Where can you raise capital today ? Euromed Management Maritime Forum 2009
Marseille, France, 15 September 2009
By Joep Gorgels – Head of Transportation Europe – Fortis Bank Nederland
1 Disclaimer
This presentation contains information which is either non-public, confidential or proprietary in nature. You hereby agree that you will not disclose at any time or otherwise make available to any third party any of the information presented in this presentation and the presentation itself.
2 Traditional Money Supply versus New Money Supply
Traditional New
EQUITY EQUITY KG market in Germany Commodity producers and traders Equity Markets in USA / Asia / Europe Funds of all types KS / CV market in Scandinavia / Private and public equity Holland Chinese /Islamic money/funds Private equity (families) Leasing Venture Capital (opportunity / distressed funds)
DEBT DEBT Banks (local & international) Pension & Insurance funds Bonds (USA, Norway) Sovereign Wealth Funds (governments) Chinese Banks / Funds Islamic funds Development Banks & Export Credit High yield bonds Convertible bonds
3 Traditional Sources of Capital for Shipping
Bank Loans have traditionally satisfied approx. 75% of capital requirements
Limited activity
Bilateral Lending Internal equity finance Shipyard finance Syndicated closed Government A severe shortage of loans Other bank debt is currently constraining the shipping 40.2% 36.2% 39% industry, an industry that is heavily dependent on the banking market.
Bonds/Public2.5% Equity 5% 8.0% 2.0% 6.0% 5.0% Equity funds KG/KS Schemes Tax Lease investors4% Non ship KG / KS Bond & mortgage loans markets Public Equity Markets currently closed or extremely Limited activity limited activity. Source: various 4 The Ship Finance Cycle
High returns in shipping
Higher margins Non-shipping for counter banks enter the cyclical lending market
Non-shipping Increased banks leave competition Current position in the industry the cycle but with the unique difference that the financial crisis has limited the lending capacity of traditional shipping Market Reduced margins banks. Collapses
Cheap debt leads Excess supply of to accelerated tonnage borrowing 5 While debt from traditional sources decrease… …new money could be locked in from Pension & Sovereign wealth funds
Main shipping banks closed. Reduced appetite for growth of portfolio in asset backed lending due to balance sheet constraints, government rules and support, or merger between banks and too large concentration into one segment.
KG / KS / CV market problematic. Difficult to raise new equity via these structures as debt to leverage this equity a scarcity is. Existing structures show a lot of problems due to charters not / less paying and bankruptcy, covenant breaches, high opex, lower returns, and lower asset sale revenues that would offer an early exit.
Family run companies have suffered as well in the downturn. Liquidity used for other type of investments (real estate, yachts, cars) at holding level or outside the company.
Equity and bond markets went down but open up again!! Investors buy stocks again and the first IPO’s are planned. Many follow-on offers / rights issues are done. Bonds market is active since 2Q2009 again.
Pension Funds & Sovereign Wealth Funds sit on large sums of money to invest. Their “asset management” strategy is to invest in shares, bonds, real estate, commodities, private equity, etcetera They diversify in these assets. Sovereign Wealth Funds (“SWF”) are state-owned and contain usually a large amount of foreign currencies. Assets under management probably around US$ 3.5 trillion.
Pension funds like ABP / APG / PGGM in The Netherlands have large funds. They consist of savings and investments from decades and originate from employees fees. The amounts they manage vary from EUR 175 billion to EUR 80 billion or smaller ones of a few billion.
6 Table of contents
1. Bank debt – some trends 2. Export Credit 3. (High Yield) Bonds and Equity Raising 4. Pension & Sovereign Wealth Funds 5. Islamic Funds 6. Fortis Bank Nederland / ABN AMRO - committed to shipping
7 Credit tightness since mid 2008…..
Global shipping loans by volume in USD bln
100
75 Q4 Q3 50 Q2 Q1 25
0 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: Dealogic, syndicated and significant bilateral transactions
In 2007 approximately USD 100 bln was lend to the shipping industry in the syndicated and non syndicated loan market 2008 showed a decline and with credit tightness 2009 is also proving to be a difficult year
8 ….and shipping finance continues to decrease during 2009….
