Recommandé
Recommandé
Contenu connexe
Tendances
Tendances (15)
Similaire à At a glance
Similaire à At a glance (20)
Dernier
Dernier (20)
At a glance
- 1. August 2013 KEXIM Korea’s Official Export Credit Agency
- 2. KEXIM at a Glance 3SECTION 1 Strength of Korean Economy 8SECTION 2 Funding Activities 13SECTION 3 Table of Contents 2
- 3. SECTION 1 KEXIM at a Glance 3
- 4. 114.8% 92.5% 65.9% 52.6% 33.4% 31.3% 0% 20% 40% 60% 80% 100% 120% Korea Germany UK China Japan US Categorized as “Sovereigns, Supranationals and Agencies” (SSA) by financial publication such as IFR and Euroweek Promoting international trade is indispensable in maintaining sustainable growth of the nation’s economy Source: Bank of Korea, IMF, WTO * Defined as the sum of annual exports and imports divided by Gross Domestic Product KEXIM is an Export Credit Agency mandated with promoting export and competitiveness of Korean goods and services 100% Ownership Official Export Credit Agency A 100% Government Owned Export Credit Agency ▒ Pivotal Role in the Korean Economy Trade Dependency Ratio (2012)* 4
- 5. Korea The Export-Import Bank of Korea Canada Japan Japan Bank for International Cooperation Australia EXPORT-IMPORT BANK of the UNITED STATES U.S.A. Key ECAs in Other Countries China Germany U.K. ▒ KEXIM is the Official Export Credit Agency of Korea 5
- 6. LOANS GUARANTEES Export Credit Import Credit Overseas Investment Credit Total Loans: KRW48tn (as of December 31, 2012) Financial Guarantee Project Related Guarantee Total Guarantees: KRW39tn (as of December 31, 2012) On behalf of Korean Government, KEXIM administrates EDCF and IKCF, both of which are SEPARATED ACCOUNTS FROM KEXIM Economic Development Cooperation Fund (“EDCF”) Since 1987 Promote economic cooperation between Korea and developing countries Total Loans: KRW3.3tn (as of Dec 31, 2012) Since 1991 Promote exchanges and cooperation between the two Koreas Total Disbursement including Grant: KRW5.7tn (as of Dec 31, 2012) ▒ Government-Entrusted Funds Inter-Korean Cooperation Fund (“IKCF”) Key Operations ▒ KEXIM’s Own Accounts 6
- 7. Increase in Paid-in-Capital in line with Loan Growth Source: KEXIM, as of July 2013 ” “ Article 37 (Compensation for Amount of Loss) The Export-Import Bank shall compensate for net loss of final accounts with the reserve each business year, and the Government shall compensate for the loss when the reserve is insufficient 3.3 4.0 5.0 5.2 6.3 7.1 7.2 20.1 32.4 37.4 41.2 48.0 47.8 54.0 0 10 20 30 40 50 60 0.0 2.0 4.0 6.0 8.0 2007 2008 2009 2010 2011 2012 July 2013 KRW 3.9 tn KEXIM’s credit rating has been on par with Korea sovereign rating since its establishment True Proxy to Sovereign Credit “…there is an "almost certain" likelihood that the Korean government would provide timely and sufficient extraordinary support to KEXIM in the event of financial distress.” A+ (Stable) Standard & Poor’s “the South Korean government is legally obliged to cover KEXIM’s losses should the bank’s capital reserve funds fail to cover them, as per Article 37 of the KEXIM Act.” AA- (Stable) Fitch “… Underpinned by 1) the stipulation in the KEXIM Act, which holds the government responsible for its solvency, 2) the 100% ownership by the government, 3) no legal barrier for timely support … Aa3 (Stable) Moody’s “…the importance of KEXIM to the government's policy is extremely high, and there is no probability of KEXIM being privatized. Its financial soundness is maintained through continuous contributions from the government.” A+ (Stable) R&I ▒ The Government’s Dedication to Protect KEXIM’s Solvency 7 (KRW tn)(KRW tn)
- 8. SECTION 2 Strength of Korean Economy 8
- 9. 1953 1956 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 Source: Bank of Korea Note: AUD≈ KRW1,066.86 1976 Establishment of The Export-Import Bank of Korea Korea becomes the first developing nation to have an ECA (KRW tn) 2011 Korea becomes the 9th country to record USD1tn in trade volume 2010 Korea becomes 7th largest exporter in the world . 2000 Korea becomes the 11th largest economy in the world 1996 Korea becomes the 29th member of OECD 1995 Korean export exceeds USD100bn 1989 Electronics and automobile export totals USD20bn 1977 First export of color TV 1976 First export of automobile 1969 First export of commercial vessel 1960 GDP per capita of USD79 1953 Three-year long Korean War ends in a stalemate 1,400 1,200 1,000 800 600 400 200 0 1,273Trillion KRW 1,026Trillion KRW 100Trillion KRW 10Trillion KRW1Trillion KRW Snapshot of Korean Economic History 2012 ▒ Korea’s GDP Growth and Key Economic Achievements 2012 Korea becomes the 7th nation to join a group of countries with GDP per capita of USD20,000 and a population of 50mn 9
