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UKTI-ESIB 19/5 - how to access intnal. capital through London's public markets

An investment bank discusses how companies can access international capital through London's public markets. It examines factors to consider when choosing a financial market such as an issuer's characteristics, regulatory requirements, and international indexes. The document also provides two case studies, Telefonica and Mota-Engil Africa, and discusses London's capital markets and the benefits they provide to companies seeking international investment.

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FIT FOR A NEW ERA Monday 19 May 2014 – British Embassy HOW TO ACCESS INTERNATIONAL CAPITAL THROUGH LONDON’S PUBLIC MARKETS - An investment bank’s perspective - Damián Rubianes Head of Capital Markets Spain
1. How to access international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa Table of contents FIT FOR A NEW ERA
3 Table of contents 1. How to access international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa FIT FOR A NEW ERA
Banco Espírito Santo / Espírito Santo Investment Bank International presence: Where we are Mumbai Macao Hong Kong ShanghaiTripoli Algiers Cape Verde Lisbon Dublin London Warsaw Lausanne Paris Milan Cologne MadridToronto New York Newark Miami Nassau Caracas Rio de Janeiro Sao Paulo Maputo Johannesburg Luanda Where we list our clients’ securities 4 NY London Hong Kong Europe LatAm India Africa Hubs Local Platforms Equity securities Debt securities
Which market? (i/iii) 5 Standard factors to consider when choosing a financial market to list a security Issuer’s characteristics Regulatory requirements • Nationality • Geographic footprint • Local market development/characteristics • Information required/Operating history • Size (Market cap, income, revenue, profits, working capital, etc.) • Accounting standards • Financial reporting requirements • Flexibility/Time line • Regulatory environment • Corporate governance • Working capital • Free float • Lock-up • Listing and annual fees
Which market? (ii/iii) 6 International Indexes FX Rates Nov-13 BPS S 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.10 1.20 1.30 1.40 1.50 1.60 Jan-10 Dec-11 Nov-13 €/£ €/$ €/$: 1.38€ €/£: 0.84€ 1,000 1,200 1,400 1,600 1,800 2,000 v-13 d SD/bbl. 60 75 90 105 120 135 150 165 180 195 Jan-10 Dec-11 Nov-13 S&P 500: 1,806 BPS DJ Ind. Avg.: 16,000 BPS NASDAQ: 4,063 BPS NIKKEI 225: 15,611 BPS HK Hang Seng: 23,744 BPS BOVESPA: 51,043 BPS BPS Markets momentum Liquidity (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) Avg. Vol. 461 401 427 370 Avg. Vol. 578 501 547 479 Avg. Vo Change -3% 4% 3% 21% Change -3% 4% 3% 23% Change IB EX 3 5 IN D EX SPA IN M A M A D R ID IN D EX FTSE 10 0 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) Avg. Vol. 581 555 590 556 Avg. Vol. 776 699 658 708 Avg. Vo Change -1% -1% -1% 30% Change -2% 4% 1% 18% Change Ibex 35 Bolsa de Madrid S&P 500 Euro Stoxx 50 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 500 1,000 1,500 2,000 2,500 3,000 Jan-10 S 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Jan-1 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 Avg. Vol. 461 401 427 370 Avg. Vol. 578 501 547 479 Avg. Vol. 823 862 817 663 Change -3% 4% 3% 21% Change -3% 4% 3% 23% Change 0% 1% -3% 14% IB EX 3 5 IN D EX SPA IN M A M A D R ID IN D EX FTSE 10 0 IN D EX (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 Avg. Vol. 581 555 590 556 Avg. Vol. 776 699 658 708 Avg. Vol. 6,061 6,133 5,859 5,934 Change -1% -1% -1% 30% Change -2% 4% 1% 18% Change -1% 0% -1% 24% Ibex 35 Bolsa de Madrid FTSE 100 S&P 500 Euro Stoxx 50 MSCI World 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 0 500 1,000 1,500 2,000 