The document discusses the performance of BNP Paribas Corporate and Investment Banking (BNP Paribas CIB) in 2011. It summarizes that 2011 was a challenging year for banks due to factors like the 2008 financial crisis fallout, increased regulation, and economic slowdowns. BNP Paribas CIB adapted by reducing US dollar funding needs and risk-weighted assets ahead of competitors. It is adapting its business model to remain sustainable and competitive in the new regulatory environment, while continuing to serve clients and meet their needs. Various examples are given of deals and clients BNP Paribas CIB worked with in areas like structured finance, corporate and transaction banking Europe, corporate finance, and global equities and commodity derivatives.
Groupe BPCE reported solid operational performances in 2011, with net banking income increasing 1.4% and gross operating income rising 3.1%. However, net income attributable to equity holders declined 27% to €2.6 billion due to €723 million in non-operational items. Excluding these items, net income fell 7% to €3.4 billion. Groupe BPCE remains committed to financing the French economy, with loan outstandings growing 6.5% annually. It has further reinforced its capital adequacy, with its Core Tier-1 capital ratio rising to 9.1% and reducing its capital shortfall.
Chairman’s speech at the 2012 results presentation BANCO SANTANDER
Mr. Emilio Botin presented Banco Santander's 2012 results which showed attributed net profit of EUR 2.205 billion, down 59% from the previous year due to high provisions and writedowns in Spain. However, profit before provisions was EUR 23.559 billion, ranking Santander third globally. Santander strengthened its balance sheet, capital, liquidity and reduced its real estate exposure in Spain. Looking forward, Santander remains well positioned due to its diversification, subsidiary model, commercial banking focus, risk management and efficiency.
The document proposes changing the mission of EximBank Romania into a State Development Bank to improve access to financing for SMEs. It analyzes models like Poland's BGK and recommends adopting a similar model. The bank would provide various financing products and act as an intermediary for European funds, with an estimated impact of €6 billion from 2014-2020. It would focus on priority economic sectors in accordance with government policies while operating according to market principles.
Prumo Logística Global S/A is a Brazilian private company that operates ports and logistics infrastructure. It built the Açu port in São Joao da Barra, Rio de Janeiro, to address gaps in Brazil's import/export capacity. The port has two terminals and handles various cargo. Prumo is majority owned by EIG Global Energy Partners and Mubadala Investment Company. It has competitive advantages from its strategic location near key industries and provinces. Recent developments include contracts and financing to expand operations. While political and economic risks exist, the company aims to increase revenue and reduce costs to drive long-term growth in Brazil's developing logistics sector.
European RE Loan & REO Sales Market Q4 2015_Amended 26 Jan 2016Sion Owen
The document discusses European real estate loan sales market trends in Q4 2015 and forecasts for 2016. Some key points:
- Total closed European real estate loan and real estate owned sales reached a record €85.9 billion in 2015, surpassing 2014's previous high.
- Q4 2015 was the busiest quarter ever with over €39.4 billion in transactions, driven by large UK and Irish portfolio sales.
- The UK and Ireland accounted for 71% of total 2015 sales volume. Spanish sales dropped 41% while Italian sales increased over 12 times.
- Asset management agencies related to 38% of total 2015 volume, with UKAR and NAMA alone accounting for €30.5 billion in
The EC has approved restructuring plans for four nationalized Spanish banks including a €18 billion recapitalization for BFA-Bankia. BFA-Bankia unveiled an updated strategic plan aiming for profitability by 2013 and transferring most real estate loans to a bad bank. The restructuring could provide an exit option for BFA-Bankia's subordinated bondholders through an exchange of debt for shares.
The strong positive momentum seen in European commercial real estate lending throughout 2014 showed no signs of abating during the first quarter of 2015. In a sector characterised by a high volume of investment deals, debt was widely available from a variety of lenders including banks, institutional investors and private equity funds.
Santander registered attributable net profit of EUR 1.704 billion (-51%), aft...BANCO SANTANDER
FIRST HALF 2012 RESULTS
Santander registered attributable net profit of EUR 1.704 billion (-51%), after covering 70% of real estate provisions required by the latest Spanish regulations
Pre-provision profit was EUR 12.503 billion, up 6%.
Groupe BPCE reported solid operational performances in 2011, with net banking income increasing 1.4% and gross operating income rising 3.1%. However, net income attributable to equity holders declined 27% to €2.6 billion due to €723 million in non-operational items. Excluding these items, net income fell 7% to €3.4 billion. Groupe BPCE remains committed to financing the French economy, with loan outstandings growing 6.5% annually. It has further reinforced its capital adequacy, with its Core Tier-1 capital ratio rising to 9.1% and reducing its capital shortfall.
Chairman’s speech at the 2012 results presentation BANCO SANTANDER
Mr. Emilio Botin presented Banco Santander's 2012 results which showed attributed net profit of EUR 2.205 billion, down 59% from the previous year due to high provisions and writedowns in Spain. However, profit before provisions was EUR 23.559 billion, ranking Santander third globally. Santander strengthened its balance sheet, capital, liquidity and reduced its real estate exposure in Spain. Looking forward, Santander remains well positioned due to its diversification, subsidiary model, commercial banking focus, risk management and efficiency.
The document proposes changing the mission of EximBank Romania into a State Development Bank to improve access to financing for SMEs. It analyzes models like Poland's BGK and recommends adopting a similar model. The bank would provide various financing products and act as an intermediary for European funds, with an estimated impact of €6 billion from 2014-2020. It would focus on priority economic sectors in accordance with government policies while operating according to market principles.
Prumo Logística Global S/A is a Brazilian private company that operates ports and logistics infrastructure. It built the Açu port in São Joao da Barra, Rio de Janeiro, to address gaps in Brazil's import/export capacity. The port has two terminals and handles various cargo. Prumo is majority owned by EIG Global Energy Partners and Mubadala Investment Company. It has competitive advantages from its strategic location near key industries and provinces. Recent developments include contracts and financing to expand operations. While political and economic risks exist, the company aims to increase revenue and reduce costs to drive long-term growth in Brazil's developing logistics sector.
European RE Loan & REO Sales Market Q4 2015_Amended 26 Jan 2016Sion Owen
The document discusses European real estate loan sales market trends in Q4 2015 and forecasts for 2016. Some key points:
- Total closed European real estate loan and real estate owned sales reached a record €85.9 billion in 2015, surpassing 2014's previous high.
- Q4 2015 was the busiest quarter ever with over €39.4 billion in transactions, driven by large UK and Irish portfolio sales.
- The UK and Ireland accounted for 71% of total 2015 sales volume. Spanish sales dropped 41% while Italian sales increased over 12 times.
