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BNDES AIRFINANCING WORKSHOP PANEL RESOURCES ACCESS CAPITAL
1. AIRFINANCING WORKSHOP
AFTERNOON SESSION – MARCH, 30th
PANEL 2: Resources for the sector: access to the
capital and financings
PAINEL 2: Recursos para o setor: Acesso ao capital e
financiamentos
2. BNDES
Export Credit and Guarantor Funds Division
(AEX)
April, 2017
Marcio Migon
Classification: Open Information
Management Unit: AEX
3. Founded on June, 20th, 1952.
100% state-owned company under private law.
Key instrument for implementation of Federal Government’s
industrial and infrastructure policies.
Main provider of long-term financing in Brazil.
Emphasis on financing investment projects.
Support to micro, small and medium-sized companies
is a BNDES´ strategic priority at the moment.
BNDES Highlights
4. Infrastructure
Heavy Industry – Consumer Goods
Technological Development
Time Line
Energy
Agribusiness
Exports
Urban and Social Development
Social Inclusion
Small Business
Sustainability
Innovation
50’s 60’s 70’s 80’s 90’s 00’s Today
Imports
Substitution
Privatization
Program
10’s
Privatization
Program
9. IDB - Inter-American Development Bank
IBRD - The International Bank for Reconstruction and Development (World Bank)
CAF - Corporación Andina de Fomento
CDB - China Development Bank
(*) Converted by the quote currency against the US dollar 31/12/2015
(**) Unlike other institutions, 12-month fiscal year ends June 30th
Capitalization - Shareholders' Equity / Total Assets
ROA - Return On average Assets
ROE - Return On average Equity
US$ million BNDES* IDB IBRD** CAF China DB*
Dec 31st, 2015 Dec 31st, 2015 Jun 30th, 2015 Dec 31st, 2015 Dec 31st, 2015
Total Assets 236,019 111,139 343,225 32,470 159,058
Shareholders' Equity 7,845 25,253 38,639 9,524 157,576
Net Income 1,542 960 686 77 14,045
Capitalization 3.33% 22.72% 11.26% 29.33% 99.07%
ROA (%) 0.67% 0.86% 0.20% 0.24% 8.83%
ROE (%) 15.37% 3.80% 1.78% 0.81% 8.91%
Established 1952 1959 1945 1968 1994
BNDES vis-à-vis Multilateral Banks
10. BNDES Funding
Domestic Funding
§ FAT – Workers’ Assistance Fund (Constitutional)
§ PIS-PASEP Fund
§ FI-FGTS
§ BNDESPAR Bonds
§ National Treasury
Foreign Funding
§ Government Agencies and Multilateral Institutions
§ Market Funding
§ Bonds, Loans, Structured Notes (ABS)
11. Who can apply for BNDES´ Financing?
Legal Entities
established
in Brazil
Brazilian
Private
Individuals
• Companies: agro-business, industry,
trade and services etc.
• Cooperatives or associations
• NGOs, OSCIPs or Foundations
• Rural producer
• Truckers
• Micro-entrepeneur
• Municipalities
• States
• Federal
Brazilian
Public
Management
13. Competitive export
§ to improve competitiveness of Brazilian products
§ Emphasis on products with higher-aggregated value
Credit facilities
§ lines of financing designed to facilitate exports
Support for small and medium-sized export companies
§ to increase the number of Brazilian exporters
Indirect operations aimed to small business
§ operating in partnership with a network of accredited financial
institutions in Brazil and over 100 foreign banks
Goals
14. Financing for the production of
goods earmarked for export,
linked to specific shipments, or
to the increase of the
company’s total exports
Buyer or Supplier Credit: financing
for the commercialization of goods
and services in foreign countries
BNDES Exim
Pre-shipment
Production in Brazil
Post-shipment
Foreign Trading
Export Support - Credit Lines
17. 17
25% 21% 28% 31% 28% 27%
5% 11%
14%
28% 34% 36%
22% 25%
24%
24% 23% 24%
33%
34%
26%
15% 13% 11%13% 7% 5%
2% 2% 3% 2% 2% 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2012 2013 2014 2015 2016F
bank debt capital markets cash
export credit lessors (self-fund) tax equity
A participação das ECAs oscila, historicamente, em torno de 20% do total
anual do mercado de finaciamento de jatos comerciais novos...
ECAs:
Main Sources of Airfinance
18. Post-shipment by Export Destinations
Africa
Europe and Asia
North America
South and Central America
In US$ billion
Converted to US dollar on the disbursement dates.
19. COFIG
Ministries:
. Industry, Foreign Trade and Services;
. Planning, Development and Public
Management;
. Finance (SAIN and STN);
. Foreign Affairs;
. Chief of Staff; and
. Agriculture.
Financing
Council of Ministers
19
CAMEX
Operacional Committee
PROEX
Export Credit
Insurance
Institutional Arrangement
20. What we are doing....
o Aircraft (D1)
• Support Embraer on its transition for new generation of
commercial aircraft “E2” and the launch of its multipurpose
aircraft KC390
• On-lending transactions (e.g., China Exim)
• Securitization of liquid assets
o Services (D2)
• Execution of new compliance terms
• Disbursement resumption
• New project analysis
o Goods (D3)
• BNDES as its own “Agent Bank” (goal: over 100 new
transactions in 2017)
• Exim Automático – network of accredited financial institutions
21. BNDES Challenges and future
o Domestic market
• New operational policies
• Convergence TJLP-Selic interest rates
• Focus on long term financing solutions
• Local content requirements
• Other sources of funding
o Foreign market
• BNDES Guarantee for short term transactions and foreign
investments in Brazil
• Further BNDES underwriting risk on its balance sheet
• Loan “4131” / FX and interest rate hedge solutions
• On-lending transactions
• Other sources of funding / Securitization