2,500 3,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS An investment bank’s perspective International indexes Stocks liquidity Midswap IRS rate curve Credit Default Swap Index Sovereign Debt Yields - 10 yrs BondsSovereign Spread over Bund US MS 1yr 0.27 US MS 3yr 0.70 US MS 5yr 1.53 US MS 7yr 2.22 US MS 10yr 2.85 US MS 20yr 3.58 US MS 30yr 3.73 EUR MS 1yr 0.40 EUR MS 3yr 0.67 EUR MS 5yr 1.15 EUR MS 7yr 1.58 EUR MS 10yr 2.07 EUR MS 20yr 2.66 EUR MS 30yr 2.68 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1yr 5yr 9yr 13yr 17yr 21yr 25yr 29yr %% 0 150 300 450 600 750 900 1,050 Jan-10 Dec-11 Nov-13 iTraxx EUROPE (IG): 78 BPS iTraxx HIVOL (Non-Finl): 118 BPS iTraxx XOVER (HY): 317 BPS BPS 0 100 200 300 400 500 600 700 J MacroMarket volatility Risk aversion Spanish Indexes European Indexes International Indexes Volatility Indexes Commodities Prices FX Rates 0% 10% 20% 30% 40% 50% 60% Jan-11 Jan-12 Jan-13 Jan-14 VIX (CBOE Volatility): 16.70% VSTOXX (DJ EuroStoxx Volatility): 18.50% % 40 60 80 100 120 140 160 Jan-11 Jan-12 Jan-13 Jan-14 IBEX 35: 10,188 BPS IBEX Small Cap: 6,268 BPS IBEX Medium Cap: 14,386 BPS BPS 40 55 70 85 100 115 130 145 Jan-11 Jan-12 Jan-13 Jan-14 EuroStoxx 50: 3,089 BPS FTSE 100: 6,584 BPS DAX: 9,339 BPS CAC 40: 4,385 BPS PSI 20: 7,311 BPS BPS 0.70 0.72 0.74 0.76 0.78 0.80 0.82 0.84 0.86 0.88 0.90 0.92 1.00 1.10 1.20 1.30 1.40 1.50 1.60 Jan-11 Jan-12 Jan-13 Jan-14 €/£ €/$ €/$: 1.38€ €/£: 0.83€ 0 20 40 60 80 100 120 140 1,000 1,200 1,400 1,600 1,800 2,000 Jan-11 Jan-12 Jan-13 Jan-14 Gold Gold: 1,326 USD/t oz. Brent Crude Oil: 109 USD/bbl. Brent Crude 60 75 90 105 120 135 150 165 180 Jan-11 Jan-12 Jan-13 Jan-14 S&P 500: 1,829 BPS DJ Ind. Avg.: 16,126 BPS NASDAQ: 4,012 BPS NIKKEI 225: 13,910 BPS HK Hang Seng: 23,039 BPS BOVESPA: 51,428 BPS BPS Midswap IRS rate curve Markit iTraxx Europe Financial Sector 5YrCredit Default Swap Index Sovereign Risk - 5 yrs CDSSovereign Debt Yields - 10 yrs BondsSovereign Spread over Bund 0 1 2 3 4 5 6 7 8 9 Jan-11 Jan-12 Jan-13 Jan-14 Germany: 1.5% United Kingdom: 2.6% Spain: 3.1% France: 2.0% Italy: 2.6% % 0 100 200 300 400 500 600 700 Jan-11 Jan-12 Jan-13 Jan-14 Spain: #N/A N/A BPS United Kingdom: #N/A N/A BPS Germany: #N/A N/A BPS BPS US MS 1yr 0.26 US MS 3yr 0.92 US MS 5yr 1.70 US MS 7yr 2.24 US MS 10yr 2.74 US MS 20yr 3.34 US MS 30yr 3.45 EUR MS 1yr 0.41 EUR MS 3yr 0.58 EUR MS 5yr 0.93 EUR MS 7yr 1.30 EUR MS 10yr 1.75 EUR MS 20yr 2.37 EUR MS 30yr 2.44 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1yr 5yr 9yr 13yr 17yr 21yr 25yr 29yr %% 0 150 300 450 600 750 900 1,050 Jan-11 Jan-12 Jan-13 Jan-14 iTraxx EUROPE (IG): 72 BPS iTraxx HIVOL (Non-Finl): 140 BPS iTraxx XOVER (HY): 283 BPS BPS 0 100 200 300 400 500 600 700 Jan-11 Jan-12 Jan-13 Jan-14 iTraxx Financial Snr. : 81 BPS iTraxx Financial Sub.: 121 BPS Finan. BPS Sovg. BPS 0 100 200 300 400 500 600 700 Jan-11 Jan-12 Jan-13 Jan-14 Spain: 161.2 BPS United Kingdom: 111.1 BPS Italy: 164.7 BPS France: 48.8 BPS BPS Vix Vstoxx Soverane spread yields iTraxx indexes Indexes volumes Volume Data: Bloomberg; Analysis: Espírito Santo Investment Bank, Capital Markets
Which market? (iii/iii) 7 Investors IndexesTraders/Brokers ResearchPeers Associated Costs An investment bank’s perspective
London’s capital markets 8 • One of the world’s largest financial markets • The world’s most international exchange • LSE gives investors access to companies from almost every sector and size • LSE gives companies access to a deep pool of international capital • High standards give investors confidence and increase companies profile • Broad scope of financial and trading services offering • Broad range of securities Espírito Santo Investment Bank is a Broker on the Main Market of the London Stock Exchange, an approved Nominated Adviser (NOMAD) and a Broker on AIM.