- Asset management agencies related to 38% of total 2015 volume, with UKAR and NAMA alone accounting for €30.5 billion in
The EC has approved restructuring plans for four nationalized Spanish banks including a €18 billion recapitalization for BFA-Bankia. BFA-Bankia unveiled an updated strategic plan aiming for profitability by 2013 and transferring most real estate loans to a bad bank. The restructuring could provide an exit option for BFA-Bankia's subordinated bondholders through an exchange of debt for shares.
The strong positive momentum seen in European commercial real estate lending throughout 2014 showed no signs of abating during the first quarter of 2015. In a sector characterised by a high volume of investment deals, debt was widely available from a variety of lenders including banks, institutional investors and private equity funds.
Santander registered attributable net profit of EUR 1.704 billion (-51%), aft...BANCO SANTANDER
FIRST HALF 2012 RESULTS
Santander registered attributable net profit of EUR 1.704 billion (-51%), after covering 70% of real estate provisions required by the latest Spanish regulations
Pre-provision profit was EUR 12.503 billion, up 6%.
- Benetton Group reported financial results for FY 2011 with revenues of €2.03 billion, a 1% decrease from FY 2010.
- Gross profit declined 6.9% to €882 million due to cost pressures and negative currency impacts. Operating expenses were reduced through cost cutting actions.
- Net income decreased 28.3% to €73 million, impacted by lower hedging gains compared to prior year and a lower tax rate.
- Emerging markets showed double digit revenue growth while traditional Western markets declined 4%. The wholesale channel was flat while direct sales declined slightly on a comparable basis.
This document discusses the corporate non-performing loan (NPL) market in Poland. There is currently a large gap in the corporate NPL market compared to the retail NPL market. The supply of corporate NPLs is expected to increase in the coming years due to consolidation in the banking sector and expansion of regional NPL players. The company discussed specializes in buying commercial debt and enforcing collections, particularly for corporate, real estate, and special situations portfolios. It has acquired several portfolios in recent years and expects to recover 200-300% of purchase prices. Competitors in the corporate NPL space are still developing necessary expertise compared to the company. Major potential corporate NPL sellers include several large Polish banks.
The document summarizes AkzoNobel's Q4 and full year 2010 results. Key highlights include 12% revenue growth in 2010 to €14.6 billion, with EBITDA up 16% to €1.96 billion. Revenue growth was driven by 6% volume increase and 6% price increases. Decorative Paints revenue grew 9% in 2010 and Performance Coatings revenue increased 16%. The CEO outlined medium-term strategic goals including growing revenue to €20 billion and maintaining a 13-15% EBITDA margin.
Deutsche Börse AG held its annual press conference in 2014 to report on financial results for 2013 and discuss strategic plans. Key points:
- Net revenue was €1.9 billion and EBIT was €950 million, adjusted for one-time effects. The executive board proposes a dividend of €2.10 per share.
- While revenue was stable, investments in new growth areas lowered EBIT by 5%. Cost savings programs offset this.
- The company expanded market share in some areas and saw record volumes at Clearstream.
- Strategic focus remains on clearing OTC derivatives, collateral/liquidity management, and expanding in Asia through new partnerships and a Singapore clearing house.
- Deutsche
This document provides an overview of Commerzbank, a large German bank. It discusses Commerzbank's strategy to attract new private and business customers, especially through competitive current account offerings, and then retain and interact with customers over time through cross-selling additional products. The bank has been successful in gaining new current account customers above its market share through an organized new client process and systematic cross-selling approach in the first years of the customer relationship.
Angel Ron: Banco Popular Third Quarter 2012 Results CrisisBanco Popular
Banco Popular, the organization headed by Angel Ron, presents the results obtained in the third quarter of 2012.
According to the results, Banco Popular expects to finish the year keeping the line in terms of results obtained in these months.
Banco Popular also points at that althought the crisis is not over, we will keep reinforcing our
Provisions
This document is the annual report and audited financial statements for PensPlan SICAV Lux for the year ended 31
December 2014. It includes the board of directors' management report, which discusses the performance of each sub-
fund over the year and the factors influencing this performance. It also provides statements of net assets, operations and
changes in net assets, and investments for each sub-fund.
European CRE Loan & REO Sales Market Q4 2014Sion Owen
In 2014, a record €80.6 billion of European commercial real estate loans and real estate owned assets changed hands, over 2.5 times the volume in 2013. This was driven by increased investor interest and vendors accelerating the process of reducing debt on their balance sheets. Sixteen "mega-deals" over €1 billion each made up 62% of the total volume. Ireland and the UK continued to be the most active markets, together making up almost two-thirds of all sales by value, while Spain had a record year for transactions. Major European banks and asset management agencies were the largest vendors, with Ireland's NAMA and Spain's SAREB expected to play important ongoing roles.
In 2014, a record €80.6 billion of European commercial real estate loans and real estate owned assets changed hands, over 2.5 times the volume of 2013. This was driven by increased investor interest and vendors accelerating the process of reducing debt on their balance sheets. Sixteen "mega-deals" over €1 billion accounted for 62% of the annual volume. Ireland and the UK continued to be the most active markets, together making up almost two-thirds of total sales by value. However, Spain had a record year as well, with sales from asset management agencies like SAREB boosting activity. Major European banks also increased sales as part of their ongoing process of reducing non-core assets.
The document summarizes recent changes to innovation and industrial policy in the Netherlands. It discusses:
1) Organizational changes at the Dutch Ministry of Economic Affairs and a shift in financial approach, focusing on loans, risk capital, and tax incentives over subsidies.
2) A new focus on nine key economic sectors: water, food, horticulture, high tech, life sciences, chemistry, energy, logistics, and creative industry.
3) Developments in the Dutch venture capital market for early stage companies, including new funds and the impact of the seed capital scheme.
A slide presentation on causes, effects and solutions of childhood obesity.
Created for eng102 course.
This presentation deal with the problems of obesity in childhood and probable solutions of obesity.
The document discusses several topics related to economics including production, consumption, advertising, taxes, money, and banks. It notes that resources for production are limited and production requires capital, materials, human resources, and technology. Consumption is important as individuals and families, companies, and the state are all consumers. Advertising aims to create new needs in consumers. Taxes include direct taxes on income and properties and indirect taxes included in product prices like VAT. Money evolved from objects to coins to paper bills and digital payments. Banks play roles in saving, lending, and investing money.
Según Kant, la dignidad humana es el atributo de un ser racional que se da su propia ley. Los derechos humanos derivan de la dignidad humana y son indispensables para el desarrollo integral de la persona. La Constitución Mexicana establece que todas las autoridades deben promover, respetar, proteger y garantizar los derechos humanos de acuerdo a los principios de universalidad, interdependencia, indivisibilidad y progresividad.
