International Financing Options: A Bangladesh … As of today, a good number of power plants of different entities of BPDP, Aircrafts of Biman Bangladesh ... -line with project requirements

0 Document Title

International Financing Options: A Bangladesh Perspective

27 November 2016

1 Document Title

Executive Summary

• Bangladesh as a sovereign has been historically quite reticent in terms of tapping International finance

markets

• Since independence of the country, majority of the external borrowing was made from different concessional

windows and Govt to Govt credit lines

• The first commercial facility i.e. USD syndicated loan was availed by Bangladesh Petroleum Corporation

(BPC) back in 2006 to finance fuel imports

• The country received the first Sovereign rating in 2010 by S&P and Moody’s

• As of today, a good number of power plants of different entities of BPDP, Aircrafts of Biman Bangladesh

Airlines have been financed by different International financing Instruments

• Different Govt owned enterprise/entities are also considering issuance of USD Bond

• Private sector at the same time very active in tapping International Financing Markets

2 Document Title

Different International Financing Options

3 Document Title

Syndicated FCY Loans

B.

4 Document Title

Usual Structure of USD Syndicated Loan – from Offshore Commercial Banks

Key Features:

Suitable for customers with USD/FCY indexed revenue streams

Effective way to reduce cost of borrowing, while freeing up limits with local banks for working

capital loans

Investors: Offshore Commercial Banks / Fund managers

Tenor : Usually 3-5 year but can be stretched up to 8-9 years based on end use of facility / requirement

Pricing : Much Lower than Local currency Borrowing, USD Libor + Margin

Regulatory Approvals: Approval required from BIDA (Erstwhile Board of Investment )

Market Depth: Large size syndication is feasible depending on underlying credit

Security

Charge over fixed assets, pledge of shares and escrow over cash flows

Sharing existing security package

Corporate Guarantee

Letter of Comfort from allied concern

Challenges Regulatory Approval, Investor Base, Long tenor

Conditions to Close Subject to customary legal, financial & business due diligence, documentation, receipt of

internal and regulatory approvals etc

5 Document Title

ECA Backed Financing

6 Document Title

1. Long-term supply contract between borrower and off-taker

and/or sponsor provides equity injection in the form of

sponsorship agreement

2. SCB receives partial political/commercial cover from the

ECA of the risk of non-payment by the borrower

3. SCB provides an ECA-backed loan

4. Variation: SCB may provide a commercial loan to cover

the non-ECA portion

Overview of Structure

Off-taker(s)

ECA(s)

1

2

Off-take agreement

Commercial and/or Political cover

ECA backed

Loan 3

Criteria:

Client wants to fund investments or expenditures that are sourced from a country other than that of the ECA, and/or;

Client requires long term financing to match its respective cash flows

Benefits:

Competitive pricing versus a commercial term loan not backed by an ECA

Longer tenors are available

Diversifies funding sources

Purpose:

Un-tied financing looks at strategic national interests of the ECA country, including natural resource off-taking and/or strategic resource expansion

Buyer/ Borrower

Sponsor(s)

1

Sponsorship agreement

AND/OR


Un-tied Financing Structure

7 Document Title

Sweden Finland France China

ECA EKN Finnvera COFACE Sinosure

Cover Political and commercial cover

of up to 95%

Political and commercial cover

of up to 95%


of up to 95%


of up to 95%

Amount

85% of the contract amount

plus

Local content plus

3rd country supplies on a case

to case basis


plus

Local content plus


to case basis


plus

Local content plus


to case basis


plus

Local content plus


to case basis

Tenors Up to 10 years Up to 10 years Up to 10 years Up to 10 / 12 years

Comments

Open and interested to

consider more transactions

No country limits

Limited experience

Well established corporates

with good track record and hard

currency revenues

Limited experience

Open with out any particular

country limits

Cautious approach

Preference for sovereign risks

or a bank guarantee

Well established corporates

considered on a case by case

basis


Select ECA Program Details

8 Document Title

Key considerations Advantages

Eligibility

Up to 85% of export contract value

Local content up to 30% of export contract value

ECA eligible contract value = Total contract

value – local content

Type & Level of

Cover

Political and Commercial cover usually from 85-

100%

Third Party

Supplies

Can vary widely for non home-country goods

and services (e.g.. Up to 80% in the UK)

