Indias National Export Credit Agency Investor Presentation - - PowerPoint PPT Presentation

India’s National Export Credit Agency Investor Presentation

Presentation Outline

Exim Key Credit Highlights The India Story The Exim Bank Story Appendix

2

Exim Key Credit Highlights

4

Exim Key Credit Highlights

Management Strength India: Strong Macro backed by supportive policy Environment Exim: Proxy to Sovereign Financial Strength Policy Role at National Level

1 2 3 4 5

India’s engine for growth of International Trade

 Set up under an Act of Parliament in 1981 by the Government of India  100% owned by the Government of India (“GoI”).  Role in policy formulation and also project selection under Economic

Diplomacy.

 International investment grade ratings at par with Sovereign.  Policy Business Guaranteed / Insured by the Sovereign.  Strong regulatory capital position.  Access to multiple sources of liquidity, both onshore and offshore.

The India Story

6

India: Strong Macro backed by supportive Policy Environment

Resilient GDP Growth(1,2,3)

• World’s 7th largest economy based on nominal GDP in CY 2018.(2)
• Nominal GDP for CY 2018: ~US$ 2.7 tn.(2)
• World’s 3rd largest economy based on GDP measured in PPP terms in CY2018.(2)
• GDP in PPP terms for CY 2018: ~US$ 10.5 tn.(2)
• India is set to become the 5th largest economy based on nominal GDP by 2019(2)
• India jumped up 23 notches to the 77th position from 100 during 2017-18 on the World Bank’s ‘Ease of Doing Business’ Index 2019.
• Favorable demographic profile: 66% of the population is between the age of 15 to 64 years.(4)

Source: (1) Institute of International Finance (IIF); (2) IMF World Economic Outlook April 2019. Data for CY; (3) Ministry of Statistics and Programme Implementation (MOSPI); (4) World Bank Database; CY means calendar year ; FYxx means financial year ended March 31, 20xx.; E- IIF Estimates; P – IMF Projections

6.7% 7.1% 7.3% 7.7% 6.9% 6.6% 6.3% 6.1% 2.2% 2.9% 2.3% 1.9% 3.8% 3.6% 3.3% 3.6% CY 2017 CY 2018 CY 2019 P CY 2020 P India China United States World

18.2% 17.7% 17.9% 17.1% 15.9% 30.0% 29.8% 29.3% 29.1% 29.7% 51.8% 52.5% 52.8% 53.8% 54.4% 2043 2148 2287 2626 2786 7.4% 8.0% 8.2% 7.2% 7.0% FY 15 FY 16 FY 17 FY 18 FY 19E

Agriculture (%) Industry (%) Services (%) Real GDP Growth (%)

7

Indian Economy: Key Economic Indicators

Banking Sector Statistics(2)

Key Parameters FY17 FY18 FY19 Change Gross Domestic Saving (% of GDP) (3) 30.3 30.5

• Gross Domestic Investment (% of GDP) (3)

30.9 32.3

• Gross Fixed Capital Formation (% of GDP) (3)

28.2 28.6 28.9 30 bps Fiscal Deficit (% of GDP) (3) 3.5 3.5 3.4 (10 bps) Revenue Deficit (% of GDP) (3) 2.1 2.6 2.2 (40 bps) FDI Inflows (US$ bn) (2) 60.2 61.0 64.4 5.60% Exchange Rate (INR/US$, avg.) (2) 67.07 64.45 67.07 4.10%

Source: (1) Institute of International Finance (IIF) Database; (2) Reserve Bank of India, Press Releases and Online Database (accessed online on 22/05/2019); (3) Central Statistics Office; E- IIF Estimates; # Data pertains to April 2018-September 2018 ; ## Data pertains to April 2018-December 2018; * Base year for CPI Inflation FY15-FY19 is 2012=100

Key Parameters FY17 FY18 FY19# Change Credit Deposit Ratio 73.0 74.2 77.6## 340 bps Banking Sector CRAR 13.7 13.8 13.7 (10 bps) Banking Sector NPAs 8.58 11.22 10.10## (112 bps) Provision Coverage Ratio 43.5 48.3 52.4 410 bps NBFC CRAR 22.1 22.8 21.0 (-180 bps) NBFC NPAs 6.1 5.8 6.1 30 bps 51.4 51.5 49.6 49.1 48.1 15.2 17.1 15.6 19.8 20.2 66.6 68.6 65.2 68.9 68.3

