Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

More documents

Recommendations

Info

Bond Issuance Corporate financing via bonds for SMEs The capital market as the “new” source of financing on the debt capital side Solvency II and Basel III are keywords that are prompting many companies to reconsider their corporate financing. These regulatory measures pose strategic questions such as: what is the right financing mix of debt and equity if companies are to continue benefiting from low overall cost of capital in the future? Which capital sources will continue to be available in the long term? What advantages does the capital market offer? Is this financing source a good fit for my company, and how can I prepare for this step? One of the decisive factors is how well companies prepare for the duties of the regulated capital market. The typical profile of an SME bond The current and expected changes to classic bank financing impact upon SMEs in particular. As a result, these companies are now investigating bond financing through the capital market. In Germany, a relatively new SME bond market is taking shape for these companies. Since 2010, five stock exchanges have generated new segments and a total issue volume of more than EUR 2.4 billion. By mid-2012, more than 44 companies had used this financing channel. Five companies have even placed more than one issue, making multiple use of the bond market. The 50 issues to date are characterised by the following typical bond profile: Terms and conditions ► Issue volume: min. EUR 10 million, max. EUR 200 million, avg. EUR 54 million Figure 1: Annual revenue in year prior to issue Number 16 14 12 10 8 6 4 2 0 12 Less than 50m Source: Ernst & Young 8 50m to 100m Page 42 Deutsches Eigenkapitalforum 2012 4 100m to 150m 7 150m to 200m 14 Greater than 200m Michael Oppermann has worked at Ernst & Young since 1986. He has 25 years of experience in auditing IFRS and US GAAP financial statements and extensive experience in running projects for conversion to IFRS and US GAAP. He is Head of Financial Accounting and Advisory Services in Germany, Switzerland and Austria. Michael Oppermann, Partner, Head of Financial Accounting and Advisory Services, Ernst & Young ► Coupon rate: For issue at issue price (usually 100%): min. 5.9%, max. 11.5%, mean: 7.4% p.a. ► Maturity: Range of three to seven years, generally five years ► Rating: Mostly in the range from BB to BBB+ Profile ► Capital market experience: 38% of the companies already have shares listed on the stock exchange. 62% of those issuing bonds are newcomers to the stock exchange ► Accounting: 57% pursuant to German GAAP (“Grundsätze ordnungsmäßiger Buchführung”) and 43% pursuant to IFRS ► Legal form: 56% German stock corporations, 32% German limited liability companies and 12% German limited partnerships ► Industries: Generally open to all. The focus is currently on the logistics, energy, automotive and consumer sectors. Well-known brand names are an advantage when it comes to placing bonds Placement ► Placement: Own issues predominate in terms of number and volume, choice of five stock exchanges in Germany ► Cost: 4.2% to 4.8% of emission volume ► Use of funds: 71% new financing and 29% refinancing ► Rating form: 77% corporate rating and 9% bond rating (covenants can improve rating) dominate
Global Expertise in Capital Markets �� Xetra ® Specialist & �� Contact details: �� Join us at the Equity Forum Renell Bank has been a leading and independent player at the Frankfurt Stock Exchange for more than 25 years. We advise international clients on their individual capital markets needs. ��
Page 1 and 2: Publishing Partner Deutsches Eigenk
Page 3 and 4: Dear Readers, If exchanges were mer
Page 5 and 6: International 60 “There will be n
Page 7 and 8: ��
Page 9 and 10: Corporate Financing financing, even
Page 11 and 12: Mezzanine as an interim step to sec
Page 13 and 14: Great achievements require taking r
Page 15 and 16: Drive. Made in Germany. Also with e
Page 17 and 18: UNSER PROGRAMM FÜR DIE ZUKUNFT: ER
Page 19 and 20: We believe in German Mittelstand ww
Page 21 and 22: particular, the volume and relevanc