Global shipping loans by quarterly volume and number of deals
35 120 96 96 30 91 100 25 77 74 80 20 60 15 34 33 40 10 21 21
5 20
0 0 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Source: Dealogic, syndicated and significant bilateral transactions
The high volume in 1Q09 was mainly driven by AP Moller’s Maersk USD 6.5 bln debt restructuring
9 …basically coming to a standstill in 2Q & 3Q 2009
Global syndicated shipping volume
30,000 25,351 26,079 25,000 24,257 21,486 22,778 20,443 21,113 20,000 17,521 17,726 16,311 15,000 11,901 14,181 USD mln USD 10,000 10,351 10,848 4,408
5,000 3,999 2,500 360 889 1,018 3,036 2,201 1,635 2,503 2,963 1,436 2,005 1,068 1,584 3,610 680 7,641 1,371 1,725 0 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Source: Dealogic refinancings / restructerings new money
10 ….with traditional shipping banks pulling out or silent…..
Source: Dealogic
11 Some trends in bank debt
Refocus on core clients & quality names Smaller facilities Little syndicated loan activity, bi-lateral and club deals Pricing increase Tighter covenants
Reshuffling of lending market players as: Some banks closed for (shipping) business Geographic refocus – national link, support local business Reduction of bank’s balance sheets Government intervention
Æ So today it’s all about: Core client Core region Core sectors – is this still shipping? (and full recourse, only strong parties, high quality assets, high returns)
12 …while we are back to a “bankers” market….
Loan Market Syndicated loan market has disappeared > bilateral and club deals only If open for business main focus on core clients and cherry picking Banks very busy with restructurings, waivers and anticipating covenant breaches Conservatism omnipresent: • LTV approx. 50% - 60% • Tenors are down 3 – 7 years • Recourse/Corporate guarantee structures • Strong and strict covenants • Strong vessel employment is a must Margin tendency > 300 bps Upfront minimum > 100 bps In shipping bank markets the mood is pessimistic Internal competition for equity within banks (so comparison of deals across industries)
13 ...but the funding demand remains high (despite cancellations)…
Expected need for ship financing May ’09 (60% leverage)
250
200 155 150 125 97 USD bln 100
50 103 37 64 83 25 0 2009 2010 2011 2012 Source: Clarksons Equity Debt
14 Table of contents
1. Bank debt – some trends 2. Export Credit 3. (High Yield) Bonds and Equity Raising 4. Pension & Sovereign Wealth Funds 5. Islamic Funds 6. Fortis Bank Nederland / ABN AMRO - committed to shipping
15 Banks/governments in Asia support shipping industry….
The global financial crisis has accelerated a shift eastwards in the centre of ship finance as the traditional European banks continue to struggle. Many governments in Asia have come up with plans to lend to the shipping or shipbuilding industry that they consider to be crucial to their country’s economic well being.
• The amount of finance available to shipbuilders and suppliers through Korea Exim and KEIC Korea Exim and KEIC will be up to USD 7.6 bln (KRW 9.2 trln). • In addition the Korean government is looking at providing USD 9.2 bln for loans to domestic and foreign shipowners. • Korea Asset Management and KDB are planning distress funds of up to USD 4.8 bln for ship acquisitions.
• Export-Import Bank of China (China Exim Bank) has provided USD 5 bln in newbuilding loans to support the Chinese shipbuilding industry
• Malaysian government has allocated an additional USD 542 mln (RM 2 bln) from its 2009 budget to a RM 1 bln shipping fund to assist shipping companies in the purchase of ships and upgrade shipyards.