FY 15 FY 16 FY 17 FY 18 FY 19E

Centre State

Key Macroeconomic Metrices Inflation/ Policy Rates (2)* General Government Debt (% of GDP) (1)

8

Source: (1) MOCI; (2) Balance of Payment Statistics, RBI

Composition of CAD(2)

• 14.4
• 48.7
• 51.8
• 0.6%
• 1.9%
• 2.6%
• 250
• 200
• 150
• 100
• 50

50 100 150

FY17 FY18 FY19 (Apr-Dec)

(US$ bn)

Trade Deficit Services Surplus Primary Income Secondary Income Current Account Deficit CAD (% of GDP) 46 40 44 37 29 28 25 27 53 Exports

Merchandise Trade Pattern in FY 19(1)

80 28 17 5 19 46 Export 6 20 18 6 37 31 Imports Telecom, computer & info services Travel Transport Financial services Other Business services Others

Services Trade Pattern in FY18 (2)

439 499 535 480 584 639

37.1% 39.1% 38.4% 19.9 % 20.1% 19.7% FY17 FY18 FY19

(US$ bn)

Services Exports Services Imports Merchandise Exports Merchandise Imports 62.9% 80.1% 60.9% 79.9% 61.6% 80.3% 141 65 48 55 46 34 32 20 73 Imports Petroleum Products Gems & Jewellery Chemicals Electronics Items Machinery Ores & Minerals Base Metals Transport Equipment Others Agri & Allied Products Textiles

Sound External Sector

Trade Trends(1)(2)

US$ 330 bn US$ 513 bn

US$ 195 bn US$ 118 bn

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Sound External Sector

Major Trading Partners(1) India’s Export Markets(1) India’s Import Sources (1)

Note: Data for North America does not include Mexico; Mexico has been included in Latin America Source: (1) MOCI

Regional Trade Direction(1)

Asia , 49% Europe , 20% North America , 17% Africa , 9% Latin America , 4% CIS, Baltics & Others, 2%

Exports

Asia , 62% Europe , 15% North America , 8% Africa , 8% Latin America , 5% CIS, Baltics & Others, 2%

Imports

88 87 60 34 31 28 24 24 21 21 19 18 17 17 17 17

• 54

0.3

• 23
• 5
• 5
• 21
• 6
• 12
• 11
• 17
• 8
• 4
• 4
• 10

(US$ bn)

Total Trade Trade Balance China USA UAE Iraq Singapore Hong Kong Saudi Arabia Germany Iran Belgium Malaysia Japan Switzerland Indonesia

• Rep. of Korea

2% 3% 3% 3% 3% 4% 4% 5% 9% 16% Nepal Netherlands Germany Bangladesh UK Singapore Hong Kong China UAE USA 3% 3% 3% 4% 4% 4% 6% 6% 7% 14% Indonesia Singapore

• Rep. of Korea

Hong Kong Switzerland Iraq Saudi Arabia UAE USA China

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External Debt vis-à-vis External Reserves

(1) ‘Volatile Capital Flows’ is defined to include cumulative portfolio inflows and short-term debt (RBI). For FY18, Volatile Capital Flow data pertains to end-Jun’18; (2) Volatile Capital Flows to Reserves ratio peaked at 97.4% in September 2013; (3) Source: RBI/Ministry of Finance, Government of India; [4] Source: https://data.worldbank.org/indicator/FI.RES.TOTL.CD?view=chart&year_high_desc=true accessed on 22/05/2019 (Data pertains to 2017; as per latest data available); * Short-term debt with residual maturity

External Debt 521.2 External Reserves 395.6 External Debt External Reserves

(US$ bn)

As on Dec 2018

94% 5% 1%

Foreign Currency Assets Gold SDRs / Reserve Tranche

37% 20% 24% 11% 5% 2%

Commercial Borrowings Short Term Non Resident Multilateral Bilateral Trade Credit

As on Dec 2018 Analysis of External Debt vs External Reserves

75.9% 71.0% 86.2% 163.1%

As on Dec 2018

External Reserves : External Debt FC Assets : External Debt Volatile Capital Flows: External Reserves FCA: Short-term debt*

• India has the 7th largest total reserves in the world[4]

11

India’s Twin Balance Sheet Problem

Post Global Financial Crisis Resolution Bad-Loan- Encumbered Banks Pre Global Financial Crisis  Investment-GDP Ratio soared by 11% points to 38% in four years to FY08.  Expectations of sustained double digit growth by corporates.  In three years to FY09, bank credit doubled.  Indian companies aggressively acquired companies overseas (e.g.: TATA Steel’s

acquisition of Corus Steel, Hindalco’s acquisition of Novelis Inc).

