India’s National Export Credit Agency
Investor Presentation
Presentation Outline
Exim Key Credit Highlights
The India Story
The Exim Bank Story
Appendix
2
Exim Key Credit Highlights
4
Exim Key Credit Highlights
Management Strength
India: Strong Macro backed by supportive policy Environment
Exim: Proxy to Sovereign
Financial Strength Policy Role at National Level
1
2
34
5
India’s engine for growth of International
Trade
Set up under an Act of Parliament in 1981 by the Government of India
100% owned by the Government of India (“GoI”).
Role in policy formulation and also project selection under Economic
Diplomacy.
International investment grade ratings at par with Sovereign.
Policy Business Guaranteed / Insured by the Sovereign.
Strong regulatory capital position.
Access to multiple sources of liquidity, both onshore and offshore.
The India Story
6
India: Strong Macro backed by supportive Policy Environment
Resilient GDP Growth(1,2,3)
• World’s 7th largest economy based on nominal GDP in CY 2018.(2)
o Nominal GDP for CY 2018: ~US$ 2.7 tn.(2)
• World’s 3rd largest economy based on GDP measured in PPP terms in CY2018.(2)
o GDP in PPP terms for CY 2018: ~US$ 10.5 tn.(2)
• India is set to become the 5th largest economy based on nominal GDP by 2019(2)
• India jumped up 23 notches to the 77th position from 100 during 2017-18 on the World Bank’s ‘Ease of Doing Business’ Index 2019.
• Favorable demographic profile: 66% of the population is between the age of 15 to 64 years.(4)
Source: (1) Institute of International Finance (IIF); (2) IMF World Economic Outlook April 2019. Data for CY; (3) Ministry of Statistics and Programme Implementation (MOSPI); (4) World Bank Database; CY means calendaryear ; FYxx means financial year ended March 31, 20xx.; E- IIF Estimates; P – IMF Projections
6.7%
7.1% 7.3% 7.7%6.9%
6.6% 6.3% 6.1%
2.2%2.9%
2.3% 1.9%
3.8% 3.6% 3.3% 3.6%
CY 2017 CY 2018 CY 2019 P CY 2020 P
India China United States World
18.2% 17.7% 17.9% 17.1% 15.9%30.0% 29.8% 29.3% 29.1% 29.7%
51.8% 52.5% 52.8% 53.8% 54.4%2043 2148 2287
2626 2786
7.4%8.0% 8.2%
7.2% 7.0%
FY 15 FY 16 FY 17 FY 18 FY 19E
Agriculture (%) Industry (%) Services (%) Real GDP Growth (%)
7
Indian Economy: Key Economic Indicators
Banking Sector Statistics(2)
Key Parameters FY17 FY18 FY19 ChangeGross Domestic Saving (% of GDP) (3) 30.3 30.5 - -Gross Domestic Investment (% of GDP) (3) 30.9 32.3 - -Gross Fixed Capital Formation (% of GDP) (3) 28.2 28.6 28.9 30 bpsFiscal Deficit (% of GDP) (3) 3.5 3.5 3.4 (10 bps)Revenue Deficit (% of GDP) (3) 2.1 2.6 2.2 (40 bps) FDI Inflows (US$ bn) (2) 60.2 61.0 64.4 5.60%Exchange Rate (INR/US$, avg.) (2) 67.07 64.45 67.07 4.10%
Source: (1) Institute of International Finance (IIF) Database; (2) Reserve Bank of India, Press Releases and Online Database (accessed online on 22/05/2019); (3) Central Statistics Office; E- IIF Estimates; # Data pertains to April 2018-September 2018 ; ## Data pertains to April 2018-December 2018; * Base year for CPI Inflation FY15-FY19 is 2012=100
Key Parameters FY17 FY18 FY19# Change
Credit Deposit Ratio 73.0 74.2 77.6## 340 bpsBanking Sector CRAR 13.7 13.8 13.7 (10 bps)
Banking Sector NPAs 8.58 11.22 10.10## (112 bps)Provision Coverage Ratio 43.5 48.3 52.4 410 bpsNBFC CRAR 22.1 22.8 21.0 (-180 bps)
NBFC NPAs 6.1 5.8 6.1 30 bps
51.4 51.5 49.6 49.1 48.1
15.2 17.1 15.6 19.8 20.2
66.6 68.6 65.2 68.9 68.3
FY 15 FY 16 FY 17 FY 18 FY 1 9ECentre State
Key Macroeconomic Metrices
Inflation/ Policy Rates (2)*
General Government Debt (% of GDP) (1)