Printer Ready Fall Comprehensive Catalog_2016-2017 LOW RES FINAL 8.2.16 croppedLouis Cohen
This document provides an overview and table of contents for Mason Crest's 2016-2017 school year catalog featuring 22 new series for young adult readers. Some of the new series cover topics like contemporary issues, global studies, STEM, sports, and health. The catalog describes each new series in 1-2 paragraphs and provides the series title, number of books, page count, and brief description. It also highlights key icons readers will find in the books to supplement the educational content.
Este documento presenta conceptos teóricos y aplicaciones prácticas sobre el diseño de cimentaciones. Explica los objetivos del curso, que incluyen formar una idea general sobre aspectos básicos de ingeniería geotécnica y conocer la importancia de la supervisión geotécnica. También resume los diferentes métodos de exploración de suelos, como pozos a cielo abierto, penetración estándar y perforación rotativa, y los pasos para realizar una exploración, que incluyen recolección de información, reconocimiento del
The document discusses the concept of shared value (SV), which distinguishes itself from traditional corporate social responsibility (CSR). SV proposes that companies can address social problems through business models that create economic and societal benefits. It argues that redefining a company's purpose around SV can help address diminished trust in business. There are three opportunities for companies to create shared value: through products/markets, value chains, and cluster development. The document contrasts SV and CSR, noting that SV is integral to profit maximization while CSR is discretionary. It also discusses criticisms of the shared value concept.
How Decision-Support Tools Cure the Prior Authorization Time DrainCognizant
A collaboration between Cognizant, the New England Healthcare Exchange Network and Informatics In Context is demonstrating how a real-time prior authorization (PA) system for medical and administrative processes saves time and money.
Organizational culture of Robi Axiata ltdNazmul Ahsan
Presentation on organization Culture of Robi Axiata Ltd
Created for management course (mgt201)
This presentation discusses about the definition of corporate culture, organization culture of Robi Axiata lts and the elements of culture of Robi Axiata Ltd
This document provides an overview of database performance tuning with a focus on SQL Server. It begins with background on the author and history of databases. It then covers topics like indices, queries, execution plans, transactions, locking, indexed views, partitioning, and hardware considerations. Examples are provided throughout to illustrate concepts. The goal is to present mostly vendor-independent concepts with a "SQL Server flavor".
- Benetton Group reported financial results for FY 2011 with revenues of €2.03 billion, a 1% decrease from FY 2010.
- Gross profit declined 6.9% to €882 million due to cost pressures and negative currency impacts. Operating expenses were reduced through cost cutting actions.
- Net income decreased 28.3% to €73 million, impacted by lower hedging gains compared to prior year and a lower tax rate.
- Emerging markets showed double digit revenue growth while traditional Western markets declined 4%. The wholesale channel was flat while direct sales declined slightly on a comparable basis.
This document discusses the corporate non-performing loan (NPL) market in Poland. There is currently a large gap in the corporate NPL market compared to the retail NPL market. The supply of corporate NPLs is expected to increase in the coming years due to consolidation in the banking sector and expansion of regional NPL players. The company discussed specializes in buying commercial debt and enforcing collections, particularly for corporate, real estate, and special situations portfolios. It has acquired several portfolios in recent years and expects to recover 200-300% of purchase prices. Competitors in the corporate NPL space are still developing necessary expertise compared to the company. Major potential corporate NPL sellers include several large Polish banks.
The document summarizes AkzoNobel's Q4 and full year 2010 results. Key highlights include 12% revenue growth in 2010 to €14.6 billion, with EBITDA up 16% to €1.96 billion. Revenue growth was driven by 6% volume increase and 6% price increases. Decorative Paints revenue grew 9% in 2010 and Performance Coatings revenue increased 16%. The CEO outlined medium-term strategic goals including growing revenue to €20 billion and maintaining a 13-15% EBITDA margin.
Deutsche Börse AG held its annual press conference in 2014 to report on financial results for 2013 and discuss strategic plans. Key points:
- Net revenue was €1.9 billion and EBIT was €950 million, adjusted for one-time effects. The executive board proposes a dividend of €2.10 per share.
- While revenue was stable, investments in new growth areas lowered EBIT by 5%. Cost savings programs offset this.
- The company expanded market share in some areas and saw record volumes at Clearstream.
- Strategic focus remains on clearing OTC derivatives, collateral/liquidity management, and expanding in Asia through new partnerships and a Singapore clearing house.
- Deutsche
This document provides an overview of Commerzbank, a large German bank. It discusses Commerzbank's strategy to attract new private and business customers, especially through competitive current account offerings, and then retain and interact with customers over time through cross-selling additional products. The bank has been successful in gaining new current account customers above its market share through an organized new client process and systematic cross-selling approach in the first years of the customer relationship.
Angel Ron: Banco Popular Third Quarter 2012 Results CrisisBanco Popular
Banco Popular, the organization headed by Angel Ron, presents the results obtained in the third quarter of 2012.
According to the results, Banco Popular expects to finish the year keeping the line in terms of results obtained in these months.
Banco Popular also points at that althought the crisis is not over, we will keep reinforcing our
Provisions
This document is the annual report and audited financial statements for PensPlan SICAV Lux for the year ended 31
December 2014. It includes the board of directors' management report, which discusses the performance of each sub-
fund over the year and the factors influencing this performance. It also provides statements of net assets, operations and
changes in net assets, and investments for each sub-fund.
European CRE Loan & REO Sales Market Q4 2014Sion Owen
In 2014, a record €80.6 billion of European commercial real estate loans and real estate owned assets changed hands, over 2.5 times the volume in 2013. This was driven by increased investor interest and vendors accelerating the process of reducing debt on their balance sheets. Sixteen "mega-deals" over €1 billion each made up 62% of the total volume. Ireland and the UK continued to be the most active markets, together making up almost two-thirds of all sales by value, while Spain had a record year for transactions. Major European banks and asset management agencies were the largest vendors, with Ireland's NAMA and Spain's SAREB expected to play important ongoing roles.
In 2014, a record €80.6 billion of European commercial real estate loans and real estate owned assets changed hands, over 2.5 times the volume of 2013. This was driven by increased investor interest and vendors accelerating the process of reducing debt on their balance sheets. Sixteen "mega-deals" over €1 billion accounted for 62% of the annual volume. Ireland and the UK continued to be the most active markets, together making up almost two-thirds of total sales by value. However, Spain had a record year as well, with sales from asset management agencies like SAREB boosting activity. Major European banks also increased sales as part of their ongoing process of reducing non-core assets.