Sources: Marine Money, Tradewinds
16 Export Credit Agencies - Korea
Korea Exim Bank Korea Exim Bank has committed USD 12.5 bln to the financing of orders at Korea yards since 2002. Ship Finance Volume (2008) : USD 1.2 bln
42.9% to European owners
USD 300 mln facility to Odebrecht (Brazil) for two drillships ordered at DSME.
Korea Exim Bank will be providing KRW 4 Billion to 10 Shipyards
Korea Export Insurance Corporation (KEIC) Ship Finance Volume (2008) : USD 6.8 bln
41.6% European ship owners Safmarine Container CIDO Lines N.V. (TANKERS) (CONTAINERS) Deals done in 2009: US$ 136 mln US$ 66 mln Buyer’s credit Buyer’s credit
17 Export Credit Agencies (China and Germany)
China
China Exim Bank Since 1994 China Exim Bank has granted shipping/shipbuilding loans of over RMB 102.5 bln (USD 15 bln)
Ship Finance Volume (2008): USD 7.45 bln
Germany
Euler Hermes A EUR 444 mln (USD 557 mln) loan financing a cruiseship for US line Royal Caribbean, built at German shipyard Meyer Werft, covered by a state-run export guarantee. Guaranteed loans for container ships built in Germany during 2007 and 2008
18 Table of contents
1. Bank debt – some trends 2. Export Credit 3. (High Yield) Bonds and Equity Raising 4. Pension & Sovereign Wealth Funds 5. Islamic Funds 6. Fortis Bank Nederland / ABN AMRO - committed to shipping
19 High yield bonds became an attractive substitute for loan debt....
Institutional loan market is going through unprecedented disturbance • As economy went into recession, typically flexible/pre-payable loan debt became either less attractive or simply unavailable for many borrowers with cyclical business profiles • Banks have been able to provide only a fraction of debt requirement to leveraged borrowers via secured facilities, but the bulk of this funding source disappeared • Investors which had traditionally provided the bulk of secured leverage via CLO/CDO vehicles lost ability to lend, but the market is beginning to mend...
High yield bonds provide structural benefits not available through other forms of debt • Create a more “recession-resistant” capital structure (via incurrence -based covenants vs. maintenance tests in loans) • In many cases, create longest-tenor debt in capital structure and “junior” layer of debt (although recently many bonds were structured as secured, incl. secured by 1st priority liens) • Diversify traditional investor base and create trading liquidity for subsequent benchmarking and repeat issuance • Often minimize or avoid expensive equity issuance and dilution
Interest rates is the next “Big Worry” after this recession • Borrowers with long-term assets look to lock-in low fixed-rate coupons via bond transactions
Allows larger / more conservative borrowers to raise acquisition currency • Bond market is increasingly re-opening for acquisition related financings
20 Returning appetite for credit risk led to resurgence of the high yield bond market (ahead of the loan market) • Secondary high yield market has seen a significant rally since the beginning of ’09 leading to average spread declining from nearly 2,000 bps over Treasury (yield of 25%) to 850 bps (yield 11.25%) currently for a broad USD HY bond index
• Shipping sector, where debt values have not fully recovered, is benefiting from this market rally as well
• By July, YTD ‘09 volume of issuance surpassed the ’08’s total (which included partly-distributed “hung” converted bridge loans)
• So far, the bulk of transactions have been driven by refinancing (i.e. Borrowers replacing loan debt due to covenant pressure and upcoming maturity, or extending existing bond debt)
• Market is increasingly re-opening for acquisition-related financings and transactions by first-time issuers
With significantly improved pricing...... new issuance surged in 2009
$140,000 35.00 High Yield USD (yield, %) H i gh Yi e l d EU R ( y i e l d , %) USD ($mm) EUR/GBP ($mm, eq) 635 314 $120,000
30.00 359 409 $100,000 271 214
25.00 $80,000 339 241 277 136
$60,000 20.00 201
$40,000 113 56 15.00 45 $20,000 52 45 44 31 32 36 36 13 19 3 10.00 $0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
5.00 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09
Source: ADI Source: Sunrise Capital Markets Note: $ volume (Y axis) and # of issues (Labels) 21 Raising Equity in Shipping Today
Historical Trends in Shipping Equity Offerings
22 Table of contents
1. Bank debt – some trends 2. Export Credit 3. (High Yield) Bonds and Equity Raising 4. Pension & Sovereign Wealth Funds 5. Islamic Funds 6. Fortis Bank Nederland / ABN AMRO - committed to shipping
23 A Senior Debt Shipping Investment Fund for Pension/Insurance Funds
The global investor market is experiencing great changes as a result of the financial crisis. Investors looking for a secured investment in USD can utilise deposits that offer very low returns or invest in traditional bank related investments that are considered less secure. In light of such market conditions, Fortis Bank Nederland believes a unique opportunity exists to generate attractive returns and enable portfolio diversification through the establishment of a senior secured USD 200 million shipping fund. The fund will enable investors to invest in a secured risk layer in deep sea vessels with a net return of 5.00 - 6.00% per year.
