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1、IBRD Banking ProductsIBRD Banking ProductsPresentation for National Development and Reform Commission Peoples Republic of China Monday, October 23, 2006Towards a Financial PartnershipTowards a Financial PartnershipIBRD as a provider of development assistance that also has a role as financial partner
2、Lending Instruments Lending Instruments ?BankingBanking ProductsProductsTowards a Financial PartnershipTowards a Financial PartnershipWith introduction of new banking products in 1999, decision-making becomes a two step process:?1. What type of lending instrument: ? Investment Lending, Development P
3、olicy Lending, etc., and?2. What financial terms for the loan package: ? Banking products: focus of this presentation?two completely separate and independenttwo completely separate and independentWhy financial choice mattersWhy financial choice mattersMore flexible terms and greater choice provide:
4、?Better support for Governments policy goals in debt and risk management?Improved project viability through customized project finance?TAILORING possible at country and at project levelTAILORING possible at country and at project levelFinancial Risks for Chinese Financial Risks for Chinese Provinces
5、ProvincesThe Situation in ChinaThe Situation in China?All IBRD financial terms & conditions passed on to the provinces?Provinces situations cover a wide range ?Chinese financial system currently restricted but is gradually being liberalizedWhat is risk ?What is risk ? 风险是什么风险是什么风险是什么风险是什么From the pe
6、rspective of a government, risk is the volatility in net cashflows (fiscal revenues minus expenditures) 从政府的角度看,风险就是现金流量的变化 无常(财政收入减去财政支出)Financial risks of IBRD borrowersFinancial risks of IBRD borrowers 借款人的财务风险借款人的财务风险借款人的财务风险借款人的财务风险?Market risk市场风险 ?Liquidity and refinancing risk流动资产和重 新融资风险 ?C
7、redit risk 信贷风险 ?Other risks (debt sustainability, shocks, etc.) 其它风险(债务持续性,震动等) ?Operational risk 运行风险Market RiskMarket Risk 市场风险Market risk is defined as volatility due to: 市场风险是指下列方面的波动: Currency movements货币运动 Interest rate movements利率浮动 Commodity (exports/imports) price movements商品价格浮动JPY/USD Ex
8、change RateJPY/USD Exchange Rate 日元与美元的汇率日元与美元的汇率日元与美元的汇率日元与美元的汇率6 6- -month USD LIBORmonth USD LIBOR 六个月六个月六个月六个月LIBORLIBOR的利率的利率的利率的利率Brent Crude Oil PricesBrent Crude Oil Prices 原油价格原油价格原油价格原油价格Liquidity RiskLiquidity Risk 流动资产和重新融资风险Refers to the likelihood of not having enough liquid assets for
9、 debt repayment purposes 是指可能发生的没有足够的流动资产去支付债务, 并且在债务到期时无法得到新的融资,或只能得到 高价融资信贷风险信贷风险信贷风险信贷风险Credit RiskCredit RiskRisk of default by:不履行协议的风险: ?Sub-borrowers of government loans政府 贷款的转贷款人 ?Final recipients of financial intermediary loans中介金融贷款的最终借款人IBRD Banking ProductsIBRD Banking ProductsFlexibilit
10、y and Risk ManagementFlexibility and Risk ManagementIBRD Menu of Banking Products ?Loans For Standard IBRD Lending Operations: Fixed Spread Loans (FSLs) Variable Spread Loans (VSLs) Special Financial Terms for: Deferred Drawdown Option (DDO) Special Development Policy Lending?Hedging Products (Free-
11、standing and Embedded): Currency Swaps (including Local Currency) Interest Rate Swaps, Caps, and Collars Commodity Swaps?Guarantees?Sub-National Development Program Products for investment project Products for investment project financingfinancingIBRD loans are one of the most flexible and low-cost
12、financing options available to clients in financial markets. Key attributes are: Flow of disbursements can be flexibly managed Borrower has choice of loan currency Long maturities are available Pricing is competitive, market-based, and the same for all borrowers Borrowers have access to risk managem
13、ent tools to modify the financial characteristics of loans over their lifePricingPricingType of FeeApplied toFee levelLess: WaiverFront-end feeCommitted loan amount1.00 %1.00%Commitment feeUndisbursed amount0.75 %0.50%Lending rateDisbursed and outstanding balanceFSL: Libor + fixed spreadVSL: Libor +
14、 variable spread0.25%PricingPricingVSLVSLFSLIndexIndexSpreadSpreadConversionConversion FeaturesFeaturesSix month LIBORVariable spread recalculated every six monthsFixed spread over the life of the loanThe interest rate on disbursed balances can be fixed, capped or collared at any time during the lif
15、e of the loanSpread over LIBORSpread over LIBORSpread over LIBOR*Spread over LIBOR* As of October 15, 2006 (in b.p.)As of October 15, 2006 (in b.p.)USDEuroJPY 505252VSLJuly 2006 January 2007*393939FSL (*) Does not include a 0.25% waiver granted to borrowers paying on a timely basis in FY07.Repayment
16、 TermsRepayment TermsVSLVSLFSL5 years of grace, 20 year final maturity with annuity repayment5 years of grace, 20 year final maturity with annuity repayment8 years of grace, 20 year final maturity with level principal repaymentFlexibility to tailor repayment termsPrincipal Repayments can be linked to disbursementsRepayment Terms (VSL + FSL)Repayment Terms (VSL + FSL)Annuity Principal Repayment0.005.00