The document summarizes recent changes to innovation and industrial policy in the Netherlands. It discusses:
1) Organizational changes at the Dutch Ministry of Economic Affairs and a shift in financial approach, focusing on loans, risk capital, and tax incentives over subsidies.
2) A new focus on nine key economic sectors: water, food, horticulture, high tech, life sciences, chemistry, energy, logistics, and creative industry.
3) Developments in the Dutch venture capital market for early stage companies, including new funds and the impact of the seed capital scheme.
A slide presentation on causes, effects and solutions of childhood obesity.
Created for eng102 course.
This presentation deal with the problems of obesity in childhood and probable solutions of obesity.
The document discusses several topics related to economics including production, consumption, advertising, taxes, money, and banks. It notes that resources for production are limited and production requires capital, materials, human resources, and technology. Consumption is important as individuals and families, companies, and the state are all consumers. Advertising aims to create new needs in consumers. Taxes include direct taxes on income and properties and indirect taxes included in product prices like VAT. Money evolved from objects to coins to paper bills and digital payments. Banks play roles in saving, lending, and investing money.
Según Kant, la dignidad humana es el atributo de un ser racional que se da su propia ley. Los derechos humanos derivan de la dignidad humana y son indispensables para el desarrollo integral de la persona. La Constitución Mexicana establece que todas las autoridades deben promover, respetar, proteger y garantizar los derechos humanos de acuerdo a los principios de universalidad, interdependencia, indivisibilidad y progresividad.
Printer Ready Fall Comprehensive Catalog_2016-2017 LOW RES FINAL 8.2.16 croppedLouis Cohen
This document provides an overview and table of contents for Mason Crest's 2016-2017 school year catalog featuring 22 new series for young adult readers. Some of the new series cover topics like contemporary issues, global studies, STEM, sports, and health. The catalog describes each new series in 1-2 paragraphs and provides the series title, number of books, page count, and brief description. It also highlights key icons readers will find in the books to supplement the educational content.
Este documento presenta conceptos teóricos y aplicaciones prácticas sobre el diseño de cimentaciones. Explica los objetivos del curso, que incluyen formar una idea general sobre aspectos básicos de ingeniería geotécnica y conocer la importancia de la supervisión geotécnica. También resume los diferentes métodos de exploración de suelos, como pozos a cielo abierto, penetración estándar y perforación rotativa, y los pasos para realizar una exploración, que incluyen recolección de información, reconocimiento del
The document discusses the concept of shared value (SV), which distinguishes itself from traditional corporate social responsibility (CSR). SV proposes that companies can address social problems through business models that create economic and societal benefits. It argues that redefining a company's purpose around SV can help address diminished trust in business. There are three opportunities for companies to create shared value: through products/markets, value chains, and cluster development. The document contrasts SV and CSR, noting that SV is integral to profit maximization while CSR is discretionary. It also discusses criticisms of the shared value concept.
How Decision-Support Tools Cure the Prior Authorization Time DrainCognizant
A collaboration between Cognizant, the New England Healthcare Exchange Network and Informatics In Context is demonstrating how a real-time prior authorization (PA) system for medical and administrative processes saves time and money.
Organizational culture of Robi Axiata ltdNazmul Ahsan
Presentation on organization Culture of Robi Axiata Ltd
Created for management course (mgt201)
This presentation discusses about the definition of corporate culture, organization culture of Robi Axiata lts and the elements of culture of Robi Axiata Ltd
This document provides an overview of database performance tuning with a focus on SQL Server. It begins with background on the author and history of databases. It then covers topics like indices, queries, execution plans, transactions, locking, indexed views, partitioning, and hardware considerations. Examples are provided throughout to illustrate concepts. The goal is to present mostly vendor-independent concepts with a "SQL Server flavor".
BNP Paribas CIB provides corporate banking, advisory and capital markets services to clients. It has a strong base in Europe and ambitions in Asia and North America. In 2012, BNP Paribas CIB adapted to structural changes in capital and liquidity requirements by reducing its risk-weighted assets and US dollar funding needs ahead of schedule. It also redesigned itself to remain sustainable, profitable, and focused on serving clients during a period of transformation.
BNP Paribas Corporate and Investment Banking (CIB) had a successful 2010, moving up to a top position in the industry thanks to its long-term client-centric strategy. CIB expanded its businesses in Europe and plans to become the largest bank for European corporates. It also has growth plans in other regions like North America, Latin America, the Middle East, Africa, and Asia, aiming to be a reference bank in Asia. CIB helped its clients manage challenges in 2010 through its ability to manage complexity and provide financial solutions.
Annual General Meeting José Antonio Álvarez speechBANCO SANTANDER
Grupo Santander reported a 39% increase in profits in 2014 to €5.8 billion, with strong growth across most business units. Looking ahead, Santander expects a continued gradual global economic recovery but also tougher regulatory requirements. The bank will focus on improving profitability further through initiatives like gaining market share, boosting customer loyalty, and maintaining strict cost control while investing in technology and commercial activities.
This document is Saxo Bank's 2009 annual report which summarizes their financial performance and strategic developments that year. The report indicates that while 2009 presented economic uncertainty, Saxo Bank was able to achieve satisfactory financial results including operating income of DKK 2.2 billion and net profit of DKK 201 million. It also details Saxo Bank's participation in the Danish state guarantee scheme, its continued restructuring efforts, and outlines its new strategic direction targeting four categories of clients.
Banks in the UK saw increased profits in 2014 but challenges remain. While pre-tax profits rose 62% to £20.6 billion, conduct costs were still high at £9.9 billion and return on equity remained below 8% for all banks. Banks continue to reshape their balance sheets to meet regulatory requirements by decreasing risk-weighted assets but this has reduced income and impacted profitability. Overall, UK lending fell 2% as banks maintained a low-risk appetite in a mixed economic environment.
The document provides information about the European Bank for Reconstruction and Development (EBRD), including what it is, its objectives, where it invests, the types of financing it provides, and examples of projects it has supported in Albania. Specifically, the EBRD is an international financial institution that owns 65 countries and promotes transition to market economies. It has invested over €86 billion in over 4,000 projects. In Albania, examples of EBRD projects include providing a €100 million credit line to the Albanian Deposit Insurance Agency, a €17 million loan to the Tirana East Gate shopping mall project, and a €10 million loan to the Hygeia Hospital Tirana project.
