Treasury Services What Matters Today: How Structured Trade Finance Supports the Global Economy Astar Saleh Global Head of Structured Trade Finance J.P. Morgan June 16, 2009
Treasury Services
What Matters Today: How Structured Trade Finance Supports the Global Economy
Astar SalehGlobal Head of Structured Trade FinanceJ.P. Morgan
June 16, 2009
1© 2009 JPMorgan Chase & Co. All Rights Reserved. JPMorgan Chase Bank, N.A. Member FDIC Design by TSS Global Marketing
Agenda
I Structured Trade OverviewI Structured Trade Overview
II Market UpdateII Market Update
III Structured Trade SolutionsIII Structured Trade Solutions
IV ECA SolutionsIV ECA Solutions
2© 2009 JPMorgan Chase & Co. All Rights Reserved. JPMorgan Chase Bank, N.A. Member FDIC Design by TSS Global Marketing
J.P. Morgan Structured Trade Finance
STF OverviewSTF Overview
J.P. Morgan is a global leader in providing short, medium and long term financing solutions for individual or pooled trade transactions, by leveraging on its market leading capital raising and risk mitigation capabilities.
Structured trade solutions go beyond classical trade finance off-the-shelf products to bring a customized value to larger, more strategic transactions and broader segments of the value chain.
J.P. Morgan develops innovative solutions using both the credit and capital markets that enables customers to obtain cost effective financing, increase sales and mitigate risk in order to improve bottom line returns.
Selected SolutionsSelected Solutions
Syndicated Medium and Long Term Trade Related Loans
Bilateral and Multilateral Agency Backed Finance
Private Sector Insurance
Secured Receivables Finance
Project Related Finance Structures
Limited Recourse Export-Backed Finance
Supplier Driven Medium and Long Term Finance Structures
Silent Trade Payment Guarantee
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Supply Chain Financing
Supply Chain Financing
Pre-Export Financing
Pre-Export Financing
Receivables FinancingReceivables Financing
Transaction Risk CoverageTransaction Risk Coverage
CLIENTS
Export Finance
Export Finance
Import Finance
Import Finance
The J.P. Morgan Global Structured Trade Finance Group can tailorfinancing structures to offer a complete solution for clients
Private Credit Insurance & PRI
The J.P. Morgan Global Structured Trade Finance Group
Private Credit Insurance & PRI
Capital Markets StructuresCapital Markets Structures
Ex-Im Bank, OPIC, and other ECA
Structures
Ex-Im Bank, OPIC, and other ECA
Structures
Bank Distribution & SyndicationsBank Distribution & Syndications
Derivative InstrumentsDerivative Instruments
Global risk mitigation I strategic advice I unmatched execution I transparency and thought leadership
Global Structured Trade Finance Group is uniquely positioned to provide integrated financing and working capital solutionsGlobal Structured Trade Finance Group is uniquely positioned to provide integrated financing and working capital solutions
CLIENT
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Agenda
I Structured Trade OverviewI Structured Trade Overview
III Structured Trade SolutionsIII Structured Trade Solutions
II Market UpdateII Market Update
IV ECA SolutionsIV ECA Solutions
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Market Update
OverviewOverview
Recent Trade Environment
Current credit environment has resulted in liquidity and balance sheet constraints across the industry
Market consolidation and reshaping in the current environment has limited the number of lending institutions willing to lend at attractive rates
Risk mitigation options such as distribution, insurance, and CDS are reflecting the market volatility and uncertainty limiting the hedging availability
Due to market uncertainty and instability, corporate clients have shown an increase in demand for risk mitigation instruments such as guarantees and confirmations as well as for cost efficient transactions
Example
Issue – Capital goods buyers are struggling to raise capital in the debt market due to liquidity constraints and increase in cost of funds, which consequently impacts their ability to either source new goods or perform under their payment obligations.
Solution – Buyers and Suppliers are working together with Export Credit Agencies and Lending Institutions to enhance the credit risk by shifting it to sovereign risk, in order to access cost efficient capital and longer repayment terms.