8Source: (1) MOCI; (2) Balance of Payment Statistics, RBI
Composition of CAD(2)
-14.4-48.7 -51.8
-0.6% -1.9%
-2.6%-250-200-150-100
-500
50100150
FY17 FY18 FY19 (Apr-Dec)
(US$
bn)
Trade Deficit Services Surplus Primary IncomeSecondary Income Current Account Deficit CAD (% of GDP)
46 40 44 37 29 28 25 27 53Exports
Merchandise Trade Pattern in FY 19(1)
80 28 17 5 19 46Export
6 20 18 6 37 31Imports
Telecom, computer & info services TravelTransport Financial servicesOther Business services Others
Services Trade Pattern in FY18 (2)
439499 535
480584 639
37.1%39.1% 38.4%19.9 %
20.1%19.7%
FY17 FY18 FY19
(US$
bn)
Services Exports Services Imports Merchandise Exports Merchandise Imports
62.9%80.1% 60.9%
79.9%61.6%
80.3%
141 65 48 55 46 34 32 20 73Imports
Petroleum Products Gems & Jewellery ChemicalsElectronics Items Machinery Ores & MineralsBase Metals Transport Equipment OthersAgri & Allied Products Textiles
Sound External Sector
Trade Trends(1)(2)
US$ 330 bn
US$ 513 bn
US$ 195 bn
US$ 118 bn
9
Sound External Sector
Major Trading Partners(1)
India’s Export Markets(1) India’s Import Sources (1)
Note: Data for North America does not include Mexico; Mexico has been included in Latin AmericaSource: (1) MOCI
Regional Trade Direction(1)
Asia , 49%
Europe , 20%
North America ,
17%
Africa , 9%
Latin America ,
4%
CIS, Baltics & Others, 2%
ExportsAsia , 62%Europe ,
15%
North America ,
8%
Africa , 8%
Latin America , 5%
CIS, Baltics & Others, 2%
Imports
88 87
60
34 31 28 24 24 21 21 19 18 17 17 17
17
-54
0.3
-23
-5 -5
-21 -6 -1
2
-11
-17
-8 -4
-4
-10
(US$
bn)
Total Trade Trade Balance
Chin
a
USA
UAE
Iraq
Sing
apor
e
Hong
Kon
g
Saud
i Ara
bia
Ger
man
y
Iran
Belg
ium
Mal
aysi
a
Japa
n
Switz
erla
nd
Indo
nesi
a
Rep.
of K
orea
2%3%3%3%3%
4%4%
5%9%
16%
NepalNetherlands
GermanyBangladesh
UKSingapore
Hong KongChina
UAEUSA
3%3%3%4%4%
4%6%6%
7%14%
IndonesiaSingapore
Rep. of KoreaHong Kong
SwitzerlandIraq
Saudi ArabiaUAEUSA
China
10
External Debt vis-à-vis External Reserves
(1) ‘Volatile Capital Flows’ is defined to include cumulative portfolio inflows and short-term debt (RBI). For FY18, Volatile Capital Flow data pertains to end-Jun’18; (2) Volatile Capital Flows to Reserves ratio peaked at 97.4% inSeptember 2013; (3) Source: RBI/Ministry of Finance, Government of India; [4] Source: https://data.worldbank.org/indicator/FI.RES.TOTL.CD?view=chart&year_high_desc=true accessed on 22/05/2019 (Data pertains to 2017; asper latest data available); * Short-term debt with residual maturity
External Debt 521.2
External Reserves 395.6
External Debt External Reserves
(US$ bn)
As on Dec 2018
94%
5%
1%
Foreign Currency Assets
Gold
SDRs / Reserve Tranche
37%
20%
24%
11%5%
2%
Commercial Borrowings
Short Term
Non Resident
Multilateral
Bilateral
Trade Credit
As on Dec 2018
Analysis of External Debt vs External Reserves
75.9% 71.0%86.2%
163.1%
As on Dec 2018
External Reserves :External DebtFC Assets : External Debt
Volatile Capital Flows:External ReservesFCA: Short-term debt*
India has the 7th largest total reserves in the world[4]
11
India’s Twin Balance Sheet Problem
Post Global Financial Crisis Resolution
Bad-Loan-Encumbered BanksPre Global Financial Crisis
Investment-GDP Ratio soared by 11% points to 38% in four years to FY08. Expectations of sustained double digit growth by corporates. In three years to FY09, bank credit doubled. Indian companies aggressively acquired companies overseas (e.g.: TATA Steel’s
acquisition of Corus Steel, Hindalco’s acquisition of Novelis Inc).