9 Table of contents 1. How to access international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa FIT FOR A NEW ERA
Telefónica’s business and capital markets profile Spain 23% Europe 24% LatAm 51% Other 2% Equity Securities 48% Debt Securities 38% Other Financial Liabilities 15% LONDON 54% NEW YORK 24% FRANKFURT 6% AIAF 1% RoW 15% EUR 51% USD 31% GBP 10% Other FX 7% Geographical footprint Revenues breakdown Financing capital breakdown Debt breakdown by Market and FX 10 Source: Company information, 2013
Telefónica’s credit and capital markets approach Financial policy Balanced approach to the credit markets Alternating capital markets access • Organic growth • M&A opportunities • Short term needs • Shareholder remuneration • Solvency • Flexibility • Liquidity • Debt maturity profile Centered in cash-flow allocation: Limited and balanced by: • Syndicated loans • Bilateral loans • Acquisition loans • Undrawn credit lines Banks support: • €uro • U$D • £ Pound Major currencies: 11 Source: Company information, 2013
Equity Securities Primary Exchange Other Exchanges Debt Securities Primary Exchange Other Exchanges Bonds Commercial paper Telefónica’s financial markets approach 12 Source: Company information, 2013
13 Table of contents 1. How to access international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa FIT FOR A NEW ERA
Significant amount of African companies listed in LSE’s different markets Overview of the business Mota-Engil Africa • Mota-Engil Africa BV is a spin off with all African business of parent company • It is headquartered in Holland • Revenues over EUR 1bn in 2013 • Mota-Engil plans to list a minority stake of its subsidiary on the London Stock Exchange • Civil construction and public works activities in South Africa, Angola, Cape Verde, Malawi, Mauritius, Mozambique, Zimbabwe and S. Tomé and Príncipe • Actively pursuing new market opportunities in Uganda, Kenya, Tanzania, Rwanda, Cameroon and Namibia • Mota-Engil is a listed Portuguese construction company • Revenues of EUR 2.3bn in 2013 • International revenues stand at 74% of total • Africa and America saw 35% growth in revenue 14 Source: Company information, 2013
Significant number of African companies trading on LSE Number of African companies listed in LSE Some African peers listed in LSE • Some 20 African companies with equity listings on the Main Premium Market • Some 10 African companies listed on the Main Standard Market • Some 70 African companies quoted on AIM 15 Source: LSE, 2013
Why we recommended a listing on LSE Key aspects Transaction rationale • LSE is more reflective of M-E Africa’s international operations in 10+ countries and the company’s diversified revenue streams • Majority of M-E Africa’s potential shareholders are international • Avoid jeopardizing with parent company Listing location reflective of M-E Africa international profile Unlocking M-E Africa future potential Improve liquidity and access to capital markets 16 • LSE is largest and most liquid equity market in Europe • LSE has largest number of international listed companies • Most comprehensive set of listed African companies provides valuation benchmark for M-E Africa • Transaction improves the M-E Africa’s access to the international equity and debt capital markets • LSE listing increases flexibility in raising new funds at competitive terms to support future growth • LSE will provide better liquidity on the stock due to enhanced investor and analysts’ following • Potential inclusion in indexes may attract significant amount of passive tracking demand
