supported

3.14%

The most apparent change in tranche composition for 2014 is the decrease in all of the key indicators, including average tranche size,

number of participating banks on each transaction and average ticket size. The average tranche size is to some extent influenced by the

maximum tranche size seen in 2014 ($2.6bn) as compared with 2013 ($4.9bn), which represents a 91% decrease.

ECA-supported tranches were overwhelmingly the most common, with 410 ECA-supported transactions amounting to $66.6bn - 88%

of all deals. In terms of MFI/DFI supported transactions, Santander - which tops this particular list - contributed more than the next

three highest-performing banks combined.

Top five banks. ECA supported*

Name USDm

1 HSBC 4,389.1

2 KfW IPEX-Bank 4,330.1

3 JP Morgan 3,881.1

4 ING Bank 3,709.7

5 Citi 3,618.3

Top five banks. Unsupported

Name USDm

1 ING Bank 447.7

2 DNB Bank 411.3

3 Santander 392.5

4 BNP Paribas 307.3

5 KfW IPEX-Bank 290.3

Top five banks. DFI/MFI supported*

Name USDm

1 Santander 450.0

2 Societe Generale 141.4

3 Nordea 132.0

4 Mizuho 126.1

5 Credit Agricole CIB 117.2

Tranche size

2014 2013 Difference

USDm USDm %

Max 2600.0 4975.0 -91.0%

Avg 174.4 212.7 -21.9%

Min 0.2 0.2 0%

Tenor

2014 2013 Difference

Years years %

Max 30.0 27.5 +9%

Avg 9.9 10.8 -9.1%

Min 1.00 1.00 +0.0%


*Excluding direct lending from ECA *Excluding direct lending from DFI/MFI


Avg tranche No1.22

7

The parameter performed better/worse than in the previous period (2013)

TOP IMPORT FLOWS

LA

AF

AP

RU

ME

AS

AU

EU 12

12

NA

39

12

Exports flow chart


LA

NA

61

LA

11

13

35

NA

LA

AF

AP

RU

ME

AS

AU

EU

25

9

14

22

1

14

NA

13

2

8

TOP CURRENCIES

USD 80.8bn

USD 15.8bn

USD 2.1bn

USD 0.7bn

79.5%

15.6%

2.1%

1.2%

$

€£

لایر

$41,625m

$98,746m

$57,131m

$18,148m

$7,621m

$116,894m

$124,516m

Various

Project Finance

Vessel Acquisition

Aircraft acquisition

USE OF PROCEEDS

PRODUCT TYPE

Export finance

82.3%

Project finance

15.3%

Trade finance

2.4%

LA AP

MENA North America Middle East

Asia PacificLatin America AF

EU Europe

Africa

Note: includes ECA-supported projects and untied loans

100

2.5 5 7.5 10 12.5 15 Years

200

300

500

600

700

800

USDm

400

TENOR vs. AMOUNT TRENDLINE

AF

AP

RU

ME

AS

AU

EU

100

AF

AP

RU

ME

AS

AU

EU

6

3

12

21

1

8

LA

AF

APME

AS

AU

EU RU

LA

AF

AP

RU

ME

AS

AU

EU

12

12

12

12

100

12

NA

100

NA

LA

AF

AP

RU

ME

AS

AU

EU

1212

12

12

1212

NA

12

12

LA

AF

AP

RU

ME

AS

AU

EU

12

12

1212

12

12

12

NA

12

100

LA

AF

RU

ME

AS

AU

EU

6

16

10

10 12

7

25NA

104

AP

9

%XXREGION SHARE (%)

RUAS

AU

Asia

Australasia

Russia CISTOP EXPORT FLOWS

Note: includes ECA-supported projects and untied loans

Top RegionEurope

Amount$25,628m

No of deals72

Volume by nationality of funds

Regions and countries

North America19.3%$24.15bn

Latin America11.0%$13.73bn

Africa7.9%$9.89bn

Middle East13.0%$16.28bn

Asia3.2%$4.01bn

Asia Pacific11.6%$14.49bn

Australasia7.8%$9.74bn

Russia CIS5.7%$7.06bn

Europe20.5%$25.62bn

Focusing on the origin of the funds, Japan's strong activity is reflected in the graph, which shows the

country was behind nearly one-fifth of all lending. France, Germany and the US were second, third and

fourth on the list, respectively, had a comparable level of activity. Only a 0.7% differential separates France

and the US. Only two countries in the top 10 have loaned less this year than last - the UK and Italy.

