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UDK 336.581:339.1]:338.124.4 ; 005.334:336.77

Rad primljen: 10.09.2013.

Odobren za štampu: 22.11.2013.

STRUKTURIRANO FINANSIRANJE

TRGOVINE - ZNAČAJ ZA NOVA TRŽIŠTA

Rezime

Posledice finansijske krize 2007-2008. godine otežale su finansiranje trgovine i dovele do njenog pada. Izlazak iz krize i otklanjanje posledica zahteva napore na obnavljanju mehanizama i koraka kojima se ponovni rast trgovine uključuje u opšta nastojanja za ostvarivanje snažnog, održivog i izbalansiranog rasta svetske ekonomije. S obzirom na to da kreditni rizik predstavlja prepreku brzom obnavljanju finansiranja trgovine, u prvi plan dolaze metodi otklanjanja ili umanjivanja kreditnog rizika. Jedan od tih metoda je strukturirano finansiranje trgovine. U ovom radu prikazuje se strukturirano finansiranje trgovine kao mehanizam za transfer rizika u finansiranju trgovine sa subjekata koji su manje sposobni da nose rizike na subjekte koji su bolje osposobljeni da ih nose na način koji obezbeđuje automatski ramburs avansa iz aktive dužnika.

Ključne reči: finansijska kriza, finansiranje trgovine, kreditni rizik, transfer rizika

JEL: F34, G15, G32

Svetlana Magdelinić

Udruženje banaka [email protected]

pregledni naučni članak

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3UDC 336.581:339.1]:338.124.4 ; 005.334:336.77

Paper received: 10.09.2013

Approved for publishing: 22.11.2013

STRUCTURED TRADE FINANCE AND ITS IMPORTANCE FOR

EMERGING MARKETS

Summary

As a consequence of the financial crisis 2007-2008, trade finance has become more challenging, and gradually deteriorated. Exiting the crisis and eliminating its consequences requires certain efforts to restore the mechanisms and steps for the renewed trade growth to be integrated into the general tendencies for achieving strong, sustainable and balanced growth of the global economy. Given the fact that credit risk hinders the swift revival of trade finance, the focus has been placed on methods for credit risk elimination or mitigation. One of these methods is structured trade finance. This paper elaborates on structured trade finance as a risk transfer mechanism in the process of trade finance, whereby the risk gets transferred from the subjects less able to bear the risks to the subjects more able to bear them in a way that provides automatic reimbursement of advances from the borrower’s assets.

Keywords: financial crisis, trade finance, credit risk, risk transfer

JEL: F34, G15, G32

Svetlana Magdelinić

Association of Serbian [email protected]

scientific review article

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Tema "Strukturno finansiranje trgovine i njegov značaj za nova tržišta" prezentovana na savetovanju "FINANCE & TRADE" koje je održano krajem 2012. godine u organizaciji Udruženja banaka Srbije imala je za cilj da skrene pažnju na ovaj nepravedno zapostavljen model finansiranja trgovine, izuzetno zastupljen i korišćen u sedamdesetim i osamdesetim godinama prošlog veka.

Uvod

Još uvek su prisutni efekti finansijske krize 2007-2008. godine nastale u najvećoj meri iz širokog korišćenja u proteklih dvadeset godina, finansijskih instrumenata i finansijskih derivata u investicionom bankarstvu na tržištu kapitala, radi ostvarivanja velikih profita. Pri tome je najmanje istaknut efekat kreditnog škripca na tokove globalne trgovine. Ograničena finansijska sredstva u svetu oštro su usporila globalnu trgovinu. Bez promptne akcije, naročito kratkoročnog finansiranja trgovine, može da dođe do drastičnih implikacija za izvoznike i uvoznike u svetu i, samim tim, do posledica za globalnu ekonomiju.

Međunarodna trgovina je rasla tokom godina posle Drugog svetskog rata. Međutim u sadašnjim uslovima jako je smanjena sposobnost da se taj rast prati finansiranjem. Svetska trgovinska organizacija (STO) objavila je u novembru 2008. godine da je rast globalne trgovine smanjen na 6 procenata u poređenju sa rastom od 8,5 procenata u prethodnoj godini. Naredne, 2009. godine, zabeležen je jak pad i ponovo u 2012. godini pad rasta na 2,0 procenta sa 5,2 procenta u 2011. godini. Takva kolebanja ukazuju na činjenicu da strukturni nedostaci u ekonomijama, koje je razotkrila kriza, nisu u potpunosti otklonjeni, uprkos značajnom napretku u nekim oblastima.

Pri tome, tražnja za tradicionalnim prozvodima finansiranja trgovine u stalnom je porastu. Globalni kreditni škripac, kao strukturno smanjivanje raspoloživog finansiranja trgovine u tekućem makroekonomskom okruženju, znači da je potreba za promptnim rešenjima kritičnija nego ikad. Problemi se očituju kao: smanjenje rasploživosti kreditnih linija za bankarske klijente, smanjenje kapaciteta za mobilisanje sredstava, nekonzistentnost u pogledu različitih rizika. Volatilnost cena

robe takođe pogađa aktivnosti na finansiranju trgovine. Povećani kapitalni troškovi po Bazelu II dalje pogađaju trgovinske tokove - povećane premije rizika deluju na povećanje kapitalnih zahteva, umanjujući dalje pristup kreditima za trgovinu malim i srednjim preduzećima, kao i bankama na novim tržištima.