Consequently, this has resulted in an increased demand for U.S. Ex-Im and Export Credit Agency financing in the market
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ECA Financing – Pricing Trends
OverviewOverview
Given the recent turmoil in the credit markets, historically high ECA premiums have become attractive once again when compared to market pricing curves, for example Brasil:
Price Movements
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09
Period
bps
over
Lib
or
CDSECA Premium
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Agenda
I Structured Trade OverviewI Structured Trade Overview
III Structured Trade SolutionsIII Structured Trade Solutions
II Market UpdateII Market Update
IV ECA SolutionsIV ECA Solutions
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Case Study: Importer – Trade (Import) Financing Structure
OverviewOverviewImporter is looking to extend its current payment terms and obtain short term financing for its oil imports from various international suppliers
Due to its large import volume put together financing which will allow Importer to pay their suppliers by drawing under the facility and obtain longer financing terms then available from the suppliers
This transaction was syndicated among three additional banks in previous two facilities closed in 2008, for a total of $145MM
Importer - Chile
Various Suppliers
1b. Oil Shipment
2b. Direct Payment for oil at day 15 after shipment, total $145MM
1a. Signs Loan Agreement 180 days after disbursement day
15 days after shipment
obligation to pay
J.P. Morgan & Investors
2a. Borrowing notice to syndicate agent (Copies of various shipping doc’s presented as evidence of Imports
3. At maturity Importer pays principal + interest due for 180 days
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Case Study: Structured Trade Syndicated Loan
OverviewOverviewServices Company is bidding for gas drilling services with a National Oil Company, which is a buyer of the services provided. The Contract will cover drilling works on 400 wells during a 3 ½ year contract term, and the Buyer is looking to extend its Payment Obligations for services rendered by the Services Company.
Services Company (“The Seller”) primary objective is to sell Accounts Receivables (“ARs”) created from its drilling contract with National Oil Co. (“The Buyer”) The Buyer will review and approve invoices, and upon the Buyer’s approval J.P. Morgan will purchase such accepted receivables and therefore fund the first draw down. J.P. Morgan’s Facility is a commitment to buy AR’s and will start after the contract execution, and created a Trade Syndication together with top tier international financial institutions to accommodate for the funding requirements.
The Buyer will acknowledge and approve the Seller’s assignment of created receivables in favor of J.P. Morgan and the syndication. Full security interest to be granted in Receivables, Escrow Account, and Reserve Account.
The Seller will submit invoices that sum over U.S.$1BN. Due to the amortization schedule, maximum Syndicated Facility Amount is U.S.$600MM with a the total door-to-door program life of 7 ½ years.
Due to the strength of the structure and highly profitable program, J.P. Morgan received oversubscription of investors to the syndicated facility in less then 2 months
4. Payment of Principal
5. Payment of LIBOR +
Applicable Margin
6. Payment of Principal + LIBOR + Applicable Margin
J.P. Morgan
Trustee &
Sole book runner
Participating
Banks*
Services CompanyNational Oil Co(Buyer of Services)
1. Drilling Services against AR Creation
2. Assignment of ARs against
Funding
3. Sold ARs against Funding
* Participating banks signs facility
agreement directly with the Seller
2008 Deal of the Year
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Seller & Buyer sign Commercial Agreement (in the case of Buyer we will need the copy of the Purchase Order)
Seller asks JPMC for Payment Guarantee coverage
Seller and JPMC sign Payment Guarantee Agreement
JPMC Payment Obligation towards Sellers does not cover the commercial dispute
Silent Payment Guarantee
SPG is an instrument issued by JPMC in favor of pre-approved Sellers to guarantee against Buyer’s failure to pay (exclusive of commercial disputes) after shipment is effected.
Transaction FlowTransaction Flow
DescriptionDescription
Key Client BenefitsKey Client Benefits
The payment guarantee will enable the seller to compete with other suppliers by securing their Financial obligations on their shipments on open account terms, which is in line with the market, as it will mitigate the underlying Financial and Political risk.
