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刘文芳 高级客户经理 国家开发银行 2008 年 6 月

国 家 开 发 银 行. 刘文芳 高级客户经理 国家开发银行 2008 年 6 月. Credit Risks in Project Finance Loans 项目融资中的信用风险. I. Project Finance & Relevant Definitions 项目融资及相关定义 II. Project Finance & Characteristics 项目融资及特征 III. Identifying Credit Risks in Project Finance 项目融资中的信用风险鉴别

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刘文芳 高级客户经理 国家开发银行 2008 年 6 月

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  1. 国 家 开 发 银 行 刘文芳 高级客户经理 国家开发银行 2008年6月

  2. Credit Risks in Project Finance Loans项目融资中的信用风险 I. Project Finance & Relevant Definitions 项目融资及相关定义 II. Project Finance & Characteristics 项目融资及特征 III. Identifying Credit Risks in Project Finance 项目融资中的信用风险鉴别 IV. Risk Solutions 风险解决方案 V. Summary 小结

  3. I.Project Finance & relevant Definitions项目融资及相关定义 1. Corporate finance. Loans provided to a company with its equity holders being liable to pay back the principle and serve the interest. In many cases, collaterals and guarantees are required. 公司融资 贷款给公司，公司股东负有偿还贷款本金和利息的法律责任，一般需抵押和担保。 2. Direct finance. The loans & interests are repaid through a cluster of resources—new company cash flows, collaterals from the parent companies, third party guarantees, etc. 直接融资 贷款与利息通过多种资源偿还：新公司现金流、母公司抵押品、第三方担保等等 3. Project finance. The financing of long term infrastructure, industrial projects, and public services based upon a non-recourse or limited recourse finance structure where debt and equity used to finance the project are paid from the cash flows generated by the project.(IPFA) 项目融资 基于无追索权或有限追索权的融资结构，即用于项目的负债与股本通过项目产生的现金流来偿付，对长期基建项目、工程和公共服务的融资

  4. II. Project Finance & Characteristics项目融资及其特征 1. Long term history. It begins with the finance of maritime voyagers in the ancient Greece and Rome, and then the development of the Panama Canal, oil and gas financing in the US, especially the US banks financing of the North Sea oil in the 70s of the last century. 历史悠久 项目融资最早可以追溯到古希腊和古罗马时期为航海员提供资金支持，而后到巴拿马运河的建造，美国的石油和汽油融资，尤其是上世纪70年代美国各大银行对北海石油的融资都是项目融资。 2. Project finance is now used more often in the areas of large infrastructure and public utilities where often a stable and calculable income could be generated 项目融资现在更多地用于通常能产生稳定的可计量的收益的大型基建和公用事业领域。 3. Project finance including BT, BOT, BOOT, is generally off-the balance sheet of the project sponsors. Thus they tend to have access resource to undertake other projects 项目融资包括BT, BOT, BOOT（建造、营运及移交），一般为项目主办方的表外业务，因此他们往往有资源来承接其他项目。

  5. Project Finance & Characteristics项目融资及其特征 4. Project finance requires a large number of quality contracts, thus the overhead from negotiating and designing these contracts is quite high and the interest paid is around 1.5% higher. 项目融资需要大量高质量的合同，因此商议和设计这些合同的管理费用非常高，所付的利息大约要高出1.5%左右。 5. Lenders facing higher risks because of the non-recourse basis, thus special attention should be attached to the risks and the perfections of those documents. 由于没有追索权，贷方面临着更高的风险，因此需要对风险以及这些文档的完善予以特别的关注。

  6. Project Finance & Characteristics项目融资及其特征 项目融资机制的典型结构图 主办方 采购方 供应商 开发银行 商业银行 所有者 融资人 发电厂 商业银行 建筑商 电力管理公司

  7. Contractor 承包商 Government Support 政府支持 Shareholder 股东 Shareholder股东 Construction Contract 施工合同 Loan Agreement 贷款协议 Shareholders’ Agreement 股东协议 Special Purpose Vehicle 特殊目的公司 Lenders 贷方 Security Trustee 安全受托人 Purchase Agreement 采购协议 Security Agreement 安全协议 O&M 运营与管理 Direct Agreement 直接协议 Offtakers 承购商 Fuel Supply 燃料供应 How….is project finance usually structured? 项目融资结构图

  8. Project Finance & Characteristics项目融资及其特征 6. These two charts are the simplest ones I can get(first one from Wikipedia,second from Dla Piper). In actual practice, the structuring of a project finance scheme is much more complicated. You need dozens, or even close to a hundred documents to support this. But it’s also totally country-specific. Some countries need more than others. 这两幅图是我能获得的最简单的（第一张来自于维基百科，第二张来自于Dla Piper ）。实际上，项目融资的结构要复杂得多，需要数十份甚至近一百份文件的支持，但也因国家而异，有些国家要的相对要多。 7. Because of the complexities of project finance establishments, they are more difficult for politically(& religious) unstable, economically not-mature countries. And thus proper structuring and complete supporting documents based on sufficient analysis of the risks should be the tasks not only for the project sponsors, but for their own sake, also the lenders as well. The reason is that the equity portion could be as low as 20%. Any thing goes wrong, lenders suffer the most 由于项目融资的复杂性，这对政治（以及宗教）不稳定、经济不成熟的国家更难。因此，在对风险进行充分分析的基础上，形成合理的融资结构和完整的支撑文件，不仅是项目主办方的任务，还是贷方的任务。因为股权比例可以低至20%，一旦出现任何问题，贷方将遭受最大的损失。

