Publication: Türk bankacılığında proje ve satın alım finansmanı
Abstract
Bu çalışmada, gerek finansal sistem, gerekse ülke ekonomisi için yararlı olduğuna inandığımız “proje ve satın alım finansmanı”nın kuramsal ve operasyonel altyapısı hakkında bilgi vermeyi ve Türk bankacılığındaki yerini incelemeyi amaçlıyoruz. Bu amaçla literatür taramasının yanı sıra ulusal ve uluslar arası proje ve satın alım finansmanı uygulamaları incelenmiştir. Proje ve satın alım finansmanı, kredi değerliği açısından yalnızca yaratacakları nakit akışını temel alarak, yüksek bütçeli yatırım projelerine ya da şirket satın alım ve birleşmelerine uzun vadeli borç finansmanı sağlanması yöntemidir. Her bir işlem için finansal mühendislik kullanılarak o işleme özel finansman paketi (sözleşmeler, fiyat-vade yapısı, geri ödeme planı, teminat paketi, vb.) yapılandırılır. Burada amaç; projeye ilişkin ticarî, finansal, politik risklerin belirlenmesi ve bunların, ilgili riski en iyi taşıyabilecek taraflara uygun sözleşmelerle dağıtılmasıdır. Proje finansmanı, yasal ve ekonomik açıdan yalıtılmış ve tek işi, proje konusu olan özel amaçlı bir kuruluşa (special purpose vehicle – SPV) kullandırılır. Genellikle yüksek finansal kaldıraç sağlayan bu finansman türünün önemli özelliklerinden biri, yatırımcıların garantisinin aranmaması, yani gayrı kabil-i rücu (non-recourse) olması ya da yatırımcıların (belli süre ya da tutarla) sınırlı (limited recourse) garantilerinin aranmasıdır. Borç verenler için ana teminat, proje firmasının (SPV) sahip olduğu imtiyaz sözleşmeleri, lisanslar, doğal kaynaklar üzerindeki haklar gibi değerler ve bunlarla üretilecek nakit akışıdır. Dünyada ağırlıklı olarak petrol, doğalgaz, enerji, madencilik, iletişim, ulaştırma, altyapı alanlarında uygulanan proje finansmanı; (i) yatırım ihtiyacının artması, (ii) özelleştirmeler ve ekonomik serbestleşmenin gelişmesi, (iii) özel sektörün yatırımlardan daha fazla pay alması, (iv) yabancı sermayenin Türk şirketlerine ilgisinin artması, ve (v) bankacılık anlayışının değişmesi gibi etkenlerle Türkiye’de de özellikle son 6-7 yılda gelişmektedir. Önceleri uluslar arası bankaların özelleştirmelerin finansmanı için gerçekleştirdikleri proje finansmanı sendikasyonlarına katılımla bu alana giren ulusal bankalarımız, bugün artık gerek kendi aralarında (club deal), gerekse uluslar arası bankaların da katılımıyla sendikasyon düzenleme aşamasına gelmiş bulunmaktadırlar. Bu gelişmenin bir sonraki aşaması, Türk bankalarının Körfez bölgesi, Balkanlar, Orta Asya gibi komşu coğrafyalardaki proje ve satın alım finansmanı ihtiyaçlarına da yanıt verebilmesi olacaktır. Bankacılık Sistemi, Proje Finansmanı, Satın Alım Finansmanı.
In this study, we aim to give information on the theoretical and operational aspects of “project and acquisition finance”, whose benefits we trust both for the financial system and the economy of the country and to investigate its place within the Turkish banking system. Therefore, we have examined both the national and the international project and acquisition finance examples as well as scanning the literature. Project and acquisition finance is a long term debt financing for big-budgeted investment projects or mergers & acquisitions whereby the credit decision is solely based on the cash flow of the project. A tailor-made finance package (agreements, price-maturity structure, repayment schedule, security package, etc.) is structured for each deal using financial engineering. The main goal is to determine the commercial, financial, and political risks relevant with the project and to allocate them with appropriate agreements to the best parties that can carry those risks. Project finance is utilized by a legally and economically isolated special purpose vehicle (SPV) whose sole activity is the project. One of the main characteristics of this financing method which generally provides a high financial leverage is that it is either a non-recourse financing, i.e. does not require the guarantees of the sponsors or is a limited recourse financing, i.e. requires limited (by time or in dollars) guarantees of the sponsors. The main securities for the creditors are the concession agreements, licenses, the rights over the natural sources and the cash flow that would be generated utilising these rights. Project finance, which is heavily used in financing petroleum, natural gas, energy, mining, communication, transportation, and infrastructure projects in the world, has also developed in Turkey especially for the last 6-7 years thanks to the factors such as (i) increased investment requirement, (ii) privatisations and economic deregulation, (iii) increasing share of the private sector in the investments, (iv) growing appetite of the international capital to the Turkish enterprises, and (v) the change in banking approach. Turkish banks, who have entered the project finance industry via participations arranged by the international banks for the privatisations in Turkey, have now reached a stage where they can arrange club deals among themselves or syndications together with the international banks. The next step for the Turkish banks would be addressing the project and acquisition finance needs in the neighbourhood geographies such as the Gulf region, the Balkans, and the Central Asia. Turkish Banking System, Project Finance, Acquisition Finance.
In this study, we aim to give information on the theoretical and operational aspects of “project and acquisition finance”, whose benefits we trust both for the financial system and the economy of the country and to investigate its place within the Turkish banking system. Therefore, we have examined both the national and the international project and acquisition finance examples as well as scanning the literature. Project and acquisition finance is a long term debt financing for big-budgeted investment projects or mergers & acquisitions whereby the credit decision is solely based on the cash flow of the project. A tailor-made finance package (agreements, price-maturity structure, repayment schedule, security package, etc.) is structured for each deal using financial engineering. The main goal is to determine the commercial, financial, and political risks relevant with the project and to allocate them with appropriate agreements to the best parties that can carry those risks. Project finance is utilized by a legally and economically isolated special purpose vehicle (SPV) whose sole activity is the project. One of the main characteristics of this financing method which generally provides a high financial leverage is that it is either a non-recourse financing, i.e. does not require the guarantees of the sponsors or is a limited recourse financing, i.e. requires limited (by time or in dollars) guarantees of the sponsors. The main securities for the creditors are the concession agreements, licenses, the rights over the natural sources and the cash flow that would be generated utilising these rights. Project finance, which is heavily used in financing petroleum, natural gas, energy, mining, communication, transportation, and infrastructure projects in the world, has also developed in Turkey especially for the last 6-7 years thanks to the factors such as (i) increased investment requirement, (ii) privatisations and economic deregulation, (iii) increasing share of the private sector in the investments, (iv) growing appetite of the international capital to the Turkish enterprises, and (v) the change in banking approach. Turkish banks, who have entered the project finance industry via participations arranged by the international banks for the privatisations in Turkey, have now reached a stage where they can arrange club deals among themselves or syndications together with the international banks. The next step for the Turkish banks would be addressing the project and acquisition finance needs in the neighbourhood geographies such as the Gulf region, the Balkans, and the Central Asia. Turkish Banking System, Project Finance, Acquisition Finance.