 GNPA Ratio for Scheduled Commercial Banks (SCBs) soared from 2.3% as on

March 31, 2008, to 10.1% as on December 2018. GNPA ratio for Public Sector Banks (PSBs) as on September 30, 2018 was 14.8%*.

 SCB’s GNPA Ratio projected to decrease to 10.3% by March 2019 and that of

PSBs is projected to decline to 14.6%*.

 Bunching of bad loan recognition due to previous regulatory forbearance.  Not a systemic failure - exogenous factors/

delay in recognition.

 Accommodative monetary policy tightened due

to rise in inflation:

• Repo rates increased from 4.75% in April 2009 to 8.50% in October 2011.

 INR Depreciation added to the stress in FC debt servicing:

• USD/INR depreciated from 52.97 in February 2013 to 68.36 in August 2013.

 In 2013, 33% of corporate debt was owed by companies with ICR < 1; increased

to above 40% in late 2016.

 Capacity Utilization in Industry declined from 80.9% in Q3FY10 to 75.9% in

Q3FY19.

 Asset Quality Review (AQR).  Schemes - 5:25 Flexible Refinancing, Strategic Debt Restructuring (SDR),

Scheme for Sustainable Structuring of Stressed Assets (S4A) - withdrawn w.e.f. February 12, 2018.

 The Insolvency and Bankruptcy Code, 2016 (IBC).  4Rs approach of recognition, resolution, re-capitalisation and reforms followed.  An amount of close to `3 tn has already been recovered. Recapitalisation has

been done in PSBs with total investment of `2.6 tn.

 Capital infusion of ` 482.39 bn in 12 PSBs for regulatory capital requirement

and growth recently.

Source: RBI Economic Survey 2016-17 & 2017-18, Bloomberg Database. * Financial Stability Report, RBI, December 2018; # Monetary Policy Report, RBI, April 2019

1 3 4 2

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Economic, Institutional and Structural Reforms

 Make in India- 25 Focus Sectors  Liberalisation of FDI.

• Relaxed FDI Norms: 100% permitted in single-brand retail and construction development.

 Aadhaar backed Direct Benefit Transfer (DBT).  The Real Estate (Regulation and Development) Act, 2016 (RERA).  The Insolvency and Bankruptcy Code, 2016 (IBC).  The Banking Regulation (Amendment) Act, 2017.  Constitution of Monetary Policy Committee (MPC) under the Monetary Policy Framework Agreement.  Currency Exchange (Demonetisation).  Goods and Service Tax (GST).  Bank Recapitalisation Bonds.  Targets set by N K Singh Committee on Fiscal Discipline:

• Debt-to-GDP ratio of 40% for Central Government, 20% for State Governments and fiscal deficit of 2.5% of GDP by FY23.

 India jumped up 23 notches to the 77th position from 100 during 2017-18 on the World Bank’s ‘Ease of Doing Business’ Index 2019:

• Among the top 10 performers consecutively for the second year
• India decreased border and documentary compliance time for both exports and imports

 Moody's upgrades India's Government bond rating to Baa2 (stable) from Baa3(positive):

• Based on the reforms carried out, India’s structural credit strength and global competitiveness have improved.

The Exim Story

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Bank : India’s Export Credit Agency

“To develop commercially viable relationships with a target set of externally oriented companies by offering them a comprehensive range of products and services, aimed at enhancing their internationalisation efforts” Set up under an Act of Parliament in 1981 by the Government of India

Objectives

“for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for coordinating the working

• f institutions engaged in financing export and import of goods and services with a view to promoting the country’s international trade…”

“… shall act on business principles with due regard to public interest” Genesis Objectives Vision

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Bank : Proxy to Sovereign

 An instrument of Government policy as India’s official Export Credit

Agency.

 100% owned by Government of India (“GoI”)

• Cannot be liquidated without GoI approval
• A track record of GoI capital infusion

 Proxy to the India Sovereign in international debt markets.  Board of Directors are appointed by GoI

• Comprises top officials from key GoI ministries (Finance, Commerce

and Industry and External Affairs) and Reserve Bank of India.

