millennium investment banking · mergers & acquisitions ... mib project finance international...
TRANSCRIPT
September 2016
Millennium investment banking
2
Banco Comercial Português Group
Millennium investment banking
3
Foundation and
organic growth to
become a relevant
player
Development in
Portugal through
acquisitions and
partnerships
Leadership in Portugal
in order to expand in
Poland and Greece
International
expansation
consolidation and
creation of a single
brand
Restructuring process
involving the
divesture in non-
strategic assets:
Refocus on
Portugal and Poland
and affinity markets
Mozambique and
Angola
1985 - 1995
1995 - 2000
2000 - 2005
2005 – 2010
2011 – …
… to leadership in Portugal and a strong international footprint
through growth in affinity retail markets
Since its foundation…
BCP Group
4
BCP Group
Branches/ Banks
Commercial protocols
Representative offices
Commercial promoter
Transference agreement
1 USA
Canada
Austrália
China
Venezuela
Brazil
South África
Luxemburg
United Kingdom
Germany
Spain
France
169
90
671
1
439
5.5 m
€ 75 b
€ 66 b
€ 235 m
13.3%
1,342
17,183
• Customers
• Total
Assets
• Total
Customer Funds
• Net
Income
• Core equity
Tier I
• Branches
• Employees
2015
Angola
Mozambique
Portugal
Macao
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Banco Comercial Português Group
Millennium investment banking
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Largest privately owned
Portuguese bank
A bank with a 30-year growth
story
Strategic focus on affinity
markets: Mozambique/Angola –
Brazil - Macao/China
Financial advisory expertise
Significant track record in
Corporate finance, Structure
Finance and Capital Markets,
namely in the infrastructure and
energy sectors in Europe, Africa
and Latin America
Several deal of the year awards
in Project Finance transactions
In depth local knowledge of
Mozambique and Angola
Dedicated and experienced team
International standards of
excellence
Team benefitting from both
investment banking expertise
and a strong local knowledge
Strong presence in
core markets
Forth largest bank in Poland in
deposits and loans
Market leader in Mozambique
Significant and growing presence
in Angola
Strategic partnership with state
related entities in Mozambique
and Angola
Global relationship with key
investors and funding providers
Participation in several
transactions with multilaterals,
DFIs and ECAs
Strong relationship with
relevant key institutional
investors and funding providers
Innovative funding structures
Who are we
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Our Ambition / Mission
Our mission is to project Millennium investment banking as a reference in our core markets
• To be a reference partner to our customers
• Potentiate the strong position of Millennium bcp in the Corporate and Large Corporate segments
• Reinforce Millennium bcp presence in its core markets
• Leverage the Team competences and market knowledge (market intelligence)
• Contribute to the consolidation of Millennium bcp image
Millennium investment banking
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Refocusing on affinity
markets through the
strategic diamond
Portugal –
Mozambique/Angola –
Brazil – China
CHINA
Macao full branch is a bridge to
to projects in Portuguese
speaking countries
PORTUGAL and EUROPE
Leadership in Portugal
BRAZIL
Strong relationship
with Brazilian
investors
Strategic focus in afinity markets
ÁFRICA
Growth platform sustaining the
leadership position in
Mozambique and the expansion
drive in Angola
Partnerships with
Sonangol and the
Mozambican state
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Millennium bcp covers
investment banking
transactions through:
(i) geographic origination
teams (Desks)
(ii) international
institutional investors
origination team with
key funding providers
(iii) specialized product
teams
(iv) local investment
banking teams in core
markets
Corporate Finance
Millennium investment banking
Capit
al
Mark
ets
Project Finance
Structured Finance
Product Areas Portugal
Equity
International
banking operations
Origination Areas
Desk Mozambique
Desk Portugal
Desk Asia
Millennium Atlântico
(Angola)
Millennium Bank
(Poland)
Millennium bim
(Mozambique)
Millennium bcp
(other geographies)
International
Institutional
Investors
Sovereign Wealth
Funds
Multilaterals &
DFIs
Debt
ECAs
Cooperation with leading local institutions focused on projects
sourcing, investors sourcing and funding providers
Millennium investment banking: scope and organization
Investment Banking Framework
Domestic
Private Banking
Desk Angola