This document provides an update on water finance and green bonds. It discusses the growth of the green bond market over the past decade, with over $525 billion issued. It also summarizes that over $170 billion of green bonds have been issued for water-related projects. The document then analyzes recent bond issuances related to water finance, including a sustainability bond issued by the European Investment Bank. It concludes by discussing tools to measure the impact of bond portfolios.
This document summarizes an agenda for a private debt conference organized by Deloitte. The agenda includes:
1. An introduction by Alexandre Prost-Gargoz of Deloitte.
2. A presentation by Alexandre Prost-Gargoz on the evolution of the private debt industry in Luxembourg.
3. A fireside chat between Chris Connelly of ICG and Nick Tabone of Deloitte on the perspective of a general partner.
4. A presentation by Dr. Sebastian Bos of Deloitte on Luxembourg securitization companies and loan portfolio restructuring and refinancing.
5. Discussions on private debt tax considerations and
Rand Merchant Bank was the lead manager and bookrunner for MTN's debut US$ denominated Eurobond issuance. This was MTN's first international bond issuance. RMB was selected due to its strong track record in assisting South African companies access offshore markets. The transaction strengthened RMB's relationship with MTN and demonstrated RMB's growing reach into the rest of Africa as a leading debt capital markets bank. The document is an excerpt from the International Debt Capital Markets Handbook 2016 discussing RMB's role in MTN's bond issuance.
Ecobank delivered improved financial performance in 2010 compared to 2009. Total assets exceeded $10 billion for the first time, driven by a 22% increase in deposits. Revenues grew 3% to $900 million while costs were reduced by 1%. The bank focused on integrating and optimizing its pan-African operations across 33 countries. It opened new offices in Angola, Tanzania and Dubai while adding Zimbabwe and London in 2011. The Chairman notes progress but believes more improvement is needed to achieve the bank's goal of being a world-class pan-African bank.
- The document is a research report by Mediobanca Securities that recommends an "Outperform" rating for shares of Unicredit, an Italian bank, with a target price of €9.10 per share.
- The report cites Unicredit's restructuring efforts in Italy and upcoming restructuring in Germany and Austria as positioning it well to benefit from trends like ECB quantitative easing and Eurozone economic recovery.
- Normalization of loan loss provisions and net interest margin are expected to boost profits and return on equity by 6 percentage points according to the report's estimates.
The document provides an overview of the consumer credit market in Europe. It discusses key trends including the rise of large European consumer credit companies, the growth of debt consolidation loans, and increasing convergence in the consumer credit market driven by new technologies and actors. The top 5 European countries for consumer credit are the UK, Germany, France, Italy, and Spain, together representing 76% of the total European market.
THE BANKING CHALLENGES AND OPPORTUNITIES IN CENTRAL AND EASTERN EUROPE László Árvai
Robert Wright, CEO of Raiffeisen Bank Kosovo, discusses the banking challenges and opportunities in Central and Eastern Europe. He notes that while the "golden days" of high growth from 2003-2007 are over due to increased regulation and the aftermath of the financial crisis, there are still opportunities for banks. New regulations have reduced bank income and profitability, but banks can focus on cost reduction, changing their offerings to meet new customer demands like digital banking, and pursuing growth opportunities among affluent customers and the unbanked population. However, banks also face threats from new fintech entrants and will need to adapt to changing demographics and customer expectations to remain competitive.
Standard Chartered_credit risk management 140116Tricumen Ltd
Standard Chartered – credit risk management
The collapse of Standard Chartered’s ROE over the past three years was largely caused by rising impairment costs. In our view, the growth in impairments suggests that there are issues with the bank's risk management, rather than with the underlying business proposition.
The bank's current approach appears fragmented and lacks some of the dynamic techniques used to create a 'fortress balance sheet' of top-tier global universal banks.
The new senior management team appears well placed to effect such changes. The bank is undergoing a major strategic review, the focus of which is its local corporate and commercial banking franchise in key markets.
Investor Presentation Caixa Geral de Depósitos
- Long Term Commitment to the Portuguese Economy and Society
- Customer – Centered Business
- Support the Corporate Sector, Strong Focus on SME
- Promotion of Human Talent and Teamwork
- Highest Ethical Standards
- Innovation
- Social Responsibility and Global Sustainability
IBOR transition: Opportunities and challenges for the asset management industryEY
This document provides an agenda and overview of a webinar discussing the IBOR transition for the asset management industry. The webinar covers topics such as the progress of the transition, impact on asset managers and products, perspectives from European central banking working groups, and how firms are migrating. It introduces the speakers and their topics. In addition, it provides background on the drivers for IBOR reform, timeline of key milestones, and summaries of transition progress for different jurisdictions.
PIRAEUS BANK FINANCIAL INSTITUTIONS ASSESSMENT MODEL: 2016 RANKINGSIlias Lekkos
The aim of this study is to provide clarity and transparency as to the methodology developed by Piraeus Bank in order to assess the financial strength, balance sheet quality and capital adequacy of a large number of -mostly European- financial institutions.
The methodology developed allows shortlisting the “preferred” financial institutions and ranking them each year from “best” to “worst”.
Having created the shortlist, the findings can be further used for the following three purposes:
To select fixed income instruments issued by the shortlisted institutions to be included in Piraeus Bank’s fixed income investment strategy
To use this shortlist as a starting point for the equity selection process of the above financial institutions
And last but not least, to evaluate current and potential counterparties for the wholesale banking division
The majority of respondents expect the following:
1) The EU economy will experience low growth in the next two years, with amend & extend and debt buybacks being the most prevalent forms of debt renegotiation.
2) The volume of European restructurings will peak in the second half of 2015 or first half of 2016.
3) Between 10-20% of sub-investment grade companies will face debt restructurings in 2015, marking an increase over 2014.
4) Most debt restructurings will originate from Southern Europe, particularly Italy and Spain.
2016 Annual General Meeting of Shareholders Aegon N.V.Aegon
Shareholders are invited to attend the 2016 Annual General Meeting of Shareholders (AGM) of Aegon N.V. on Friday May 20, 2016 at 10.00 a.m. at Aegon's head office in The Hague, the Netherlands.
2.[13 22]bank capitalization and economic crisis--what lessons can nigeria learnAlexander Decker
This document discusses bank capitalization in Nigeria and lessons that can be learned from economic crises. It begins by reviewing how bank capitalization standards have steadily increased in Nigeria since the 1950s in response to economic conditions. It then discusses the global financial crisis of 2008 and how it exposed weaknesses in bank capitalization internationally. Nigeria increased its bank minimum capital requirement to N25 billion in 2005 in an effort to strengthen the banking system, though some banks have since shown signs of weakness. The objective of the study is to assess capitalization in Nigerian banks and their ability to withstand financial crises at home or abroad.