The top export finance borrower market was Europe, accounting for one-fifth of the total borrowing

amount. The biggest borrower within Europe was Turkey, which borrowed $7bn - placing it third on the list

of top borrowing countries. Other European countries in the top 10 were the UK (6th), Norway (9th) and

the Netherlands (10th).

Elsewhere, Russia accounted for 5.7% of global borrowing, a figure certainly dampened by a year in which

sanctions against the country were significantly ramped up.




Top ten lending countries

USDm %

1 Japan 12,588.6 19.3%

2 France 9,231.9 14.2%

3 Germany 9,115.1 14.0%

4 United States 8,815.8 13.5%

5 United Kingdom 5,548.5 8.5%

6 Spain 5,101.1 7.8%

7 Netherlands 5,061.5 7.7%

8 Australia 1,895.2 2.9%

9 Italy 873.2 1.3%

10 Brazil 819.5 1.3%

$12.5b

$9.23b$9.11b

$8.81b

$5.54b $5.10b$5.06b

$1.89b$0.87b $0.81b

10

Regions and countries

Top Borrowing Country

United States

Total USDb$22.92bn

Total No 26 deals

The figures below reflect the extent to which companies in the United States, an OECD member, are

leveraging the ECA finance product. In terms of the top 10 borrowing countries, the US has the highest

number of deals (26) and - by some distance - the highest volume of funds borrowed - $22.9bn.

The geopolitical conflict in Russia appears to have had a huge effect on the region, which - unlike in

previous years - is not ranked as one of the top 10 borrowing countries.

*Supported by ECAs and DFIs

Sources of funding by institution type

USDm %

1 Financial Institution 64,528.8 63.2%

2 ECA* 28,258.8 27.7%

3 DFI/MFI* 7,338.9 7.3%

4 Listed Company 1,200 1.2%

5 Investment Manager 439.2 0.4%

6 Private Company 150.8 0.1%

Sources of funding

2

1

34

*Direct loans



$22.9b

$26.7b

$15.3b

$10.9b

$7.24b

$4.47b $4.22b$3.39b

$2.77b $2.74b $2.64b

$9.74b

$7.05b $6.90b $6.74b$6.59b

$4.89b$4.60b

$3.49b $2.89b

Top ten borrowing countries

USDm No %

1 United States 22,923.4 26 18.4%

2 Australia 9,744.1 5 7.8%

3 Turkey 7,056.7 24 5.6%

4 Saudi Arabia 6,906.0 3 5.5%

5 Brazil 6,744.6 16 5.4%

6 UK 6,590.5 7 5.3%

7 Turkmenistan 4,897.0 4 3.9%

8 Indonesia 4,605.4 15 3.8%

9 Norway 3,491.7 14 3.6%

10 Netherlands 2,899.7 2 3.0%

Top ten countries by supported exports*

USDm %

1 Japan 26,733.9 15.6%

2 South Korea 15,383.7 9.0%


4 Germany 7,247.9 4.3%

5 France 4,477.7 2.6%

6 Finland 4,224.5 2.5%

7 Spain 3,399.0 2.0%

8 United kingdom 2,775.3 1.6%

9 Italy 2,744.6 1.6%

10 Canada 2,646.0 1.6%

11

Ratings and currencies

Prime to high grade

Upper to lower medium grade

Non-investment grade to highly speculative

Substantial risks to in default

Unrated

Fitch: AAA/AA-

Moody’s:Aaa/Aa3

S&P:AAA/AA-

Fitch: A+/BBB-

Moody’s:A1/Baa3

S&P:A+/BBB-

Fitch: BB+/B-

Moody’s:Ba1/B3

S&P:BB+/B-

Fitch: CCC/D

Moody’s:Caa1/C

S&P:CCC+/D

$405m30.3%

$20,834.7m7017.6%

$15,695.9m7313.3%

$1,447.2m71.2%

$79,451,8m20567.4%

Total amount:

