荷兰合作银行融资方案

NewHopeGroupCo.,Ltd新希望集团有限公司USD100,000,0003yearfinancing1亿美元3年期融资项目Chengdu,29March2012；2012年3月29日成都2TableofcontentsSectionsIMarketUpdate（市场行情）IISyndicatedFacilityConsiderations（银团贷款方案建议）IIICreditEnhancedUSCPsolution（提升信用的美国商业票据解决方案）IVHowcanweassist（我们的服务）VContactDetails（联系方式）10MarketUpdate（市场行情）I45AsiaPacific(ex-Japan)syndicatedloanvolumereachedanewrecordofUS$342billionvia1,081dealsin2011,a27%increasefrom2010’sUS$268.5billionvia943deals.However,AsiaPacificloanvolumefellsignificantlyin11Q4asthemarketwashitbypoornewsfromEuropetogetherwithahikeinbankfundingcostswhichcausedloanpricingtorise.TwomajorAsianmarkets,HongKongandSingapore,enjoyedarecordvolumesin2011–US$46.4billionandUS$40.8billionrespectively,comparedwithUS$40.3billionandUS$22.7billionin2010.ChinaloanvolumereachedUS$34billionvia119deals,upslightlyfrom2010’sUS$24.1billionvia106deals.US,Singaporean,AustralianandJapanesebankscontinuetohaveampleliquidity.Loanmarketsareevolvingwithnewregulationskickingin,resultinginincreasingpressureonplainvanillalending.Financialinstitutionshavebeenunderamagnifyingglassbythecapitalmarketsforquitesometime,resultinginawideningofspreadsandlimitedmarketaccess.Loantransactionshavebeenpredominantlyselfarranged.Underwritingisonlyofferedwhenthereareconfidentialityissues(acquisitions),orwhenseveretimeconstraintsexist.Eachbankhasitsownfavoredcurrency.Dealsarestructuredtominimizetheimpactonbankfundingcosts(ielocalcurrencytranches,limitedflexibilityoninterestperiods).ThefavoredtenorbandintheAsianmarketis1-3year.Companieswillwanttotakeadvantageofcurrentpositivesentimentandweexpectmanytosecurefundsin12H1,withaquieter12H2.Strongcompanieswhichtapthemarketstillhavetopayhighmargins.StructureswithballoonpaymentsandPIKinterestpaymentsareconsideredtooaggressiveinthecurrentmarket.Banksprefertoseerepaymentsassoonaspossible.Syndicatedloanmarketupdate(Asia)Source:LPCLoanConnectorSource:RabobankAsia-PacificAnnualvolume7816244769846860106119020406080100120140051015202530354020012002200320042005200620072008200920102011No.ofDealsVolume(US$bn)ChinaannualvolumeQ1Q2Q3Q4NumberofDealsSource:LPCLoanConnectorChinaAnnualVolume39644751764576995489481165594310810200400600800100012000.00050.000100.000150.000200.000250.000300.000350.000400.00020012002200320042005200620072008200920102011No.ofDealsVolume(US$bn)Q1Q2Q3Q4No.ofDealsSource:LPCLoanConnector45银团贷款市场行情(亚洲地区)Source:LPCLoanConnectorSource:Rabobank亚太地区年交易量7816244769846860106119020406080100120140051015202530354020012002200320042005200620072008200920102011交易宗数交易额(十亿美元)ChinaannualvolumeQ1Q2Q3Q4NumberofDealsSource:LPCLoanConnector中国年交易量39644751764576995489481165594310810200400600800100012000.00050.000100.000150.000200.000250.000300.000350.000400.00020012002200320042005200620072008200920102011交易宗数交易额(十亿美元）Q1Q2Q3Q4No.ofDealsSource:LPCLoanConnector亚太地区（除日本以外）银团贷款交易量在2011年又一次突破新高，达到1081宗，交易额达3420亿美元，同比2010年943宗所创造的2685亿美元增长27%。但由于欧债危机导致的银行成本及贷款定价利息的上升，致使2011年第4季度交易量出现大幅下滑。亚太地区的主要市场——香港和新加坡，同比2010年403亿美元和227亿美元的交易额，两大主要市场在2011年创造了最高交易记录，分别为464亿美元和408亿美元。中国大陆地区2011年的交易量和交易额分别达到119宗，340亿美元，比起2010年106宗，241亿美元，均有小幅上涨。美国、新加坡、澳大利亚及日本的银行继续持有较充足的流动性。随着一系列新法规的不断生效，传统贷款业务的压力不断增加。金融机构长时间内一直处于资本市场的挤压之下，导致利差的不断缩小和融资手段及方式受到限制。贷款交易主要通过自我安排进行。包销业务只有在存在保密协议（如收购），或存在严重时间限制时提供。每家银行都选择对自己有利的币种，而交易是基于银行融资成本最小化的原则进行的（即用当地的货币付款，有固定的利息支付期）。亚洲市场受青睐的贷款期限是1-3年。企业均希望能充分利用好当前有利的市场条件，我们预计会有更多企业在2012年上半年落实资金来源，确保资金充足。2012年下半年市场会相对平静。有些善于挖掘市场的那些实力雄厚的公司仍然需要支付高额资金成本。分期付款方式及以物抵债等支付方式在当前的市场结构中被认为过于风险较大，银行倾向于能够尽快偿还本息的借贷业务。10SyndicatedFacilityConsiderations(银团贷款方案建议)II7CreditConsiderations:NewHopeGroupCo.,Ltd.(the“Group”)•From2009onwards,theGroup'sDebtNetWorthratiowasfairlystable.•TheGroup'sDebt/NetWorthratiowas77%and76%forfinancialyear2010and1H2011respectively.•TheratioofSTDebt/LTDebtdecreasedgraduallyfrom2008toJun2011duetotheGroup’sincreasedfocusonLTfinancing.•DuetorapiddevelopmentoftheGroup,totalliabilitiesincreasedgraduallyfromRMB13,300millionin2008toRMB22,400millionin1H2011.•In2010,Debt/EBITDA(exclusiveofinvestmentincome)was5.48x;Butitwouldbeimprovedto3.39xiftakesinvestmentincomeintoaccount.•Inthecomingthreeyears,theGroupwillinvestRMB5.03billiononincreasingproductivity,M&A,equityinvestmentetc;therewillbeadebtsubstantialfundingrequirement.CreditAnalysisDebt/EquityAnalysisCreditStrengthsMarketPositionGovernmentPolicySupportDiversificationofActivitiesandManagementStrongLiquidityofFinancialassetsOneofthelargestF&AcompaniesinChinawithanintegratedmodernagriculturechainfromanimalfeed,breeding,slaughteringandfoodprocessing;Unrivaledmarketpositioninfeedsector;Goodreputationandbrandrecognitionbasedongroup’s27-yearpresenceinPRCF&AmarketAgricultureandlivestockisaprimaryindustryinPRCandthegroupenjoyscountry’spvariouspolicypreferenceDiversificationoftheGroupalongseparateandlargelyindependentbusinessunitsExpansionofoverseasmarketwithestablishedfootprintinSouthAsiaGoodcorporategovernanceandcentralizedmanagementtoenhanceeconomiesofscalesandsynergyTheGroup’sinvestmentsinChinaMinshengBank(thelargestshareholder),ChinaEverbrightBankandotherl