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1、The IBRD Flexible Loan世界银行灵活性贷款Loan Department, the World Bank 世行贷款局CHANGSHA, CHINA, 中国长沙October, 2009,1,2,The IBRD Flexible Loan 世界银行贷款灵活性 One Loan with Multiple Embedded Options 一项贷款内嵌多个选择,Variable-Spread over LIBOR LIBOR基础上的浮动利差,Fixed-Spread over LIBOR LIBOR 基础上的固定利差,Choice of major currency 主要货币
2、的选择 (USD, EUR, JPY, or others 美元，欧元，日元，或其它),Longer Repayment Terms (30 final / 18 average)更长的还款期（最长30年/平均18年）,Flexible repayment terms （based on % schedule）灵活的还款条款,Embedded Flexibility to Modify/Manage内嵌灵活性以便于修改/管理: Currency (including local currency)货币（包括本地货币） Interest Rate (fixed or variable)利率（固定
3、或浮动） Variability of Interest Rate (caps 0.80% for 10 to14 years; and 1.05% for greater than 14 years 例如：美元贷款-10年以下为0.6%， 10-14年为0.8%，14年以上为1.05% In case of default interest, add 0.50% 逾期罚金，加收0.5%,7,IBRD Loan Pricing 世行贷款定价for loans signed on /after Sept. 24, 2009 贷款签字日为2009年9月24日或之后,8,USD 6 month LI
4、BOR 美元6个月LIBOR,9,IBRD loan pricing is highly competitive for most borrowers 世行贷款价格对绝大多数借款人具有相当竞争力,IBRD pricing includes annualized front-end fee of 0.03%. *Spreads over Euro LIBOR Spreads over LIBOR based on the current secondary market yields of sovereign issuances Source: Bloomberg, World Bank,Fun
5、ding Cost Comparison 融资成本比较 Spreads over 6-month LIBOR (%) 6个月LIBOR基础上的利差, as of February 19, 2008,11,Borrower Choices: Repayment Terms借款人的选择：偿还条款,Country categories eliminated 国别限制已取消 Flexibility at loan inception* to tailor repayment terms, subject to policy limits on average repayment maturity of
6、 18 years and final loan maturity of 30 years 还款条款的灵活性，基于平均还款期不超过18年，最终还款期不超过30年的政策限制 Now available to all borrowers of variable-spread as well as fixed-spread options (standard repayment terms no longer required with variable spread)现在适用于选择浮动利差的所有借款国， 以及选择固定利差的（浮动利差不再要求标准的还款条约）,*Repayment schedule
7、for DDOs may be determined at time of disbursement延迟提款选择的还款计划取决于支付情况,Borrower Choices: Two Types of Repayment Schedules借款人的选择：两种还款计划,Commitment-linked repayment schedule 和承诺挂钩的还款计划 Disbursed into single repayment schedule determined at inception 根据项目开始时的还款计划执行 Disbursement-linked repayment schedule
8、和支付挂钩的还款计划 Disbursements create multiple tranches 支付产生多个子贷款的还款部分 Useful for on-lending projects 对于转贷项目适用,12,Commitment-linked Repayment Schedules 和承诺挂钩的还款计划,Single repayment schedule 单一还款计划 Timing of repayments decided at loan negotiation还款时间在贷款谈判时决定; schedules fixed at loan approval 还款计划在贷款批准时固定 Bo
9、rrowers repayment obligations are a share of the disbursed loan amount 借款人的还款责任是已支付的贷款金额 Each disbursement is allocated pro rata to the remaining maturities according to the repayment profile specified in the loan agreement 根据贷款协议的偿还条款规定，每笔支付金额按比例分配到剩余的还款期间,13,IBRD approval (commitment) date 世行批准（承诺
10、）日期,Semesters半年期,L O A N,Grace Period 宽限期,Principal Repayment 本金偿还,Disbursement-linked Repayment Schedules 和支付挂钩的还款计划,Timing of repayments dependent on timing of actual disbursements 还款时间取决于实际支付发生的时间 Semestral disbursements are accumulated into a “tranches,” each with its own repayment schedule 每半年期
11、的支付额累计构成一笔“子贷款”，每笔子贷款有自己的偿还计划表 Loan has as many repayment schedules as semesters (“tranches”) of disbursements 贷款有几个半年期（子贷款）的支付，就有几个还款计划表 All “tranches” have same terms: repayment term and grace period with level principal repayments 所有“子贷款”具有相同的偿还条款、宽限期、等额本金偿还期,14,Semesters 半年期,Amortization Pattern
12、s of Principal Repayment本金还款的分期偿还方式,15,Level 等额偿还 (30 year maturity including 5 years of grace period),Customized 自定义偿还 (30-year),Annuity 年金偿还 (25-year maturity including 8 years of grace period),Bullet 一次性偿还 (18-year),Risk Management Tools 风险管理工具,Embedded options for a loan贷款的内嵌选择权: Currency Conver
13、sions and Swaps 货币的转换和调期 Interest Rate Conversions and Swaps 利率的转换和调期 Interest Rate Caps and Collars 利率的上限和上下限 In addition, Commodity Swaps are also available. Link IBRD debt service payments to the prices of a particular commodity or commodities in order to reduce commodity price risk. 另外，商品调期可用。将世
14、行贷款的债务偿还与特定商品或多个商品价格挂钩以减少商品价格风险。,16,17,Conversion of Loans with Variable Spread浮动利差贷款转换,Variable spread borrowers must first convert loan to a fixed spread to access risk management products 浮动利差借款人必须先将贷款转换成固定利差才能使用风险管理产品 What clients can expect 转换之后的结果: LIBOR + prevailing fixed spread at time of re
15、quest LIBOR加申请时的固定利差 0.03% per annum charge in addition to standard transaction fees charged for hedges 避险产品除征收每笔标准交易费以外还征收0.03%年费 Once converted to a fixed spread, loans cannot revert to a variable spread 贷款一旦转为固定利差之后不能再转回浮动利差,18,Fees for Converting from Variable to Fixed Spread浮动利差转换为固定利差的费用,Varia
16、ble Spread 浮动利差 LIBOR +0.17%,Fixed Spread 固定利差 LIBOR +0.20%,Conversion Fee 0.03% per annum 转换费 0.03%/每年,LIBOR +0.08% plus standard conversion fees for loan with fixed spread LIBOR +0.08%加固定利差贷款标准转换费,Compared to the costs of choosing a loan with a fixed spread: 与选择固定利差的贷款作比较：,Costs of converting from a variable to a fixed spread:,Fixed Spread 固定利差 LIBOR +0.05%,LIBOR +0.05% plus standard conversion fees for loan with fixed spread LIBOR+0.05% 加固定利差标准转换费,19,Conversion of Loans with