No of deals:

% of the total:

Total amount:

No of deals:

% of the total:

Total amount:

No of deals:

% of the total:

Total amount:

No of deals:

% of the total:

Total amount:

No of deals:

% of the total:

Deals by borrower credit rating

Currencies

Top five currencies*

2013 2014

USDm % USDm %

1 US Dollar (USD) 82,810.3 93.1% 80,877.3 79.5%

2 Euro (EUR) 4,554.1 5.1% 15,874.3 15.6%

3 Pound Sterling (GBP) 32.6 0.1% 2,143.6 2.1%

4 Saudi Riyal (SAR) 744.6 0.8% 1,175.0 1.2%

5 Japanese Yen (JPY) 397.5 0.4% 791.4 0.8% 1

4

2

3

5



*Export and agency finance tranches only.

12


Despite the continuing impacts of the eurozone crisis, the euro denomination has made the biggest

advance in 2014, rising 10 percentage points. This increased share has come at the cost of the dollar, which

fell to 79.5% from 93.1%.

13

Currencies and sectors

Top sector

Energy

Total USDb$44.39bn

Total No

82 deals

The energy and transport sectors flourished most in 2014, with the former registering the highest loan

volume and the latter the greatest number of deals. Both also increased their volume as compared with

2013, by $6.1bn and $5.6bn respectively. MUFG was the biggest lender in the energy sector whith JP

Morgan the largest in transport.

The biggest volume increase was in metals and mining, where lending was up by $8.7bn driven largely by

KfW IPEX-Bank's activity in the space. Australia, accounting for two-thirds of the total financing, was the top

region for metals and mining.

USD EUR $15.8bn 15.6% $80.8bn 79.5%

Top five Lenders

Pos Name Vol (USDm) %

1 JP Morgan 3,703.4 7.2%

2 Citi 3,648.6 7.1%

3 ING Bank 3,125.6 6.3%

4 SMBC 3,044.8 5.9%

5 KfW IPEX 3,017.5 5.8%

Top five Lenders


1 HSBC 1,523.3 12.4%

2 KfW IPEX 1,406.8 11.4%

3 BNP Paribas 1,176.4 9.5%

4 Santander 1,098.1 8.6%

5 ING Bank 1,017.6 8.3%



Sector breakdown

USDm No %

1 Agri/soft commodities 311.0 6 1.6%

2 Capital equipment 974.6 27 7.0%

3 Chemicals/Petrochemicals 11,519.9 10 2.6%

4 Energy 44,392.1 82 21.3%

5 Infrastructure 12,339.1 43 11.2%

6 Manufacturing 6,707.2 49 12.7%

7 Metals and mining 10,247.2 17 4.4%

8 Telecoms 8,544.2 27 7.0%

9 Transport 28,277.4 112 29.1%

10 Other 1,212.0 12 3.1%

1 2 3 4 5 6 7 8 9 10

The parameter performed better/worse than in the previous period(2013)

Sectors

Top region: Asia Pacific (58.6%)

Top ECA: CESCE (30.9%)

Manufacturing

Top region: Europe (52.1%)

Top ECA: JBIC(16.1%)

Infrastructure +4.4USDb

Chemicals/Petrochem -4.9USDb


1 MUFG 660.1 15.2%

2 SMBC 656.4 15.2%

3 HSBC 410.0 9.5%

4 Deutsche Bank 383.8 8.9%

5 Mizuho 370.2 8.6%


1 HSBC 738.2 13.2%


3 Santander 526.7 9.4%

4 BNP Paribas 520.0 9.3%

5 Societe Generale 507.6 9.1%


1 HSBC 817.7 20.2%

2 Santander 433.1 10.7%

3 Caixabank 387.0 9.5%

4 BBVA 305.3 7.6%

5 GE Capital 267.5 6.6%

Energy

Top region: North America (26.4%)

Top ECA: JBIC (37.1%)