GNPA Ratio for Scheduled Commercial Banks (SCBs) soared from 2.3% as onMarch 31, 2008, to 10.1% as on December 2018. GNPA ratio for Public SectorBanks (PSBs) as on September 30, 2018 was 14.8%*.
SCB’s GNPA Ratio projected to decrease to 10.3% by March 2019 and that ofPSBs is projected to decline to 14.6%*.
Bunching of bad loan recognition due to previous regulatory forbearance. Not a systemic failure - exogenous factors/
delay in recognition.
Accommodative monetary policy tightened dueto rise in inflation:o Repo rates increased from 4.75% in April 2009 to 8.50% in October 2011.
INR Depreciation added to the stress in FC debt servicing:o USD/INR depreciated from 52.97 in February 2013 to 68.36 in August 2013.
In 2013, 33% of corporate debt was owed by companies with ICR < 1; increasedto above 40% in late 2016.
Capacity Utilization in Industry declined from 80.9% in Q3FY10 to 75.9% inQ3FY19.
Asset Quality Review (AQR). Schemes - 5:25 Flexible Refinancing, Strategic Debt Restructuring (SDR),
Scheme for Sustainable Structuring of Stressed Assets (S4A) - withdrawn w.e.f.February 12, 2018.
The Insolvency and Bankruptcy Code, 2016 (IBC). 4Rs approach of recognition, resolution, re-capitalisation and reforms followed. An amount of close to `3 tn has already been recovered. Recapitalisation has
been done in PSBs with total investment of `2.6 tn. Capital infusion of ` 482.39 bn in 12 PSBs for regulatory capital requirement
and growth recently.
Source: RBI Economic Survey 2016-17 & 2017-18, Bloomberg Database.* Financial Stability Report, RBI, December 2018; # Monetary Policy Report, RBI, April 2019
1 3
42
12
Economic, Institutional and Structural Reforms
Make in India- 25 Focus Sectors Liberalisation of FDI.
o Relaxed FDI Norms: 100% permitted in single-brand retail and construction development. Aadhaar backed Direct Benefit Transfer (DBT). The Real Estate (Regulation and Development) Act, 2016 (RERA). The Insolvency and Bankruptcy Code, 2016 (IBC). The Banking Regulation (Amendment) Act, 2017. Constitution of Monetary Policy Committee (MPC) under the Monetary Policy Framework Agreement. Currency Exchange (Demonetisation). Goods and Service Tax (GST). Bank Recapitalisation Bonds. Targets set by N K Singh Committee on Fiscal Discipline:
o Debt-to-GDP ratio of 40% for Central Government, 20% for State Governments and fiscal deficit of 2.5% of GDP by FY23. India jumped up 23 notches to the 77th position from 100 during 2017-18 on the World Bank’s ‘Ease of Doing Business’ Index 2019:
o Among the top 10 performers consecutively for the second yearo India decreased border and documentary compliance time for both exports and imports
Moody's upgrades India's Government bond rating to Baa2 (stable) from Baa3(positive):o Based on the reforms carried out, India’s structural credit strength and global competitiveness have improved.
The Exim Story
14
Bank : India’s Export Credit Agency
“To develop commercially viable relationships with a target set of externally oriented companies by offering them a comprehensive range of
products and services, aimed at enhancing their internationalisation efforts”
Set up under an Act of Parliament in 1981 by the Government of India
Objectives
“for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for coordinating the working
of institutions engaged in financing export and import of goods and services with a view to promoting the country’s international trade…”
“… shall act on business principles with due regard to public interest”
Genesis
Objectives
Vision
15
Bank : Proxy to Sovereign
An instrument of Government policy as India’s official Export CreditAgency.
100% owned by Government of India (“GoI”)o Cannot be liquidated without GoI approvalo A track record of GoI capital infusion
Proxy to the India Sovereign in international debt markets.
Board of Directors are appointed by GoIo Comprises top officials from key GoI ministries (Finance, Commerce
and Industry and External Affairs) and Reserve Bank of India.