 GoI Backstop - Policy Business guaranteed/ insured by the Sovereign

100%

• wned by

GoI Directors Appointed by GoI Proxy to India Sovereign in International Debt Markets Policy Bank GoI Backstop: Policy Business

Ongoing Government Support

Ongoing Government Support

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Bank: Capital Infusion / Proxy to Sovereign

Budget allocation of INR 15 bn from GoI for FY 2020 (INR 9.5 bn by way of capital infusion and INR 4.5 bn through Recap Bonds)

Exim’s credit rating has been on par with India sovereign rating since its establishment International Rating is Baa2 (Stable) International Rating is BBB- (Stable) International Rating is BBB- (Stable) Domestic Rating is AAA (Stable) Domestic Rating is AAA (Stable) Domestic Rating is AAA (Stable) International Rating is BBB+ (Stable) Domestic Rating is AAA (Stable)

Government Capital Infusion

Exim Bank’s Line of Business

Export Finance Lines of Credit / CFS Buyer’s Credit – NEIA Pre-Shipment Credit Post-Shipment Credit Guarantees and L/Cs Export Capability Creation Term Loans Working Capital Export Product Development Export Facilitation

Overseas Investment Finance

Import Finance Guarantees and L/Cs

[1]: As on March 31, 2019; [2] Excluding India; [3] Classification of Net Loans outstanding on the basis of associated Risk; [4] Exposures value of less than 1% are excluded INR 1030 bn INR 141 bn

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Export Finance 56.22% Term Loan to Exporters 23.06% Overseas Investment Finance 13.22% Import Finance 5.20% Export Facilitation 2.27% Performance Guarantee, 40.62% Advance Payment Gurantee, 41.66% Retention Money Guarantee, 1.92% Bid Bond Guarantee, 1.02% Financial Guarantee , 12.51% Letters of Credit, 2.26%

Loan Portfolio [1][4] Non-Funded Portfolio [1] Risk Exposure [1][3] Country Exposure[1][2][4]

Exim Bank’s Line of Business

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Asset Quality

Non Performing Assets(2)(3)

% of Total Loan outstanding NPAs as % of Total GNPAs A

Note: [1] Excludes advances under Lines of Credit, Buyer’s Credit under NEIA and staff loans which cannot be classified under any particular sector; [2] As on March 31, 2019; [3] Others includes industries with exposure less than 1% of the Gross Loan Outstanding. * PCR: Provision Coverage Ratio & AUCA: Advance Under Collection Accounts

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2.94% 4.17% 9.24% 10.37% 11.34% 0.60% 0.86% 4.68% 3.75% 2.44% 81% 80% 80% 80% 55% 52% 71% 66% 85% 80%

FY15 FY16 FY17 FY18 FY19

Gross NPA Net NPA PCR AUCA PCR including AUCA * Current credit watchlist of INR 18.38 bn including IL&FS Group (INR 4.42 bn) net of AUCA * Gross Loans outstanding by Major Industries(1)(2)(3)

Insolvency and Bankruptcy Code: Faster NPA resolution

A

20

Outstanding Provision (%) Net Book Value Expected Recovery (A) Exim Loans admitted/ referred 58.64 83% 10.22 13.95 (B) Guarantors for Exim Loans[2] 32.88 85% 4.80 8.32 Total 91.52 84% 15.02 22.27 Lending Programme % of Total NPAs % of Bank’s Exposure Overseas Investment Finance 41.77 4.74 Term Loan to Exporters * 27.14 3.08 Export Finance ** 20.48 2.32 Import Finance 10.58 1.20 Export Facilitation 0.03 0.00 Total 100 11.34

Note: # National Company Law Tribunal [1] As on March 31, 2019; [2] Corporate under NCLT which are Guarantor to the Loans extended by Exim Bank. * includes Export Oriented Units, Export Facilitation, Claims under Guarantee, Export Marketing Finance, Production Equipment Finance, and R & D Term Loan, etc. ** includes Pre/Post Shipment, Project Export, WCTL under CDR, Buyers Credit etc.

Exim’s Loan Accounts under Exposure to NCLT #(1)

Non Performing Assets(1)

Financial Highlights

[1] Includes loans and advances to industrial concerns, scheduled banks, foreign governments and other financial institutions and bills of exchange and promissory notes discounted / rediscounted. Amounts stated are net

• f provisions for non-performing assets (NPAs).

21

Capital Strength Profitability Total Assets, Loans and Advances(1) Solvency Ratio

Asset Liability Management

A

22

Fully hedged position on currency and basis risk. Both Assets and Liabilities on floating LIBOR basis. Exim Bank’s quasi sovereign status enables issuance at benchmark rates. Debut 10 year 144A issuance in July 2016 and the second 10 year 144A issuance in January 2018 for USD 1 bn each under GMTN Program. Regular issuer in the International debt markets with 26 issuances since 2004 under the MTN including 4 Uridashi and 2 144A issuances. 4 Samurai issuances

since February 2006.

