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Corporate Bond Issuance in Euroclear International Securities Services Philippe Laurensy , Euroclear Euroclear Coll

Corporate Bond Issuance in Euroclear International Securities Services Philippe Laurensy , Euroclear Euroclear Collateral Conference May 2014. Agenda. Corporate Bond Issuance Evolution Euroclear as Issuer CSD Issuance overview through Euroclear. Corporate Bond Issuance Evolution.

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Corporate Bond Issuance in Euroclear International Securities Services Philippe Laurensy , Euroclear Euroclear Coll

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  1. Corporate Bond Issuance in EuroclearInternational Securities ServicesPhilippe Laurensy, EuroclearEuroclear Collateral ConferenceMay 2014

  2. Agenda Corporate Bond Issuance Evolution Euroclear as Issuer CSD Issuance overview through Euroclear

  3. Corporate Bond Issuance Evolution

  4. Financing Options Raise Equity Bank Financing Capital Markets Advantages • Performance driven profit sharing • No fixed costs • Small cap markets • Flexible borrowing • Well established market • Acknowledged expertise • Predictable cash flow • Sophisticated and more liquid market • Robust Investor base • Predictable cash flow • Tax effectiveness • No influence on corporate governance Disadvantages • Competitive pricing • Corporategovernance • Banks deleveraging • Rates set by lender • Reduced lending appetite due to increased capital costs • Syndicated loans less liquid • Increased regulation • Limited access for small/lower rated issuers

  5. Growth of International Corporate Bonds2008-2013 Bond Issuance Globally Bond Issuance with Euroclear Group Source:Dealogic Nov 2013. Outstanding volumes in EUR equivalent millions International debt (Dealogic definition): where the borrower is an off-shore entity or if the security is governed by the rules of more than one market or when the security is a cross-border instrument Source:

  6. Corporate Bond IssuanceCorporate entities will continue to be the main drivers of economic growth in the medium and long term What do you need ? • Lowest possible cost of funding • Secure funding • Large scope of instruments • Lowcost to market

  7. Corporate Bond Issuance • Financial markets bring together: • Issuers seeking funding to meet their business targets • Investors seeking investment returns with well established cash flows • Business growth results in: • Expansion from domestic to international market focus • Increasing multi-currency funding needs • The search for a broader investor base • International bond markets facilitate cross border participation and trading flexibility for market participants, globally

  8. Euroclear as Issuer CSD

  9. >99% European domestic debt coverage Euroclear Group Today >€24 trillion Assets in custody >900,000 Securities covered >2000Institutional clients from 90 countries >1 million Transactions settled per day >€570 trillion Transactions settled AA+ Rating by S&P and Fitch for the past 10 years >€700 billion Collateral Highway transactions daily 53 Settlement currencies 2013 data ST008

  10. Euroclear Around the World… We serve clients in their own language across all time zones

  11. Issuance Overview through Euroclear 11

  12. Why International Securities ?Benefits Low cost to market

  13. Why Euroclear? We help you move from a local to a worldwide issuance and investor base target

  14. How to Issue International Securities ? • Involve Euroclear when discussing your new issues with your legal counsel and arrangers • Let us know what is important to you: • Worldwide distribution • Multi-currency options • Business intelligence We will assist you in finding the optimal structure for your needs

  15. International SecuritiesA wide range of financial instruments • Issuance regulations we handle • Sec Reg • Reg S / 144A • 144A 3c7 • REG D Fixed Income (in Nominal): • Medium Term Notes (MTNs) • (Euro) Bonds • (Euro) Commercial Paper • (Euro) Certificates of Deposit • Notes • Convertible • Collateralised Debt Obligations • Collateralised Mortgage Obligations • Asset Backed Securities • Mortgage Backed Securities • Global Depositaries Notes • Reverse Convertible Bonds • Equity Linked Notes • Risk Linked Notes • Treasury Bills • Debentures • Extendable Bonds • Sukuks(Islamic Financing)

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