September, 2006 Financing Investment in Emerging Markets / Turkey

September, 2006 Financing Investment in Emerging Markets / Turkey

September, 2006
Financing Investment in Emerging Markets / Turkey
1
“Only when the tide goes out, do you find out who is
wearing a bathing suit”
Warren Buffett
2
September, 2006
Financing Investment in Emerging Markets / Turkey
3
CORPORATE BANKING
CORPORATE BANKING LOANS (MM USD)
$ 5,047 PF
CAGR
25%
$ 12,148
$ 7,101
$ 359 PF
$ 1,184
$ 1,543
2000
2009/03
Distribution of Exposure By Sector in Project Finance (%)
Infrastructure
15%
FI
2%
Automotive
2%
Acquisition Finance
35%
Energy
18%
Real Estate
11%
Corporate Syndication
17%
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26.06.2009 09:27
Strengths & Capabilities
‰ Akbank is one of the leading Turkish Banks in financing with its strong
financial capacity and know-how.
‰ Collaboration capability with strategic financial institutions like IFC, EIB,
EBRD, KfW and other International / Commercial banks.
‰The fast pace of change in financial markets necessitates the effective
functioning of branch network of financial intermediaries.
9 In this respect, Akbank’s 841-branch network with its broad customer base
is utilized to find companies that may fit into target profiles of potential
investors/bidders.
¾Multinationals
¾Strategic Investors
¾Private Equities
5
Changes in the Turkish Debt Market
Terms & Conditions
Pre Crisis
Post Crisis
“Borrowers’ Market” 2008 “Lenders’ Market”
Security Mechanisms
Non-Recourse or Limited
Recourse Financing
Full Sponsor Support is
Required
Maturity
Financing availability upto 12
years
Limited Financing & Maturtiy
Options
Debt to Equity
As High As 85:15
Typically 60:40
Debt Service Coverage Ratio
As Low As 1.0 - 1.15
Min 1.20 - 1.50
Refinancing / Early
Prepayment Penalty
Allowed
Allowed at a considerable cost
Underwriting & Pricing
Deals were Underwritten with a
Fixed Price at the Mandate
No Underwriting and/or Fixed
Price / Strict Market Flex
Clauses
6
Changes in the Turkish Debt Market
Appetite & Competition
Pre Crisis
Post Crisis
“Borrowers’ Market” 2008 “Lenders’ Market”
Market Players
Private Equity Funds were
Dominating the Market
Turkish Conglomerates with
Strong International Partners
Financial Institutions
Highly Competitive Market
with the Presence of Int. Banks
First Tier Turkish Banks &
Multilateral Financial Inst.
Investment Enviroment
*Highly Leveraged Takeovers
& Privatization
*Huge Appetite for Greenfield
Investments
*Limited interest for Greenfield
Investments
*Appetite shift towards Energy
Oriented Privitizations
7
Acquisition Finance
ENERJİ
YATIRIMLARI
A.Ş.
USD 350 Million
PRIVATIZATION OF
TÜPRAŞ
2006
ASSAN GALVANİZ
A.Ş.
OGER
TELEKOMUNİKAS
YON A.Ş.
USD 40 Million
USD 450 Million
ACQUISITION FINANCE
OF STANDARD
PRIVATIZATION OF
TURK TELEKOM
ALUMINIUM
2007
2007
MH
PERAKENDECİLİK
VE TİC. A.Ş.
SOCAR &
TURCAS
PETROKİMYA A.Ş.
ACQUISITION FINANCE
OF MİGROS
PRIVATIZATION OF
PETKİM
2008
2008
USD 400 Million
A YAPIM RADYO
VE TV
YAPIMCILIĞI A.Ş.
USD 150 Million
ACQUISITION FINANCE
OF KRAL TV
2008
8
Energy
AKSA AKRİLİK
SAN. TİC. A.Ş.
AKSA AKRİLİK
SAN. TİC. A.Ş.
ENOVA ENERJİ
ÜRETİM A.Ş.
AES-IC İÇTAŞ
ENERJİ ÜRETİM
A.Ş.
AKCEZ
ENERJİ
YATIRIMLARI
SAN. VE TİC. A.Ş.
ENOVA
ENERJİ ÜRETİM
A.Ş.
USD 50 Million
CARBON FIBER CAPEX
FACILITY
PRIVATE SECTOR
2007
ENERJİSA ENERJİ
ÜRETİM A.Ş.
EUR 252 Million
HYDRO AND THERMAL
POWER PLANTS
PRIVATE SECTOR
2008
USD 100 Million
USD 33 Million
USD 45 Million
THERMAL POWER
PLANT
PRIVATE SECTOR
HYDRO ELECTRIC
POWER PLANT
PRIVATE SECTOR
HYDRO ELECTRIC
POWER PLANT
PRIVATE SECTOR
2007
2007
2007
AKKÖY ENERJİ
A.Ş.
EUR 71 Million
USD 9 Million
AKKOY II &
REFINANCING AKKOY 1
PRIVATE SECTOR
2008
ZORLU DOĞAL
ELEKTRİK
ÜRETİM AŞ.
USD 180 Million
ACQUISITION FINANCE
OF HYDRO POWER
PLANTS
2008
USD 175 Million
ELECTRICITY DISTRIBUTION
SAKARYA REGION
PRIVATIZATION
2009
ENERJİSA
ELEKTRİK
DAĞITIM A.Ş.
USD 240 Million
ELECTRICITY DISTRIBUTION
BAŞKENT REGION
PRIVATIZATION
2009
9
Real Estate
ZORLU YAPI
YATIRIM A.Ş.
ERMA İNŞAAT
YATIRIM VE TİC.
A.Ş.
USD 155 Million
USD 400 Million
PRIVATIZATION OF
KARAYOLLARI LAND
2007
IKEA BURSA REAL
ESTATE DEVELOPMENT
PRIVATE SECTOR
2007
APOLLO REAL
ESTATE FUND III
LP
EMAAR
PROPERTIES
EUR 150 Million
CARREFOUR ISTANBUL
PARK AVM
PRIVATE SECTOR
2007
ACQUISITION FINANCE
OF LIBADIYE LAND
2008
10
Corporate Syndications & Infrastructure
EFES İÇECEK
ÜLKER BİSKÜVİ &
ÇİKOLATA A.Ş.
Akbank Participation
USD 39 Million
2006
Akbank Participation
USD 110 Million
2008
BORUSAN
HOLDİNG &
LOJİSTİK
TAV İSTANBUL
TERMİNAL
İŞLETMECİLİĞİ
A.Ş.
EUR 85 Million
Akbank Participation
USD 65 Million
2008
ISTANBUL AIRPORT
PRIVATE SECTOR
2008
COCA COLA
İÇECEK A.Ş.
Akbank Participation
USD 25 Million
2007
KOÇ HOLDİNG
A.Ş.
Akbank Participation
EUR 75 Million
2009
11