Investors will benefit from:
An opportunity to invest in a carefully selected and diversified portfolio of new shipping loans that offer an attractive risk return profile.
Limited risk exposure due to financing of assets at or below 10 year historic average values and with a conservative leverage position of 0 – 45% of current market values.
Fortis Bank Nederland’s expertise in the global ship finance markets, its existing relationships and its 200+ years of history in this sector.
24 Investment Comparison
Bond Yields with 5 Year maturity profile as at 08 June 2009:
Bond Type Rating Yield
US Treasury AAA 2.88%
US Corporate Bond AAA 3.98%
US Corporate Bond AA 4.95%
US Corporate Bond A 5.42%
US Corporate Bond BBB 5.58%
FBN Shipping Fund AA / A (to be validated*) 5.00 - 6.00%
* Rating is implied and based on assumptions made against the existing portfolio managed by Fortis Bank Nederland. The assumptions are still to be validated.
Source: Bloomberg, Vanguard 25 The Benefits of a Secured Shipping Fund
Provides portfolio diversification for investors and a low risk introduction to the shipping markets.
The knowledge and expertise of an investment partner that is recognised and respected within the global shipping industry.
A very attractive risk reward balance - low risk investment due to high asset value coverage
Returns and running yields that remain unaffected by fluctuations within the shipping markets.
Diversification into shipping as an asset class as well as diversification across the various sectors within shipping.
26 Main Terms
Fund Purpose To invest in deep sea vessels
Fund Size US$ [200] million
Fund Type Closed end without leverage
Investment Type Senior secured ship loans (0% - 45% layer against current market value)
Return Target [5.00 - 6.00%] Net IRR
Fund Rating AA / A (to be validated)
Fund Tenor 1.5 year investment period plus 5 years
Principal Repayment [5.56%] per year
Fund Exit Self liquidating at maturity (either through re-financing or sale of asset)
Fund Maturity Date [December 2014]
Project Tenor 5 years
Average Life 5 years
27 Main Terms ctd.
Target number of loans 15 - 20
Distribution Quarterly distribution of net interest and principal payments
Security First priority pledge over assets First priority pledge over cash flows
Fund Investment • Maximum contribution to a single project: 20% of fund size Guidelines • Maximum exposure to one shipping sector: 40% of fund size • Maximum exposure per counterparty: 20% of fund size • Vessel age up to a maximum of 10 years at the start of the project
Currency Risk US Dollar only
Interest Rate Risk Fixed interest only
28 Fund Structure
Fortis Bank Nederland Shipping Fund Management Management Fees Deal Sourcing
Senior secured loans (up to 45% of current market value)
US$200 – 250 mln Closed-end Investor Client investment vehicle [6.0%] Interest payment +5.6% annual principal repayment + Balloon