- 10. 524 258 136 93 68 66 63 61 53 48 45 USA Japan China UK South Korea Canada France India Germany Hong Kong Switzerland Korea is home to numerous leading companies with global brands ____________________ Clarkson (by order value) As of 2012 ____________________ International Data Corporation As of 1Q 2013 ____________________ OICA As of 2012 ____________________ World Steel Association As of 2012 1st1st 6th 6th1st1st Ship BuildingDRAM Automobile Steel ProductionTFT-LCDMobile Phone ____________________ DRAMexchange As of 4Q 2012 ____________________ Display Search As of 2012 AAA AA AAA AAAAAA AAA AAAAA-AA BBB AAA ▒ Korea’s Ranking in Key Industries ▒ Forbes ’12: Top Host Countries of the World’s 2000 Leading Companies Export-Driven Industrial Powerhouse 10
- 11. Others 6% Japan 7% North America 12% Europe 14% Middle East 7%Latin America 7% China 24% Southeast Asia 23% Source: Korea Statistical Office, 2012 YE ▒ Exports Destinations▒ Export By Geography Source: Korea Customs Service, 2012 YESource: Korea Customs Service, 2012 YE China 24% Developing Countries 51% Japan 7% DM Europe 6% North America 12% 2012 Historical Trend Petroleum- related 12% Steel 9% Electronics 28% Chemical 11% Machinery 10% Auto 8% Light Industry 7% Shipbuilding 7% Others 8% Exports to Emerging Markets: 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1965 1977 1989 2001 Diversified Export Portfolio 1965 1977 1989 2001 2012 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ▒ Export By Product 11 ▒ The 3rd Largest Economic Territory via Bilateral Free Trade Agreements Source: Ministry of Strategy and Finance (1) Defined as a nation’s GDP combined with the GDPs of its FTA countries, divided by the world GDP In Implementation 45 Countries 54.1% of World GDP(1) Ratified / Under Negotiation 15 Countries 28.8% of World GDP(1) Effective Concluded ASEAN USA Columbia Peru Chile Singapore India EU EFTA Turkey Korea
- 12. AAA AA+ Aaa AA A+ Aa1 AA- Aa3 A1 A2 Aa2 A- Baa2 A Baa1 BBB BBB+ BBB- Baa3 A3 Aug 2011 Aug 2011 May 2009 Jan 2012 Sep 2010 Mar 2011 Jun 2012 Oct 2011 Feb 2012 Negative outlook Negative outlook Jan 2009 Oct 2011 Apr 2010 Jan 2012 Apr 2012 Korea’s credit rating upgraded by the 3 major agencies in 2012 Sep 2012 Sep 2012 Apr 2010 Aug 2012 Dec 2009 Dec 2008 “A high degree of economic resilience and competitiveness” “Reduced external vulnerability of the banking sector”Aa3 Stable “continued economic and financial stability in a volatile global environment“ “strong structural fundamentals including an income level and social and political stability” AA- Stable “reflects our less negative assessment of the geopolitical risks on the Korean peninsula” “expect that economic indicators in the Republic of Korea will be relatively weak” A+ Stable Feb 2013 Negative outlook Emerging MarketsDeveloped Countries Moody’s S&P Korea Sovereign Rating Upgrade by All Big 3 Agencies USA JapanUK France Italy Spain Russia Mexico 12 Jan 2011 Negative outlook Jan 2011 Nov 2012 Jan 2012 Sep 2011 Negative outlook Oct 2006 Jul 2012 Oct 2011 Feb 2012 Oct 2012 Negative outlook
- 14. Top Frequent Borrower World Bank 51 JP Morgan 20 53 KfW 134 Issuer No. of Issuances EIB 2071 8 40 5 2 Rank Top Issuance Volume Bank of America Corporation 7,301 Morgan Stanley 6,012 7,679 KfW 102,376 Issuer Amount (US$mn) EIB 102,8641 138 182 127 2 Rank Source: IFR (May 2011 ~ Apr 2012) 4,296 7,923 8,253 8,324 8,245 4,641 2,004 1,186 8,806 4,590 2,738 3,614 5,762 5,373 1,277 2,960 1,552 1,909 1,250 1,620 1,725 0 2,000 4,000 6,000 8,000 10,000 2007 2008 2009 2010 2011 2012 KEXIM KDB IBK KoFC(US$ mn) Source: Bloomberg (League Table – Korea International Bonds; based on annual vol.) ▒ Most Active Issuer out of Korea Source: KEXIM, Bloomberg 923 5,251 3,454 5,3784,059 3,027 3,088 6,820 5,627 4,982 8,819 8,339 10,274 11,005 5,792 0 2,000 4,000 6,000 8,000 10,000 12,000 2008 2009 2010 2011 2012 USD Non-USD(US$ mn) ▒ USD vs. Non-USD The Most Active Issuer in Korea 14
- 15. Public Offering Funding Sources diversified over 27 Different Currencies Globally KEXIM’s Globally Diversified Funding Sources Zurich EUR CHF Japan Los Angeles New York Boston Hong Kong Singapore San Paulo Bangkok Mexico Kuala Lumpur SGD HKD MYR USD MXN BRL TRY Lima PEN IDR INR Sydney Jakarta New Delhi CNH PHP THB Taipei GBP TWD ZAR NZD SAR RUB Beijing Moscow DKK SEK NOK CZK AUD JPY 15
Notes de l'éditeur