Seller BuyerSales Contract
Payment Obligation
Payment Guarantee
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Agenda
I Structured Trade OverviewI Structured Trade Overview
III Structured Trade SolutionsIII Structured Trade Solutions
II Market UpdateII Market Update
IV ECA SolutionsIV ECA Solutions
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U.S. Ex-Im Guaranteed Loan Program Structure
OverviewOverview
Flexibility as to interest rate basis (fixed Vs. floating)
Involvement of financial institution introduces ancillary benefits in dealing with Ex-Im Bank as well as in deal structuring, negotiation of terms and conditions, implementation, and execution
100% Guarantee of principal and interest on eligible loan
J.P. Morgan relationship with Local Bank allows for more efficient KYC process
Ex-Im Bank
Loan
Guarantee
Local Guarantors
Seller’s Owners
(If required by Ex-Im Bank)
J.P. Morgan
Buyers
Seller
Export Related A/R
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Case Study: Co-Financing for Turkish Power Project
OverviewOverview$99.7MM transaction. Ex-Im Bank, as lead ECA, negotiated re-insurance/counter guarantee agreements with Coface, EDC, and Hungarian Ex-Im Bank (which covered the Czech portion)
Two tranches repayable over 10 and 12 years; 30% local cost financing
Customized non-standard repayment profile. Unequal installments (bell shaped curve), reflecting cash flow generation, resulted in shorter average life and lower exposure fee
Single loan agreement, 2 disbursement L/C’s
Most diverse co-financing done by Ex-Im Bank to date, and first with company unrelated to U.S. exporter.
Reinsurance
Reinsurance
Goods Delivered
GE Packaged Power
J.P. Morgan
AKSA
U.S. Ex-Im Bank
Coface
EDC
Hungarian Eximbank
Czech Company
Hungarian Sub
Canadian CompanyFrench Sub
AKSA Parent
Goods Delivered
Parent Guarantee for
LoanGuarantee
Loan
Payment
Payment
2008 Deal of the Year
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Case Study: EDC Guaranteed Loan to Privatbank, Ukraine
OverviewOverviewJ.P. Morgan, acting as arranger and lender, structured a long term EDC guaranteed loan and a down payment financing for Privatbank, who then on lent to Teleystems of Ukraine (TSU), on matching terms, for an equipment purchase of approximately $132MM from Nortel. J.P. Morgan provided initial 2 year down payment financing of the $18.5MM, as well as 8 year door-to-door financing of $113.8MM (7 years of repayment, 14 semi-annuals) for the remaining life of the deal.
By far the single largest transaction ever concluded under EDC’s bank guarantee program. On lending structure obviated the need for time consuming project finance and enabled commercial contractual timetables to be met.
2007 Deal of the Year Awards: Trade Finance, GTR, and Trade and Forfaiting Review
Borrower Privatbank
Supplier Nortel1b) LoanEDC
1c) EDC Bank Guarantee
Telesystems of Ukraine2b) $113.8MM, 85%
1a) Down Pymt of 15%, $18.5MM
2a) $18.5MM
3) Down Pymt $18.5MM
4) Equipment
J.P. Morgan
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Case Study: Pemex Mexico
Ex -Im Bank
Guarantee
19 U.S. Exporters$635 M Loan
Export Sales of Wafer Fabrication Equipment
65 Separate Loan Disbursements
Ex -Im Bank
Guarantee
350 U.S. Exporters$$ Loan
Processing for numerous purchase orders
In June 2008, we were approached by Pemex to arrange a large Ex-Im Bank facility involving the processing of documentation related to a very large number of suppliers
In August of 2008, we were mandated by Pemex; closing and funding occurred in September
J.P. Morgan acted as the Arranger, Lender, and Documentation Processing Bank
Tenor was 8 ½ years with a 6 month commitment period
Our Government Agency Unit worked closely with Pemex’s and U.S. Ex-Im Bank teams, and successfully reviewed and processed large volumes of export documents.