[6.0%] Interest payment +5.6% annual principal repayment + Balloon
29 Attractive, Secured, Recession Proof Return
120
100
80 A 30% value drop will still result in a secure 5.55% 60 return!
40
20
0 012345
senior secured fund Market Value Actual value less 30% 30 Fund Security Against 20 Year Historic Values
US$ mln At 45% loan to value, the fund investments sit well below 60 current market values, 20 year historic low values and 20 year historic average values. 20 year historic average 50
40 Current market value
30 20 year historic low 20
0 – 45% senior secured fund layer 10 based on current market values
0 Aframax tanker MR Product Tanker Panamax Dry Bulk Panamax Container
Data source: Marsoft, Clarkson’s 31 Tanker Example: Fund Security Vs Historic Values & Averages
US$80 mln
Aframax Tanker 70
60
50 20 year historic average value
40
30 Current market 20 value
10 0 – 45% senior secured fund component at current market value
0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Data based on real numbers Data source: Marsoft, Clarkson’s 32 Dry Bulk Example: Fund Security Vs Historic Values & Averages
US$ mln 100
90 Panamax Dry Bulker 80
70
60
50
40
20 year historic average value 30
20 Current market 10 value 0 – 45% senior secured fund component at current market value 0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Data based on real numbers Data source: Marsoft, Clarkson’s 33 45 Debt Servicing Capacity 40
35
30Aframax Tanker US$ ‘000 / day 25
20
15 20 year historic average of 1 year Time Charter Earnings 10 90 5 Minimum required earnings for debt servicing at current market value 80 0 709 0 2 3 4 5 6 7 8 9 0 2 3 4 5 6 7 8 9 198 199 1991 199 199 199 199 199 199 199 200 2001 200 200 200 200 200 200 200 199 200 60Panamax Dry Bulk US$ ‘000 / day 50
40
30
20 20 year historic average of 1 year Time Charter Earnings 10 Minimum required earnings for debt servicing at current market value 0 Data based on real numbers 9 0 2 3 4 5 6 7 8 9 0 2 3 4 5 6 7 8 9 198 199 1991 199 199 199 199 199 199 199 200 2001 200 200 200 200 200 200 200 Data source: Marsoft, Clarkson’s34 199 200 Table of contents
1. Bank debt – some trends 2. Export Credit 3. (High Yield) Bonds and Equity Raising 4. Pension & Sovereign Wealth Funds 5. Islamic Funds 6. Fortis Bank Nederland / ABN AMRO - committed to shipping
35 Islamic Funds
QInvest and Fortis Bank Nederland to create first Sharia’a Compliant Mezzanine Shipping Fund
• QInvest and Fortis Bank Nederland are in advanced stages of launching a Sharia’a compliant mezzanine Fund targeting financing opportunities in the marine transportation industry.
• The proposed Fund aims to raise USD 200m and will target mezzanine investment opportunities in deep sea vessels. The Fund has an average life of 5 years and seeks to benefit from the down cycle of the shipping industry through an extended investment period of around 18 months. The Fund targets to pay an attractive running cash yield and is structured to benefit from the potential asset appreciation on vessels through an equity kicker.
• The new Fund aims to capitalize on the significant dislocation the shipping industry has witnessed over the last 12 months. • Furthermore, by focusing on an alternative segment of the capital structure, the mezzanine level, investors are expected to benefit from asset coverage, quarterly cash flows as well as a structure that allows one to benefit from any capital appreciation on the underlying vessels.
• Harris Antoniou, Managing Director of Energy, Commodities & Transportation of Fortis Bank Nederland: “Cooperation with QInvest is of strategic importance for our Energy Commodity & Transportation business at Fortis Bank Nederland, as we are rebuilding our global network, and re-establishing our presence in ME region through the opening of our Dubai representative office last August. This initiative marks the expansion of our service offering in specialized niches we cater to today. The fund aims to bridge part of the funding gap shipowners experience in today's financial environment, but also provide a fixed return alternative investment opportunity for investors in the region and overseas”
Fortis Bank Nederland is at the forefront of the ship financing industry and ranks amongst the most reputable in the market with more than USD 7bn of shipping assets under management. Fortis Bank Nederland’s global relationships and technical expertise in the shipping industry will be of major added value to the Fund.
