Short term financing and Sanofi-Aventis
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Sanofi-Aventis was formed through the friendly acquisition of Aventis SA by Sanofi-Synthélabo in 2004. To finance the 54.5 billion euro acquisition, Sanofi-Aventis raised 16 billion euros in equity and obtained a 38.5 billion euro credit facility from various banks. The credit facility was divided into short, medium, and long-term tranches with maturity dates of 9 months, 2 years 9 months, and 4 years 9 months respectively. This allowed Sanofi-Aventis to finance the acquisition using both short and medium-term financing. After the acquisition, Sanofi-Aventis saw increased sales, R&D expenditures,
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sources of short term finance.
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sources of short term finance.
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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
3rd-Roundtable-Financing-Water-Presentation-Christopher-Kaminker
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.
South Europe Midcap Event
- Banca IFIS is a specialized bank focused on factoring and short-term lending to small and medium enterprises in Italy with a highly profitable business model and strong growth opportunities.
- It has a large sales network and aims to expand its product offerings and international presence while maintaining excellent asset quality and profitability.
- Strategies include growing the core factoring business in Italy and abroad, broadening products and services, and diversifying funding sources to support continued expansion.
-8-CARREFOUR S.A.Synopsis and Objectives.docx
-8-
CARREFOUR S.A.
Synopsis and Objectives
In August 2002, the French retail giant Carrefour S.A. is considering alternative currencies for raising (euros) EUR750 million in the eurobond market. Carrefour’s investment bankers provide various borrowing rates across four different currencies. Despite the high nominal coupon rate and the lack of any material business activity in the United Kingdom, the British-pound issue appears to provide the lowest cost of funds if the exchange rate risk is hedged.
The case is designed to serve as an introduction to topics in international finance. Topics of discussion include foreign-currency borrowing, interest-rate parity, currency risk exposure, derivative contracts (in particular forward and swap contracts), and currency risk management. Students are tasked with exploring (1) motives for borrowing in foreign currencies, (2) the exposure created by such financing policy, and (3) strategies for managing currency risk.
Suggested Questions for Advance Assignment to Students
1. Why should Carrefour consider borrowing in a currency other than euros?
2. Assuming the bonds are issued at par, what is the cost in euros of each of the bond alternatives?
3. Which debt issue would you recommend and why?
Hypothetical Teaching Plan
1. What is going on at Carrefour?
2. Is the Swiss-franc issue, at 3⅝%, a “no-brainer”?
3. What can a firm do to manage the exchange-rate risk of foreign-currency borrowing?
4. Using appropriate forward rates, what is the cost of borrowing in Swiss francs? British pounds? U.S. dollars? What should Carrefour do?
As reference material, broad empirical evidence of the managerial question in the case can be found in Matthew R. McBrady and Michael J. Schill, “Foreign currency denominated borrowing in the absence of operating incentives” Journal of Financial Economics 86 (October 2007): 145–177 and Matthew R. McBrady, Sandra Mortal, and Michael J. Schill, “Do firms believe in interest-rate parity?” working paper, Darden Graduate School of Business Administration, University of Virginia, Charlottesville.
Case Analysis
1.What is going on at Carrefour?
Carrefour is a massive retailer (Europe’s largest) with strong but selective expansion prospects internationally (case Exhibit 1). The company has a history of funding its capital needs through securities denominated in many different currencies (case Exhibit 3), and is sophisticated in managing currency risk. Carrefour currently has a EUR750 million capital need that the company intends to meet through the eurobond market.[footnoteRef:1] This offering represents approximately 11% of Carrefour’s bond portfolio. Carrefour’s investment bank has provided market borrowing rates in euros and three foreign currencies. [1: Bob Bruner suggests using the case to develop various facets of the eurobond market: (1) the eurobond market is an external market, outside the regulatory jurisdiction of any one country; (2) the bonds so iss ...
Deloitte Private Debt Conference Luxembourg | 17 November 2015
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
2011 CIB BNPP Annual report
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.
Funding-European-Business-Harnessing-alternatives.PDF
This document summarizes the results of a survey on the state of alternative finance in Europe. Some key findings include:
1) Alternative finance accounted for 30% of corporate funding in Europe in 2015, down from 40% in 2014. Bank lending and capital markets increased their share of funding.
