Download (2.2 MB) - Volksbank AG

Investkredit has set itself a goal of building up a
Mittelstandsbond portfolio with a volume of around
EUR 300 m within just three years. The total volume
of completed issues to date amounts to EUR 125 m,
of which around EUR 80 m were planned for the
Mittelstandsbond portfolio in 2004. The difference
was placed directly with institutional and major
investors. The average rating, as targeted, is BBBwith
an average term of 5.9 years.
Securitisation of trade receivables as a
new financing instrument
Supplementing the existing range of capital market
instruments, a new product was developed in cooperation
with IKB Deutsche Industriebank AG,
Düsseldorf, which gives Austrian companies the
opportunity to securitise their trade receivables
due from customers and placing them on the capital
market as ABS transactions. At EUR 15 m, the
“Greiner Packaging GmbH is a 100% subsidiary of
Greiner Holding AG and is itself parent company to
an internationally active group specialising in packaging
solutions made of plastics and plastic-cardboard
combinations. To optimise its financing structure
and raise capital for new investments in the
area of food packaging, a EUR 25 m bond was
issued in December 2004 with a term of five years.
In 2004, we invested around 15% of our sales.
Along with investments in the promising Eastern
European market, substantial sums poured into
expanding our Austrian location in Kremsmünster.
As a leading manufacturing company in plastics and
plastic-cardboard packaging for the food and nonfood
industries, it is important to stay
alert and up to date, to recognise new
trends, pick up on them and to ensure
that there are sufficient resources for
their implementation.”
Willi Eibner
CEO
Greiner Packaging International
As joint lead manager, Investkredit
Bank AG arranged, structured and
placed the 4.5% Greiner Packaging
2004 – 2009 bond.
SEGMENT REPORTING / CORPORATES
minimum volume for a transaction is significantly
below the international norm and should make this
instrument of interest to medium-sized companies
as an alternative to traditional financing.
Subsidy management for corporates
With the expansion of the European Union on
1 May 2004, the direct subsidisation via EU support
schemes of companies took on a new dimension
in the new member countries. As a result of
companies increasingly internationalising their
business and the consequent increasing significance
of European subsidies, there will be changes
in the behaviour of domestic and international
companies.
Investkredit supports companies both in preparing
and presenting projects to Austrian institutions providing
subsidies as well as in obtaining subsidies
in the expanded core market, and is one of the leading
Austrian banks in subsidy management. In the
field of subsidised financing transactions in Austria,
the bank specialised in administrating various
support schemes for Austrian companies, Austria
Wirtschaftsservice GmbH is Investkredit’s most
important partner. In 2004 Investkredit was once
again one of the main trustee banks processing ERP
financing for companies. Co-operation on global
loans with KfW in Frankfurt and the European
Investment Bank (EIB) in Luxembourg was continued
successfully in 2004.
Corporate finance services
There was more demand for corporate finance
services in 2004. The volume of outgoing payments
in 2004 amounted to
EUR 181 m. This is due both to
greater M&A activity by industrial
companies as well as
increased activity by domestic and international
private equity funds specialising in LBO transactions.
Investkredit offers its customers an extensive
range of products, including both consulting in
the case of M&A transactions as well as struc-
CONTINUOUS DEMAND FOR
CORPORATE FINANCE
47