Dva rizika pogađaju velikom žestinom finansiranje međunarodne trgovine: rizik likvidnosti i kreditni rizik.

Rizik likvidnostiFinansijske institucije na novim tržištima

zavise od četiri izvora likvidnosti: (i) doznake, (ii) prilivi iz izvoza u dolarima (naročito robni izvoz), (iii) inostrani dug (iv) krediti kod inostranih banaka. Produbljenjem finansijske krize u pogledu trajanja i oštrine svaki od ovih izvora se smanjivao u različitoj meri a negde je i bitno smanjen. To je dejstvo jednog broja faktora koji nastaju direktno ili indirektno iz kreditnog škripca, uključujući: opšti nedostatak kapitala, nivoe troškova finansiranja bez presedana i otuda interne premije likvidnosti za finansijske institucije - kreditore, rast averzije prema riziku, gubitke tržišnih učesnika iz finansiranja trgovine i ograničeno korišćenje sekundardnog tržišta za kratkoročne izloženosti. To sekundarno tržište ima ključnu ulogu u pomaganju da banke realizuju transakcije koje su veće od njihovih tekućih kreditnih i prekograničnih limita. Pošto ti faktori pogađaju sposobnost i volju partnera da podržavaju finansiranje trgovine između lokalnih klijenata i mnogih finansijskih institucija, transakcije su isto tako stale. U ređim okolnostima u kojima su institucije voljne da podržavaju primarno tržište finansiranja trgovine, partneri moraju da podnesu značajne troškove.

Sekundarno tržište, na kome mnoge banke prodaju svoje pozicije drugim bankama da bi oslobodile kapacitet da nastave sa kreditiranjem, praktično je nestalo. Umesto toga, banke čuvaju ograničene kreditne linije za nove transakcije za partnere sa kojima imaju jake poslovne odnose, uz nastojanje da se oslobode aktive da bi ispunile potrebe za likvidnošću i kapitalom.

Nedostatak likvidnosti naterao je neke banke da se odreknu samolikvidirajućih trgovinskih transakcija da bi koristile oskudna raspoloživa sredstva za podršku ročne aktive. Ta aktiva, po prirodi nelikvidna, utržuje se

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The topic of “Structured Trade Finance and Its Importance for Emerging Markets” - presented at the FINANCE & TRADE Symposium, organized in November 2012 by the Association of Serbian Banks - had the objective of drawing attention to this unjustly neglected trade finance model, widely used back in the 1970s and 1980s.

Introduction

We are still facing the effects of the recent financial crisis 2007-2008, which principally occurred due to the widespread usage, in the past twenty years, of investment banking financial instruments and financial derivatives at the capital market, with a view to yielding huge profits. The least attention, though, has been devoted to the effects of the credit crunch on the global trade flows. Limited financial resources in the world have considerably slowed down the global trade. Without a prompt reaction, especially in the form of short-term trade finance, exporters and importers all over the world, and consequently, the global economy in general, might be facing some drastic implications.

Since the end of the Second World War, international trade has been developing over the years. However, in the present conditions, the ability to support this growth by appropriate financing has been considerably reduced. In November 2008, the World Trade Organization (WTO) disclosed that the global trade growth had declined by 6% compared to the 8.5% growth recorded in the year before. In 2009 another significant drop was recorded, and again in 2012, when the growth fell to 2% from 5.2% that it amounted to in 2011. Such volatilities indicate that the structural weaknesses in the economies, detected by the crisis, have not been fully mended, despite the considerable progress achieved in certain fields.

All the while, demand for traditional trade finance products has been on the constant increase. The global credit crunch, as a structured reduction of available trade finance in the current macroeconomic environment, implies that the need for prompt solutions has become more critical than ever. The problems are manifested as: reduced availability of credit lines for bank clients, lowered capacities

for mobilization of resources, inconsistency in terms of various risks. Volatile commodity prices have also afflicted trade finance activities. Increased capital charges from Basel II still impact trade flows - increased risk premiums cause increased capital charges, thereby reducing access to trade loans for SMEs, and banks in the emerging markets.

There are two basic risks that severely affect international trade finance: liquidity risk and credit risk.

Liquidity RiskFinancial institutions in the emerging

markets depend on four sources of liquidity: (i) remittances; (ii) inflows from exports in US dollars (especially commodity exports); (iii) foreign debt; and (iv)loans granted by foreign banks. As the financial crisis deepened in terms of duration and severity, each of these sources has dwindled in various degrees, sometimes being significantly reduced. This was due to the synergy of certain factors, directly or indirectly arising from the credit crunch, including: the general lack of capital; unprecedented costs of finance, and thereby triggered internal liquidity premium for financial institutions-creditors; increasing risk aversion; losses of market participantsin respect of trade finance, and limited usage of the secondary market for short-term exposures. The secondary market plays the key role in assisting banks in realizing transactions larger than their current credit and cross-border limits. Given that these factors impact the ability and willingness of partners to support trade finance among the local clients and numerous financial institutions, such transactions have also come to a halt. In rarer instances, when the institutions are willing to support the primary trade finance market, the concerned partners must suffer considerable costs.