+6.1USDb

+6.1USDb


1 MUFG 1,423.1 8.7%

2 ING Bank 1,282.0 7.8%

3 SMBC 1,203.6 7.4%

4 Santander 1,175.3 7.2%

5 BNP Paribas 953.4 5.8%



Top region: Middle East (63.3%)

Top ECA: KSURE (18.2%)

Top region: Latin America (53.7%)

Top ECA: NEXI (57.6%)

Agri/soft commodities +0.2USDb

Top region: Africa (34.3%)

Top ECA: US Exim (23.9%)

Capital equipment -4.8USDb


1 SMBC 237.2 90.9%

2 BBVA 11.4 4.4%


4 Commerzbank 1.4 0.5%


1 Citi 131.4 18.1%


3 ING Bank 108.8 15.0%

4 Commerzbank 61.3 8.4%

5 SMBC 60.7 8.3%

14


Sectors

Transport +5.6USDb


1 JP Morgan 3,026.2 13.1%

2 Citi 2,789.5 12.1%

3 KfW IPEX 2,730.6 11.8%

4 HSBC 1,579.9 6.9%

5 ING Bank 1,529.8 6.7%

Other

Top region: Asia Pacific (44.5%)

Top ECA: JBIC (31.3%)

-0.3USDb


1 SMBC 145.0 17.3%

2 HSBC 98.2 11.7%

3 Mizuho 95.0 11.3%

4 MUFG 65.0 7.7%

5 Standard Chartered 50 5.9%



Top region: Europe (29.6%)

Top ECA: Us Ex-Im (21.8%)

Top region: Australasia (66.1%) Top region: Europe (31.6%)

Top ECA: KEXIM(21.2%) Top ECA: Finnvera (19.3%)

Metals and Mining Telecoms +8.7USDb +0.3USDb


1 KfW-IPEX 1,005.0 24.1%

2 ING Bank 395.6 9.5%

3 ANZ 386.1 9.2%

4 SMBC 287.0 6.9%

5 MUFG 240.2 5.7%


1 Credit Agricole CIB 1,187.2 20.1%



4 JP Morgan 557.5 9.4%


15


Export Credit Agencies

Export credit agencies

ECA backed debt:

$87.20bn

The amount of ECA-backed debt currently stands at $87.37bn, with Japan's JBIC and NEXI jointly providing

more than $26 billion spread across a combined 89 deals. Unsurprisingly, both of these agencies have

increased their activity, particularly JBIC which lent 16% more than 2013.

The US was the most prevalent destination for JBIC financing, accounting for nearly 35% of the total. The

Texas Freeport LNG expansion, for instance, saw JBIC provide approximately $4.4bn towards the first

liquefaction train.

Top ECAs by covered volume

USDm USDm (guarant.)* No of deals %

JBIC 15,537.8 888.0 47 16.1%

NEXI 11,176.1 11,176.1 42 11.6%

US Ex-Im 9,326.7 7,893.1 49 9.7%

KSURE 8,453.1 8,453.1 24 8.8%

Euler Hermes 6,834.2 6,834.2 34 7.1%

Kexim 5,925.7 1,974.6 14 6.2%

COFACE 4,089.3 4,089.3 31 4.2%

CESCE 3,408.8 3,408.8 33 3.5%

Direct lending: $14,649.8m (94.1%) Direct lending: $0.0 (0.0%)

Top region: North America (22.1%) Top region: North America (38.9%)

Top sector: Energy (63.9%) Top sector: Energy (58.3%)

JBIC NEXI

$13.4b

$21.4b

16.1% 12.8% $15.53bn $11.17bn

Top five Countries

USDm %


2 Turkmenistan 1,863.8 12.7%

3 United Kingdom 1,438.0 9.8%

4 Indonesia 1,358.0 9.2%

5 Morocco 908.7 6.2%

Top five Countries

USDm %



3 Brazil 1,038.6 9.2%

4 Vietnam 1,000.7 8.9%

5 Australia 700.0 6.2%

USDb



Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

88

74

84

52

67

$13.4b

$19.1b $18.9b

$27.7b

Deals

88

*Excluding Direct lending

16


Export Credit Agencies

Direct lending $1,433.5m (15.3%) Direct Lending $0.0m (0%)