2) Use of alternative finance varied by country, with large drops in the UK and Italy but growth in France. Nearly half of European corporates expect to increase their use of alternative finance in the next five years.
3) Alternative finance providers are based primarily in the country where the corporate is located, but cross-border activity is growing. Corporates are open to using a variety of provider types and funding structures.
Allen & Overy Report - Funding European business: Harnessing alternatives | N...
Zgodnie z wynikami badań opublikowanych przez międzynarodową kancelarię prawną Allen & Overy europejskie spółki z rosnącym zainteresowaniem korzystają z alternatywnego finansowania – z tego źródła pochodzi już ok. jedna trzecia (30%) pozyskanych przez nie środków. Rynek jest jednak nadal podzielony i w dużej mierze krajowy. W związku z tym cała branża musi podjąć starania w celu stworzenia standardu umożliwiającego wykorzystanie niejednorodnych źródeł kapitału zlokalizowanych na całym europejskim kontynencie.
Funding_European_business_2015_report_vFINAL
The survey found that alternative finance continues to be an important component of corporate funding in Europe, making up 30% of corporate funding on average across the countries surveyed. While bank lending and capital markets activity increased in 2015, alternative finance maintained its market share. There was significant variation between countries, with France seeing strong growth in alternative finance and the UK and Italy seeing declines. Corporates and investors showed no strong preference for loans over bonds or direct funding over intermediated funding. Both groups were agnostic to funding form, indicating potential for standardization to further develop the market. National borders remained significant for alternative finance providers' locations, though cross-border activity was growing. A variety of organizations provided alternative funding, with some country-level differences
Eurofound financial service sector reports 13 october 2010
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National capital markets & international financing
This document provides an overview of national capital markets and international financing. It discusses several key topics:
1. Trends in corporate financing including a decline in bank lending worldwide and a rise in direct financing through capital markets.
2. The globalization of financial markets and how technology has reduced barriers and increased interconnectivity.
3. National capital markets serving as international financial centers and how certain cities have become hubs for global capital flows.
4. The various sources of development financing including multilateral banks like the World Bank as well as regional and national development banks.
5. Project finance as a method for raising funds for large infrastructure projects where lenders look primarily to the cash flows from the project
Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...
The document provides summaries of recent developments in the financial services industry in Europe:
1) The UK withdrew its legal challenge to an EU cap on bankers' bonuses after an ECJ opinion supported the cap. The cap limits bonuses to 100% or 200% of salary.
2) European Commission President Juncker will unveil a €300 billion investment plan to boost jobs and growth in the EU, though much of the funding relies on projected investments from existing funds.
3) The G20 summit declaration addressed financial regulatory reforms and remaining work to strengthen the global financial system.
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Aegon 2015 AGM Presentation, providing an overview of Aegon's performance, current market conditions, strategic objectives, dividends, financials, kpi's,
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Deloitte Private Debt Conference Luxembourg | 17 November 2015
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Funding-European-Business-Harnessing-alternatives.PDF
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A bank for digital startups - Deutsche Handelsbank - NOAH19 London
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Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...
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专业服务，请勿犹豫联系我
如果您真实毕业回国，对于学历认证无从下手，请联系我，我们免费帮您递交
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你赢我赢，共创双赢
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你做代理，可以改变自己，改变他人，给他人和自己一个机会大块就啃啃得满嘴满脸猴屁股般的红艳大家一个劲地指着对方吃吃地笑瓜裂得古怪奇形怪状却丝毫不影响瓜味甜丝丝的满嘴生津遍地都是瓜横七竖八的活像掷满了一地的大石块摘走二三只爷爷是断然发现不了的即便发现爷爷也不恼反而教山娃辨认孰熟孰嫩孰甜孰淡名义上是护瓜往往在瓜棚里坐上一刻饱吃一顿后山娃就领着阿黑漫山遍野地跑阿黑是一条黑色的大猎狗挺机灵的是山娃多年的忠实伙伴平时山娃上学阿黑也摇头晃脑地跟去暑假用不着上学阿钩
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