GoI Backstop - Policy Business guaranteed/ insured by the Sovereign
100% owned by
GoI
Directors Appointed by
GoI
Proxy to India
Sovereign in International
Debt Markets
Policy Bank
GoIBackstop:
Policy Business
Ongoing Government SupportOngoing Government Support
16
Bank: Capital Infusion / Proxy to Sovereign
Budget allocation of INR 15 bn from GoI for FY2020 (INR 9.5 bn by way of capital infusion andINR 4.5 bn through Recap Bonds)
Exim’s credit rating has been on par with India sovereign rating since its establishment
International Rating is Baa2 (Stable)
International Rating is BBB- (Stable)
International Rating is BBB- (Stable)
Domestic Rating is AAA (Stable)
Domestic Rating is AAA (Stable)
Domestic Rating is AAA (Stable)
International Rating is BBB+ (Stable)
Domestic Rating is AAA (Stable)
Government Capital Infusion
Exim Bank’s Line of Business
Export Finance
Lines of Credit / CFS
Buyer’s Credit –NEIA
Pre-Shipment Credit
Post-Shipment Credit
Guarantees and L/Cs
Export Capability Creation
Term Loans
Working Capital
Export Product Development
Export Facilitation
Overseas Investment
Finance
Import Finance
Guarantees and L/Cs
[1]: As on March 31, 2019; [2] Excluding India; [3] Classification of Net Loans outstanding on the basis of associated Risk; [4] Exposures value of less than 1% are excluded
INR 1030 bn INR 141 bn
17
Export Finance 56.22%
Term Loan to Exporters
23.06%
Overseas Investment Finance 13.22%
Import Finance 5.20%
Export Facilitation 2.27%
Performance Guarantee,
40.62%
Advance Payment Gurantee, 41.66%
Retention Money Guarantee, 1.92%
Bid Bond Guarantee, 1.02%Financial Guarantee , 12.51% Letters of Credit, 2.26%
Loan Portfolio [1][4] Non-Funded Portfolio [1]
Risk Exposure [1][3] Country Exposure[1][2][4]
Exim Bank’s Line of Business
18
Asset Quality
Non Performing Assets(2)(3)
% of Total Loan outstanding NPAs as % of Total GNPAs
A
Note: [1] Excludes advances under Lines of Credit, Buyer’s Credit under NEIA and staff loans which cannot be classified under any particular sector; [2] As on March 31, 2019; [3] Others includes industries with exposure less than 1% of the Gross Loan Outstanding. * PCR: Provision Coverage Ratio & AUCA: Advance Under Collection Accounts 19
2.94%
4.17%
9.24%
10.37% 11.34%
0.60% 0.86%
4.68%3.75%
2.44%
81%80%
80%80%
55%
52%
71%
66%
85%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY15 FY16 FY17 FY18 FY19
Gross NPANet NPAPCRAUCAPCR including AUCA *
Current credit watchlist of INR 18.38 bn including IL&FS Group (INR 4.42 bn)
net of AUCA *
Gross Loans outstanding by Major Industries(1)(2)(3)
Insolvency and Bankruptcy Code: Faster NPA resolutionA
20
Outstanding Provision (%)
Net Book Value
Expected Recovery
(A) Exim Loans admitted/ referred
58.64 83% 10.22 13.95
(B) Guarantors for Exim Loans[2] 32.88 85% 4.80 8.32
Total 91.52 84% 15.02 22.27
Lending Programme % of Total NPAs
% of Bank’s Exposure
Overseas Investment Finance 41.77 4.74
Term Loan to Exporters * 27.14 3.08
Export Finance ** 20.48 2.32
Import Finance 10.58 1.20
Export Facilitation 0.03 0.00
Total 100 11.34
Note: # National Company Law Tribunal[1] As on March 31, 2019; [2] Corporate under NCLT which are Guarantor to the Loans extended by Exim Bank.* includes Export Oriented Units, Export Facilitation, Claims under Guarantee, Export Marketing Finance, Production Equipment Finance, and R & D Term Loan, etc. ** includes Pre/Post Shipment, Project Export, WCTL under CDR, Buyers Credit etc.
Exim’s Loan Accounts under Exposure to NCLT #(1) Non Performing Assets(1)
Financial Highlights
[1] Includes loans and advances to industrial concerns, scheduled banks, foreign governments and other financial institutions and bills of exchange and promissory notes discounted / rediscounted. Amounts stated are net of provisions for non-performing assets (NPAs).
21
Capital Strength
Profitability
Total Assets, Loans and Advances(1)
Solvency Ratio
Asset Liability Management A
22
Fully hedged position on currency and basis risk. Both Assets and Liabilities on floating LIBOR basis.
Exim Bank’s quasi sovereign status enables issuance at benchmark rates.
Debut 10 year 144A issuance in July 2016 and the second 10 year 144A issuance in January 2018 for USD 1 bn each under GMTN Program.