Issuances across currencies including AUD, CHF, CNY, JPY, MXN, SGD, TRY and ZAR

[1] As on March 31, 2019

244 236 210 176 272 192 294 284 63 246 <= 1 yr 1-3 yr 3-5 yr 5-7 yr >7 yr Maturing Assets (Equ. INR bn) Maturing Liabilities (Equ. INR bn) FC Resources 74% Rupee Resources 13% Capital & Reserves 13%

FC Loans, 76% Rupee Loans, 24%

Foreign Currency Asset Liability Gaps[1] Total Resources/ Loans[1]

Exim Bank - Board of Directors

A

23

Directors representing Ministries of Finance, Commerce and External Affairs Directors representing major Indian Public Sector Banks Director representing regulator - RBI Director representing India’s Export Credit Insurance Company Whole Time Directors Bidyut Behari Swain Additional Secretary, Department of Commerce, Ministry of Commerce and Industry Pankaj Jain Additional Secretary, Department of Financial Services, Ministry of Finance Ramesh Abhishek Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry Michael Debabrata Patra Executive Director, Reserve Bank of India Geetha Muralidhar Chairman-cum- Managing Director, ECGC Ltd. T.S. Tirumurti Secretary (Economic Relations), Ministry of External Affairs Rajnish Kumar Chairman, State Bank of India Dinabandhu Mohapatra Managing Director and CEO, Bank of India Debasish Mallick Deputy Managing Director David Rasquinha Managing Director Kalyanaraman Rajaraman Additional Secretary (Investment), Department of Economic Affairs, Ministry of Finance Rajkiran Rai Gundyadka Managing Director and CEO, Union Bank of India Rakesh Sharma Managing Director and CEO, IDBI Bank

A

24

Exim Bank - Senior Management

• Mr. David Rasquinha, Managing Director

 Mr. David Rasquinha has been appointed by GoI as Managing Director of Exim since August 2017.  He has been with Exim since 1985 and prior to his current role he has held post of Deputy Managing Director. He has handled a wide

range of functions including Lines of Credit and Trade Finance and was Representative at Exim’s Washington DC Rep Office from 1999–2004.

 Mr. Rasquinha holds a first class graduate degree in Economics from Mumbai University and a post graduate qualification in Business

Management from the XLRI, Jamshedpur.

• Mr. Debasish Mallick, Deputy Managing Director

 Mr. Debasish Mallick has been appointed by GoI as Deputy Managing Director of Exim since July 2014.  Mr. Mallick was the Managing Director and CEO of IDBI Asset Management Company Ltd and has nearly three decades of experience

in the Banking industry. He has vast experience in the areas of Corporate Banking, International Banking, Resource Mobilisation and Treasury, among others.

 He holds a post-graduate degree in Economics and is a Certified Associate of Indian Institute of Bankers.

Highly Experienced Management Team with Government of India (GoI) Sponsorship

Exim Bank – Institutionalised Risk Management Culture

A

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 Officer of the rank of Chief General Manager designated as Chief Risk Officer for credit, market and operational risks.  Tasked with risk management of the Bank’s business processes and driving the Bank’s risk management strategy.

Risk Management Group

 Chaired by Deputy Managing Director and comprises Group Heads and senior officers of Business Groups, Treasury and Accounts

Group, and the Chief Risk Officer.

 Addresses issues of asset-liability management, interest rate and exchange rate risks, liquidity risk, etc.  Chaired by Deputy Managing Director and comprises Group Heads and senior officers of Business Groups, Treasury and

Accounts Group, and the Chief Risk Officer.

 Addresses rating and pricing standards, prudential limits on various exposure categories (country, sector, single and group

borrower and unsecured exposures, program-wise exposures etc.), sector-wise outlook, etc.

 Chaired by Deputy Managing Director and comprises senior executives who do not have direct line responsibilities and the Chief

Risk Officer.

 Reviews the Bank’s risk overall profile, risk concentrations, operational risk, compliance with prudential limits and overseeing

the operations of CRMC and ALCO.

 Reviews the Bank’s risk management policies, investment policies and strategy, and regulatory and compliance issues in relation

thereto.

 Chaired by Deputy Managing Director and comprises of directors appointed on to the Board by the respective institutions (IDBI,

ECGC) and the Central Government and the Chief Risk Officer as a permanent invitee.

