TheWorldBankProjectFinanceGuarantees世界銀行項目融資與擔(dān)保課件

WorldBankGuaranteeProducts:TheBasicsJune29-30,2019WorldBankGuaranteeProducts:Whataretheguaranteeproductsdesignedtodo?Ariskmitigationtool:HelpsreducefiscalburdenCatalyzesprivatesectorfinanceinsupportofdevelopmentalobjectivesFacilitatesaccesstotheinternationaldebtandcapitalmarketsonmorefavorabletermsLeveragesBankresourcesButguaranteescanonlyhelpifthereiscrediblemovementtowardsreform(e.g.collection,losses,tariff,prospectoffinancialviability2WhataretheguaranteeproductTherelevanceintoday’sinvestmentclimateIncreasedinvestorriskaversioncontinuesReducednumberofstrategicinvestorsRatingdowngradesReducedavailabilityofprivatePRIRequiresGovernmentdemonstrationofAtrackrecordwhichreducesUncertaintyinitsmarketstructuresUncertaintyinitstariffframeworkWithdominantpublicsectorpresenceHonoringofpolicy&contractualcommitmentsGovernanceissues3Therelevanceintoday’sinvesPrincipaltypesofguaranteesPartialRisk(PRG)GenerallyforprivatesectorprojectsCoversdebtagainstspecificsovereignobligationscommittedtoprojectStructuredtoprovideminimumcoveragenecessarytomobilizeprivatefinancingAvailableinbothIBRDandIDAcountriesPartialCredit(PCG)Generallyforpublicsectorprojectsand/orentitiesCoversdebtservicedefaultforspecifiedpaymentsAlternativestructuresdevelopedfordifferentcreditsandmarketconditions4PrincipaltypesofguaranteesPPartialRiskGuaranteesRationale:CatalyzesprivatesectorinterestthroughpoliticalriskmitigationPurpose:SupportsdebtfinancingintheformofcommercialdebtorshareholderloansorprovidescashflowsupportGuaranteecoverage:CriticalsovereignrisksrelatedtoGovernmentcommitmentsundertherelevantcontractualagreementsModality:Greenfieldprojects,Privatizations,ConcessionsorotherPPPstructures5PartialRiskGuaranteesRationPartialRiskGuaranteesmitigateconcernsrelatedtogovernmentperformanceAPartialRiskGuarantee(PRG)cancoverlendersincasetheGovernmentdoesnotmeetitscommitmentsCommercialLendersProjectCompanyGovernmentGuaranteeIndemnityAgreementGovernmentUndertakingsLoansWorldBank6PartialRiskGuaranteesmitigaPRGsofferflexibilityintheguaranteecoveragethatitcanofferRegulatory/tariffframeworkChangesinlaw,decrees,orregulationsChangesinlicensingarrangementsordisconnectionpoliciesPoliticalforcemajeure,includingexpropriationGovernmentagenciespaymentsTransferability&convertibilityofforeignexchangeFrustrationofArbitrationButPRGsdonotcovercommercialrisks.7PRGsofferflexibilityinthePreferredguaranteemodalityEarlyinvolvementoftheBankmayhelptoenhanceinvestorinterestGuaranteestructuretobeincorporatedinthebiddocumentsasanoptionBidsshoulddemonstratevalueaddedoftheGuaranteeValueaddedoftheguaranteetobeapartofthebidevaluation8PreferredguaranteemodalityEaPartialCreditGuarantees

canhelpinthefollowingsituationsGovernmentorStateOwnedEnterprise(SOEs)accesstocapitalmarketsMobilizegovernmentshareinPPPsBondissuesbypublicintermediaries,orpublicentities,suchasSOEsPre-privatizationsupportforpublicentitiesthroughconvertiblebonds9PartialCreditGuarantees

canPartialCreditGuaranteescanhelpfinance

longtermpublicinvestments01015$100mWBSupportforPrincipalBulletRepaymentPricing(250bp*)(250bp*)*AboveUSTreasuriesPhilippines:Leyte-LuzonPowerProjectBondStructureLongestTermAvailabletothePhilippineswithoutWBSupportAdditionaltermprovidedbyWBSupport10PartialCreditGuaranteescan$150millionAveragefinancingtermforChinawithoutWBGuaranteeAdditionaluncoveredrisktakenbycommercialbanksWBGuaranteedTotalriskassumedbycommercialbanks$50million03691215ChinaErtanPowerProjectSyndicatedLoanStructurePartialCreditGuaranteescanhelpfinance