Premium Usually payable upfront, up to 100% of premium

financeable under the respective loan

Capitalized IDC Often up to 100% financing possible subject to

separate and/or regulatory approval

Interest Rates

Variable interest rates from commercial banks

Availability of fixed-rate CIRR (Commercial

Interest Reference Rate), depending on

programmes

Repayment

Repayment terms generally up to 5 years,

potentially longer based on company, market

and structure

Un-tied Aid Selective programs applicable to some ECAs,

generally arranged to support national interests

Suppliers All major exporters and EPC contractors from

respective home countries

Availability

The ECA’s objective is to promote strategic interest of the exporter or investor

from the home country. ECA financing is available in markets and for borrowers

where often other financing options are unavailable or terms are not as attractive

(e.g. more expensive)

Competitive

Pricing

In the current environment, the all-in cost is very competitive. For matching

tenor, all-in pricing can be c.1.50%-2.0% lower than available commercial pricing

Long Tenors Door-to-door tenor could be up to 5-10 years or greater (transaction specific)

which are not otherwise available to many borrowers in emerging markets

Multi Currency Facilities are available in most freely convertible currencies (including local

currencies)

Cash Flow

Matching

Drawdown when required thus reducing negative carry for the borrower. Long

availability periods are in-line with project requirements (often between 12 - 24

months but can be longer)

Flexibility Often available when other financing options are limited, thereby preserving

bank/investor appetite for non-ECA eligible financing purposes

Diversification Enables borrowers to tap a new funding source

Time ECA approval process is generally longer than normal term loan financing.

Average deal closing period is 5 -8months

Eligibility

ECA loan amounts are typically available for up to 85% of the value of the

eligible goods / services being exported from the home country, plus certain

local and third country costs

Prepayment is allowed, however, in most cases there is limited or no refund of

premium by ECA

OECD Consensus

OECD ECAs abide by the Consensus framework which places restrictions on

repayment tenors, timing of interest and principal payments ,etc.

Not available for refinancing

limitations


Key Highlights

9 Document Title

1. Develop financing

structure & engage

market & technical

consultants (if

required). Initiate

ECA contact 2. Draft IM

3. Lenders & ECA

due diligence

process

4. ECA Facility

documentation &

ECA board

approval

5. Fulfilling

conditions

precedent

6. Financial

close &

Drawdown

1. Provide

parameters and

key aims of the

financing to the

Advisor /

Arranger

2. Supply initial

business

plan &

financial

model

3. Respond to

information

requests &

queries from

ECAs &

Lenders

4. Negotiation &

discussions of

facility

documents in

conjunction with

your legal

counsel

5. Client to

provide

relevant

documents

to Agent

6. Financial

close &

Drawdown

High

Client Engagement Level

High Low High Medium Low

Administration and monitoring

requirements (ongoing)

Dialogue with banks & ECAs

(ongoing)

Client to provide the

compliance certificates as

specified in the loan

documentation

Low

Pre-Close Post-Close

Typical ECA financing process takes 3 – 5 months

Arranger Actions

ECA Backed

Client and Arranger Action Items Throughout ECA Process

10 Document Title

DFI Financing

A.

11 Document Title

Institutions China Policy Banks

Product

Funding for both debt

and equity

Guarantee

Guarantee for local

currency

Funding for both debt

and equity

Guarantee

Debt Funding investment guarantees

/ insurance

Key Requirement Capital expenditure

Development oriented

Capital expenditure


Capital expenditure


Strategic importance of

China, including

Chinese suppliers,

sponsors or off-takers

Political Risk Insurance

Tenors Up to 15 years Up to 15 years Up to 12/15 years Up to 15 years Up to 15 years

Comments

Participation not

necessarily linked to

the country of supplies

Each DFI can do up to

a max of USD20Million

If it is a club of DFI then

typically one DFI takes

the lead on due

diligence

Strong experience and

exposure on country

and sector

Compliance with IFC

E&S standards

Up to a max of

USD20Million

Compliance with IFC

E&S standards

Compliance with IFC

E&S standards

Due diligence process

takes a little longer

Take and Hold

amounts can be higher

IFC can typically do

75% debt and 25%

sub-debt

Comfortable with

country risk

Appetite determined on

a case by case basis

and can accommodate

much larger amounts

Insurance covers

expropriation, war,

terrorism & civil

disturbance, currency

inconvertibility , transfer

restriction and breach

of contract

DFI Financing

Select Development Financial Institutions

12 Document Title

FCY Bond

C.