Desk Brazil
Corporate Banking
Millennium bcp
commercial areas
International
Private Banking
International
Department (worldwide banking network)
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Corporate Finance
Delivers financial advisory to:
Corporate evaluations
Mergers & Acquisitions
Well established experience in Portugal and other core markets
All economic and financial sectors activity
Extensive contact network
Seasoned, committed and multissetorial Corporate Finance team
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Energy & Gas
Disposal of
BIOVEGETAL
2012 2011
Evaluation
2008
Disposal of
€ 140 million
2008
Financial advising to
the new regulatory
framework for the gas
sector in Portugal
Evaluation
2011
Evaluation
2011
Relax Wind Park
acquisition
Wind Park Portfolio
(1,022 MW)
Financial Advising
2007
2012
Disposal of 49%
of EDPR Portugal
€ 359 million
2014
Disposal of 50%
of EDP Asia
(100% participated by
CEM)
Enersis acquisition
€ 1,150 million
2008
Financial advising to
Magnum Capital
Initial Public
Offering
€ 1,567 million
Financial Advisor
Global Coordinator
2008
Propane Gas Sector
Financial advising
2010
2011
Disposal of 50% of
Corporate Finance
Credentials
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Infrastructure & Construction
Evaluation of
2012
Public Acquisition Offer
Global Coordinator
2012 2010
Financial Advisory
Shareholder capital
rearrangement
Financial Advisory to
Monte SGPS
Acquisition of 50% of
Monte Adriano SGPS
2010 / 2009
Privatization of
2012
Financial Advisory
Acquisition of a
participation in
Scutvias
2008/2007
Financial Advisory
Acquisition of a
participation in CPE
2008/2007
Capitalization process
of
2013
CONSTRUÇÃO, SGPS
Evaluation of
Grupo Insitec
(Mozambique)
2014
2009 / 2008
Financial Advisory
2010 2009
Financial Advisory Financial Advisory
Corporate Finance
Credentials
2015
Motorway concession
Sole Adviser
€ 770 millions
Acquisition of a
participation in BCR SGPS
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Other
Evaluation
2012 / 2010 2012
Financial Advisory
Dierre Ibérica
Evaluation
2012
2010
Financial Advisory Financial Advisory Financial Advisory
2008/2007 2008
Merger
2010
On the
Public Acquisition Offer
launched by CSN
Evaluation and Advisory
Reinforcing Capital
2014
Disposal
of
Millennium Gestão de
Activos
2014
Financial Advisory
2013
Evaluation
2013 2011
Testa &
Cunhas
Financial Advisory
Financial Advisory Financial Advisory Financial Advisory
2013
Disposal
of
Millennium Bank
(Greece)
2010
Disposal
of
Millennium Bank AS
(Turkey)
2010
Evaluation
2010
€ 15.5 million
2010
Financial Advisory
(Eletronics division)
2010 / 2009
2008
Corporate Finance
Credentials
Shareholder capital
rearrangement
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Structured Finance
Structured Finance operations involve analysis, structuring, proposal, organization and execution of
medium and long term financing:
Advisory to corporate and project funds sourcing
Investment Financing
Syndicated loans in different geographies
Portfolio management
Support to Millennium bcp commercial departments, monitoring, managing and restructuring large
credit exposure
Financial restructuring and loans consolidation
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2012
EGF Restructuring
€ 116 million
2011
Lead Arranger & Agent
Acquisition Finance
€ 42.5 million
2014
€ 3,150 million
Revolving Credit
Facility
Lead Arranger &
Bookrunner
2011
Grupo Visabeira/
Vista Alegre Atlantis
Restructuring
Lead Arranger & Agent
€ 45 million
2009
Lead Arranger
€ 450 million
Acquisition Finance
2009
Acquisition Finance
Lead Arranger
2008
Lead Arranger
USD 2,250 million
Syndicated Loan
2008
Arranger
€ 1,600 million
Properties and Olive
Plant Acquisition
2008
Lead Arranger
PECÉM
Bridge Loan
USD 270 million
2008
5* Tivoli Victoria Hotel
Construction and
Development
Lead Arranger
€ 40 million
2008
Lead Arranger
€ 98 million
Biomass Co-generation
Plant Construction
2007
Acquisition
Carrefour Portugal
€ 150 million
2007
Acquisition Finance
Lead Arranger
USD 3,000 million
2009
Lead Arranger
€ 88.5 million
Acquisition
of
Lusoponte participation
2007
Lead Arranger
Acquisition Finance
€ 144 million
Structured Finance
Credentials
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Project Finance
Millennium investment banking has a long standing
experience and a strong track record in Project Finance,
leading projects in Portugal and abroad, in sectors
ranging from motorways and large infrastructure to
power and other utilities like renewable energies
With industry focus and tailor made solutions,