2.[13 22]bank capitalization and economic crisis--what lessons can nigeria learn
2011 CIB BNPP Annual report
1. 66
CORPORATE
&INVESTMENT
BANKING
2011 was the year of momentous change for
the banking industry as a whole
and for corporate and investment banks
in particular. The fallout from the 2008
financial shock, stricter regulatory
constraints, the European sovereign debt
crisis and the political consequences for
the eurozone, and of course the economic
slowdown in the world’s developed
economies, all have left an indelible mark.
The result has been profound structural
changes especially in terms of capital and
liquidity, the basic raw materials for the
banking world.
BNP Paribas Corporate and Investment Banking (BNP Paribas CIB) had already
begun adapting to this new environment by monitoring both its capital
and liquidity requirements ahead of its competitors. The events of 2011
accelerated BNP Paribas CIB’s process of reducing its US dollar funding needs
and its risk-weighted assets and BNP Paribas CIB is well on target to reach
these goals by the end of 2012.
Faced with such important structural changes, BNP Paribas CIB is adapting
its business-model so that it can continue to maximise value creation both
for its clients and for the Group. For instance, with increased capital buffers
and regulatory constraints on liquidity, disintermediation will play a larger
role in the financial markets going forward. BNP Paribas CIB is well-positioned
to leverage its strong European investment banking franchise and world-wide
distribution platform to help clients seize opportunities in these changing,
disintermediated markets. BNP Paribas CIB will continue to focus on those
important growth markets such as Asia-Pacific where macro-economic
perspectives are strong and that have strategic importance for its European
clientele. BNP Paribas CIB will capitalise on its global flow banking platform
to bring to its clients around the world the services they need.
Over the years, BNP Paribas CIB has built its success on its client-centric
business model, combining a competitive capital markets franchise with
a strong financing platform in selected areas of expertise. At this critical
juncture, BNP Paribas CIB will adapt its business model to remain sustainable
and competitive in the new banking environment where it can continue
to serve clients and meet their needs.
BNP Paribas, Mumbaï
3. 68
CORPORATE & INVESTMENT BANKING / STRUCTURED FINANCE
STRUCTUREDFINANCE
The key challenges in 2011 for clients seeking financing from their banking partners,
especially in the latter half of the year, were linked to the liquidity and capital constraints
imposed by the regulatory authorities. In 2011, liquidity was clearly key for the Structured
Finance (SF) activities of BNP Paribas CIB and SF’s goal was to optimise its liquidity
resources while meeting the demands of its clients.
During the first half of 2011, SF clients were active in most sectors and regions and
SF accompanied them with financing solutions to achieve their diverse business
objectives. Multi-national clients throughout the year looked for a banking partner that
could accompany them around the world with a full-fledged transaction banking offer,
and SF accordingly continued to expand its geographic footprint and service offering
to meet this client demand.
Several landmark deals highlight SF’s ability to respond to these objectives:
109 MW Shams One Concentrated Solar Power (CSP) plant project: Financial Adviser,
Mandated Lead Arranger (MLA), Hedging and Account Bank to the Government of Abu
Dhabi to select a private developer and operator as well as to raise long-term non-
recourse senior debt, MLA, Offshore Account Bank, Offshore Security Agent and Hedging
Bank. A milestone in Abu Dhabi’s 2020 target to reach 7% renewable energy production
with the construction and operation of the world’s largest CSP plant.
Nord Stream Phase 2 project: MLA and Hedge Coordinator for the EUR 2.5 billion project
financing of a second 1,220 km gas pipeline linking Russia to Germany. Nord Stream
is a key milestone in the energy partnership between the European Union and Russia.
Metalloinvest: Coordinator, initial MLA and Bookrunner in the USD 3.1 billion project
financing, the largest syndication in Russia’s metals & mining industry. This deal
Global Trade Review.
Kuwait Petroleum International (KPI): Sole Bank for the pan-European cash
management and trade finance business across 19 countries in Europe. KPI chose
BNP Paribas for its ability to accompany KPI thanks to its unique pan-European
coverage, worldwide energy and commodities presence and its leadership position
in cash management and trade finance.
VimpelCom: Physical Bookrunner, MLA and Rating Advisor in the USD 6.5 billion
one of the world’s largest international telecom operators.
BNP Paribas, Paris
4. 69BNPPARIBAS- 2011 ANNUAL REPORT
BNP Paribas, New York BNP Paribas, Bahrain
Liquidity issues were exacerbated during the summer. In this period of uncertainty
and in light of the Group’s announced deleveraging plan, SF strictly managed its assets
and continued the efforts it had already begun to respond to the regulatory and market
constraints while of course bringing its expertise to clients. The following deals highlight
SF’s firm client commitment:
RusVinyl: MLA, ECA-Coordinating Bank, Intercreditor, Security and Coface Agent for
the EUR 750 million credit facilities including a EUR 450 million Coface & ONCC-covered
Global Trade Review.
Telenet: Sole Bookrunner of Telenet’s EUR 1.23 billion Reprice & Extend process
as well as its EUR 158 million revolving credit facility extension, thereby reducing
Telenet’s cost of funds, extending the average maturity profile of its debt, and providing
additional cash flow flexibility at attractive market conditions.
Thai Airways: MLA, Facility Agent and Security Trustee for the estimated
EUR 61.2 million lease financing for an Airbus A330-300.
Alstom China: Sole cash management gateway solution provider to interface Alstom’s
treasury system with its local banks. The solution won the Hui Chuan Award for
EuroFinance and Treasury Today.
Purple Chen 2011 LLC: Sole Bookrunner & Structuring Agent for the USD 135 million,
2.735% secured notes issued by Purple Chen, a lessor set up within an aircraft financing
structure for Air China; the proceeds of which re-financed a loan for the purchase
of a Boeing 777-300ER aircraft, secured by the aircraft and benefiting from a guarantee
from US Ex-Im covering 100% of the principal and interest. This transaction
The Asset
by Asiamoney.
5. 70
CORPORATEANDTRANSACTION
BANKINGEUROPE
In 2011, large and mid-sized corporate clients were confronted with a more challenging
economic and regulatory environment. Throughout the year, they have proactively
secured their bank funding by refinancing their main credit lines, anticipating a price
increase due to this context.
The uncertainty regarding the economic evolution in Europe has made some corporate
clients delay their strategic investment plans, reduce their exposure and keep their cash
in reserve. 2011 was the beginning of a fundamental shift towards alternative sources
of financing. A significant number of large and mid-cap CTBE clients called on BNP Paribas’
expertise in bond issues to respond to this shift such as:
Nitrogénmüvek, for the first private placement in Hungary;
Thames Water, Lead Arranger for a euro inflation-linked private placement;
EWE, a German energy company, for a nine year maturity bond.
