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1、SPECIAL UNIT ON COMMODITIESCommodity finance and risk managementFrida Youssef UNCTADPalais de lONU Geneva, 18 Feb 10 SPECIAL UNIT ON COMMODITIESI.Commodity finance Introduction Traditional finance vs Structured finance ExamplesSPECIAL UNIT ON COMMODITIESIntroduction: access to finance in commodity t
2、rade and developmentImportance of the commodity sector for developing economies and financial constraints:- Over 2 billion people are estimated to derive their livelihood from production and trade of commodities; - More than 50 developing countries and LDCs depend on three or less leading commoditie
3、s for at least half of their export earnings.Commodity trade and production is credit-intensive.Risks in commodity finance.SPECIAL UNIT ON COMMODITIES Traditional finance (balance sheet based) vs Structured finance (transaction based)Economics, and political events that have global implications, esp
4、ecially in emerging markets, have compelled financiers to develop and adopt innovative, structured financing techniques to mitigate their risks and adapt to globalization and privatization of commodity trading activities. - Until the onset of the Latin American financial crisis in the mid-80s, banks
5、 involved international commodity finance relied on balance sheet lending and government guarantee. Structured finance, on the other hand, is based on the transaction for which the finance is provided. - Such techniques aim to transfer risks in financing transaction from parties less able to support
6、 those risks to those more equipped to support them in a manner that ensures automatic reimbursement of advances from the underlying assets such as inventory and export receivables. This forms the pillar of structured trade finance.Structured finance revolves around identify and mitigating risks ass
7、ociated with transactionsand convert wealth, in the form of commodities, into ready cash. SPECIAL UNIT ON COMMODITIESThrough use of structuring techniques, financiers can control their level of riskWithout structured finance:financierfinancierPotential borrowerWith structured finance:Will the borrow
8、er reimburse?financierPotential borrowerWith secured finance:How to control collateral?$GoodsWill the borrower produce?Potential borrower$Offtake rSPECIAL UNIT ON COMMODITIESPractical use of structured trade finance:Practical use of structured trade finance:There There are are no no distinct distinc
9、t standardized standardized types types of of structure structure trade trade finance finance transactions transactions since since one one essential essential principle principle of of these these transaction transaction is is the the ability ability to to tailor tailor a a structure structure that
10、 that will will satisfy satisfy the the needs needs and and circumstances circumstances of of all all parties parties involved, involved, provided provided that that perceived perceived or or real real risks risks are are mitigated.mitigated. We We are are going going to to present present some some
11、 basic basic forms forms of of structured finance, their concept, and transactions flow.structured finance, their concept, and transactions flow.1. Export receivables-backed financing 2. Supply Chain finance 3. Warehouse receipts financeSPECIAL UNIT ON COMMODITIESProducers ProcessorsCommodity Trader
12、sInputsAgriculturalAgricultural ProductionStorageProduction / Processing Local producers Commercial farmers; International input suppliers. Local producers Crop risk management weather insurance Working capital/basic cash Structured finance: WRS/inventory based finance, etcStorageTransportTrade / Ex
13、portWholesaleAgri Value ChainFinancing StagesAgri PlayersFinancing NeedsCommodity SalesSalesTransportManufacture/ Further Processing/ PackagingWholesale/ DistributionSmall commodity traders Large commodity traders Local distributors F Trade finance; Price risk management;Structured finance: receivab
14、les-back finance, pre-payment etc.Foreign exchange. Working capital/liquidity;Structured trade finance and collateral management, etc.;Price risk management;Foreign exchange. BuyersSuccess Factors Along The Value Chain Pre-shipment financePost-shipment financeSPECIAL UNIT ON COMMODITIESExport receiv
15、ables-backed financingThis model entails the provision of pre-export loans or advance payment facilities to an exporter, with repayment being obtained from the exporters receivables resulting from the sale of the pre-financed exported commodities.Under this model, banks take the following combined m
16、easures:(a) Taking security over the physical commodities in the form of a local-law pledge or similar security interest; (b) Assigning the receivables generated under the commodity export contracts; (c) Establishing an escrow account in a suitable (usually offshore) location into which buyers of the commodity are directed to pay the assigned export receivables. SPECIAL UNIT ON COMMODITI
