Funding & Finance Innovative ways to fund growth

Transcription

1 Funding & Innovative ways to fund growth EY Accelerating Growth Forum 15 October 2015

2 Debt Market Quiz Page 2

3 What percentage of the Australian corporate debt market is funded by banks? a 53% b 64% c 77% d 89% Page 3 data source: CBA, Thomson Reuters LPC, 2014

4 What percentage of the US corporate debt market is funded by banks? a 16% b 33% c 58% d 72% Page 4 data source: S&P LCD Global Leveraged Loan Review Q2 2015

5 Last year what percentage of European PE loans were from funds or alternate debt? a 35% b 52% c 65% d 76% Page 5 data source: DEBTWIRE the evolution of European PE funding 1H 2015

6 So are our funding markets too narrow? Is this you? Page 6 are we missing some lanes or funding options?

7 An evolving Australian funding market 20 years ago Bank Debt Main local banks Regional banks International banlks Investment banks Asset Leasing Page 7 Trade Corporate Bonds Convertible Notes Bills Project

8 An evolving Australian funding market Debtor Club & Syndicated Loans Bills Commercial Paper Securitisation (RMBS, ABS, CMBS) Wholesale Unrated Bonds Retail Notes Surety Bonds Page 8 Public Bonds Warehouse FInance Trade Bank Debt Main local banks Regional banks International banks Investment banks Supply Chain Social, Green & Charitable Bonds Unitranche Debt Corporate Bonds PIK Toggle Notes Sharia Commodity P2P Convertible Notes Regulatory Capital Bills Mezzanine Private Debt Placement Export Credit Asset Leasing Project Today Hybrid Securities Dim sum, Maple, Honky, SGD & samurai bonds US PP, Reg S & US 144a Preferred Equity Junior Ranking Term Loan B Credit Tenant Lease High Yield Sale & Leasebacks PPPs Inventory Project Bonds

9 Our Panel structured trade finance, working capital optimisation, specialty financing and contract monetisation corporate bonds, fixed, floating and inflation linked bonds and annuities, international bonds and Eurobonds debt markets, originating, structuring, arranging, investing and managing investment portfolios investments across private equity, energy, infrastructure, real estate, capital markets, credit strategies, and hedge funds $5bn assets under management $11bn under investment $1.4bn assets under management $102bn assets under management Ilkka Tales Managing Director John Ricciotti Head of Debt Capital Markets Andrew Lockhart Executive Director Diane Raposio Managing Director Page 9

10 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. About EY s Transaction Advisory Services How you manage your capital agenda today will define your competitive position tomorrow. We work with clients to create social and economic value by helping them make better, more informed decisions about strategically managing capital and transactions in fast changingmarkets. Whether you re preserving, optimizing, raising or investing capital, EY s Transaction Advisory Services combine a unique set of skills, insight and experience to deliver focused advice. We help you drive competitive advantage and increased returns through improved decisions across all aspects of your capital agenda. Transaction Advisory Services Accelerate capital performance 2015 EYGM Limited. All Rights Reserved. EYG no. DE NE ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com Page 10