 Responsible for implementing the Integrated Risk Management Policy of the Bank, monitoring adherence to various regulatory

and internal risk limits developing policies and procedures for integration of various risks at the Bank level, and review of all policies related to the Bank’s business. Asset-Liability Management Committee (ALCO) Credit Risk Management Committee (CRMC) Integrated Risk Management Committee Risk Management Committee (RMC)

Appendix

Financial Highlights

Figures in INR mn FY17 FY18 FY19 Cash and Bank Balance 36,909 28,155 42,120 Investments 51,029 56,969 93,274 Loans and Advances(1) 1,026,410 1,075,321 936,171 Fixed Assets 1,298 1,259 2,277 Other Assets 56,427 73,486 72,412 Total Assets 1,172,074 1,235,190 1,146,254 Paid up Capital & Reserves(2) 120,239 96,002 146,736 Deposits 3,726 2,861 2,528 Notes, Bonds and Debentures 806,930 865,817 779,196 Borrowings 150,073 172,973 141,318 Profit and Loss Account 41

• 82

Other Liabilities & Provisions 91,065 97,537 76,394 Total Liabilities 1,172,074 1,235,190 1,146,254

Note: (1) Includes loans and advances to industrial concerns, scheduled banks, foreign governments and other financial institutions and bills of exchange and promissory notes discounted /

• rediscounted. Amounts stated are net of provisions for non-performing assets (NPAs). ; (2) Includes paid-up capital and reserves.

27

Balance Sheet

Financial Highlights

Figures in INR mn FY17 FY18 FY19

Interest Earned 84,411 82,384 87,266 Interest Expended 65,022 65,863 67,567 Net Interest Income 19,389 16,521 19,699 Non-Interest Income 7,942 5,399 3,700 Non-Interest Expense 2,525 2,608 2,718 Net Non-Interest Income 5,417 2,791 982 Operating Profit 24,806 19,312 20,681 Provisions and Contingencies 21,680 61,610 18,806 Profit / (Loss) Before Tax (PBT) 3,126 (42,298) 1,875 Tax (Net of Deferred Tax) 2,714 (13,061) 1,058 Profit / (Loss) after Tax (PAT) 412 (29,237) 817

28

Profit and Loss Summary

Financial Highlights

FY17 FY18 FY19 Net Interest Margin 1.70% 1.31% 1.56% Gross NPA 9.24% 10.37% 11.34% Net NPA 4.68% 3.75% 2.44% ROAA 0.04%

• ve

0.07% ROAE 0.62%

• ve

1.04% CRAR 15.81% 10.35% 19.07% Core CRAR 14.29% 8.82% 17.71% Slippage Ratio 7.02% 4.18% 2.74% Credit Cost 2.06% 5.52% 1.72% 29

Key Ratios

A

30

Issuances in International Debt Markets

Upto March 2009 | FY 2009-10 | 2010-11 | 2011-12 | 2012-13 | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 | 2018-19

• USD 250 mn Reg-s
• JPY 5.55 bn Reg-s
• JPY 23 bn Samurai
• JPY 26 bn Samurai
• USD 50 mn Reg-s
• JPY 24 bn Reg - S
• USD 150 mn Reg-s
• USD 300 mn Reg-s
• USD 200 mn Reg-s
• JPY 15 bn Reg-s
• JPY 20 bn Samurai
• USD 110 mn Reg-s
• CHF 190 mn Reg - S
• AUD 39 mn + JPY

2.90 bn + ZAR 370 mn Reg-s (Uridashi)

• USD 500 mn Reg-s
• SGD 250 mn Reg-s
• USD 750 mn Reg-s
• AUD 200 mn Reg-s
• JPY 11.27 bn + MXN

286.10 mn + TRY 59.60 mn Reg-S (Uridashi)

• JPY 15 bn Reg-S

(Uridashi)

• USD 500 mn Reg-s
• JPY 20 bn Samurai
• USD 500 mn Reg-s
• USD 500 mn Reg-s
• CNY 300 mn Reg-s
• CNY 300 mn Reg-s
• AUD 164.50 mn +

USD 42.80 mn Reg-s (Uridashi)

• USD 500 mn Reg-s
• USD 1 bn 144A

/ Reg-S

• USD 400 mn

Reg-s (Formosa)

• USD 1 bn 144A /

Reg-s

• USD 500 mn

Reg-s

Samurai Issuance ; Uridashi Issuance; 144A Issuance

PARTNERING GROWTH. GLOBALISING INDIA.