13 Document Title

FCY Corporate Bond / Foreign Currency (G3) Bonds

Issuer Large Project / Corporate/ Sovereign

Security Unsecured offering, Covenant light structures, mostly incurrence based covenants

Issuance type Best Efforts/ underwritten

Size USD 200.0 million minimum

Redemption Bullet structure , mostly repaid by reissuance

Pricing Market driven, demand supply driven through price discovery mechanism.

Other costs include Arrangement Fee, Legal Cost, Road show cost and participation fee

Key Features

Huge investor appetite depending on the credit rating

Gives access to wider investor base

Bullet repayment structure which frees up Issuers cash flows.

Can be structured as Sukuk / Islamic mode. (prefereed0

Challenges Requires approval from Bangladesh Securities Exchange Commission (BSEC) & BIDA

Conditions to Close Subject to customary legal, financial & business due diligence, documentation, receipt of internal

and regulatory approvals etc.

Usual Structure of USD Bonds

14 Document Title

Client Centric Vendor Financing

D.

15 Document Title

Vendor -1

Vendor -3

Vendor -3

Benefits to Borrower from Receivable

Services (RS) Facility offered to

Borrowers Vendors

1. Extended Payment terms: [12] months

or [1] fixed repayment date – easier to

manage administratively

2. Discounting costs borne by vendors

3. Reflects as trade payables on balance

sheet not as bank debt

4. Facility documents are signed with

vendors not Borrower

Benefits of ECA Facility to Borrower

1. Tenor: 5 years or more

2. No negative carry as drawdown under

this facility only at maturity of payment

terms as per supply contract

3. Diversified source of funding as lender

group can be expanded

4. Multiple ECA(s) can be incorporated

Supplier financing program led by Borrower where all CAPEX Suppliers are referred

to MLA/Advisor /Lead Bank or their RS requirements

Allows Borrower to negotiate more favorable supply terms as Suppliers have a

program to readily off load receivables

Borrower requests suppliers to agree to a standardized Master RPA with MLA/Lead

Bank

Quick financing and implementation once the master RPA is executed

Consistent parameters for all vendor financing, applicable to any vendors, arranged

by MLA and can incorporate other investors for a club facility as needed

Complete financing solution to match income generated from the assets in the

medium/long term

One collection account with MLA to make payments at maturity

Flexible to incorporate local currency and Managed Services payables

Ability for MLA to provide a mega sized program by combining internal limits with

multibank risk participation, credit insurance and ECA related cover

Day 1 Day 365 Day 366 Repayment Date

Supply Contract with Vendor Financing

(terms/structure proposed by Borrower as

advised by Lead Arranger/Advisor)

1

RS Facility

(Vendor Finance)

2

ECA Backed Term

Loans

(Buyer’s Credit)

3

Vendor Financing Solution

Structure Benefits

up to 3-5 yrs

Transaction

Flow

Sale of Post

Acceptance

Receivables to MLA

and utilise the Vendor

Financing

Drawdown on the

Buyer’s Credit under

the ECA term loan

Extinguish of the

Vendor Finance

Repayment on the

Buyer Credit Facility

Impact on

Borrowers

Balance

Sheet

Recorded as Trade

Payable

Recorded as Bank

Debt

Extinguish the Trade

Payable

Recorded as Bank

Debt

Vendor -2

Borrower


Holistic Equipment Financing Solution

16 Document Title

Seller

Pre - Payment

Deferred

Payment

Agreement

D

A

F

C

MLA Internal Limit/Multibank risk

participation

And/or

Credit Insurance

MLA

G

E Submits and Assigns accepted invoices

Balance Payment H

B

Limits setup

to cover

Borrowers

credit risk

A

2. Notice of

Assignment

Operational steps

One-time setup steps

1. Receivable Purchase Agreement

Order

Placed and

Goods

Delivered

Key Steps

(A) 1. MLA and Seller enter into a Receivable Purchase Agreement to cover the receivables due from Borrower

(A) 2. Notice of assignment (NoA) is sent to Borrower advising them of the assignment of their receivables. The NoA is acknowledged by Borrower.