36 Conclusions
Bank finance scarcely available while demand remains substantial Banks and owners both lack liquidity/capital, funding, reduced or negative cash flows, internally focused on risk management Banks focus on Core Client, Core Region, Core Sectors Bank finance terms and conditions get less favorable for ship owners Traditional Banks in Shipping are dropping out, merging and/or reducing balance sheets More and more time spent on debt restructurings by banks and ship owners New funds need to be sourced – from pension & insurance funds, sovereign wealth funds, Islamic funds, bond and equity market, commodity producers and traders, etc. Public equity & high yield bond markets open up again, also for Shipping FBNL introduces a Senior Debt Finance Fund, giving a 6% return for A rated paper FBNL introduces a Sharia’a Compliant Mezzanine Shipping Fund, increasing leverage FBNL has access to the Debt and Equity Capital Markets through a co-operation with Sunrise Securities Corp. in New York and Horizon Capital. Fortis Bank Nederland will continue to find innovative solutions for Shipping Sector and by the way…FBNL is the most active broker on the NYSE Euronext Amsterdam exchange, FBNL is the leading investment bank for Benelux IPO’s, through ABN AMRO / FBNL / MeesPierson there is EUR 125 bln assets under management YE08.
37 Fortis Bank Nederland: a rich history since 1720
Mr Hope 1803 Financing Louisiana 1881 Underwriting Canadian Fortis Bank Netherlands Purchase from France Pacific Railway
1720 1902 1990 1997 1998 2007 2008 2009
Formation of the Start Fortis Group Acquisition of Generale Dutch state acquired predecessor bank of (VSB Bank, AMEV Bank of Belgium Fortis Dutch operations MeesPierson: insurance, ASLK Bank (est 1822) (Fortis Bank NL, Fortis Hope & Co and AG insurance) Insurance NL and share ABN AMRO)
Financing the Beijing- Acquisition of Acquisition of ABN Separation from Fortis Hankow Railway. MeesPierson (the AMRO by Fortis, RBS Group and preparation Netherlands-based and Santander of integration with ABN merchant bank) AMRO
38 Fortis Bank Nederland
FBN – Organisational structure FBN - Activities Mainly in the Netherlands Retail Banking Dutch State 33.8 % Private Banking Corporate Banking 100% 1) Products, such as financial markets, corporate finance and transaction banking FBN (H) RFS Holdings International positions of which some are leading Energy, Commodities & Transportation 100% 100% Brokerage, Clearing & Custody Prime Fund Solutions FBN ABN AMRO Global Securities Financing Fortis Commercial Finance 1) 100% of common shares; excluding small minority interest (preference shares) FBN(H) Preferred Investments B.V.
