世行贷款产品介绍.ppt

* The IBRD Flexible Loan 世界银行贷款灵活性 One Loan with Multiple Embedded Options 一项贷款内嵌多个选择 Variable-Spread over LIBOR LIBOR基础上的浮动利差 Fixed-Spread over LIBOR LIBOR 基础上的固定利差 Choice of major currency 主要货币的选择 (USD, EUR, JPY, or others 美元，欧元，日元，或其它) Longer Repayment Terms (30 final / 18 average)更长的还款期（最长30年/平均18年） Flexible repayment terms （based on % schedule）灵活的还款条款 Embedded Flexibility to Modify/Manage内嵌灵活性以便于修改/管理: Currency (including local currency)货币（包括本地货币） Interest Rate (fixed or variable)利率（固定或浮动） Variability of Interest Rate  (caps collars)利率的变动性（上限和上下限） Can access currency and interest rate flexibility by converting to the prevailing fixed spread (3 bp pa fee) 通过转换成固定利差可享受货币和利率的灵活性 Objectives 目标 Lending Spread: Variable Spread vs Fixed Spread 贷款利差：浮动利差 vs 固定利差 Pricing 定价 Repayment Terms 偿还条款 Risk Management Tools 风险管理工具 Selections for a new project – Loan Choice Worksheet 为新项目做选择-贷款选择工作表 * * Borrower Choices: Lending Spreads借款人的选择：贷款利差 Fixed Spread Option 固定利差的选择 Spread is fixed for life of loan 利差在贷款期内固定不变 Based on projected IBRD funding costs 基于预计的世行融资成本 Spread includes a risk premium 利差包括风险溢价 Variable Spread Option 浮动利差的选择 Spread changes every semester 利差每半年变动一次 Based on cost of IBRD funding for the product 基于世行对该产品的实际融资成本 Loans carry floating rates of 6-month LIBOR plus the lending spread. 贷款利率包括的6个月的LIBOR浮动利率加贷款利差 Pricing – Predictable and Transparent价格-可预见性和透明性 Charges费用: Interest 利息 Front-end Fee 先征费 No Commitment Fee 没有承诺费 No Waivers 没有豁免 * Interest rates 利率 (Variable Spread 浮动利差) Variable spread: LIBOR + Variable Spread Variable Spread = average cost of borrowing + standard interest spread 浮动利差= 平均借款成本+标准利差 Average cost of borrowing can be negative or positive 平均借款成本可能是负数或正数 Eg., for $ VSLs: $LIBOR + (- 0.33%) + 0.50% = $LIBOR + 0.17% In case of default interest, add 0.50% 逾期罚金，加收0.5% * Interest rates 利率 (Fixed Spread固定利差) FSL: LIBOR + Fixed Spread Fixed Spread = projected borrowing cost margin + interest spread + risk premium 固定利差=预计融资成本边际+利