(B) MLA covers the credit risk either through internal limits and / or create a multibank risk participation program and with Credit insurance/ECAs

(C) Seller and Borrower enter a Deferred Payment Agreement (DPA) to extend the payment terms up to [ 12 to 18 months ] . MLA is able to assist in drafting the DPA

(D) Borrower places orders with Seller. Seller ships goods to and invoices Borrower upon completion. Borrower accepts the invoices

(E) Seller submits the accepted invoices to MLA

(F) MLA Prepays the invoice to Seller based on the agreed upon prepayment percentage

(G) Based on the agreed upon payment terms, Borrower will repay the outstanding amounts under the invoices directly to MLA

(H) After repayment of total invoice value, the balance of the invoice is reimbursed to Seller

Borrower


Receivables Services Financing

17 Document Title

MLA’s Solution Structure

Short to medium term financing (up to 12 to 18 months)

Domestic and cross border receivables

Purchase structures across MLA banks footprint, can be

structured with all major suppliers who are already familiar fully

with this structure

Selling down of risk via multibank/ Insurance or ECA coverage

Receivables purchase arrangements are modular in design to

enable existing facility to be increased or incorporate new

participants

Tranching of risk to suit participant’s/ investor’s requirements

Benefits to Borrower’s Vendors

A financing solution that is off balance sheet for the Seller (as

opposed to loan arrangements

Cash upfront, thereby allowing for better management of working

capital needs, risks and balance sheet

Competitive pricing

Benefits to Borrower

Supplier-led financing that is not reflected as a loan in Borrowers

books, just as a trade payable

Substantially extended payment terms, with deferred payment

terms of up to 18 months

Alignment with project progress and implementation with,

prepayment linked to invoices accepted by Borrower

Competitive pricing structure which is passed on to Borrower

SCB Value

Add


Benefits of Receivables Services Financing

18 Document Title

Key Steps

(A) MLA extends a working capital facility to Borrower

(B) Borrower requests MLA (International Bank in BD )to open an LC in favour of “ Seller “ covering one or several shipments.

(C) MLA (International Bank in BD )opens a usance LC (usance terms ex 1 year) in favour of “Seller.” advised directly to Sel ler

(D) Seller Ships goods to Borrower and implements

(E) Seller tenders post shipment documents to MLA (International Bank in BD ), Bangladesh requesting for LC prepayment on a sight basis. Docs may be variable depending on the

agreed milestone finalization proofs

(F) MLA (International Bank in BD ) negotiates the LC and prepays Seller on a sight basis.

(G) On due date of LC Borrower settles MLA (International Bank in BD )outstanding

MLA (International

Bank in BD )

Working Capital

Facility

Docs and

Payment on

Due Date

A

D Shipment of

Machinaries

E

MLA banks Internal

Limit/Multibank risk

participation

And/or

Credit Insurance

Seller Borrower


LC Prepayment

19 Document Title

Required Documentation

Facility documentation

Regular standard facility documentation

Insurance Policy: MLA (International Bank in BD ) to be the beneficiary of the policy covering credit risk

Transactional documentation

LC Application: Usance LC to cover the tenor of finance. Terms of the LC will define the required documentation based on which the bank will provide the acceptance. Once

acceptance is provided , Seller will easily request for financing extending the terms of payment to the buyer for as long as needed

Prepayment request: to be provided by the seller

LC Documents: Covers all docs requested under the LC as part of the LC application to trigger acceptance of payment

Benefits

Off balance sheet financing for seller contingent facility for buyer: Will be a contingent facility only as it will only be a outstanding Usance LC for the duration required. Subject Seller

auditor confirmation and given SCB coverage of credit risk, invoice prepayments by SCB may be viewed as cash payments rather than bank financing.

Extend Payment Terms: Through such facilities, Seller will be able to extend payment terms for Borrower

Alignment with implementation and project progress: Prepayment will be linked to invoices produced and project implementation and acceptances by Borrower.

Minimal documentation: Very little requirements on documentation, UCP rules driven

Simple to structure: Acceptable to any supplier, straight forward implementation

Notes: Facility may be structured to be Sharia’a Compliant


LC Prepayment (cont’d)

20 Document Title

Asset Backed Financing

E.

21 Document Title

Asset Backed Securitization

Securitization is the process of conversion of illiquid assets to securities

Asset-backed securities (or ABS) are the securities collateralized by the cash flows from a

specified pool of assets

The term securitization refers to the process in which the cash flows are converted into rated

securities (Termed as Pass Through Certificates or PTCs) , which are then distributed to

institutional investors

The ratings of ABS are a function of the credit quality, cash flows and diversification of the

underlying assets, rather than the financial condition or rating of the seller/originator (original

owner of the assets)

A broad range of assets may be securitized, including

Bank/FI mortgage portfolio

Micro Finance Receivables

Different kinds of receivables including toll, future cash flows etc

Key Features

22 Document Title

Asset Backed Securitization

Advantages:

Diversification of funding sources

Potential lower cost of debt than issuing straight corporate bonds

Transfer of risk associated with the asset

Balance sheet management – reduce the size of balance sheet, thereby improving key

financial ratios, such as return on equity and return on assets

Reduce capital allocated to low risk/low return assets

Regulatory capital relief (for financial institutions)

Potential for longer maturities than corporate debt (extend liability profile)

23 Document Title

possible four funding structures.

