copia de seguridad de latest market report h2 2014.07.09 ... · james petras chief technology...
TRANSCRIPT
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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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.
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The TXF Data team
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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
Export finance market status 2014
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
Export finance market status 2014
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%
Export finance market status 2014
*Excluding direct lending from ECA *Excluding direct lending from DFI/MFI
Find the methodology at: www.txfdata.com/methodology
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
Export finance market status 2014
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.
The parameter performed better/worse than in the previous period (2013)
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
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
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
$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%
3 United States 10,962.1 6.4%
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 finance market status 2014
Find the methodology at: www.txfdata.com/methodology
*Export and agency finance tranches only.
12
The parameter performed better/worse than in the previous period (2013)
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
Pos Name Vol (USDm) %
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%
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
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
Pos Name Vol (USDm) %
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%
Pos Name Vol (USDm) %
1 HSBC 738.2 13.2%
2 Deutsche Bank 558.0 10.0%
3 Santander 526.7 9.4%
4 BNP Paribas 520.0 9.3%
5 Societe Generale 507.6 9.1%
Pos Name Vol (USDm) %
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
Pos Name Vol (USDm) %
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%
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
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
Pos Name Vol (USDm) %
1 SMBC 237.2 90.9%
2 BBVA 11.4 4.4%
3 Santander 10.9 4.2%
4 Commerzbank 1.4 0.5%
Pos Name Vol (USDm) %
1 Citi 131.4 18.1%
2 Societe Generale 120.1 16.5%
3 ING Bank 108.8 15.0%
4 Commerzbank 61.3 8.4%
5 SMBC 60.7 8.3%
14
The parameter performed better/worse than in the previous period (2013)
Sectors
Transport +5.6USDb
Pos Name Vol (USDm) %
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
Pos Name Vol (USDm) %
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%
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
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
Pos Name Vol (USDm) %
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%
Pos Name Vol (USDm) %
1 Credit Agricole CIB 1,187.2 20.1%
2 Deutsche Bank 594.3 10.1%
3 Societe Generale 567.4 9.6%
4 JP Morgan 557.5 9.4%
5 Santander 490.8 8.3%
15
The parameter performed better/worse than in the previous period (2013)
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 %
1 United States 5,100.0 34.8%
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 %
1 United States 4,350.0 38.9%
2 Turkmenistan 1,242.2 11.1%
3 Brazil 1,038.6 9.2%
4 Vietnam 1,000.7 8.9%
5 Australia 700.0 6.2%
USDb
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
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
The parameter performed better/worse than in the previous period (2013)
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%
2 Turkmenistan 1,100.0 13.0%
3 United States 1,010.0 11.9%
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
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
1 2 3 4 5 6 7 HI0
1
4
2
35
17
The parameter performed better/worse than in the previous period (2013)
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
Export finance market status 2014
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
Export finance market status 2014
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%
Pos Name No of deals Vol (USDm) Share (%)
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
Pos Name No of deals Vol (USDm) Share (%)
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%
Export finance market status 2014
Find the methodology at: www.txfdata.com/methodology
1420
COMMODITY
TRADE FINANCE
EXPORT AND
AGENCY FINANCE
PROJECT AND
INFRASTRUCTURE FINANCE
TRADE FINANCE
GUARANTEES & LOANS
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