Export Sales of Oil & Gas
15
OverviewOverview
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J.P. MorganStructured Trade Finance
Recent AwardsRecent Awards
» 2008: Best Bank in Structured Trade2008: Best Bank in Structured Trade
Deals of the Year
2008: Schlumberger /
PEMEX2007: Privatbank / Ukraine Telesystem
Best Structured Trade Solution
2006
Best Structured Trade Bank 2005
Best Trade Services Provider2004, 2005, 2006 ,
2008
Most Innovative & Responsive Trade
Services Bank2006
Best Trade Services Provider
2005
Deals of the Year2007: Privatbank / Ukraine Telesystem
2006: Aban2005: Chartered Semiconductor
Best Structured & Trade Finance
Bank2006
Best Trade Services Bank
2005
Best Trade Solutions Bank 2008:
Reliance Industries
Best Trade Solutions Bank
2007: Banco de ORO
Best ECA Trade Solution
2006: Chartered Semiconductor
Deals of the Year2006: Aban
2007: Privatbank / Ukraine Telesystem
Best Trade Solutions Bank
2006: Aban (India)
Best Trade Solutions Bank
Chartered Semi-Conductor
2008 Deals of the Year:
Aksa Enerji, Axiom Telecom,
Weldy/Lamont/Ghana
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Selected Agency Backed Transactions led by J.P. Morgan
J.P. Morgan TransactionsJ.P. Morgan Transactions
T om skne ft
U zb e k istan
C ro at iaU k ra in e
C om p an y D e sc r ip t io n C om p an y D e sc r ip t ion
.
A rran ge r an d an d Le n d in g B ank fo r a U S $ 15 9M M U S E x -Im B an k gu a ran te e d lo an fo r th e p u rch a se o f 4 B oe ing a irc ra ft s fo r A v ia t io n C ap ita l G ro up . T e no r 1 3 ye a rs d o o r to d o o r
A rran ge r an d Le n d in g B ank fo r a U S $ 150M M U S E x -Im g u a ran tee d Fac ility , A ugu st 2 008
A d v iso r, A rrange r, F a c ility A g en t, B oo k ru nn e r, Se cu r ity T ru stee fo r a tw o t ran ch e , 9 ye a r $ 65 3M M Ex - Im B ank g u a ran tee d fa c ility fo r th e C h a rte re d p u rch a se o f U S sou rce d se m ico n d u cto r m an u fac tu r in g e q u ipm en t fo r P h a se 1 . 3 D e a l o f the Y e a r aw a rd s in 2 006
A rran ge r, F ac ility A ge n t, Bo ok runn e r fo r a tw o t ran ch e$61 0 M M E x -Im B ank gu a ran tee d fa c ility fo r P h a se II (2 007 ) fo r the p u rch a se o f sem i-con du c to r m an u fac tu r in g e q u ip m e n t
So le A rran ge r an d U n d e rw r ite r fo r a 1 1 ye a r U S $ 4 0 0M M U S E x - Im B ank f in an c in g fo r th e la rg e st p r iva te se cto r e n te rp r ise in In d ia
A rran ge r an d len d ing b an k fo r a la n d m ark U S$13 2M M f in an c in g , 8 5% (8 ye a r te rm ), g u aran te e d b y th e Ex p o rt D ev e lo p m e n t C an ad a an d 15% (2 ye a r te rm ) co m m e rc ia l lo an fa c ility fo r a te le com m un ica tio n p ro je ct . T h re e D e a l o f the Ye a r A w a rd s in 2 007
A rran ge r, A g en t, Se cu r ity A ss ig ned , L /C B ank fo r U S $ 90M M in E x -Im B ank gu a ran tee d f in an c ing u n d e r U S R u ssia O il a n d G a s F ram e w o rk A g reem en t
T w o t ran sac tion s fo r B ra z ilia n a irp lan e m an u fac tu re r, u s in g E x -Im B ank an d A IG , to ta lin g U S $330M M
A d v iso r fo r $ 5 50M M in E C A an d com m e rc ia l f in a n c in g fo r o il f ie ld d e ve lo p m e n t an d re f ine ry m o d e rn iz at io n . A rrange r, A ge n t , Se cu r ity A ssign ee , L /C b an k fo r $ 230M M 10 ye a r Ex - Im B an k gu a ran te e d f in an c in g u n de r th e U S-R u ss ia O il a n d G a s F ram e w o rk A g reem en t (O G FA ).