Except Project Bond Structure

The other three are funding

structures backed by existing

operating assets and business

cash flows i.e. no project risk

Project Bond Spin-out Sale & Lease Back WBS

Structure

Bonds backed by

future project cash

flows and a partial

guarantee from

sponsors

Sale of towers to a

new entity (New Co)

and a long-term

take-or-pay

agreement between

New Co and

sponsor

Sale and lease-back

of existing pool of

assets to a new

entity (New Co) and

a long-term lease

agreement between

New Co and

sponsor

Financing backed by

ring-fenced revenue

stream from a

specific

business/service of

the sponsor

Issuer A newly created

SPV

A newly created

SPV

A newly created

SPV

A newly created

SPV

Repayment Type Bullet/Amortizing Bullet Bullet/Amortizing Bullet/Amortizing

Collateral

All assets of the

Project Company

along with

shareholder pledges

Cotractual payments

under the long term

contract

Lease payments

under the long term

lease contract

Cash flow generated

by the newly

created spv

business

Rating Subject to extent of

Sponsor support

Subject to Parent

rating, over-

collateralization

Subject to Lessee

rating, over-

collateralization

Subject to Newco

senior secured

rating

Structure Complexity

Time of Execution

Funding Cost/Pricing

Ease of Execution

Most Attractive Least Attractive

Asset-Backed Financing

Asset-Backed Capital Market Funding Different Alternatives

24 Document Title

Comparative analysis of

Different International Financing Options

25 Document Title

Use Structure Advantages Considerations

Syndicated Loans

General corporate

purposes

Facility size subject to company’s debt capacity leverage ,

Tenor is likely to range from 3 to 5 years

Repayment is likely to be amortized on a quarterly basis

Potential for MIGA political insurance cover

▲ Quick execution

▲ MIGA’s insurance likely to

enhance appetite, although at a

cost

▼ Potentially constraining covenants

▼ Corporate guarantee from the

company’s sponsors is likely to be

required

▼ Likely selective appetite, without

MIGA’s participation

Bond Market

Capex

Refinance existing

debt

General corporate

purposes

Senior unsecured bond that ranks junior to the secured debt

in the structure. (Can also consider a senior secured issuance

that ranks pari passu with secured debt)

5 / 10 year tenor depending on project

Size and tenor to be determined post due diligence, although

a min. of USD 200mm is feasible

▲ Bullet maturity alleviates cash

flow pressures

▲ Diversifies funding base

▲ Incurrence covenants provide

greater operational flexibility

▲ Frees up banks lines

▼ Premium for unsecured issue and

Bangladesh risk

▼ Ratings required from at least 2

international rating agencies

▼ Senior lender consents required if

secured issuance

Asset Backed Financing

Project Bonds for

specific Project

Working capital

financing backed by

cash generating

assets

Size and tenor dependent on due diligence

Sponsor guarantee would be required for the Project Bond

Selling down of risk via DFI coverage for the working capital

backed structures

▲ Potentially better pricing

▲ MIGA’s insurance likely to

enhance appetite, although at a

cost

▲ Frees up bank lines

▼ Time consuming execution

▼ Corporate guarantee from the

company’s sponsors is likely to be

required

▼ Likely selective appetite, without

MIGA’s participation


Equipment

purchases, tied to

contracts

Potentially available

for service

contracts

Political (up to 100%) and commercial (up to 95%) cover

Facility size subject to contract size

Up to 85% of the export contract value

Tenors up to 5 years

Premium paid on facility amount

▲ Increases bank appetite

▲ Long dated tenors

▲ likely to enhance pricing levels

▼ Process intensive and relatively time

consuming

▼ A corporate guarantee may be

required, depending on the credit

profile of Borrower

Development Finance Institutions (“DFI”)

Capital expenditure,

General corporate

purposes must

have development

angle

Direct financing, including equity and/or guarantees

Minimum US$20m

Tenor and repayment terms vary depending on type of

financing

▲ Potentially longer tenors

▲ Increases credibility with lenders

▲ Local currency financing available

▼ Participation limitation to percentage

of company’s balance sheet

▼ Absolute size also limited

▼ Time consuming and requires

education of DFI

Vendor Financing

Equipment

expenditure, tied to

receivables

Short to medium term financing (up to 12 to 18 months)