longtermpublicinvestments11$150millionAveragefinancingGuaranteeshelpextendmaturities...77325570151515151571015101012101416024681012141618ChinaPhilippinesPakistanJordanLebanonMoroccoRussia/UkraineThailandCoted'IvoireColombiaBangladeshVietnamMaturity(years)withoutGuaranteewithGuarantee12Guaranteeshelpextendmaturit…andatthesametimereducespreads3.0%4.5%3.0%3.0%3.4%8.5%6.5%3.0%5.0%0.6%2.0%2.8%0.75%3.0%2.0%2.0%2.9%2.0%1.1%1.0%2.5%5.0%0%1%2%3%4%5%6%7%8%9%ChinaPhilippinesPakistanJordanLebanonMoroccoThailandCoted'IvoireColombiaBangladeshVietnamInterestSpreadsoverUSTwithoutGuaranteewithGuarantee13…andatthesametimereduce…andhaveanimportantcatalyticimpactEachdollarofguaranteecatalyzed$4ofprivatefinance.14…andhaveanimportantcatalytGuaranteebenefitstothegovernment:

TransactionBenefitsCatalyzesfinancingthroughmarketaccess,longertenorsandlowerfinancingcostsFacilitatesprivatization&PPPsbyenhancinginvestorinterestAcceleratespaceofnewinvestmentforexpansionofrelevantservicesSustainsmoreattractiveretailtariffregimesbymateriallyimprovingthefinancing’sdebtprofileEnhancesthepotential“sale”valueofexistingassetsorofthe‘business’15Guaranteebenefitstothegove

Guaranteebenefitstothegovernment:

FiscalPerspective

NoadditionalcontingentliabilityCanbeadditionaltotheIMFexternaldebtceilingAdditionaltothecountrylendingprogramCreatesmarketconfidencethroughBankleverageandtrackrecordProvidesforrisksharingwiththeprivatesectorNoassociatedcostsforPRGs(guaranteefeewouldbepayablebytheinvestoraspartofprojectcosts)Transitional-canbestructuredtofallaway16

GuaranteebenefitstothegoTheWBPartialRiskGuaranteeusuallydoesnotincreasecontingentliabilities “Thehostgovernment’sindemnityoftheWorldBankdoesnotincreasethegovernment’sliabilitieswhenthegovernmentisalreadydirectlyobligatedtotheprivatesectoronthesameliabilities.”

“InvolvingthePrivateSectorinForestallingandResolvingFinancialCrises–PrivateProjectFinanceFlowstoDevelopingCountries,”IMFBoardPaperSM/99/211,August20,2019,page21.17TheWBPartialRiskGuaranteeGuaranteebenefitstotheprivatesector

MitigatescriticalperceivedpoliticalrisksandregulatoryrisksMakesprivatizationsfinanceablebyfacilitatingdirectaccesstofinancialmarketsCatalyzeslongterm“offbalancesheet”debtfinancing;therebyreducingtheriskprofileoftheinvestmentandoverallcapitalcosts18GuaranteebenefitstotheprivPre-ConditionsforUseofGuaranteesSubjecttoBankappraisalSectorreformprogramsacceptabletotheBankCounter-GuaranteefromthegovernmentRequiredfromthegovernment19Pre-ConditionsforUseofGuarGuaranteePricingandLoanEquivalencyLoan-EquivalencyPrinciple

-ThelosssufferedbytheBankfromamembercountry’sfailuretomaketimelypaymentonaBank-guaranteedloanobligationisequivalenttothatsufferedfromthecountry’sfailuretomaketimelypaymentonanequivalentloan-serviceobligationtotheBank.

-ChargesonIBRDloansandguaranteesarealigned.

IBRDGuarantees

LoansFront-endfee Front-endfeeStandbyfee CommitmentfeeGuaranteefee Lendingspread

IDAGuarantees

CreditsStandbyfee CommitmentChargeGuaranteefee ServiceCharge

ThepricingforIDAguaranteesisconsistentwithIDA’sservicechargesoncredits.20GuaranteePricingandLoanEquIBRD/IDAPRGFees(ChargesforFY05inbasispoints)

1.Determinedonacasebycasebasis.Exceptionalprojectscanbechargedover50bpsoftheguaranteedamount.FeeTypeFeechargedtotheborrower/retainedbyIBRDUpfrontchargesFrontEndFee(onthemaximumguaranteedamount)50bpInitiationFee15bpontheguaranteedamountorUSD100,000(whicheverishigher)ProcessingFee1Upto50bpoftheguaranteedamountRecurringchargesGuaranteeFee(onthemaximumguaranteedamountduringaninterestperiod)55bp

perannumStandbyFee(ontheundisbursedamountoftheguarantee)25bpperannumFeeTypeFeechargedtotheborrower/retainedbyIDAUpfrontchargesInitiationFee15bpontheguaranteedamountorUSD100,000(whicheverishigher)ProcessingFee1Upto50bpoftheguaranteedamountRecurringchargesGuaranteeFee(onthemaximumguaranteeamountduringaninterestperiod)75bp