Page 24 and 25: Capital Markets Figure 2: Broker co
Page 26 and 27: Capital Markets “The use of compu
Page 28 and 29: Equity Markets Selective environmen
Page 30 and 31: Equity Markets Figure 2: Market con
Page 32 and 33: Equity Markets TecDAX’s 10 th ann
Page 34 and 35: Equity Markets TecDAX Composition a
Page 36 and 37: Equity Markets Hearing versus under
Page 38 and 39: Equity Markets Figure 2: An example
Page 40 and 41: Bond Issuance New ways of debt fina
Page 44 and 45: Bond Issuance Figure 2: EBITDA marg
Page 46 and 47: Bond Issuance “A success model wi
Page 48 and 49: Bond Issuance Stumbling blocks on t
Page 50 and 51: Bond Issuance Transparency in the c
Page 52 and 53: Bond Issuance Figure 1: Covenants -
Page 54 and 55: Bond Issuance “The fact is that d
Page 56 and 57: Bond Issuance Photo: Deutsche Börs
Page 58 and 59: Bond Issuance Including employees a
Page 60 and 61: International “There will be no r
Page 62 and 63: International China’s move to Eur
Page 64 and 65: Legal Synergy potentials versus syn
Page 66 and 67: Legal Figure 1: Challenges of syner
Page 68 and 69: Legal Barbarians at the gate? Takeo
Page 70 and 71: Legal The brave new world of corpor
Page 72 and 73: Legal reduction of traditional debt
Page 74 and 75: Special: CSR Sustainability is an i
Page 76 and 77: Special: CSR Figure 3: Shareholder
Page 78 and 79: Special: CSR Energy management A re
Page 80 and 81: Industries & Sectors Clean energy a
Page 82 and 83: Industries & Sectors The solar powe
Page 84 and 85: Seit 1798 machen wir, was wir am be
Page 86 and 87: Deutsche Börse AG Phone +49-(0) 69
Page 88 and 89: BERENBERG BANK Contact Person Anna
Page 90 and 91: equinet Bank AG Contact Person Gera
Page 92 and 93:
Baader Bank AG Contact Person Horst
Page 94 and 95:
BLÄTTCHEN FINANCIAL ADVISORY GmbH
Page 96 and 97:
einfach kommunizieren. heureka Prof
Page 98 and 99:
Scope Ratings Scope Ratings GmbH Co
Page 100 and 101:
Bundesverband Deutscher Kapitalbete
Page 102 and 103:
EQS Group Contact Person Anja Weiß
Page 104:
PvF Investor Relations Contact Pers
Page 107 and 108:
Media Partners business new europe
Page 109 and 110:
Media Partners FinanzNachrichten.de
Page 111 and 112:
Media Partners mergermarket is an i
Page 113 and 114:
Media Partners It is the mission of
Page 115 and 116:
Media Partners Founded in 1998, Goi
Page 117 and 118:
Network Partners The German Associa
Page 119 and 120:
Network Partners F I C is a consult
Page 121 and 122:
Die GBC Kapital GmbH ist nach § 2
Page 123 and 124:
Company Page 4a medicom GmbH 124 Ar
Page 125 and 126:
Artcline GmbH Medical technology Pr
Page 127 and 128:
Wer denkt bei einer Pipeline schon
Page 129 and 130:
certon systems GmbH Electronic comp
Page 131 and 132:
CorTAG GmbH Medical technology Prof
Page 133 and 134:
CrystAl-N GmbH Special chemical pro
Page 135 and 136:
Cytolon AG Biotechnology Profile Fo
Page 137 and 138:
DRAUSY GmbH Water investment and pr
Page 139 and 140:
e.bootis ag Software Profile Founde
Page 141 and 142:
Eurographics AG Private home constr
Page 143 and 144:
healthy planet Food Profile Founded
Page 145 and 146:
humangrid GmbH Internet services Pr
Page 147 and 148:
Jennewein Biotechnologie GmbH Biote
Page 149 and 150:
Kairos GmbH Biotechnology Profile F
Page 151 and 152:
LeniMed GmbH Medical technology Pro
Page 153 and 154:
Medicyte GmbH Biotechnology Profile
Page 155 and 156:
NOXXON Pharma AG Biotechnology Prof
Page 157 and 158:
PlanET Biogastechnik GmbH Renewable
Page 159 and 160:
Scopis GmbH Medical technology Prof
Page 161 and 162:
Shopgate GmbH Internet Profile Foun
Page 163 and 164:
t-cell Europe GmbH Biotechnology Pr
Page 165 and 166:
Torqeedo GmbH Green technology / en
Page 167 and 168:
BLÄTTCHEN FINANCIAL ADVISORY Conta
Page 169 and 170:
fischerAppelt, advisors Contact Per
Page 171 and 172:
Service Mayer Brown LLP Contact Per
Page 173 and 174:
Index of Advertisers Advertiser Pag
Page 175 and 176:
Phases of an IPO Figure 3: Phases o
Page 177 and 178:
Elisabeth Plakinger Alternative Ene
Page 179 and 180:
Hong Kong Berlin München Room Sect
Page 181 and 182:
Main Level (C2) Plenum, Forums Exhi
show all

Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?