Regular issuer in the International debt markets with 26 issuances since 2004 under the MTN including 4 Uridashi and 2 144A issuances. 4 Samurai issuancessince February 2006.
Issuances across currencies including AUD, CHF, CNY, JPY, MXN, SGD, TRY and ZAR
[1] As on March 31, 2019
244 236210
176
272
192
294 284
63
246
<= 1 yr 1-3 yr 3-5 yr 5-7 yr >7 yr
Maturing Assets (Equ. INR bn) Maturing Liabilities (Equ. INR bn)
FC Resources74%
Rupee Resources
13%
Capital & Reserves13%
FC Loans, 76%
Rupee Loans, 24%
Foreign Currency Asset Liability Gaps[1] Total Resources/ Loans[1]
Exim Bank - Board of Directors A
23Directors representing Ministries of Finance, Commerce and External Affairs
Directors representing major Indian Public Sector Banks
Director representing regulator - RBI
Director representing India’s Export Credit Insurance Company Whole Time Directors
Bidyut Behari SwainAdditional Secretary, Department of Commerce, Ministry of Commerce and Industry
Pankaj JainAdditional Secretary, Department of Financial Services, Ministry of Finance
Ramesh AbhishekSecretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry
Michael Debabrata PatraExecutive Director, Reserve Bank of India
Geetha MuralidharChairman-cum- Managing Director, ECGC Ltd.
T.S. TirumurtiSecretary (Economic Relations), Ministry of External Affairs
Rajnish KumarChairman, State Bank of India
Dinabandhu MohapatraManaging Director and CEO, Bank of India
Debasish MallickDeputy Managing Director
David RasquinhaManaging Director
Kalyanaraman RajaramanAdditional Secretary (Investment), Department of Economic Affairs, Ministry of Finance
Rajkiran Rai GundyadkaManaging Director and CEO, Union Bank of India
Rakesh SharmaManaging Director and CEO, IDBI Bank
A
24
Exim Bank - Senior Management
Mr. David Rasquinha, Managing Director Mr. David Rasquinha has been appointed by GoI as Managing Director of Exim since August 2017.
He has been with Exim since 1985 and prior to his current role he has held post of Deputy Managing Director. He has handled a widerange of functions including Lines of Credit and Trade Finance and was Representative at Exim’s Washington DC Rep Office from1999–2004.
Mr. Rasquinha holds a first class graduate degree in Economics from Mumbai University and a post graduate qualification in BusinessManagement from the XLRI, Jamshedpur.
Mr. Debasish Mallick, Deputy Managing Director Mr. Debasish Mallick has been appointed by GoI as Deputy Managing Director of Exim since July 2014.
Mr. Mallick was the Managing Director and CEO of IDBI Asset Management Company Ltd and has nearly three decades of experiencein the Banking industry. He has vast experience in the areas of Corporate Banking, International Banking, Resource Mobilisation andTreasury, among others.
He holds a post-graduate degree in Economics and is a Certified Associate of Indian Institute of Bankers.
Highly Experienced Management Team with Government of India (GoI) Sponsorship
Exim Bank – Institutionalised Risk Management CultureA
25
Officer of the rank of Chief General Manager designated as Chief Risk Officer for credit, market and operational risks. Tasked with risk management of the Bank’s business processes and driving the Bank’s risk management strategy.Risk Management Group
Chaired by Deputy Managing Director and comprises Group Heads and senior officers of Business Groups, Treasury and AccountsGroup, and the Chief Risk Officer.
Addresses issues of asset-liability management, interest rate and exchange rate risks, liquidity risk, etc.
Chaired by Deputy Managing Director and comprises Group Heads and senior officers of Business Groups, Treasury andAccounts Group, and the Chief Risk Officer.
Addresses rating and pricing standards, prudential limits on various exposure categories (country, sector, single and groupborrower and unsecured exposures, program-wise exposures etc.), sector-wise outlook, etc.
Chaired by Deputy Managing Director and comprises senior executives who do not have direct line responsibilities and the ChiefRisk Officer.
Reviews the Bank’s risk overall profile, risk concentrations, operational risk, compliance with prudential limits and overseeingthe operations of CRMC and ALCO.
Reviews the Bank’s risk management policies, investment policies and strategy, and regulatory and compliance issues in relationthereto.
Chaired by Deputy Managing Director and comprises of directors appointed on to the Board by the respective institutions (IDBI,ECGC) and the Central Government and the Chief Risk Officer as a permanent invitee.