Fortis Bank Nederland and ABN AMRO Nederland are now 100% owned by the state (indirectly) Since October 6th 2008, Dutch part of former Fortis Group is fully owned by the Dutch government Fortis Bank Nederland is to be merged with ABN AMRO Netherlands Dedication to ECT has been clearly expressed by the board of the future new bank
39 Shipping within Fortis Bank Nederland
Overview Awards and Rankings Shipping & Intermodal Asia Deal of the Year 2008 Marine Money Fortis Bank Nederland has a long history in Transportation dating back to its predecessors Mees Pierson and Mees & Hope. Restructuring Deal of the Year 2008 Marine Money Assets financed include most deep sea vessels such as container, tanker, dry bulk, reefer, car carrying and offshore support vessels. Best Bank Debt Deal of the Year 2008 Jane’s Transport The shipping division is highly respected within the global shipping industry and has a reputation for innovation in structuring deals. Top 5 Mandated Lead Arranger & Bookrunner Dealogic The Transportation team utilises the extensive array of Investment Banking, Principal Finance and Global Markets solutions we have at Ship Finance Advisor Deal of the Year 2007 our disposal when structuring solutions for our clients. LSE Our achievements have been constantly recognised through the numerous industry awards that have been bestowed upon us . Best Leasing Deal of the Year 2006 Marine Money Our client base consists of the top echelon of names throughout the ship owning industry; an outcome that is the result of our business Best M&A Deal of the Year 2006 model and strategy. Marine Money
The Transportation team currently consists of 28 specialists located Best IPO Deal of the Year 2006 in Rotterdam, Oslo and Singapore. Marine Money
The Transportation division sits within ECT (Energy, Commodities & Shipping Financier of the Year 2006 Transportation) which, in turn, sits within the Specialised Finance Lloyd's List group of Merchant Banking. Best Bank Debt Deal of the Year 2005 Jane’s Transport
40 Business Model
ECT Business Model Integrated sector approach across industries linked in the industrial value chain Storage & Storage & Sourcing Production Distribution Transportation Transportation
Physical / Financial Trading
Exploration & Tanks / Silos Refineries Tanks / Silos Distribution Production Ships Power Ships End users Crops Rail generation Rail Mining Pipeline Factories Pipeline
Energy Commodities Energy, Commodities & Offshore & Oil services Agri: cotton, cocoa, coffee, sugar Transportation (ECT) and grains is a financial solutions Utilities & Renewables provider to international (wind power, waste energy) Metals: steel and base metals companies that are active in Carbon Banking and Groenbank Energy: crude oil and oil products the value chain of the ECT industries Transportation Principal Finance Deep sea shipping industry Direct investment activities in ECT industries Intermodal Portfolio of assets (ships, containers, Aviation windmills) in projects related to and companies active in these assets
41 ECT Market position
Strong position through long 2008 2008 2008 2008 2008 term commitment to the ECT industries
Rankings EUR 1.500.000.000 USD 583.000.000 USD 1.600.000.000 USD 105.000.000 Top 3 global position in EUR 250.000.000 Oil field services industry Revolving Credit Project Finance Syndicated Pre-Export Senior Secured Revolving Facility Facility Term Loan Facility Facility Facility Windmill Installation Vessels Anchor Handling Tug vessels Top 5 position in shipping syndicated loan markets Coordinator & Bookrunner Mandated Lead Arranger & Underwriter Arranging Coordinator Mandated Lead Arranger Co-arranger & Joint-underwriter FBN is among the top 5
commodity banks 2008 2008 2008 2008 2008 worldwide
Awards USD 90.000.000 Best Soft Commodity USD 1.270.000.000 USD 585.000.000 USD 340.000.000 Finance Bank for the EUR 744.000.000 Term Loan Facility Syndicated Credit FPSO Term Loan Syndicated Revolving Two 2,500 TEU container fourth consecutive year Facilities Facility Term Loan Facility Credit Facility vessels (July 2008) LNG Terminal Mandated Lead Arranger & Agent Mandated Lead Arranger Coordinator & Bookrunner Mandated Lead Arranger Mandated Lead Arranger Shipping Debt Deal of Documentation Agent & Security Agent the Year – Asia (November 2008) 2008 2008 2008 2008 2008 European Power Deal of the Year (December 2008)
USD 700.000.000 USD 650.000.000 European Gas Deal of EUR 535.000.000 Domestic Cash Management the Year (December USD 214.500.000 & Syndicated Credit Syndicated Credit Term Loan Facility Electronic Invoicing 2008) Facility ECA-covered Credit Facility Facility Six 2,500 TEU container vessels
Underwriter & Bookrunner Bookrunner Platform & Service Provider Co-Lead Arranger & Lender Bookrunner
42 Thank You
Joep Gorgels Head of Transportation Europe Rotterdam, The Netherlands [email protected] mobile: +31 (0)6 20 63 4335 office: +31 (0) 10 401 6506
43