Size dependent on receivables size

Selling down of risk via multibank/ insurance or MIGA/ECA

coverage

▲ Quick execution

▲ Improves vendor financing terms

▲ Reflects as trade payables on

balance sheet not as bank debt

▼ Will likely require further funding in

the long term

▼ Restricted to equipment financing

and tied to specific vendor’s

receivables

Brief Summary of Financing Options

26 Document Title

Subordinated Tier-2 Bond

Mandated Lead Arranger

BDT 5,000,000,000

Southeast Bank Limited

2016

Loan Syndications & Debt Capital Markets SCB, Bangladesh : Few Deal Snaps



BDT 4,000,000,000

Trust Bank Limited

2016



BDT 4,000,000,000

One Bank Limited

2016

Syndicated Term Loan Facility

Mandated Lead Arranger,

Bookrunner and Facility Agent

USD 29,000,000

MI Cement FactoriesLtd

2016




USD 100,000,000

Abuil Khair Steel Melting Ltd

2016




USD 20,000,000

Abuil Khair Strip Processing Ltd

2016



BDT 3000,000,000

Bank Asia Limited

2015



BDT 2500,000,000

Eastern Bank Limited

2015



BDT 2500,000,000

Prime Bank Limited

2015


Sole Mandated Lead Arranger

and Bookrunner

USD 6,300,000

Samuda Power Ltd

2015


Sole Mandated Lead Arranger,


USD 34,700,000

BRB Cable Industries Mills Ltd

2015



and Bookrunner

USD 15mn and BDT 4mn

KYCR Coil Industries Ltd

2015



BDT 2500,000,000

Export Import Bank of Bangladesh Ltd

2015



BDT 3,000,000,000

AL Arafah Islami Bank Limited

2015



BDT 3,000,000,000

Dhaka Bank Limited

2016

Unsecured Zero Coupon Bond


BDT 2,500,000,000

BSRM SteelMills Limited

2016




BDT 3000,000,000

LSRM Steel PlantLtd

2016

Zero Coupon Bond


BDT 650,000,000

Aci Godrej Agrovet Limited

2016

27 Document Title

Syndicated Term Loan Refinance Facility


Bookrunner & Facility Agent

BDT 3,528,000,000

C. P. Bangladesh Co. Limited

2014

Syndicated Term Loan facility

Mandated Lead Arranger ,Bookrunner & Agent

USD 356,000,000

Biman Bangladesh Airlines Ltd

2014



BDT 3,000,000,000

Southeast Bank Limited

2014


Mandated Lead Arranger , Bookrunner & Agent

USD 115,000,000

BSRM SteelMills Limited

2013

Zero Coupon Bond


BDT 3000,000,000

Lankabangla Finance Limited

2014



BDT 1950,000,000

ACI Healthcare Limited

2014



Mandated Lead Arranger, Bookrunner & Facility Agent

BDT 3,780,000,000


2012

Syndicated Term Loan facility

Mandated Lead Arranger ,Bookrunner & Agent

USD 61,600,000

Biman Bangladesh Airlines Ltd

2012



BDT 8,460,000,000

Grameenphone

2012

Subordinated Short Term Facility


USD 200,000,000

Bangladesh Petroleum

Corporation

2012

Syndicated Working Capital Facility



BDT 5145,400,000

Orascom Telecom Bangladesh

Limited

2012



USD 350,000,000

Grameenphone

2013

Subordinated Short Term Facility


USD 400,000,000

Bangladesh Petroleum

Corporation

2013




BDT 6,600,000,000


Limited

2013

Zero Coupon Bond


BDT 1500,000,000

IDLC Fianance Limited

2013




USD 12,500,000

Noman Terry Towel Mills Ltd

2014



BDT 2000,000,000

United Commercial Bank Limited

2013




USD 23,000,000

Ismail Spinning Mills Ltd

2015

28 Document Title




BDT 2000,000,000

Dhaka Bank Limited

2010



BDT 2500,000,000

NationalBank Limited

2010



BDT 1,500,00,000

Shah Cement Industries Ltd

2011




BDT 4,645,400,000


Limited

2011




BDT 3,600,400,000


Limited

2010



BDT 720,000,000


2010

Syndicated Short Term Loan Facility



BDT10,730,000,000

Robi Axiata Bangladesh Limited

2011



BDT 920,000,000

ACME Specialized

Pharmaceuticals Limited

2012

29 Document Title

THANK YOU