perannumStandbyFee

(chargedonundisbursedamountoftheguarantee)25bpperannumIBRDPRGIDAPRG21IBRD/IDAPRGFees(ChargesforFeeTypeFeechargedtotheborrower1UpfrontchargesFrontEndFee(onthemaximumguaranteedamount)50bpRecurringchargesGuaranteeFee(onthepresentvalueoftheguaranteeexposure)50bp

perannumStandbyFee(chargedontheundisbursedportionoftheguaranteeexposure)25bpperannumIBRDPCGFees(ChargesforFY05inbasispoints)1.Feechargesnetofapplicablewaiver.IBRDPCG22FeeTypeFeechargedtotheborGuaranteesupportforgovernmentreformagendacanbeveryflexible…

GovernmentPriorityinAgreementwiththeWorldBankPrivatizationsInvestments&PPPsMunicipalFundsandGuaranteefacilities23Guaranteesupportforgovernme謝謝！謝謝！WorldBankGuaranteeProducts:TheBasicsJune29-30,2019WorldBankGuaranteeProducts:Whataretheguaranteeproductsdesignedtodo?Ariskmitigationtool:HelpsreducefiscalburdenCatalyzesprivatesectorfinanceinsupportofdevelopmentalobjectivesFacilitatesaccesstotheinternationaldebtandcapitalmarketsonmorefavorabletermsLeveragesBankresourcesButguaranteescanonlyhelpifthereiscrediblemovementtowardsreform(e.g.collection,losses,tariff,prospectoffinancialviability26WhataretheguaranteeproductTherelevanceintoday’sinvestmentclimateIncreasedinvestorriskaversioncontinuesReducednumberofstrategicinvestorsRatingdowngradesReducedavailabilityofprivatePRIRequiresGovernmentdemonstrationofAtrackrecordwhichreducesUncertaintyinitsmarketstructuresUncertaintyinitstariffframeworkWithdominantpublicsectorpresenceHonoringofpolicy&contractualcommitmentsGovernanceissues27Therelevanceintoday’sinvesPrincipaltypesofguaranteesPartialRisk(PRG)GenerallyforprivatesectorprojectsCoversdebtagainstspecificsovereignobligationscommittedtoprojectStructuredtoprovideminimumcoveragenecessarytomobilizeprivatefinancingAvailableinbothIBRDandIDAcountriesPartialCredit(PCG)Generallyforpublicsectorprojectsand/orentitiesCoversdebtservicedefaultforspecifiedpaymentsAlternativestructuresdevelopedfordifferentcreditsandmarketconditions28PrincipaltypesofguaranteesPPartialRiskGuaranteesRationale:CatalyzesprivatesectorinterestthroughpoliticalriskmitigationPurpose:SupportsdebtfinancingintheformofcommercialdebtorshareholderloansorprovidescashflowsupportGuaranteecoverage:CriticalsovereignrisksrelatedtoGovernmentcommitmentsundertherelevantcontractualagreementsModality:Greenfieldprojects,Privatizations,ConcessionsorotherPPPstructures29PartialRiskGuaranteesRationPartialRiskGuaranteesmitigateconcernsrelatedtogovernmentperformanceAPartialRiskGuarantee(PRG)cancoverlendersincasetheGovernmentdoesnotmeetitscommitmentsCommercialLendersProjectCompanyGovernmentGuaranteeIndemnityAgreementGovernmentUndertakingsLoansWorldBank30PartialRiskGuaranteesmitigaPRGsofferflexibilityintheguaranteecoveragethatitcanofferRegulatory/tariffframeworkChangesinlaw,decrees,orregulationsChangesinlicensingarrangementsordisconnectionpoliciesPoliticalforcemajeure,includingexpropriationGovernmentagenciespaymentsTransferability&convertibilityofforeignexchangeFrustrationofArbitrationButPRGsdonotcovercommercialrisks.31PRGsofferflexibilityinthePreferredguaranteemodalityEarlyinvolvementoftheBankmayhelptoenhanceinvestorinterestGuaranteestructuretobeincorporatedinthebiddocumentsasanoptionBidsshoulddemonstratevalueaddedoftheGuaranteeValueaddedoftheguaranteetobeapartofthebidevaluation32PreferredguaranteemodalityEaPartialCreditGuarantees

canhelpinthefollowingsituationsGovernmentorStateOwnedEnterprise(SOEs)accesstocapitalmarketsMobilizegovernmentshareinPPPsBondissuesbypublicintermediaries,orpublicentities,suchasSOEsPre-privatizationsupportforpublicentitiesthroughconvertiblebonds33PartialCreditGuarantees