A rran ge r, L en de r, an d L/C B ank fo r a 2 t ran ch e U S Ex - Im B an k gu a ran te e d co -fin a n c in g fa c ility , in vo lv in g C o face , E D C , an d H u nga rian E x - Im B ank . T he 12 ye a r fa c ility f in an ce d G E p ow e r e q u ip m en t, a n d to ta le d ove r U S $99M M , 2 008
A rran ge d U S $2 46M M o f c om m e rc ia l a n d E x - Im B ank g u a ran tee d f in an c in g . S in g le la rge st Ex - Im B an k t ran sac t io n in U zb ek istan . F irst p u b lic se cto r b o rro w ing to o b ta in so ve re ign g u a ran tee
A rran ge r / Le n de r fo r 1 00% U S E x -Im B ank gu a ran tee d C o -f in an c in g Fac ility in the am o un t o f U S $ 1 04 M M th a t w ill su p p o rt th e sa le o f g a s tu rb in e ge ne ra to r p ackage s an d h e at re co ve ry sy stem s from G E Po w e r in to T u rke y
A d v iso r, A rra ng e r, L /C B ank fo r 1 4 ye a r U S $ 22 8M M U S E x - Im B an k gu a ran te e d fa c ility an d 4 yea r U S $ 75M M com m e rc ia l lo an fo r con st ru ct in g a m oto rw ay b y B e ch te l an d U S $8 5M M Ex - Im B an k f in an c in g fo r the in sta lla t io n o f rad a r e q u ip m en tA d v iso r & A rrange r fo r la n dm ark 1 4 y r, $ 2 50M M fin an c in g u s in g O P IC no n -ho no rin g o f a so ve re ign gu a ran te e in su ran ce (d eve lo p e d an d re f in e d b y JP M & O P IC
A rran ge d U S E x - Im B an k fa c ility to f in an ce a 1 95W ga sf ire dp o w e r p ro je ct (1 4 y r ten o r, D M $12 4M M
A rran ge d m e d ium te rm Ex - Im B ank gu a ran tee d f in a cn ing to e n ab le R u ss ian m in in g com p an y to m a ke d isc re e t e q u ipm e n t p u rch a se s to m u lt ip le U S Ex p o rte rs
La rg e L at in A m e rican o il & g a s com p an y – M an d a te d A rran ge r, Len d e r an d D o cum enta tio n P ro ce ss in g B ank fo r an 11 ye a r U S $30 0M M U .S . E x - Im B an k gu a ran te e d fa c ility in vo lv in g m u lt ip le e x p o rte rs
A rran ge r/Len d e r/L/C ba nk fo r $ 37 .9M M U .S E x - Im B ank g u a ran tee d co -f in a n c ing fa c ility in vo lv in g E K F o f D e nm ark . T h e 12 ye a r fa c ility f in an ce d m u lt i so u rce d e q u ip m e n t sa le s to a T u rk ish po w e r p ro je ct , a s w e ll a s se le cte d lo ca l c o sts
A rran ge r, A gen t, Se cu ity A ss ig nee , L /C B an k fo r $ 109M M m u lt i- E C A an d co m m e rc ia l f in an c in g fo r co m p re sso r sta tion s. F irst t ran sac t io n to c lo se un d e r O G FA . P ro v ide d in teg rate d “ s in g le ban k ” so lu t ion to m an ag em en t o f co lla te ra l f lo w s. E u ro m on e y D e a l o f the Y e a r
M an da te d a rran ge r an d len d e r fo r la n d m ark fin an c in g fo r p u rch a se o f ra ilw ay m a in ten an ce e q u ip m e n t o f w h ich U S $12 0M M is E x -Im B ank gu a ran te e d fo r 1 3 y rs. F irst t ran sac t ion u n d e r U S – Ch in a lon g te rm fram ew o rk ag reem en t
A d v ise d an d a rran ge d ove r U S $1 .9B N o f Ex - Im gu a ran tee d f in an c in g fo r th e p u rch a se o f Bo e in g a irc ra ft s
T om skne ftT om skne ft
U zb e k istanU zb e k istan
C ro at iaU k ra in e
C om p an y D e sc r ip t io n C om p an y D e sc r ip t ion
.