- お早うございます（こんにちは）。韓国輸出入銀行・国際財務部の[名前]と申します。本日は私の方から弊行についてご説明させていただきます。私のプレゼンテーションが終わる頃にはどれほどKEXIMの信用に関する実話がお客様の投資哲学に合致するかご理解いただければ幸いです。 ご質問がおありの場合は、プレゼンテーション中、いつでも構いませんので、お気軽にお声がけください。========================================Good morning (afternoon) everyone.My name is [●], [●] at KEXIM’s International Finance DepartmentI am very pleased to present KEXIM to you today. I hope, by the end of my presentation, you will see how KEXIM’s credit story fits into your investment philosophy.If you have any questions, please feel free to stop me anytime during my presentation.
- My presentation today is comprised of four sections.First, we will go over the highlights of KEXIM.Then, then we will talk about the Korean economy.Thirdly, we will discuss KEXIM’s financial highlights and funding activities.Lastly, we will provide a brief analysis on the North Korean Situation.
- Without further ado, we will jump straight into our presentation.
- KEXIM is the export credit agency of Korea mandated in promoting export by strengthening competitiveness of Korean goods and services in the international markets.As can be seen on the right hand side, international trade plays a critical role in the Korea’s economy, with the trade dependency over 100% of the GDP.For this reason, the Government grants a comprehensive support package for KEXIM and holds 100% ownership since its establishment 36 years ago. In other words, such strong government support is inseparable from KEXIM’s credit story.As the export sector is expected to become more important, we expect KEXIM’s current status as a sovereign issuer will only strengthen going forward.
- To enhance your understanding of KEXIM’s profile, we have listed some of the comparable export credit agencies across the world that perform similar functions as KEXIM.Here, I would like to point out that there has been no precedent in which a country privatized her export credit agency.This once again serves as a strong evidence that KEXIM’s sovereign status will remain unchanged.
- Among many channels used by the Government to support KEXIM, the following two notable ways stand out from the rest.The first is the guarantee clause. According to Article 37 of the KEXIM Act, the government is legally obligated to make up for any losses beyond KEXIM’s reserves. In other words, the government is ultimately responsible for KEXIM’s solvency. Therefore, the government would take appropriate steps, including capital injection, if KEXIM is in need of funds to make any payment under any of our obligations.The other is continued capital injection by the government. The government has continuously made capital injections, doubling up our paid-in capital over the last six years.However, this is not because we have a solvency problem like some of the European banks but because our operations have steadily grown along with the economy.Thanks to these support measures, Moody’s, S&P, Fitch, and R&I all agree that KEXIM is a pure sovereign issuer and KEXIM’s credit rating should be on par with that of the government.
- In this section, we will discuss the strength of the Korean economy.
- As shown on the slide, the growth path of Korean economy is simply astounding. One of the poorest countries scarred with a civil war has turn itself into the 7th largest exporter in the world.As you can see in the middle, KEXIM was established in 1976 to facilitate the nation’s cross-border trades.Riding on this remarkable growth, Korea has become 9th country in the world to record 1 trillion dollar in cross-border trade volume in 2011. Korea’s GDP per capita, which was USD79 in 1960, surpassed USD20,000 in 50 years.[37 years ago, Korean automobiles debuted in the international markets with 1,341 vehicles. Now, there are more than 3 million Korean vehicles sold annually in the overseas market.36 years after the first export of color TV, Korea’s display panels dominate the global market share as a market setter in terms of quality.]
- In this section, we will go into details about KEXIM’s financial highlights and funding activities.
- On this slide, we will divulge further into KEXIM’s long-term FC borrowings.KEXIM is the most active Korean issuer, with a considerable gap between the runner-up. Our issuance portfolio remains diverse in terms of currency diversification.Even from a global perspective, KEXIM’s long-term borrowing is significant compared to its peers. In terms of the number of issuances, we are ranked 5th, ahead of World Bank. As for issuance volume KEXIM is ahead of many big-name financial institutions such as Bank of America and JP Morgan.