The secondary market, where many banks sell their positions to other banks in order to free up some capacity for continued lending, has practically disappeared. Instead, banks keep limited credit lines for new transactions with the partners they have strong business ties with, tending to sell out the assets and meet their needs for liquidity and capital.

The lack of liquidity has forced some banks

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daleko ispod pariteta. Pored toga, kratkoročna aktiva finansiranja trgovine - mada atraktivna iz perspektive prihoda kao i merenja profitabilnosti na osnovu rizika - jedna je od malog broja naplativih plasmana u vreme kada su banke suočene sa pritiscima da smanje aktivu radi rešenja pitanja kapitalizacije/solventnosti. Otuda, iako je ova vrsta aktive atraktivna, neke banke moraju da umanje tu aktivu zbog problema solventnosti i nelikvidnosti mnogih drugih vrsta aktive u svojim bilansima stanja.

Kreditni rizikCiklus rasta cena i ograničen kapacitet pokreću

deleveridž, premije likvidnosti, nedostatak izvora za sekundarna tržišta i rizike. Ovaj ciklus pritiska banke da nastave sa smanjenjem linija klijentima, uključujući kratkoročno finansiranje trgovine. Ti trendovi su snažni u vreme kada su kratkoročne linije najkritičnije za uvoznike i izvoznike. Pre krize, mnogi kupci i dobavljači poslovali su po principu otvorenog računa, dok su sada povećani zahtevi za konfirmiranim akreditivima i drugim instrumentima finansiranja trgovine koji umanjuju rizike za bankarske klijente iz privrede. Ovi standardizovani instrumenti bili su jeftini u poređenju sa drugim finansijskim alternativama. Sada su ti instumenti prohibitivno skupi ili nisu ni raspoloživi.

Primena Bazela II istovremeno sa globalnom recesijom stvorila je dodatni pritisak na banke jer globalno pogoršanje rizika ima dinamiziran efekat na kapitalne zahteve prema bankama. Ta dinamika dalje dodatno pritiska u pravcu deleveridža.

Pri datoj globalnoj ekonomskoj kontrakciji, zbog izloženosti prema uvoznicima akreditivne banke su osetljivije i bitno je smanjen kapacitet privatnih provajdera umanjivača rizika jer su duboko zabrinuti povećanim stopama neizvršenja.

Zemlje G20 na sastancima ministara finansija i samitima lidera, posvećuju veliku pažnju unapređenju finansiranja međunarodne trgovine, kao jednom od bitnih preduslova za snažan, održiv i izbalansiran rast, što je vrhunski prioritet G20.

U tom kontekstu, jedan od metoda koji značajno može da doprinese unapređenju rešavanja rizika kod finansiranja međunarodne trgovine je strukturirano finansiranje.

Šta je strukturirano finansiranje

Strukturirano finansiranje trgovine čine posebne metode finansiranja koje se kreiraju za klijente koji posluju - trguju sa zemljama visokog rizika, odnosno to je mehanizam za transfer rizika u finansiranju trgovine sa subjekata koji su manje sposobni na subjekte koji su bolje osposobljeni da nose rizike na način koji obezbeđuje automatski ramburs avansa iz osnovne aktive.

Bitna odrednica strukturiranog finansiranja trgovine je da korišćenjem strukturnih tehnika finansijeri mogu da kontrolišu nivo rizika jer koriste aktivu kao kolateral.

Odgovor na pitanje šta se može koristiti kao kolateral u SFT-u je: bilo koja aktiva koja može da generiše više ili manje predvidiv tok novca.

Preduslovi koji su prethodili mogućnosti nastanka i osmišljavanja specijalno dizajniranog finansiranja trgovine su razne inovacije za unapređenje kredita koje su dopunile tradicionalne osnovne strukture finansiranja. Primeri su:• Vrste garancija (garancije za rizik plaćanja ili

dobro izvršenje posla) koje daju kompanije povezane sa zajmoprimcem, država, ECA, Eximbanka, Regionalna banka, komercijalna banka ili davalac obezbeđenja kao treća strana;

• Pokriće osiguranja (od političkih ili komercijalnih rizika);

• U slučaju ugovora sa plivajućim cenama, hedžing robnih cena;

• Upravljanje kolateralima.

Primeri globalnih kolateralaPrilivi od kreditnih karticaPrava preleta avionaBrodski prevoz robePrava na ribolovPrava na drvnu građuAutorska prava na pesmeLicence za eksploataciju rudnikaPulpa od paradajzaGvožđe/čelikŽestoka pićaCvećeTelefonska pravaŽiva stokaUgovori o paketu turističkih agencija

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to give up on the self-liquidating foreign trade transactions, using their scarce available resources to support the maturing assets. Those assets, illiquid by their nature, are marketed way below the par value. Moreover, the short-term trade finance assets -though attractive in terms of revenues and risk-based profitability measurement - is among a few collectible placements when banks are under the pressure of reducing assets in order to solve the issue of capitalization/solvency. Therefore, despite the attractiveness of this type of assets, some banks have to reduce it due to their solvency and illiquidity problems concerning many other types of assets in their balance sheets.