A rran ge r an d an d Le n d in g B ank fo r a U S $ 15 9M M U S E x -Im B an k gu a ran te e d lo an fo r th e p u rch a se o f 4 B oe ing a irc ra ft s fo r A v ia t io n C ap ita l G ro up . T e no r 1 3 ye a rs d o o r to d o o r
A rran ge r an d Le n d in g B ank fo r a U S $ 150M M U S E x -Im g u a ran tee d Fac ility , A ugu st 2 008
A d v iso r, A rrange r, F a c ility A g en t, B oo k ru nn e r, Se cu r ity T ru stee fo r a tw o t ran ch e , 9 ye a r $ 65 3M M Ex - Im B ank g u a ran tee d fa c ility fo r th e C h a rte re d p u rch a se o f U S sou rce d se m ico n d u cto r m an u fac tu r in g e q u ipm en t fo r P h a se 1 . 3 D e a l o f the Y e a r aw a rd s in 2 006
A rran ge r, F ac ility A ge n t, Bo ok runn e r fo r a tw o t ran ch e$61 0 M M E x -Im B ank gu a ran tee d fa c ility fo r P h a se II (2 007 ) fo r the p u rch a se o f sem i-con du c to r m an u fac tu r in g e q u ip m e n t
So le A rran ge r an d U n d e rw r ite r fo r a 1 1 ye a r U S $ 4 0 0M M U S E x - Im B ank f in an c in g fo r th e la rg e st p r iva te se cto r e n te rp r ise in In d ia
A rran ge r an d len d ing b an k fo r a la n d m ark U S$13 2M M f in an c in g , 8 5% (8 ye a r te rm ), g u aran te e d b y th e Ex p o rt D ev e lo p m e n t C an ad a an d 15% (2 ye a r te rm ) co m m e rc ia l lo an fa c ility fo r a te le com m un ica tio n p ro je ct . T h re e D e a l o f the Ye a r A w a rd s in 2 007
A rran ge r, A g en t, Se cu r ity A ss ig ned , L /C B ank fo r U S $ 90M M in E x -Im B ank gu a ran tee d f in an c ing u n d e r U S R u ssia O il a n d G a s F ram e w o rk A g reem en t
T w o t ran sac tion s fo r B ra z ilia n a irp lan e m an u fac tu re r, u s in g E x -Im B ank an d A IG , to ta lin g U S $330M M
A d v iso r fo r $ 5 50M M in E C A an d com m e rc ia l f in a n c in g fo r o il f ie ld d e ve lo p m e n t an d re f ine ry m o d e rn iz at io n . A rrange r, A ge n t , Se cu r ity A ssign ee , L /C b an k fo r $ 230M M 10 ye a r Ex - Im B an k gu a ran te e d f in an c in g u n de r th e U S-R u ss ia O il a n d G a s F ram e w o rk A g reem en t (O G FA ).