Disclaimer This presentation has been written by Banco Espírito Santo de Investimento, S.A. Sucursal en España (“Espírito Santo Investment Bank”) exclusively for the conference/seminar named on the cover page. The presentation is proprietary to Espírito Santo Investment Bank and may not be disclosed to or referred to by any third party or distributed, reproduced or used for any other purpose without the prior written consent of Espírito Santo Investment Bank. Espírito Santo Investment Bank is not and shall not be obliged to update or correct any information set out in this presentation or to provide any additional information. It does not constitute an offer or invitation for the sale, purchase, exchange or transfer of any securities or any recommendation to enter into the Transaction, and is not intended to form the basis of any investment decision. The content of this presentation reflects prevailing conditions and our views as at this date. It represents our initial views and we reserve the right (but shall not be obliged) to revise, update or replace. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise reviewed by us. We accept no responsibility or liability for (and no representation, warranty or assurance of any kind, express or implied, is or will be made as to or in relation to) the accuracy or completeness of such information. In addition, our analyses are not and do not purport to be an appraisal assets or businesses of any company. In addition, this presentation and our analyses set out herein are not and do not purport to be an appraisal or valuation of any of the securities, assets, stock or business of any company. For any queries regarding this presentation, please contact: DAMIÁN RUBIANES Executive Director, Head of Capital Markets Spain: drubianes@espiritosantoib.es; +34914005437 Bio: • Damián Rubianes is Head of Equity Capital Markets and Debt Capital Markets at Espírito Santo Investment Bank since 2010. Before, he was Director of Corporate Finance & Capital Markets at BNP Paribas. Previously, he worked as a senior consultant at Ernst & Young and as a financial analyst at JP Morgan. • He is MBA Cum Laude by IE Business School (Madrid), CEFA/CIIA Foundation certified by EFFAS and has a certification in Fixed Income by IEB (Madrid). He holds a degree in Economics and Business Administration by Universidad Complutense de Madrid and the University of Westminster (London), as well as a degree in Humanities (Hons) by Universitat Oberta de Catalunya (Barcelona). • He is currently an Associate Professor in the financial area at IE Business School and CIFF (Universidad de Alcalá).
SAO PAULO Av. Brigadeiro Faria Lima 3279 - 6º Andar Itaim Bibi, CEP 04538-905 Sao Paulo Brazil T +55 11 3074 7444 F +55 11 3074 7462 MUMBAI 1203ª, fl. 12ª, Tower 2A One Indiabulls Center Elphinstone Road Mumbai 400 013 India T +91 22 2570 1152 F +91 22 2570 1154 HONG KONG 15th fl. St. John's Building 33 Garden Road Central Hong Kong (SAR) T +852 3181 4000 T US Toll-free +1 866 485 3932 LONDON 10 Paternoster Square London EC4M 7AL United Kingdom T +44 20 7456 9191 F +44 20 7456 9189 LISBON Edifício Quartzo (Sede) Rua Alexandre Herculano 38 1269 -161 Lisboa Portugal T +351 213 196 900 F +351 213 309 500 EDINBURGH 76 George Street Edinburgh EH2 3BU United Kingdom T +44 131 225 9677 F +44 131 225 5831 DUBLIN 4th fl. Spencer House 71-73 Talbot Street Dublin 1 Ireland T +353 1856 0699 F +353 1813 4366 MADRID Calle Serrano 88 28006 Madrid Spain T +34 914 005 000 F +34 914 352 283 WARSAW 59th Zlota Street, floor V 00-120 Warsaw Poland T +48 223 474 000 F +48 223 476 098 NEW YORK 340 Madison Avenue,12th fl. New York NY-10173 United States of America T +1 212 351 6000 F +1 212 351 6099

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UKTI-ESIB 19/5 - how to access intnal. capital through London's public markets

  • 1.