Top region: Asia Pacific (23.8%) Top region: Europe (19.7%)

Top sector: Transport (58.0%) Top sector: Transport (31.7%)

US Ex-Im KSURE 10.7% 9.6% $9.32bn $8.45bn

Top five Countries

USDm %

1 Mexico 1,439.1 16.0%

2 Australia 1,343.1 14.4%

3 China 1,151.1 12.3%

4 Kenya 841.3 9.0%

5 United Kingdom 719.4 7.7%

USDm %

1 ECA Backed Loan 62,340.4 71.3%

2 ECA Direct loan 20,982.4 24.1%

3 ECA Backed bond 1,935.9 2.2%

4 ECA Backed Guarantee 1,913.1 2.1%

5 ECA Backed Islamic Finance 200.0 0.2%

Top five Countries

USDm %

1 Australia 1,200.0 14.2%



4 Greece 908.4 10.7%

5 Turkey 665.0 7.87

Country risk

ECA Structures

Breakdown by country risk classification*

USDm %

0 644.5 0.7%

1 222.1 0.8%

2 8,249.1 9.5%

3 17,888.8 20.5%

4 5,381.2 6.2%

5 4,482.8 5.1%

6 7,391.2 8.4%

7 1,783 2.1%

High Income 40,289.2 46.2%

Guarantee 65.7%Direct lending 34.3%$26.3bn $60.9bn

*According to the latest OECD List



1 2 3 4 5 6 7 HI0

1

4

2

35

17


European Banking Federation presentation

Average tenor -Energy

Renewables Conventional Total

Structure Avg (years) Avg (years) Avg (years)

ECA Backed Export Finance 13.4 10.7 10.7

ECA backed Guarantee - 5.5 5.5

MFI/DFI Direct Loan 16.5 - 6.0

MFI/DFI Backed Loan - 3.0 3.0

Commercial Lending (Average) 1-10

PRI (Source: GINAS PLB) 5-10

Economic Life Time 10-20

Presentation


Average tenor -Telecoms

Structure Avg (years)

ECA Backed Export Finance 8.96

ECA backed Guarantee 2.00

ECA backed Islamic Loan 11.50

MFI/DFI-backed Loan 4.00

Commercial Lending (Average) 3-7

PRI (Source: GINAS PLB) 3-19

Economic Life Time 5-7

On 4 February, Ralph Lerch, the Chair of the European Banking Federation (EBF) Export Credit

Working Group made a presentation at the 7th meeting of the International Working Group (IWG),

which was chaired by the European Commission in Brussels. The EBF had been invited to report from

the commercial banking sphere on export credit conditions.

The IWG originated in a meeting between President Barack Obama and China's then Vice-President Xi

Jinping, in February 2012. They agreed to create an international working group among major providers of

government-backed loan guarantees, which would discuss guidelines for export credit financing. The

initiative was confirmed at the Sino-US Strategic and Economic Dialogue on 3-4 May 2012. The process

brings together participants to the OECD Arrangement and other major export credit providers such as

China, Brazil, the Russian Federation, India and Turkey. It should lead to better understanding of the

dynamics of the global marketplace, and to new international disciplines with a wider geographical scope

than the Arrangement.

The EBF's evidence provided significant data sourced through TXF on the volumes and participants in the

business, showing wide scale and diversity (geographical and sectorial) in 2014. A clear conclusion is that

the capacity of the commercial market is limited, notably in terms of tenor, and that medium to long-term

export credits are therefore not undermining commercial financing solutions for emerging markets.

1. A market-level view of the value of ECA cover: trends in the volume of cover provided by a sample

ECA (Euler Hermes) show ECA cover acting as a counter-cyclical risk mitigant, providing valuable

business predictability, given the long preparation and negotiation lead-times in capital goods

sectors. A 2014 EBF survey on funding conditions shows that since the crisis, medium and long-

term liquidity has also been supported by innovative ECA funding solutions.

2. Deal-based evidence shows the impact of OECD-based ECAs in enabling the market to meet

varying sectoral needs. Banks face greater difficulty in providing finance beyond 10 years. Private

risk insurers can be complementary, to largely similar tenors. On the other hand, ECAs have the

possibility under the OECD Arrangement to offer tenors better suited to the lifetime of goods and

their loan repayment potential in sectors such as energy, renewables, and telecommunications.