Credit RiskThe price growth cycle and limited capacities

lead to deleverage, liquidity premiums, lack of sources for secondary market and risks. This cycle pressures banks to continue reducing their lines to clients, including short-term trade finance. Such trends are strong at the times when short-term lines are most critical for importers and exporters. Before the crisis, many buyers and suppliers did business according to the open account principle, whereas now there have been an increased number of requests for confirmed letters of credit and other trade finance instruments lowering risks for corporate banking clients. These standardized instruments used to be cheap compared to other financial alternatives. Today they are either prohibitively expensive or unavailable.

The implementation of Basel II, coinciding with the global recession, has put additional pressure on banks, as global risk deterioration has had a dynamic effect on bank capital requirements. This dynamic propelled deleveraging even further.

Given the global economic contraction, L/C issuing banks have had a heightened sensitivity in their exposures towards importers, and the capacity of private-sector risk mitigation providers has been considerably reduced due to their deep concern caused by higher default rates.

At their finance ministers’ meetings and leaders’ summits, G20 countries dedicate lot of attention to enhancing international trade finance, as one of the significant preconditions

for strong, sustainable and balanced growth, which is the top G20 priority.

In this context, structured finance is one of the methods that can considerably contribute to addressing the risks in international trade finance.

What is Structured Finance?

Structured trade finance refers to special financing methods created for clients doing business and trade with high-risk countries, and represents a risk transfer mechanism in the process of trade finance, whereby risks get transferred from the less able subjects to the subjects more able to bear these risks, in a way that provides automatic reimbursement of advances from the underlying assets.

An important feature of structured trade finance is that, by using structured techniques, financiers can control the level of risk, given that they use assets as collateral. If one asks what can be used as collateral in structured trade finance, the answer is: any type of assets generating a more or less predictable cash flow.

The preconditions which enabled the occurrence and development of the specially designed trade finance include various innovations for loans promotion, which added to the traditional, basic financing structures. The examples are as follows:• Types of guarantees (payment risk

guarantees or performance guarantees granted by companies related to the borrower; by the state; by an export credit

Examples of globally available collateralsCredit card receivablesAircraft overfly rightsShipping feesFishing rightsTimber rightsSong rightsMining licencesTomato pasteIron/steelLiquorFlowersTelephone receivablesLivestockPackage holidays contract

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Da bi se pravilno razumelo praktično korišćenje strukturiranog finansiranja trgovine bitno je razumeti da ne postoje standardizovane vrste transakcija sa strukturom finansiranja trgovine jer je jedan od osnovnih principa ovih transakcija mogućnost da se struktura namenski pravi da zadovolji potrebe i okolnosti svih uključenih strana. U nastavku analiziramo neke osnovne forme strukturiranog finansiranja trgovine, njihov koncept i tok transakcije, i to:1. Finansiranje podržano

izvoznim prilivima / pre izvozno finansiranje

2. Finansiranje plaćanja unapred3. Uvozno finansiranje na

osnovu skladišnice

Pre izvozno finansiranje

Klasična struktura međunarodnog strukturiranog finansiranja trgovine zasniva se na kreditoru/banci koja preduzima sledeće kombinovane mere:• uzima obezbeđenje nad

fizičkom robom u formi ručne zaloge ili sličnog obezbeđenja interesa lokalno,

• asignira prilive koji se realizuju iz izvoznih ugovora po datoj robi,

• otvara račun za naplatu na pogodnoj (najčešće u inostranstvu) lokaciji na kojoj će, prema instrukcijama, kupci robe direktno

plaćati/upućivati asignirne prilive. Ova mera obezbeđuje automatsku proceduru rambursa.Mehanizam strukturiranog finansiranja

u kome se preko banke isporučiocu plaća za sirovinu prodatu izvozniku a otplatu automatski obavlja uvoznik banci na eskro račun.

Tokom 90-tih godina prošlog veka banke nisu bile voljne da pružaju izvozno finansiranje zemljama u tranziciji među kojima su bile i većina zemalja Zajednice slobodnih država (bivše članice SSSR-a). Bilo je malo kredita bez garancija agencija za izvozne kredite ili institucija kao što su EBRD.

Finansiranje izvoza podržano potraživanjima

Izvor: Youssef, Frida, Structured trade finance, and its relevance to emerging markets, United Nations Conference on Trade and Development, Yerevan, 13 November 2003

Prikaz mogućnosti osiguranja od političkih i komercijalnih rizika

Pokriveni rizici

Politički Komercijalni

Mere države koje vode neisporuci (na pr. konfiskacija, poništenje licence) i/ili sprečavanju plaćanja

Nesolventnost kreditora (kupca ili dobavljača)

Nepovoljna politička situacija koja vodi ka štrajkovima, embargu, ratu, nemirima ili uznemiravanju građana, što ugrožava izvršenje ugovora

Finansijska nestabilnost kreditora

Direktna repudijacija ugovoraProduženo kašnjenje u plaćanjimaNeizvršenje ugovora (nemogućnost uvoznika da izvršava obaveze iz nepolitičkih razloga, nemogućnost uvoznika da plati)Nehonorisanje garancijaNepravično opozivanje obveznica

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agency; by an export-import bank; by a regional bank; a commercial bank or a third-party collateral provider);

• Insurance coverage (for political or commercial risks);

• In case of a floating prices contract, commodity prices hedging;

• Collateral management.