    FIT FOR A NEWERA Monday 19 May 2014 – British Embassy HOW TO ACCESS INTERNATIONAL CAPITAL THROUGH LONDON’S PUBLIC MARKETS - An investment bank’s perspective - Damián Rubianes Head of Capital Markets Spain
  • 2.
    1. How toaccess international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa Table of contents FIT FOR A NEW ERA
  • 3.
    3 Table of contents 1.How to access international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa FIT FOR A NEW ERA
  • 4.
    Banco Espírito Santo/ Espírito Santo Investment Bank International presence: Where we are Mumbai Macao Hong Kong ShanghaiTripoli Algiers Cape Verde Lisbon Dublin London Warsaw Lausanne Paris Milan Cologne MadridToronto New York Newark Miami Nassau Caracas Rio de Janeiro Sao Paulo Maputo Johannesburg Luanda Where we list our clients’ securities 4 NY London Hong Kong Europe LatAm India Africa Hubs Local Platforms Equity securities Debt securities
  • 5.
    Which market? (i/iii) 5 Standardfactors to consider when choosing a financial market to list a security Issuer’s characteristics Regulatory requirements • Nationality • Geographic footprint • Local market development/characteristics • Information required/Operating history • Size (Market cap, income, revenue, profits, working capital, etc.) • Accounting standards • Financial reporting requirements • Flexibility/Time line • Regulatory environment • Corporate governance • Working capital • Free float • Lock-up • Listing and annual fees
  • 6.
    Which market? (ii/iii) 6 InternationalIndexes FX Rates Nov-13 BPS S 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.10 1.20 1.30 1.40 1.50 1.60 Jan-10 Dec-11 Nov-13 €/£ €/$ €/$: 1.38€ €/£: 0.84€ 1,000 1,200 1,400 1,600 1,800 2,000 v-13 d SD/bbl. 60 75 90 105 120 135 150 165 180 195 Jan-10 Dec-11 Nov-13 S&P 500: 1,806 BPS DJ Ind. Avg.: 16,000 BPS NASDAQ: 4,063 BPS NIKKEI 225: 15,611 BPS HK Hang Seng: 23,744 BPS BOVESPA: 51,043 BPS BPS Markets momentum Liquidity (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) Avg. Vol. 461 401 427 370 Avg. Vol. 578 501 547 479 Avg. Vo Change -3% 4% 3% 21% Change -3% 4% 3% 23% Change IB EX 3 5 IN D EX SPA IN M A M A D R ID IN D EX FTSE 10 0 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) Avg. Vol. 581 555 590 556 Avg. Vol. 776 699 658 708 Avg. Vo Change -1% -1% -1% 30% Change -2% 4% 1% 18% Change Ibex 35 Bolsa de Madrid S&P 500 Euro Stoxx 50 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 500 1,000 1,500 2,000 2,500 3,000 Jan-10 S 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Jan-1 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 Avg. Vol. 461 401 427 370 Avg. Vol. 578 501 547 479 Avg. Vol. 823 862 817 663 Change -3% 4% 3% 21% Change -3% 4% 3% 23% Change 0% 1% -3% 14% IB EX 3 5 IN D EX SPA IN M A M A D R ID IN D EX FTSE 10 0 IN D EX (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 Avg. Vol. 581 555 590 556 Avg. Vol. 776 699 658 708 Avg. Vol. 6,061 6,133 5,859 5,934 Change -1% -1% -1% 30% Change -2% 4% 1% 18% Change -1% 0% -1% 24% Ibex 35 Bolsa de Madrid FTSE 100 S&P 500 Euro Stoxx 50 MSCI World 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 0 500 1,000 1,500 2,000 2,500 