Millennium investment banking provides Project Finance
in-depth knowledge covering:
Advisory
Structuring, Arranging and underwriting
Portfolio management
Millennium investment banking Project Finance team has
extensive experience and led and participated in most of
the big projects in Portugal since 1990 and abroad since
2004
Global Portfolio
Deal of the Year
Europe Renewable Wind &
Hydro Deal of the Year
2006
Enersis Porfolio Financing
European Toll Road
Deal of the Year
2004 Brisal
Global Deal of the Year
Infrastructure Journal Online
Renewable Energy Project
Financing of the Year
Global Energy Refinancing Magazine
EMEA Renewable
Deal of the Year
2006 Enersis
PECEM 1
Latin American
Power Deal of the Year
2010
Relax Wind Park I
Best Sustainability Award
2010
Mib Project Finance international awards
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PECÉM
Bridge Loan
USD 270 million
Lead Arranger
2008
2009
PECÉM I Coal Plant
Project Finance
BRL 1,410 million
USD 327 million
Lead Arranger
2009
Wind Farm
Portugal
€ 1,062 million
Lead Arranger
Project Finance
2010
Relax Wind Park
Wind Farm in Poland
Financial Advisor
PLN 535 million
Project Finance
2010
Toll Road refinancing
€ 208.75 million
Lead Arranger
Project Finance
2010
Refinancing of Road
Concession
€ 100 million
Mandated Lead Arranger
Project Finance
2008
CCGT
€ 558 million
Lead Arranger
Project Finance
2008
Toll Road
€ 1,201 million
Project Finance
Financial Advisor & Lead
Arranger
2010
€ 66.7 million
Financial Advisor, MLA,
Security Agent
Financial Advisory
Project Finance
2010
Wind Farm
Portfolio funding
€ 476 million
Lead Arranger
Project Finance
2009
Tychowo Wind Farm
PLN 290 million
€ 58 million
Lead Arranger
Project Finance
2008
Motorway Concession
€ 763 million
Lead Arranger
2011
€ 10 million
Lead Arranger
Project Finance
Hammer
Repowering
2011
Meroicinha II
Wind farm
Lead Arranger
€ 11.7 million
Project Finance
Project Finance
Credentials
2014
Lead Arranger
Project Finance
€ 50.05 million
Pisco Wind farm
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2005
€ 178 million
Lead Arranger
Urban Solid Waste
Project Finance
2007
Wind Park financing
€ 325 million
Lead Arranger
Project Finance
SCUTVIAS
2006
Motorway concession
€ 746 million
Financial Advisor &
Lead Arranger
Project Finance
2006
Submerged tunnel in
Salonica, Greece
€ 456 million
Lead Arranger
Project Finance
2007
Refinancing of Wind
Portfolio
€ 235 million
Lead Arranger
Project Finance
1997
Coal Fired Power Plant
€ 1,600 million
Lead Arranger
Project Finance
1996
990 MW CCGT
Project Finance
€ 557 million
Lead Arranger
LNG Terminal
Project Finance
€ 219 million
Co-Arranger
2001
2006
Coal Fired Power Plant
€ 646 milion
Lead Arranger
Project Finance
2001
Aluminum Smelter in
Maputo, Mozambique
Project Finance
USD 150 million
(ECA backed)
Co-arranger
2007
Global Refinance Additional Facilities Germany, Australia,
Spain, and USA
€ 1,030 million
MLA & Joint Bookrunner
Project Finance
2006
Arranger
Construction of Container
Terminal in Gdansk,
Poland
€ 100 million
Project Finance
2004
Motorway concession
€ 575 million
Financial Advisor &
Lead Arranger
Project Finance
2007
Auction for tunnel
concession
€ 469 milion
Financial Advisor
2006
Auction for shadow
toll motorway
€ 469 million
Financial Advisor &
Lead Arranger
Project Finance
Credentials
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Capital Markets – Equity
Leadership in capital markets equity segment
Market recognition by the most prestigious international institutions through several
awards granted, including the global coordination of the most internationally
awarded Portuguese equity offering (Brisa 2)
Proven capabilities and expertise in structuring and executing equity offerings:
Leader of the largest Portuguese equity transactions
Global Coordination of most of the Portuguese privatizations
Sole Lead Manager of the largest combined acquisition tender offer ever executed in
Portugal (which included a capital increase of ca. € 4 billion)
Sole Lead Manager of the first mandatory convertible securities ever issued in
Portugal – Capital BCP 2005
Execution of equity placements through accelerated bookbuildings
Rights issue coordinator of Millennium bcp € 2.2 billion rights issue executed in 2014,
the largest transaction of its kind ever executed in Portugal
Advisory in takeover transactions
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Capital Markets - Equity
Credentials
2012
Rights Issue
Global Coordinator
€ 500 milion
2012
Acquisition Tender Offer
Joint Global Coordinator