In order to properly understand the practical usage of structured trade finance, it is important to realize that there are no standardized types of transactions employing the trade finance structure, because one of the main principles of such transactions is the possibility for a structure to be custom-made to suit the needs and circumstances of all stakeholders. What follows is the analysis of some basic forms of structured trade finance, their concepts and transactions’ flows, including:1. Financing backed by export

r e c e i va b l e s / p r e - e x p o r t financing;

2. Advance payment financing;3. Import financing based on a

warehouse warrant.

Pre-Export Financing

The classic structure of international structured trade finance is based on a creditor/bank undertaking the following combined measures:• Taking material goods for

collateral in the form of a

pledge or similar protection of interest locally;

• Assigning receivables realized from export contracts in respect of the given goods;

• Opening a collection account on a suitable location (most typically abroad), into which the buyers of the goods will, as instructed, directly effect their payments/send assigned

proceeds. This measure enables the automatic reimbursement procedure.The chart below depicts a structured finance

mechanism in which the supplier through a bank gets paid for the raw materials sold to the exporter, with the repayment to the bank being automatically effected by the importer to an escrow account.

The following lists the possibilities for insurance against political and commercial risks

Risks covered

Political Commercial

Government actions that lead to non-delivery (e.g. confiscation, license cancellation) or prevent payment

Insolvency of creditor (buyer or supplier)

Adverse political situations that lead to strikes, embargo, war, riots or civil unrest that jeopardize the contract

Creditor’s financial instability

Outright contract repudiationProtracted payment defaultContract frustration (exporters inability to perform for non-political reasons, importer’s inability to pay)Non-honoring of guaranteesUnfair calling of bonds

Export receivables-backed financing

Source: Youssef, Frida, Structured trade finance, and its relevance to emerging markets, United Nations Conference on Trade and Development, Yerevan, 13 November 2003

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U tom smislu izuzetak je bilo finansiranje industrijskih kombinata.

Da bi se pristupilo finansiranju preduslovi su bili da kombinat ima proizvodnju, da je ona izvozno orijentisana i da ima potražnju za njihovim proizvodima na ino-tržištu.

Međutim, najčešću se dešavalo da nije bilo vremenske serije iako je kompanija dobro poslovala.

U ovim zemljama u tranziciji zbog njihovih mogućnosti u eksploataciji prirodnih sirovina i industriji prerade, velike međunarodne banke su imale svoje filijale koje su bile, između ostalog, zadužene za monitoring robnog tržišta i potreba za finansiranjem.

Na primer, neophodni činioci koji su doveli do aranžiranja kratkoročnog revolving kredita za jednu čeličanu bili su sledeći:• Finansijski aranžman je dizajnirala filijala

banke iz Švajcarske sa konzorcijumom od još tri banke koje su obezbedile po USD 10 miliona a filijala švajcarske banke koja je bila agent u ovom poslu USD 15 miliona.

• Namena kredita je bila za potrebe obrtnog kapitala, što je kombinatu pomoglo da krene u reorganizaciju planova i izvršenje obaveza prodaje, bez potrebe za dodatnim sredstvima od akcionara;

• Finansiranje je bilo moguće jer je svaki posao bio struktuiran na transakcionoj osnovi, a ne na osnovi konvencionalne analize bilansa i vremenske serije.U cilju simulacije strukturiranog pre

izvoznog finansiranja u praksi, navešćemo jedan od slučajeva pre izvoznog finansiranja koji je realizovan.

Finansiska konstrukcija posla bila je sledeća:1. Kredit je osiguran kolateralom od tri

elementa iz izvoza kombinata, tj. ugovori između kombinata i raznih kupaca, prilivi (to jest, iznosi koji dospevaju po ranijem izvozu) i akreditivi otvoreni u korist kombinata (naročito kod slabijih kupaca). Ovaj složeni kolateral založen je kod sindikata kreditora, što je podrazumevalo da se sredstva iz ovih komercijalnih ugovora i plaćanja po akreditivima automatski transferišu kroz eskro račun.

2. Eskro račun je otvoren u Švajcarskoj, što je umanjilo rizik zemlje. Prvenstvo je imalo potraživanje sa eskro računa da se plati kredit (tj. glavnica i kamata, što je bilo plativo svakog dana a ne akumulirano na rokove od jednog meseca ili duže), ostatak je išao kombinatu.Pošto je ovo revolving kreditna olakšica,

dogovoreni iznos se obnavljao automatski, bez novih pregovora, tokom šestomesečnog perioda - drugim rečima, kada je dug isplaćen, kredit je automatski obnovljen.

Važni elementi koji su učinili transakciju mogućom:• Due diligence (tj. sistematsko primanje i

procena informacija da bi se identifikovali i obuzdali rizici u vezi sa transakcijom do prihvatljivog nivoa) važna je u transakcijama kao što je ova. Banke moraju da ostvaruju detaljan uvid u obaveze dužnika, proces proizvodnje, izglede na tržištu, itd. Mada matična kompanija nije dala bilo kakve garancije za transakciju, njena reputacija i uspeh smatrali su se dovoljnim da pruže

bankama uverenje o povoljnom riziku izvršenja.• Kvalitet proizvoda i mreža marketinga takođe je omogućila kombinatu da vodi politiku diversifikacije izvoza, ne samo u Rusiji već i u Zapadnoj Evropi i na tržištu Azije.• Lokalno prisustvo filijale švajcarske banke učinilo je mogućim valjani monitoring.