3,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Millions Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 0 500 1,000 1,500 2,000 2,500 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Shares (m) BPS An investment bank’s perspective International indexes Stocks liquidity Midswap IRS rate curve Credit Default Swap Index Sovereign Debt Yields - 10 yrs BondsSovereign Spread over Bund US MS 1yr 0.27 US MS 3yr 0.70 US MS 5yr 1.53 US MS 7yr 2.22 US MS 10yr 2.85 US MS 20yr 3.58 US MS 30yr 3.73 EUR MS 1yr 0.40 EUR MS 3yr 0.67 EUR MS 5yr 1.15 EUR MS 7yr 1.58 EUR MS 10yr 2.07 EUR MS 20yr 2.66 EUR MS 30yr 2.68 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1yr 5yr 9yr 13yr 17yr 21yr 25yr 29yr %% 0 150 300 450 600 750 900 1,050 Jan-10 Dec-11 Nov-13 iTraxx EUROPE (IG): 78 BPS iTraxx HIVOL (Non-Finl): 118 BPS iTraxx XOVER (HY): 317 BPS BPS 0 100 200 300 400 500 600 700 J MacroMarket volatility Risk aversion Spanish Indexes European Indexes International Indexes Volatility Indexes Commodities Prices FX Rates 0% 10% 20% 30% 40% 50% 60% Jan-11 Jan-12 Jan-13 Jan-14 VIX (CBOE Volatility): 16.70% VSTOXX (DJ EuroStoxx Volatility): 18.50% % 40 60 80 100 120 140 160 Jan-11 Jan-12 Jan-13 Jan-14 IBEX 35: 10,188 BPS IBEX Small Cap: 6,268 BPS IBEX Medium Cap: 14,386 BPS BPS 40 55 70 85 100 115 130 145 Jan-11 Jan-12 Jan-13 Jan-14 EuroStoxx 50: 3,089 BPS FTSE 100: 6,584 BPS DAX: 9,339 BPS CAC 40: 4,385 BPS PSI 20: 7,311 BPS BPS 0.70 0.72 0.74 0.76 0.78 0.80 0.82 0.84 0.86 0.88 0.90 0.92 1.00 1.10 1.20 1.30 1.40 1.50 1.60 Jan-11 Jan-12 Jan-13 Jan-14 €/£ €/$ €/$: 1.38€ €/£: 0.83€ 0 20 40 60 80 100 120 140 1,000 1,200 1,400 1,600 1,800 2,000 Jan-11 Jan-12 Jan-13 Jan-14 Gold Gold: 1,326 USD/t oz. Brent Crude Oil: 109 USD/bbl. Brent Crude 60 75 90 105 120 135 150 165 180 Jan-11 Jan-12 Jan-13 Jan-14 S&P 500: 1,829 BPS DJ Ind. Avg.: 16,126 BPS NASDAQ: 4,012 BPS NIKKEI 225: 13,910 BPS HK Hang Seng: 23,039 BPS BOVESPA: 51,428 BPS BPS Midswap IRS rate curve Markit iTraxx Europe Financial Sector 5YrCredit Default Swap Index Sovereign Risk - 5 yrs CDSSovereign Debt Yields - 10 yrs BondsSovereign Spread over Bund 0 1 2 3 4 5 6 7 8 9 Jan-11 Jan-12 Jan-13 Jan-14 Germany: 1.5% United Kingdom: 2.6% Spain: 3.1% France: 2.0% Italy: 2.6% % 0 100 200 300 400 500 600 700 Jan-11 Jan-12 Jan-13 Jan-14 Spain: #N/A N/A BPS United Kingdom: #N/A N/A BPS Germany: #N/A N/A BPS BPS US MS 1yr 0.26 US MS 3yr 0.92 US MS 5yr 1.70 US MS 7yr 2.24 US MS 10yr 2.74 US MS 20yr 3.34 US MS 30yr 3.45 EUR MS 1yr 0.41 EUR MS 3yr 0.58 EUR MS 5yr 0.93 EUR MS 7yr 1.30 EUR MS 10yr 1.75 EUR MS 20yr 2.37 EUR MS 30yr 2.44 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1yr 5yr 9yr 13yr 17yr 21yr 25yr 29yr %% 0 150 300 450 600 750 900 1,050 Jan-11 Jan-12 Jan-13 Jan-14 iTraxx EUROPE (IG): 72 BPS iTraxx HIVOL (Non-Finl): 140 BPS iTraxx XOVER (HY): 283 BPS BPS 0 100 200 300 400 500 600 700 Jan-11 Jan-12 Jan-13 Jan-14 iTraxx Financial Snr. : 81 BPS iTraxx Financial Sub.: 121 BPS Finan. BPS Sovg. BPS 0 100 200 300 400 500 600 700 Jan-11 Jan-12 Jan-13 Jan-14 Spain: 161.2 BPS United Kingdom: 111.1 BPS Italy: 164.7 BPS France: 48.8 BPS BPS Vix Vstoxx Soverane spread yields iTraxx indexes Indexes volumes Volume Data: Bloomberg; Analysis: Espírito Santo Investment Bank, Capital Markets
  • 7.