canPartialCreditGuaranteescanhelpfinance

longtermpublicinvestments01015$100mWBSupportforPrincipalBulletRepaymentPricing(250bp*)(250bp*)*AboveUSTreasuriesPhilippines:Leyte-LuzonPowerProjectBondStructureLongestTermAvailabletothePhilippineswithoutWBSupportAdditionaltermprovidedbyWBSupport34PartialCreditGuaranteescan$150millionAveragefinancingtermforChinawithoutWBGuaranteeAdditionaluncoveredrisktakenbycommercialbanksWBGuaranteedTotalriskassumedbycommercialbanks$50million03691215ChinaErtanPowerProjectSyndicatedLoanStructurePartialCreditGuaranteescanhelpfinance

longtermpublicinvestments35$150millionAveragefinancingGuaranteeshelpextendmaturities...77325570151515151571015101012101416024681012141618ChinaPhilippinesPakistanJordanLebanonMoroccoRussia/UkraineThailandCoted'IvoireColombiaBangladeshVietnamMaturity(years)withoutGuaranteewithGuarantee36Guaranteeshelpextendmaturit…andatthesametimereducespreads3.0%4.5%3.0%3.0%3.4%8.5%6.5%3.0%5.0%0.6%2.0%2.8%0.75%3.0%2.0%2.0%2.9%2.0%1.1%1.0%2.5%5.0%0%1%2%3%4%5%6%7%8%9%ChinaPhilippinesPakistanJordanLebanonMoroccoThailandCoted'IvoireColombiaBangladeshVietnamInterestSpreadsoverUSTwithoutGuaranteewithGuarantee37…andatthesametimereduce…andhaveanimportantcatalyticimpactEachdollarofguaranteecatalyzed$4ofprivatefinance.38…andhaveanimportantcatalytGuaranteebenefitstothegovernment:

TransactionBenefitsCatalyzesfinancingthroughmarketaccess,longertenorsandlowerfinancingcostsFacilitatesprivatization&PPPsbyenhancinginvestorinterestAcceleratespaceofnewinvestmentforexpansionofrelevantservicesSustainsmoreattractiveretailtariffregimesbymateriallyimprovingthefinancing’sdebtprofileEnhancesthepotential“sale”valueofexistingassetsorofthe‘business’39Guaranteebenefitstothegove

Guaranteebenefitstothegovernment:

FiscalPerspective

NoadditionalcontingentliabilityCanbeadditionaltotheIMFexternaldebtceilingAdditionaltothecountrylendingprogramCreatesmarketconfidencethroughBankleverageandtrackrecordProvidesforrisksharingwiththeprivatesectorNoassociatedcostsforPRGs(guaranteefeewouldbepayablebytheinvestoraspartofprojectcosts)Transitional-canbestructuredtofallaway40

GuaranteebenefitstothegoTheWBPartialRiskGuaranteeusuallydoesnotincreasecontingentliabilities “Thehostgovernment’sindemnityoftheWorldBankdoesnotincreasethegovernment’sliabilitieswhenthegovernmentisalreadydirectlyobligatedtotheprivatesectoronthesameliabilities.”

“InvolvingthePrivateSectorinForestallingandResolvingFinancialCrises–PrivateProjectFinanceFlowstoDevelopingCountries,”IMFBoardPaperSM/99/211,August20,2019,page21.41TheWBPartialRiskGuaranteeGuaranteebenefitstotheprivatesector

MitigatescriticalperceivedpoliticalrisksandregulatoryrisksMakesprivatizationsfinanceablebyfacilitatingdirectaccesstofinancialmarketsCatalyzeslongterm“offbalancesheet”debtfinancing;therebyreducingtheriskprofileoftheinvestmentandoverallcapitalcosts42GuaranteebenefitstotheprivPre-ConditionsforUseofGuaranteesSubjecttoBankappraisalSectorreformprogramsacceptabletotheBankCounter-GuaranteefromthegovernmentRequiredfromthegovernment43Pre-ConditionsforUseofGuarGuaranteePricingandLoanEquivalencyLoan-EquivalencyPrinciple

-ThelosssufferedbytheBankfromamembercountry’sfailuretomaketimelypaymentonaBank-guaranteedloanobligationisequivalenttothatsufferedfromthecountry’sfailuretomaketimelypaymentonanequivalentloan-serviceobligationtotheBank.

-ChargesonIBRDloansandguaranteesarealigned.

IBRDGuarantees

LoansFront-endfee Front-endfeeStandbyfee CommitmentfeeGuaranteefee Lendingspread

IDAGuarantees

CreditsStandbyfee CommitmentChargeGu