Annual Report 2002 (pdf, 1319K) - WestLB

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24 According to an Asian proverb, every day holds a new opportunity for you. All you have to do is get up before it does. That also applies to trading – anticipate the right thing before anyone else does. Be quicker, think two steps ahead. At WestLB, your own intuition is backed by a large number of professional tools. That’s the perfect environment for taking opportunities. MY BANK ASSET BACKED SECURITIES: MARKET POSITION IN EUROPE SUBSTANTIALLY EXPANDED 946.5 587.6 1.0 0.4 2000 2001 2002 3,790 Issuing volume (US$ millions) 2.8 Market share (%) | Jing Min Li Equity Finance The market in Latin America was destabilised by the economic crisis in Argentina and the elections in Brazil. Most of our business involved project financing for export-related ventures which was combined with credit-enhancing collateralisation models of U.S. reinsurers. Asset Securitisation: Market Profile Strengthened We expanded our market position as one of the leading banks in the asset securitisation business. We sharpened our profile in the term securitisation market, in which the transaction volume increased significantly last year, raising our market share from 0.4% to 2.8%. One highlight was the transaction with Banque Misr, the second-largest commercial bank in Egypt. The US$ 250 million deal was the first asset backed transaction in Egypt, North Africa and the Middle East and was also the first refinancing in the region involving the issue of commercial paper. To expand our operations in the Asia/ Pacific region, we enlarged our presence in Tokyo and also plan to be active in the Australian market in the future.
The Company People and Markets Financial Report Names and Locations Leveraged Finance Continues to Grow We clearly expanded our position in the leveraged finance business in 2002. We acted as arranger and underwriter for a number of major transactions in Europe, arranging a series of deals for leading private equity investors. Two lead arranger mandates were of particular note. We supported J.P. Morgan Partners in their acquisition of Siteco, a leading manufacturer of industrial lighting, structuring and underwriting the entire debt financing. In addition, we were mandated by Trader Classified Media, the world market leader for classified ads, to arrange a € 380 million refinancing and acquisition financing. The fact that we are bidding in all of the major transactions coming up in 2003 is further evidence of our prominent position in the leveraged finance market. Difficult Conditions for Aircraft Finance In view of the persisting slump in air travel worldwide, there were still no signs of recovery in the aircraft finance sector last year. We adapted our activities to the downturn in the market from a strategic point of view, seeking growth only in good quality segments. The aircraft lease financing deal we worked out for Southwest Airlines was singled out by Jane’s Transport Finance magazine as US Debt Deal of the Year 2002. We also earned the title Aircraft Finance Innovator of the Year 2002 for the financing of four aircraft for Scandinavian Airlines Systems. We also strengthened our international market position with Japanese leveraged lease financing packages for airlines. Our aircraft leasing company Boullioun Aviation Services Inc. performed well in view of the difficult market conditions; only one of its 77 aircraft could not be leased out in 2002. In the ship finance field, we completed a number of profitable new deals and intend to expand this business further in 2003. Strong Partner in Structured Lease Financing We strengthened our position in 2002 as a leader among German banks in the U.S. cross-border leasing market, with numerous deals in which we acted as lender or assumed the performance of obligations under loans or equity capital commitments (defeasance bank), and at the same time we cemented our role as a partner to the municipalities. We also expanded our film financing business in Germany, a segment in which we have meanwhile become established as a major player. With terms of between 25 and 30 years, the numerous mandates we have obtained indicate that WestLB occupies a strong position in the market despite the envisaged abolition of guarantor liability. Commodity Finance in Great Demand Given its anticyclical nature, commodity finance is a reliable source of income also in times of economic weakness. We gained market share in structured commodity finance and commodity trade finance in 2002, transacting a substantial number of deals in the CIS states and in South America. Every year since 1997, our intelligent solutions have received Trade Finance magazine’s 25
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XWa Dedication you can count on.
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XWG WestLB AG Herzogstraße 15 4021
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Annual Report 2002 (pdf, 1319K) - WestLB

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