Pre izvozno finansiranje


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In the 1990s banks were unwilling to provide export financing to countries in transition, including most CIS countries (former members of the USSR). There were only a few loans without a guarantee granted by an export credit agency or institution like EBRD. Financing industrial combines was an exception. In order for a combine to be financed, however, it had to meet certain preconditions. Most notably, it had to have an export-oriented production, with a solid demand for its products at the foreign markets. However, most frequently, there was no time series at all, even though a company was doing well.

Thanks to the possibilities these countries offered for raw materials exploitation and manufacturing industry development, the global banks had their subsidiaries in transition countries, which were, among other things, in charge of monitoring the commodity markets and financing demands.

Those were the necessary factors which led to the arrangement of a short-term revolving loan for a steel factory. • The financial arrangement was designed

by a Swiss bank’s subsidiary, which, as the agent in this operation, provided USD 15 million, together with a consortium of another three banks, which provided USD 10 million each.

• The purpose of the loan was working capital, which helped the combine start reorganizing its plans and meeting the delivery obligations without needing additional funds from its shareholders.

• The financing was feasible because each operation was structured on a transaction basis, rather than on the basis of conventional balance sheet and time series analysis.With a view to simulating structured pre-

export financing in practice, we will now describe a realized case of pre-export financing.

Financially, this operation was constructed as follows:1. The loan was insured by a collateral

consisting of three elements from the combine’s export operations, i.e. contracts between the combine and various buyers; receivables (amounts due in respect of previous export operations); and letters of credit opened in favour of the combine (in particular concerning less secure buyers). This complex collateral was pledged to the creditors’ syndicate, implying that the funds from the concerned commercial contract and payments per letters of credit were to be automatically transferred through an escrow account.

2. The escrow account was opened in Switzerland, which reduced the country risk. The amounts from the escrow account for the purpose of loan repayment had priority (principal and interest, which were payable every day, instead of accumulating for one month of longer), with the remaining amount being disbursed to the combine.Given that this was a revolving credit

facility, the agreed amount was being renewed automatically, without any subsequent negotiations, during a six-month period. In other words, once the debt was repaid, the loan was automatically renewed.

The important elements that made this transaction possible are following:• Due diligence (i.e. systematic collection and

Pre-export finance


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Finansiranje plaćanja unapred

Kod finansiranja plaćanja unapred, banka obezbeđuje sredstva međunarodnoj kompaniji ("dužnik") koja joj omogućavaju da unapred plati lokalnoj kompaniji za lokalnu kupovinu (i preradu) robe. Roba može da bude u skladištu treće strane ili da bude spremna za asembliranje sredstvima iz olakšice.

Kredit se daje sa ograničenim regresom na kupca za plaćanje unapred robe koju je izvoznik prodao, čime se pruža obezbeđenje asignacijom ugovora o izvozu po kome je plaćeno unapred i asignacijom robe na zalihama (ili koja će biti na zalihama) u skladištu, tako da otplata dolazi direktno od kupca/dužnika.

U cilju boljeg razumevanja modela finansiranja plaćanja unapred, opredelili smo se da kroz analizu slučaja finansiranja plaćanja unapred izvoza mesa, objasnimo finansijski i robni tok u specijalno dizajniranom finansiranju za taj slučaj.

X je monopol u punom državnom vlasništvu u jednoj od nerazvijenih država Azije, sa znatnim volumenom izvoza mesa. Da bi efektivno razvio svoje tržište u Evropi, X je osnovao Y u Londonu kao akcionarsko društvo u svrhu prolaznog kanala za svoj izvoz. Y je tokom godina uspešno isporučivao kvalitetno meso svojim komitentima u mnogo

delova Evrope i doznačavao devizna sredstva monopolu X.

Y akcionarskom društvu se obratila jedna banka i ponudila mu olakšicu za finansiranje plaćanja unapred u cilju ostvarenja likvidnosti monopola X za otkup stoke od lokalnih farmera koja se prerađuje i izvozi masovno za prodaju u Evropi preko kompanije Y.

Finansiranje je koncipirano na sledeći način;• ugovoreno je da otplata olakšice bude

realizovana iz asigniranih ugovora kompanije Y sa renomiranim kupcima mesa u Evropi koji imaju istoriju uspešnog poslovanja;

• finansiranje će biti u tranšama odobreno direktno monopolu X;

• sredstva će biti odobrena preko lokalne banke kao agenta za aranžiranje finansijske olakšice;• lokalna banka će vršiti monitoring faza od obrade do utovara za izvoz.

Due diligence:• u ovoj transakciji istorija poslovanja imala je značajnu ulogu u smanjenju rizika izvršenja posla jer su X i Y imale uspešno poslovanje tokom godina pored vrlo dobre istorije otplate dugova;• korišćenje renomirane lokalne banke kao agenta za finansijsku olakšicu pomoglo je proveri rizika da X preusmerava sredstva;• tržišni rizik je ublažen fiksnim cenama u ugovorima Y sa renomiranim kupcima iz Evrope

a koji su asignirani na kreditora.