BNP Paribas continued to significantly invest in flow banking to meet client demand.
In cash management, the product offer was broadened in many European countries,
and clients such as Kuwait Petroleum International, Novartis and Biomet selected
BNP Paribas to set up pan-European pooling structures to manage their liquidity.
Despite the turmoil in the global economy, BNP Paribas consolidated its leading position
in trade solutions for its clients’ import and export needs and continued to help clients
hedge their foreign exchange and interest rate risks. While clients opt more frequently
for open account trades, BNP Paribas can provide them with a unique offer for Supply
Chain Management. Mid and large cap clients, such as Preparados Alimenticios SA
in Spain and Voith in Germany, have signed such agreements with BNP Paribas.
Having a solid financial partner seamlessly serving them all over Europe is clearly
a priority for international clients. The 1,500 newly onboarded European subsidiaries
of existing clients are proof of BNP Paribas’ ability to meet this priority.
CORPORATE & INVESTMENT BANKING / CORPORATE AND TRANSACTION BANKING EUROPE
One Bank for Corporates in Europe campaign
16.04.2012 11:45 PDF_QUADRI_300dpi_txvecto
16.04.2012 11:36
PDF_QUADRI_300dpi_txvecto
16.04.2012 11:36 PDF_QUADRI_300dpi_txvecto
6. 71BNPPARIBAS- 2011 ANNUAL REPORT
BNP Paribas, São Paulo
CORPORATEFINANCE
Conditions were ripe in the first half of 2011 for companies to initiate transformation
strategies or to seize important growth opportunities, leading the M&A markets to
a significant rebound (up 44% compared with the first half of 2010), particularly strong
in Europe (+47% year on year) and in the Americas (+46% year on year). However,
the M&A market has been experiencing a significant slowdown since the beginning
of the third quarter, in line with the downward global economic trend. In this uncertain
economic environment, BNP Paribas continued to stand by its clients, accompanying
them in several landmark deals and providing them with a global solution including
financing (through CIB’s corporate acquisition finance capabilities) and advisory services.
For CIB’s European clients, this includes the following deals, be they in or beyond Europe:
advisor to Carrefour in the spin off of Dia, global coordinator of the IPO, bookrunner
and coordinator of the syndicated loan facility to Dia;
advisor to Lafarge in the sale of its European and South American gypsum operations
to , and bookrunner, underwriter and facility agent of the facility to Etex;
advisor to Vodafone in the sale of its 44% stake in SFR to Vivendi;
advisor to Rhodia in Solvay’s friendly cash offer for 100% of the share capital of Rhodia;
advisor to Scor in the acquisition of Transamerica Re;
advisor to GDF Suez for the sale of a 30% shareholding in its Exploration and
Production division to China Investment Corp. ;
advisor to Tauron Polska Energia SA (Poland) for the acquisition of Górnoslaski Zaklad
Elektroenergetyczny SA. (Poland) from Vattenfall AB (Sweden);
advisor to Cepsa (Spain) in the context of an offer by IPIC (Abu Dhabi) to acquire the
remaining shares up to 100% of Cepsa share capital;
advisor to Iberdrola in the context of the acquisition by Qatar Holding of a stake
in Iberdrola share capital.
Worth noting is the North and South American teams’ ability to advise and accompany
their clients for their expansion in Europe:
advisor to OM Group (United States) in the acquisition of Vacuumschmelze GmbH
(Germany);
advisor to Sigdo Koppers (Chile) in the acquisition of (Belgium).
7. 72
BNP Paribas, London
In ECM, companies took advantage of a favorable window on the markets, especially
during the second quarter (+31% year on year in the first semester in Europe,
+21% in Asia) to tap the equity markets through IPOs, rights issues or equity linked issues.
Conditions were far more adverse in the second half of the year, with markets being
hit by the sovereign debt crisis and its consequences, especially in Europe. However,
BNP Paribas CIB was able to help many clients go successfully through these transactions,
overcoming challenging market conditions in some cases.
Examples include in Europe: Bankia’s EUR 3.1 billion IPO, Unione di Banche Italiane’s
EUR 1 billion rights issue, Porsche SE’s EUR 5 billion rights issue and several convertible
bonds issues such as Ingenico (EUR 250 million), CGG Veritas (EUR 360 million), Steinhoff
International (EUR 468 million) and Celesio (EUR 350 million).
In Asia, BNP Paribas CIB accompanied several clients in their IPOs on the Hong Kong
market, including the large transactions of Sun Art Retail
by AsiaMoney as well as by FinanceAsia, China Hongqiao, MGM China Holdings,
the double listing of Glencore (Hong Kong and London) and, at the very end of the year,
New China Life Insurance.
Thanks to BNP Paribas CIB’s growing franchise on the Asian equity markets, the Bank
was able to help Group Radiant Opto-Electronics in Taiwan tap the equity-linked market,
through a USD 100 million convertible bond issue.
CORPORATE & INVESTMENT BANKING / CORPORATE FINANCE
8. 73BNPPARIBAS- 2011 ANNUAL REPORT
BNP Paribas, Frankfurt BNP Paribas, Madrid
GLOBALEQUITIES&COMMODITYDERIVATIVES
In a year of momentous change for the entire industry, BNP Paribas CIB’s Global Equities
& Commodity Derivatives business (GECD) continued to adapt itself to new regulatory
environments and market movements, providing a wide range of flexible and risk
mitigating solutions, catering for the multiple needs of its broad clientele.
With regulators insisting on the structuring of simple products for individual investors,
GECD grew its electronic listed derivatives offer in 2011, covering a large spectrum
of asset classes via various exchanges. Against the backdrop of falling equity markets
and an uncertain economic environment, the business also continued to provide
a range of capital protected products. These products helped safeguard individual clients’
investments against market losses, and were distributed through large banking networks
and insurance companies. GECD’s products have served to provide solutions to some
of the questions posed by today’s economy. For example, a big issue facing clients in the
pension fund and insurance industries has been how to increase savings for the future
in light of reduced public pensions and the subsequent need for additional retirement
income. GECD moved to address this issue by creating a dedicated and individualised
offer for pension funds to deliver to their customers interested in building and protecting
their savings in the long term.
Institutional investors including insurance companies and asset managers also continued
to turn to GECD in 2011. Owing to new industry regulations, insurers have been required
to hold increasingly important amounts of regulatory capital. In response, GECD designed
solutions allowing insurers to continue investing in equities while respecting the capital
requirements dictated by the regulations.