  9. III. Identifying Risks in Project Finance项目融资中的风险鉴别 1.Political risk. This refers to national policy change includes nationalization, tax alterations, termination of franchise etc, and religious influences. 政治风险：指国家政策变化，包括国有化、税收政策变化、终止专营权等，以及宗教影响。 2.Credit risk. One SPC(Special Purpose Company) has many direct participants. Any one party fails to implement its obligations will likely to lead the project to delays, overspending or even failure. 信用风险：一个特殊目的公司有很多直接参与者。任何一方未能履行其义务，将可能导致项目延误，超支，甚至失败。 3.Financial risk. Mainly referring to interest rate hikes, exchange rate changes and inflation. 财务风险：主要指加息、汇率变动和通货膨胀。

  10. Identifying Risks in Project Finance项目融资中的风险鉴别 4.Constructions & completions risk. Both project sponsors and lenders hope a timely turn a key plant. But many factors can break such a process. 施工与竣工风险：项目主办方和贷方都希望工程能按时竣工，但是受很多因素影响。 5.Technical risk. Lenders should never take such a responsibility, but should see to it that precaution measures should be taken by the project sponsors. 技术风险：贷方不应承担这一责任，但是应确保项目主办方采取预防措施。

  11. Identifying Risks in Project Finance 6. Operation & market risk. This refers to the normal production based on the non-default in technology, regular material supplies, proper management and the planned sale of products. 操作与市场风险：指在技术到位、物料供应正常、管理得当和有计划地销售产品的基础上的正常生产。 7. Environmental risk. Legislature on environmental changes. 环境风险：关于环境变化的立法。 8. Force majeure不可抗力 - - - - - - - - - - - - - - - - - - - - - ???

  12. IV. Solutions to Risks风险解决方案 1. Political Risk. Government guarantees and insurances. 政治风险：政府保障及保险 2. Credit risk. Study and research each of the participants, ask for performance bond. 信用风险：对每个参与者进行考察研究，要求它们支付履约保证金。 3. Financial risk. Swap the exchange and interest rates, fix prices for supplies. 财务风险：互换汇率和利率，对供应品实施固定价格

  13. Solutions to Risks 4. Construction & completion risk. Study the credibility and technical ability of the construction company, demand for performance bond and guarantees. 施工与竣工风险：研究建筑公司的信誉和工程建造能力，要求它们支付履约保证金和担保。 5. Technical risk. Encourage the use of mature technology. If is high tech, ask for insurances of any potential failures. 技术风险：鼓励使用成熟的技术。如果是高科技，对任何潜在的失误进行保险

  14. Solutions to Risks 6. Operation(production) & market risks. Insurance of technology, off-take agreements with both suppliers of materials and users. 操作（生产）及市场风险：对技术进行保险，与物料供应商和使用人都承购协议 7. Environmental risk. Ask for government guarantees and buy insurance. 环境风险：要求政府担保，购买保险 8. Force majeure. Usually , government policy changes and union strikes are not considered as force majeure in China. This expression is generally referred to natural disasters. 不可抗力：政府的政策变化和工会罢工在中国一般不被纳入不可抗力的范畴。在此一般是指自然灾害。

  15. V. Summary 小结 1. Project finance is the financing of long-term infrastructure and industrial projects based upon a complex financial structure where project debt and equity are used to finance the project and debt is repaid using the cash flow generated by operation of the project, rather than the general assets of the project sponsors. 项目融资是基于复杂的融资结构对长期基建及工程项目的融资，资金由项目债务和股权提供，债务由项目运营产生的现金流来偿还。 2. Project finance is very attractive because they are off the balance sheet, thus more resources could be used for other purposes. After all, they are financing a big project off their balance sheet. 项目融资非常具有吸引力，因为它属于表外业务，因此更多的资源能用于其他意图。毕竟，他们是在表外为一个大项目融资。 3. Since the structure of project finance is a very complicated one, the cost of preparing those documents are much higher and the general interest rate are higher too because of the associated risks. 由于项目融资的结构非常复杂和相关风险的存在，准备那些文件的成本也要高得多，总的利率也要高得多。 • Risks are much higher than other means of finance, and totally country specific, or even region specific for a large country like China. 项目融资的风险比其他融资手段的高得多，而且完全因国家而异，或者对像中国一样的大国，还因地区而异。

  16. Summary小结 • Project finance is a useful tool as mentioned previous. The use of this tool is easier for more mature economies, ie, with reasonable development or of the developed countries. 如前所述，项目融资是一个有用的工具。经济相对发达的国家运用起来更容易些。 • Quite a large proportion of the finance in CDB is on a project finance bases, given the nature of the bank- - - financing large infrastructure project. 由于国家开发银行的性质，很大一部分贷款都属于项目融资——对大型基建项目的融资。 The above presentation is from personal observation and experience and by no means represent the bank I work for. Any mistakes in it is totally my personal responsibility. 以上观点来自于我的个人观察和体验，不代表我所供职银行的观点。如有任何问题，纯属本人责任。

  17. Thank you谢谢

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