1418

Average tenor -Transport

Aircraft Rail Ships Total

Structure Avg (years) Avg (years) Avg (years) Avg (years)

1 ECA Backed Bond 10.0 - 11.1 10.0

2 ECA Backed Export Finance 12.1 21.5 11.6 11.6

3 ECA Direct Loan 3.5 2.0 - 2.0

4 MFI/DFI Backed Loan - 13.0 - 13.0

5 Medium-Long Term Finance (non ECA) - - 6.6 6.6

6 Commercial Lending (Average) 1-10

7 PRI (Source: GINAS PLB) 5-10

8 Economic Life Time 15-25

Average tenor -Chemicals/Petrochemicals, LNG and mining

Chemicals/Oil LNG Mining Total

Structure Avg (years) Avg (years) Avg (years) Avg (years)

1 ECA Backed Bond 11.5 - - 11.5

2 ECA Backed Export Finance 10.7 10.7 9.8 10.4

3 ECA Backed Guarantee 5.6 - - 5.6

4 MFI/DFI Backed Loan 8.0 - - 8.0

5 MFI/DFI Direct Loan 6.0 - - 6.0

6 Commercial Lending (Average) 2-10

7 PRI (Source: GINAS PLB) 5-10

8 Economic Life Time 15-25

2

2

1

1

3

3

4

4

5

5

6

6

7

7

Economic Life time

Economic Life Time

19

European Banking ederation presentation


League tables

Top Lender

KfW IPEX28 deals $4.69bn

Top Lender

HSBC38 deals $3.20bn

Banks

Total Ex. Aircraft and shipping

Top Lenders by allocation

Top Lenders by allocation (Ex. ECA Bonds and guarantees)Top Lenders by No of deals

Top lenders by allocation (Ex. aircraft and Shipping)

Pos Name No of deals Vol (USDm) Share (%)

1 KfW IPEX 28 4,694.8 7.3%

2 HSBC 54 4,646.2 7.2%

3 ING Bank 52 4,233.3 6.5%

4 Citi 32 4,002.3 6.2%

5 JP Morgan 23 3,971.1 6.1%

6 Santander 41 3,596.4 5.6%

7 SMBC 42 3,487.8 5.4%

8 MUFG 51 3,356.1 5.2%

9 Credit Agricole CIB 38 3,030.9 4.7%

10 BNP Paribas 34 2,997.2 4.6%


1 KfW IPEX 28 4,694.8 7.7%

2 HSBC 54 4,646.2 7.6%

3 ING Bank 52 4,233.3 6.9%

4 Citi 28 3,548.9 5.8%

5 SMBC 40 3,427.1 5.6%

6 MUFG 51 3,356.1 5.5%

7 JP Morgan 18 3,028.7 5.0%

8 Credit Agricole 36 2,951.9 4.8%

9 Santander 34 2,821.3 4.6%

10 Mizuho 32 2,727.5 4.5%

Pos Name No of deals

1 HSBC 54

2 ING Bank 52

3 MUFG 51

4 SMBC 42

5 Santander 41

6 Societe Generale 40

7 Credit Agricole 38

8 Mizuho 34

9 BNP Paribas 34

10 Deutsche Bank 33


1 HSBC 38 3,200.7 7.4%

2 SMBC 37 3,092.5 7.2%

3 MUFG 45 3,053.4 7.1%

4 ING Bank 40 2,984.7 6.9%

5 Santander 33 2,808.2 6.5%

6 Mizuho 28 2,136.1 5.0%

7 Credit Agricole 30 2,102.0 4.9%

8 Societe Generale 34 2,082.0 4.8%

9 Deutsche Bank 28 2,048.8 4.8%

10 KfW IPEX 14 1,889.8 4.4%



1420

COMMODITY

TRADE FINANCE

EXPORT AND

AGENCY FINANCE

PROJECT AND

INFRASTRUCTURE FINANCE

TRADE FINANCE

GUARANTEES & LOANS

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