To help better anticipate the global needs of institutional clients, GECD’s Prime Brokerage
business achieved the first phase of its global roll-out project in 2011, providing clients
with a global approach to financing, execution and servicing. This milestone has enabled
the Bank to clear and custody assets in nearly every market as well as offer margin
financing in 31 markets and in 13 currencies.
9. 74
BNP Paribas, New York
In 2011, institutional clients continued to search for opportunities to invest in developing
economies. By increasing its foothold in emerging markets, GECD provided solutions
for foreign clients seeking exposure to investments in these countries and also to local
investors seeking GECD’s extensive international capabilities. A notable milestone
in this area was the acquisition of a majority stake in Cadiz Securities, a leader
in equity derivatives brokerage and research in South Africa.
Corporates also remained central to GECD’s priorities in 2011, with the business
instrumental in helping them achieve their financing and hedging needs. Clients
in the commodities sector, driven by a need to hedge and faced with a limited number
of players in the field welcomed GECD’s expertise in commodity risk exposure mitigation,
Commodities Now Magazine. These same clients benefited from execution
and clearing services, integrated within the business’ global Commodity Derivatives
offering, benefiting clients in terms of reduced counterparty risk, price transparency
and consolidated credit exposures.
CORPORATE & INVESTMENT BANKING /
WE LISTENED, WE ADVISED, WE DELIVERED.
SOLUTIONS FOR YOU IN A VOLATILE WORLD
cib.bnpparibas.com
This advertisement is for informational purposes. It is not intended as an offer for the purchase or sale of any financial instrument, investment product or
service. BNP Paribas is incorporated as a société anonyme in France with registered office at 16 boulevard des Italiens, 75009 Paris, France. BNP Paribas
is, in particular, licensed as a bank in France and is regulated by the French Prudential Control Authority and the French Financial Markets Authority.
US$4 billion
Joint Bookrunner
October 2011
European Union
€5 billion
Joint Bookrunner
September 2011
US$1.5 billion
First open-ended US-based
capital protection mutual fund
with daily liquidity
May 2011
€5 billion
Rights Issue
Joint Bookrunner
May 2011
€3.1 billion
Initial Public Offering
Joint Bookrunner
July 2011
Republic of Hungary
US$3.75 billion
Dual Tranche
Joint Bookrunner
March 2011
Cash management bank to
interface Alstom’s treasury system
with its local banks
Sole Bank
September 2011
€7.95 billion
Advisor to Vodafone
in the sale of its 44% stake
in SFR to Vivendi
April 2011
€2.378 billion
Spin off of Dia by Carrefour
Financial Advisor & Global Coordinator
July 2011
€1.3 billion
Acquisition of Lafarge European
and Latam Gypsum activities
Bookrunner,
Underwriter & Facility Agent
August 2011
€1.05 billion
Syndicated facility implemented
in the context of the demerger
from Carrefour
Bookrunner & Coordinator
June 2011
£4.5 billion
Index-linked
Joint Bookrunner
October 2011
US$2.2 billion
Three Tranche
Joint Bookrunner
June 2011
€2.25 billion
Dual Tranche
Joint Bookrunner
October 2011
€61.2 million (estimated)
Lease Financing for 1 Airbus A330-300
Mandated Lead Arranger,
Facility Agent & Security Trustee
September 2011 (Mandated)
US$1.25 billion
Joint Bookrunner
October 2011
10. 75BNPPARIBAS- 2011 ANNUAL REPORT
BNP Paribas, Hong Kong
FIXEDINCOME
With a stuttering macroeconomic environment and the world’s eyes focused on
the eurozone’s sovereign difficulties, 2011 has undoubtedly been a challenging year
for global fixed income markets. Despite this most unpromising of backdrops, issuers
have increasingly sought BNP Paribas CIB’s Fixed Income advisory and execution
capabilities as they have looked to optimise their investment, funding and liability
management decisions.
As well as considering BNP Paribas a natural partner for their euro-currency funding
needs–where the Bank ranked 1st for the third consecutive year in 2011–prominent
global borrowers have increasingly come to seek BNP Paribas’ capabilities for the full
breadth of their funding needs, whether in USD, CHF, GBP or JPY. As a result, BNP Paribas’
market share has jumped to 4th globally in 2011 from 9th the previous year (Thomson
Reuters). In what has been a highly uncertain market environment, borrowers from across
the developed and, increasingly, growth market worlds have looked to banks that offer
a full menu of currency and product funding options.
The World Bank, the US agencies Fannie Mae, Freddie Mac and FHLB and
the UK Debt Management Office (DMO) are among the borrowers that mandated
BNP Paribas for the first time with their benchmark bonds. Repeat issues–including
the world’s longest-dated sovereign inflation-linked bond for DMO (GBP 4.5 billion
long 50 year)–are a testament to the Bank’s increasing profile. In the growth markets
arena, prestigious issuers such as also mandated BNP Paribas on a USD
for the first time (USD 1.25 billion), while Banco do Brasil worked closely with
the Bank to launch the first Latin American EUR deal of the year in January,
as well as on its subsequent USD 1.5 billion Tier II issue in May.
11. 76
BNP Paribas, Mumbaï
In the Asia-Pacific, and BMW (private placement) all partnered with
BNP Paribas for their debut Dim Sum (CNH) funding exercises, while Posco,
one of the world’s largest steel producers, executed a JPY 41.4 billion Samurai.
Deals from Indian Oil Corporation (USD 500 million), Kingdom of Bahrain
(USD 750 million sukuk), the Republic of Hungary (USD 3.75 billion) and a score
of Russian corporates (e.g. VimpelCom, Novatek) highlight the importance borrowers
have attached to the depth and breadth of the Bank’s reach. Meanwhile,
benchmark transactions from the likes of Walt Disney, PepsiCo, Ford Motor Credit, IBM,
and Hewlett-Packard, as well as from Enel, Sanofi-Aventis and Volkswagen, further
illustrate the expanding global footprint of BNP Paribas’ corporate franchise.
And in the financial institutions world, both Crédit Suisse and HSBC trusted
BNP Paribas’ expertise for their inaugural USD covered bonds. In every case,
issuers have sought good advice as well as timing and execution in a volatile
market–and BNP Paribas played a key role.
Political decisions will undoubtedly continue to shape sentiment for 2012.
Disintermediation in Europe will direct many companies to the bond markets
rather than bank balance sheets, with diversification welcomed by the investment
community. For all participants–whether borrower, investor or underwriter–
understanding the impact of the new regulatory environment will be critical
and its relevance to all practitioners will shape the landscape ahead.
CORPORATE & INVESTMENT BANKING / FIXED INCOME