€ 705 million
2012
Acquisition Tender Offer
Global Coordinator
€ 4.3 million
Global Coordinator
2010
Public Exchange Offer
132 million shares
Acquisition Tender Offer
€ 11.9 million
Joint Global Coordinator
2009
Joint Global Coordinator
2008
€ 1,567 million
2007
Privatisation & IPO
€ 348.7 million
Global Coordinator &
Bookrunner Global Coordinator
IPO
Lead Manager
Acquisition Tender Offer
2007
INVESTIFINO
€ 16.8 million
2008
€ 1,083 milion
Rights Issue
€ 122.8 million
Rights Issue
2007
€ 25.9 milion
Rights Issue
Joint Global Coordinator
2010
2013
IPO
Co leader
€ 579 million
2014
IPO
Co leader
€ 149.8 million
2014
Joint bookrunner
€ 303 million
2014
Rights Issue
Coordinator
€ 2,242 million
2014
Accelerated Bookbuilding
Joint bookrunner
€ 159.5 million
Accelerated Bookbuilding Accelerated Bookbuilding
2015
Joint bookrunner
€ 249 million
2014
Capital Increase
Joint bookrunner
€ 112 million
2012
Capital Increase
Combined Offer
Global Coordinator
€ 1,370 million
Coordinator
Capital Increase
Preferred Shares
€ 54.2 million
Organisation and Structuring
2011
Rights Issue
€ 18 million
Global Coordinator
2011
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Millennium investment banking distinctive offer:
Public and private bond offers
Commercial Paper Programs
Solid know how of the Portuguese corporate segment together with a close relationship with issuers
Extensive and segmented base of customers (issuers and investors) allows differentiated and innovative solutions
Dealer of MTN programs from national blue chips (Brisa, Cimpor, EDP, REN and Millennium bcp)
With international activity:
Prominent role in the international debt market with foreign bond issue placements to Portuguese investors and local bond issues to
international investors
Proactive sales force together with excellent networking with Portuguese, European and other international institutional investors,
potentiates bond issues placement capacity
Capital Markets – Debt
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2014
3% Senior Notes
2021
Joint bookrunner
€ 500 milion
2014
€ 300 milion
3.875% Bond Issue
2021
Joint bookrunner
2014
Joint bookrunner
€ 500 milion
3.375% Senior Notes
2017
2014
Joint bookrunner
€ 500 milion
2.625% Senior Notes
2019
2013
Joint Bookrunner
€ 45 milion
Bond Issue
Public Offer
2013
Joint Lead Manager
€ 175 milion
Bond Issue
2016
2014
2.625% Senior Notes
2022
Joint bookrunner
€ 1,000 milion
2014
Joint Bookrunner
€ 20 milion
Bond Issue
Public Offer
2015
2.5% Senior Notes
2025
Joint bookrunner
€ 300 milion
Joint Bookrunner
EDP FINANCE B. V.
2.625% Notes
2019
€ 650 milion
2014
Joint Bookrunner
Brisa Concessão Rodoviária
1.875% Notes
2025
2015
Organisation and Structuring
NabeiroGest
Commercial Paper
Program
€ 10 milion
2014
Grupo Barraqueiro
Commercial Paper
Program
€ 10 milion
Organisation and Structuring
2014
Grupo Teixeira Duarte
Commercial Paper
Program
€ 55 milion
Organisation and Structuring
2014
Impresa Publishing
Commercial Paper
Program
€ 11 milion
Organisation and Structuring
2014
Celbi
Commercial Paper
Program
€ 100 milion
Organisation and Structuring
2014
BA Vidro
Commercial Paper
Program
€ 10 milion
Organisation and Structuring
2014
Bond Issue
Public Offer
Joint Bookrunner
2013
Capital Markets - Debt
Credentials
€ 300 milion
€ 175 milion
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Our contacts
DESK ANGOLA
Rogério Araújo
DESK PORTUGAL
CORPORATE
Pedro Oliveira
DESK PORTUGAL
LARGE CORPORATE
Bárbara Ferreira
STRUCTURED FINANCE
Nuno Salgado Santos
PROJECT FINANCE
Sérgio Santos
ORIG
INATIO
N
UN
ITS
PRO
DU
CT
UN
ITS
DESK ASIA & DESK BRAZIL
João Teixeira Abreu
CAPITAL MARKETS
Cristina Andrade
CORPORATE FINANCE
Nuno Soares
INSTITUTIONAL
INVESTORS & DESK MOZ
Joaquim Cavaco
MILLENNIUM
INVESTMENT BANKING
André Navarro
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Disclaimer
This presentation was prepared by Millennium investment banking. The content herein is strictly confidential and this presentation cannot be
reproduced, distributed or published by the recipient or used for any purpose whatsoever without the prior written consent of Millennium investment
banking.
Although the information contained in this presentation was obtained from sources deemed reliable, Millennium investment banking cannot guarantee
its accuracy and truthfulness.
Millennium investment banking is not responsible for any direct or indirect losses or reduced profits that may result from the use of the information
contained herein.
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Millennium investment banking