  • 8.
    London’s capital markets 8 •One of the world’s largest financial markets • The world’s most international exchange • LSE gives investors access to companies from almost every sector and size • LSE gives companies access to a deep pool of international capital • High standards give investors confidence and increase companies profile • Broad scope of financial and trading services offering • Broad range of securities Espírito Santo Investment Bank is a Broker on the Main Market of the London Stock Exchange, an approved Nominated Adviser (NOMAD) and a Broker on AIM.
  • 9.
    9 Table of contents 1.How to access international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa FIT FOR A NEW ERA
  • 10.
    Telefónica’s business andcapital markets profile Spain 23% Europe 24% LatAm 51% Other 2% Equity Securities 48% Debt Securities 38% Other Financial Liabilities 15% LONDON 54% NEW YORK 24% FRANKFURT 6% AIAF 1% RoW 15% EUR 51% USD 31% GBP 10% Other FX 7% Geographical footprint Revenues breakdown Financing capital breakdown Debt breakdown by Market and FX 10 Source: Company information, 2013
  • 11.
    Telefónica’s credit andcapital markets approach Financial policy Balanced approach to the credit markets Alternating capital markets access • Organic growth • M&A opportunities • Short term needs • Shareholder remuneration • Solvency • Flexibility • Liquidity • Debt maturity profile Centered in cash-flow allocation: Limited and balanced by: • Syndicated loans • Bilateral loans • Acquisition loans • Undrawn credit lines Banks support: • €uro • U$D • £ Pound Major currencies: 11 Source: Company information, 2013
  • 12.
    Equity Securities PrimaryExchange Other Exchanges Debt Securities Primary Exchange Other Exchanges Bonds Commercial paper Telefónica’s financial markets approach 12 Source: Company information, 2013
  • 13.
    13 Table of contents 1.How to access international capital: an investment bank’s perspective 2. Case study: Telefónica 3. Case study: Mota-Engil Africa FIT FOR A NEW ERA
  • 14.
    Significant amount ofAfrican companies listed in LSE’s different markets Overview of the business Mota-Engil Africa • Mota-Engil Africa BV is a spin off with all African business of parent company • It is headquartered in Holland • Revenues over EUR 1bn in 2013 • Mota-Engil plans to list a minority stake of its subsidiary on the London Stock Exchange • Civil construction and public works activities in South Africa, Angola, Cape Verde, Malawi, Mauritius, Mozambique, Zimbabwe and S. Tomé and Príncipe • Actively pursuing new market opportunities in Uganda, Kenya, Tanzania, Rwanda, Cameroon and Namibia • Mota-Engil is a listed Portuguese construction company • Revenues of EUR 2.3bn in 2013 • International revenues stand at 74% of total • Africa and America saw 35% growth in revenue 14 Source: Company information, 2013
  • 15.
    Significant number ofAfrican companies trading on LSE Number of African companies listed in LSE Some African peers listed in LSE • Some 20 African companies with equity listings on the Main Premium Market • Some 10 African companies listed on the Main Standard Market • Some 70 African companies quoted on AIM 15 Source: LSE, 2013
  • 16.
    Why we recommendeda listing on LSE Key aspects Transaction rationale • LSE is more reflective of M-E Africa’s international operations in 10+ countries and the company’s diversified revenue streams • Majority of M-E Africa’s potential shareholders are international • Avoid jeopardizing with parent company Listing location reflective of M-E Africa international profile Unlocking M-E Africa future potential Improve liquidity and access to capital markets 16 • LSE is largest and most liquid equity market in Europe • LSE has largest number of international listed companies • Most comprehensive set of listed African companies provides valuation benchmark for M-E Africa • Transaction improves the M-E Africa’s access to the international equity and debt capital markets • LSE listing increases flexibility in raising new funds at competitive terms to support future growth • LSE will provide better liquidity on the stock due to enhanced investor and analysts’ following • Potential inclusion in indexes may attract significant amount of passive tracking demand
  • 17.