Finansiranje uvoza: korišćenje skladišta/skladišnice

Finansiranje uvoza, naročito u nova tržišta, predstavlja teži izazov za finansijere u ambijentu rizika plaćanja koji je, ustvari, doprineo razvoju strukturiranog finansiranja. Iako strukturirano finansiranje, po definiciji, pokušava da udalji rizik plaćanja od subjekta iz zemalja u razvoju, u slučaju finansiranja uvoza je teže da se rizik realizacije posla, cena, deviznog kursa kao i rizik zemlje izmesti iz zemlje uvoznika. Rizici

Šema finansiranja plaćanja unapred


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assessment of information in order to identify and mitigate the risks concerning the transaction to an acceptable level) is important in transactions like this one. Banks must have a detailed insight into the debtors’ liabilities, production process, market prospects, etc. Although the parent company did not give any guarantees for the transaction, its reputation and success were deemed sufficient to convince the banks that the performance risk was acceptable.

• The product’s quality and the marketing network also enabled the combine to pursue the export diversification policy, exporting not only to Russia, but also to Western Europe and Asian markets.The local presence of the Swiss bank’s

subsidiary enabled proper monitoring.

Advance Payment Financing

When it comes to advance payment financing, a bank provides the funds to an international company (“debtor”), enabling it to make an advance payment to a local company for a local purchase (and processing) of goods. The goods can be located in a third party’s warehouse or can be ready for assembling thanks to the facility.

The loan is granted with limited recourse to the buyer for the advance payment of goods sold by the exporter, thus providing collateral in the form of export contract assignment, and the assignment of goods stored (or to be stored) in the warehouse, so that the repayment is directly effectedby the buyer/debtor.

In order to better understand the advance payment financing model, we chose to explain, by analyzing the case of advance payment financing of meat export, the financial and commodity flows in the specially designed financing for this case.

X is a monopoly fully owned by the state in one of the underdeveloped Asian countries, with a considerable volume of meat export. Wishing to effectively develop its market in Europe, X founded Y in London, as a shareholding company, in the capacity of a distribution channel for its export. Over the years, Y successfully delivered high-quality meat to its clients in many parts of Europe, remitting the FX funds to the monopoly X.

The shareholding company Y was approached by a bank, offering an advance payment financing facility, with a view to achieving liquidity of the monopoly X for the purpose of purchasing cattle from the local farmers, processing the meat and exporting it on a mass scale to Europe, via the company Y.

The financing scheme was designed in the following way:• It was agreed for the facility repayment to

be realized from the assigned contracts of the company Y with reputable meat buyers in Europe, which have a successful business history;

• Financing will be approved in tranches, directly to the monopoly X;

Scheme of advance payment financing


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u takvim transakcijama su enormni, što upućuje na pooštrenje kontrole nad celom strukturom i zahteva primenu pouzdanih tehnika ublažavanja.

Finansiranje obezbeđeno skladišnicom kao kolateralom obično se koristi kod finansiranja uvoza. Ovim se omogućavaju transakcije u okruženjima visokog rizika.

Osiguranje od konfiskovanja pokriva rizik da banci ne bude dozvoljen izvoz robe ako roba ostane neprodata ili je na drugi način onemogućena valorizacija zalihe.

Neretko u strukturiranom finansiranju uvoza, banka će kombinovati finansiranje uvoza sa pre izvoznim finansiranjem robe za izvoz.

U primeru koji smo pripremili u cilju pojašnjenja kombinovanih tehnika finansiranja, dat je model finansiranja uvoza nafte pri čemu je na osnovu Ugovora o farmingu obezbeđen ramburs odobrenog kredita, odnosno na osnovu asignacije priliva po realizaciji proizvodnje ribe čiji je izvoz ugovoren na nerizična tržišta renomiranih kupaca.

Potrebe uvoznika za obrtnim kapitalom sa finansiranjem na osnovu skladišnice


Finansiranje uvoza nafte kombinovan sa pre izvoznim finansiranjem ribe


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• Funds will be granted via a local bank, as the agent for arranging the financial facility;

• The local bank will be monitoring the procedure from the processing stage until the goods are loaded for shipment.Due diligence:

• In this transaction the business history played a significant role in reducing performance risk, given that X and Y had successfully done business together over the years, with very good history of debt repayment;

• Using a reputable local bank as agent for the concerned financial facility helped check the risk of X rechanneling the funds;

• Market risk was mitigated by means of the fixed prices in the contracts Y signed with reputable buyers from Europe, which were then assigned to the creditor.

Import Financing: Using a Warehouse/Warehouse Warrant

Financing import, especially in the emerging markets, is a bigger challenge for financiers in terms of the payment risk, which, in fact, contributed to the development of structured finance in the first place. Although structured finance, by definition, tries to detach payment risk from the entities in emerging countries, in case of import financing, it is more difficult to dissociate performance risk, price risk, FX risk and country risk from the importer’s country. Such transactions entail enormous risks, which calls for stricter controls throughout the entire structure and requires the implementation of reliable mitigation techniques.