Responsible for implementing the Integrated Risk Management Policy of the Bank, monitoring adherence to various regulatoryand internal risk limits developing policies and procedures for integration of various risks at the Bank level, and review of allpolicies related to the Bank’s business.
Asset-Liability Management Committee
(ALCO)
Credit Risk Management Committee
(CRMC)
Integrated Risk Management Committee
Risk Management Committee
(RMC)
Appendix
Financial Highlights
Figures in INR mn FY17 FY18 FY19
Cash and Bank Balance 36,909 28,155 42,120
Investments 51,029 56,969 93,274
Loans and Advances(1) 1,026,410 1,075,321 936,171
Fixed Assets 1,298 1,259 2,277
Other Assets 56,427 73,486 72,412
Total Assets 1,172,074 1,235,190 1,146,254
Paid up Capital & Reserves(2) 120,239 96,002 146,736
Deposits 3,726 2,861 2,528
Notes, Bonds and Debentures 806,930 865,817 779,196
Borrowings 150,073 172,973 141,318
Profit and Loss Account 41 - 82
Other Liabilities & Provisions 91,065 97,537 76,394
Total Liabilities 1,172,074 1,235,190 1,146,254Note: (1) Includes loans and advances to industrial concerns, scheduled banks, foreign governments and other financial institutions and bills of exchange and promissory notes discounted / rediscounted. Amounts stated are net of provisions for non-performing assets (NPAs). ; (2) Includes paid-up capital and reserves. 27
Balance Sheet
Financial Highlights
Figures in INR mn FY17 FY18 FY19Interest Earned 84,411 82,384 87,266 Interest Expended 65,022 65,863 67,567 Net Interest Income 19,389 16,521 19,699 Non-Interest Income 7,942 5,399 3,700 Non-Interest Expense 2,525 2,608 2,718 Net Non-Interest Income 5,417 2,791 982 Operating Profit 24,806 19,312 20,681 Provisions and Contingencies 21,680 61,610 18,806 Profit / (Loss) Before Tax (PBT) 3,126 (42,298) 1,875 Tax (Net of Deferred Tax) 2,714 (13,061) 1,058Profit / (Loss) after Tax (PAT) 412 (29,237) 817
28
Profit and Loss Summary
Financial Highlights
FY17 FY18 FY19
Net Interest Margin 1.70% 1.31% 1.56%
Gross NPA 9.24% 10.37% 11.34%
Net NPA 4.68% 3.75% 2.44%
ROAA 0.04% -ve 0.07%
ROAE 0.62% -ve 1.04%
CRAR 15.81% 10.35% 19.07%
Core CRAR 14.29% 8.82% 17.71%
Slippage Ratio 7.02% 4.18% 2.74%
Credit Cost 2.06% 5.52% 1.72%
29
Key Ratios
A
30
Issuances in International Debt Markets
Upto March 2009 | FY 2009-10 | 2010-11 | 2011-12 | 2012-13 | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 | 2018-19
•USD 250 mn Reg-s• JPY 5.55 bn Reg-s• JPY 23 bn Samurai• JPY 26 bn Samurai•USD 50 mn Reg-s• JPY 24 bn Reg - S
•USD 150 mn Reg-s•USD 300 mn Reg-s
• USD 200 mn Reg-s• JPY 15 bn Reg-s• JPY 20 bn Samurai• USD 110 mn Reg-s
•CHF 190 mn Reg - S
•AUD 39 mn + JPY 2.90 bn + ZAR 370 mn Reg-s (Uridashi)
•USD 500 mn Reg-s•SGD 250 mn Reg-s•USD 750 mn Reg-s
•AUD 200 mn Reg-s• JPY 11.27 bn + MXN 286.10 mn + TRY 59.60 mn Reg-S (Uridashi)
• JPY 15 bn Reg-S (Uridashi)
•USD 500 mn Reg-s• JPY 20 bn Samurai•USD 500 mn Reg-s
•USD 500 mn Reg-s•CNY 300 mn Reg-s•CNY 300 mn Reg-s•AUD 164.50 mn + USD 42.80 mn Reg-s (Uridashi)
•USD 500 mn Reg-s
•USD 1 bn 144A / Reg-S
•USD 400 mn Reg-s (Formosa)
•USD 1 bn 144A / Reg-s
•USD 500 mnReg-s
Samurai Issuance ; Uridashi Issuance; 144A Issuance
PARTNERINGGROWTH.GLOBALISINGINDIA.