    Disclaimer This presentation hasbeen written by Banco Espírito Santo de Investimento, S.A. Sucursal en España (“Espírito Santo Investment Bank”) exclusively for the conference/seminar named on the cover page. The presentation is proprietary to Espírito Santo Investment Bank and may not be disclosed to or referred to by any third party or distributed, reproduced or used for any other purpose without the prior written consent of Espírito Santo Investment Bank. Espírito Santo Investment Bank is not and shall not be obliged to update or correct any information set out in this presentation or to provide any additional information. It does not constitute an offer or invitation for the sale, purchase, exchange or transfer of any securities or any recommendation to enter into the Transaction, and is not intended to form the basis of any investment decision. The content of this presentation reflects prevailing conditions and our views as at this date. It represents our initial views and we reserve the right (but shall not be obliged) to revise, update or replace. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise reviewed by us. We accept no responsibility or liability for (and no representation, warranty or assurance of any kind, express or implied, is or will be made as to or in relation to) the accuracy or completeness of such information. In addition, our analyses are not and do not purport to be an appraisal assets or businesses of any company. In addition, this presentation and our analyses set out herein are not and do not purport to be an appraisal or valuation of any of the securities, assets, stock or business of any company. For any queries regarding this presentation, please contact: DAMIÁN RUBIANES Executive Director, Head of Capital Markets Spain: drubianes@espiritosantoib.es; +34914005437 Bio: • Damián Rubianes is Head of Equity Capital Markets and Debt Capital Markets at Espírito Santo Investment Bank since 2010. Before, he was Director of Corporate Finance & Capital Markets at BNP Paribas. Previously, he worked as a senior consultant at Ernst & Young and as a financial analyst at JP Morgan. • He is MBA Cum Laude by IE Business School (Madrid), CEFA/CIIA Foundation certified by EFFAS and has a certification in Fixed Income by IEB (Madrid). He holds a degree in Economics and Business Administration by Universidad Complutense de Madrid and the University of Westminster (London), as well as a degree in Humanities (Hons) by Universitat Oberta de Catalunya (Barcelona). • He is currently an Associate Professor in the financial area at IE Business School and CIFF (Universidad de Alcalá).
  • 18.
    SAO PAULO Av. BrigadeiroFaria Lima 3279 - 6º Andar Itaim Bibi, CEP 04538-905 Sao Paulo Brazil T +55 11 3074 7444 F +55 11 3074 7462 MUMBAI 1203ª, fl. 12ª, Tower 2A One Indiabulls Center Elphinstone Road Mumbai 400 013 India T +91 22 2570 1152 F +91 22 2570 1154 HONG KONG 15th fl. St. John's Building 33 Garden Road Central Hong Kong (SAR) T +852 3181 4000 T US Toll-free +1 866 485 3932 LONDON 10 Paternoster Square London EC4M 7AL United Kingdom T +44 20 7456 9191 F +44 20 7456 9189 LISBON Edifício Quartzo (Sede) Rua Alexandre Herculano 38 1269 -161 Lisboa Portugal T +351 213 196 900 F +351 213 309 500 EDINBURGH 76 George Street Edinburgh EH2 3BU United Kingdom T +44 131 225 9677 F +44 131 225 5831 DUBLIN 4th fl. Spencer House 71-73 Talbot Street Dublin 1 Ireland T +353 1856 0699 F +353 1813 4366 MADRID Calle Serrano 88 28006 Madrid Spain T +34 914 005 000 F +34 914 352 283 WARSAW 59th Zlota Street, floor V 00-120 Warsaw Poland T +48 223 474 000 F +48 223 476 098 NEW YORK 340 Madison Avenue,12th fl. New York NY-10173 United States of America T +1 212 351 6000 F +1 212 351 6099