A rran ge r, L en de r, an d L/C B ank fo r a 2 t ran ch e U S Ex - Im B an k gu a ran te e d co -fin a n c in g fa c ility , in vo lv in g C o face , E D C , an d H u nga rian E x - Im B ank . T he 12 ye a r fa c ility f in an ce d G E p ow e r e q u ip m en t, a n d to ta le d ove r U S $99M M , 2 008
A rran ge d U S $2 46M M o f c om m e rc ia l a n d E x - Im B ank g u a ran tee d f in an c in g . S in g le la rge st Ex - Im B an k t ran sac t io n in U zb ek istan . F irst p u b lic se cto r b o rro w ing to o b ta in so ve re ign g u a ran tee
A rran ge r / Le n de r fo r 1 00% U S E x -Im B ank gu a ran tee d C o -f in an c in g Fac ility in the am o un t o f U S $ 1 04 M M th a t w ill su p p o rt th e sa le o f g a s tu rb in e ge ne ra to r p ackage s an d h e at re co ve ry sy stem s from G E Po w e r in to T u rke y
A d v iso r, A rra ng e r, L /C B ank fo r 1 4 ye a r U S $ 22 8M M U S E x - Im B an k gu a ran te e d fa c ility an d 4 yea r U S $ 75M M com m e rc ia l lo an fo r con st ru ct in g a m oto rw ay b y B e ch te l an d U S $8 5M M Ex - Im B an k f in an c in g fo r the in sta lla t io n o f rad a r e q u ip m en tA d v iso r & A rrange r fo r la n dm ark 1 4 y r, $ 2 50M M fin an c in g u s in g O P IC no n -ho no rin g o f a so ve re ign gu a ran te e in su ran ce (d eve lo p e d an d re f in e d b y JP M & O P IC
A rran ge d U S E x - Im B an k fa c ility to f in an ce a 1 95W ga sf ire dp o w e r p ro je ct (1 4 y r ten o r, D M $12 4M M
A rran ge d m e d ium te rm Ex - Im B ank gu a ran tee d f in a cn ing to e n ab le R u ss ian m in in g com p an y to m a ke d isc re e t e q u ipm e n t p u rch a se s to m u lt ip le U S Ex p o rte rs
La rg e L at in A m e rican o il & g a s com p an y – M an d a te d A rran ge r, Len d e r an d D o cum enta tio n P ro ce ss in g B ank fo r an 11 ye a r U S $30 0M M U .S . E x - Im B an k gu a ran te e d fa c ility in vo lv in g m u lt ip le e x p o rte rs
A rran ge r/Len d e r/L/C ba nk fo r $ 37 .9M M U .S E x - Im B ank g u a ran tee d co -f in a n c ing fa c ility in vo lv in g E K F o f D e nm ark . T h e 12 ye a r fa c ility f in an ce d m u lt i so u rce d e q u ip m e n t sa le s to a T u rk ish po w e r p ro je ct , a s w e ll a s se le cte d lo ca l c o sts
A rran ge r, A gen t, Se cu ity A ss ig nee , L /C B an k fo r $ 109M M m u lt i- E C A an d co m m e rc ia l f in an c in g fo r co m p re sso r sta tion s. F irst t ran sac t io n to c lo se un d e r O G FA . P ro v ide d in teg rate d “ s in g le ban k ” so lu t ion to m an ag em en t o f co lla te ra l f lo w s. E u ro m on e y D e a l o f the Y e a r
M an da te d a rran ge r an d len d e r fo r la n d m ark fin an c in g fo r p u rch a se o f ra ilw ay m a in ten an ce e q u ip m e n t o f w h ich U S $12 0M M is E x -Im B ank gu a ran te e d fo r 1 3 y rs. F irst t ran sac t ion u n d e r U S – Ch in a lon g te rm fram ew o rk ag reem en t
A d v ise d an d a rran ge d ove r U S $1 .9B N o f Ex - Im gu a ran tee d f in an c in g fo r th e p u rch a se o f Bo e in g a irc ra ft s
18© 2009 JPMorgan Chase & Co. All Rights Reserved. JPMorgan Chase Bank, N.A. Member FDIC Design by TSS Global Marketing
Contacts
Astar SalehGlobal Head Structured Trade FinanceEmail: [email protected]: 212-552-3451
Adeline KowExecutive Director, STF Asia Email: [email protected]: (65) 68827066
Marguerite GillVice President, U.S. Ex-Im Bank Program ManagerEmail: [email protected]: 212-552-4190
Jovan PetrovicVice President, STF Latin AmericaEmail: [email protected]: 212-552-3011
Eric PonzioVice President, STF WHEMEmail: [email protected]: 212-552-7722
Patrick GangAnalyst, Structured Trade FinanceEmail: [email protected]: 212-552-3986
Lori HelmersExecutive Director, Commercial Bank Structured TradeEmail: [email protected]: 512-479-5454
Luis NoriegaVice President, Commercial Bank Structured TradeEmail: [email protected]: 214-965-3631
Randy MascorroVice President, Commercial Bank Structured TradeEmail: [email protected]: 214.965.3632
Treasury Services
Thank You
20© 2009 JPMorgan Chase & Co. All Rights Reserved. JPMorgan Chase Bank, N.A. Member FDIC Design by TSS Global Marketing
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