Financing backed by a warehouse warrant as collateral is typically used for import financing. It enables transactions in high-risk environments.

An importer’s needs for working capital, in the process of financing based on a warehouse warrant


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Banke ili druge finansijske institucije koje se opredeljuju za tehniku strukturiranog finansiranja trgovine, pri čemu se prevashodno misli na finansiranje trgovine sa zemljama visokog rizika, koriste sve raspoložive izvore informacija koji mogu da budu u funkciji smanjenja rizika da se odobrena sredstva ne vrate.

Jedna od značajnih baza informacija je organizovano tržište na veliko i njegova uloga u podršci finansiranja trgovine, tako da naredni šematski prikaz tokova informacija na organizovanom tržištu upravo to potvrđuje.

U složenijim strukturama finansiranja moguće je pristupiti modelu da organizovano tržište na veliko bude u funkciji naplatioca dugova, tako da naredni šematski prikaz pokazuje finasijski tok u takvim slučajevima.

Kako organizovano tržište na veliko može da podrži finansiranje trgovine


Organizovano tržište kao naplatilac dugova


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Confiscation insurance covers the risk of a bank being banned from exporting goods if they remain unsold, or if the valorization of the goods inventory has been made impossible on some other grounds.

In the process of structured import financing, it often happens that a bank combines import financing with pre-export financing of goods ready to be exported.

The example we give below in order to clarify the combined financing techniques depicts a model of financing oil import, with the repayment of the granted loan being provided on the basis of a Contract on Farming, i.e. assignation of inflows upon the production of fish whose export to the non-risky markets of reputable buyers has been previously arranged.

Banks or other financial institutions opting for the structured trade finance technique, which mostly implies trade finance with high-risk countries, use all available sources of information that might be in the function of repayment risk reduction.

One of the important sources of information is the organized wholesale market and its role in supporting trade finance, as confirmed by the following chart of information flows at the organized market.

Oil import financing combined with pre-export financing of fish


How can an organized wholesale market support trade finance?


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Imajući u vidu da je strukturirano finansiranje trgovine nastalo iz potrebe da se pristupi finansiranju trgovine sa regionima koji su po svim parametrima visoko rizični, ali sa potrebom da se razmotre sve mogućnosti da se u funkciju kolaterala, rambursa i obezbeđenja finasiranja uključe sve raspoložive opcije predvidivih priliva u čvrstoj valuti.

Aktivnost koja prethodi rečenom je identifikovanje novih budućih priliva.

U mnogim slučajevima kada se pristupa strukturiranom finansiranju trgovine koja je iz rizične zemlje, konstatuje se da lokalne banke imaju rejting u lokalnoj valuti koji je daleko iznad njihovog međunarodnog kreditnog rejtinga, a što je često uslovljeno slabim kreditnim rejtingom zemlje.

U slučaju da je to tako, postoji manevarski prostor za kreativno korišćenje različitih predvidivih priliva u čvrstoj valuti, na primer:• doznake radnika iz inostranstva;• tokovi plaćanja (po L/Cs i dokumentarnom

inkasu) ;• prava na preletanje i drugi prilivi u vezi sa

vazduhoplovima i brodovima;• prilivi po kreditnim karticama;• prilivi po telefonu (uklj. kol centre) ;• pravo na ribolov;• plaćanja autorskih prava.

Redovni tokovi prihoda/pravilne vremenske serije, čine prilive koji mogu da budu asignirani za otplatu inostranih dugova, smanjujući kreditni rizik dužnika.

Mogućnosti finansiranja zasnovanog na doznakama iz inostranstva, upravo potvrđuju mogućnost i složenost finansijskih tokova po osnovu priliva od doznaka iz inostranstva koje su stavljene u funkciju kolaterala za finansiranje trgovine koja je od strateškog značaja za konkretnu zemlju.

Strukturirano finansiranje trgovine je nastalo i opstaje u namerama banaka da najbolje strukturiraju i upravljaju svojim potrebama za obrtnim kapitalom, što upućuje na nove poslove, poznavanje partnera, strukturiranje poslova i postizanje prekogranične likvidnosti da bi se dobio najbolji mogući leveridž.

Strukturne mere mogu da za obezbeđenje finansiranja uključe šire korišćenje struktura sekjuritizacije podržane aktivom, podelu rizika i veću diferencijaciju rizika kod banaka i javnih vlasti.

Uloga države je vrlo bitna u smislu da država mora da pomogne u kreiranju okruženja koje uliva poverenje, da je transparentno sa politikom koja sprečava diskriminaciju partnera po bilo kom osnovu, da kreira zakone, propise i politiku koja čini poslove atraktivnim i privlačnim za banke.

Tako kreirana politička i zakonodavna atmosfera pružila bi potrebnu marginu sigurnosti za međunarodne finansijere da odobre kredite po razumnoj ceni.

Ključna pitanja koja bi trebalo rešiti radi primene zdravog i sigurnog finansiranja trgovine obuhvataju sledeće:• Regulativa spoljne trgovine (pitanja kontrole

izvoza/uvoza, carinski propisi, licence, kvote, porezi, itd),

• Politika deviznih i drugih rizika vezanih

Primer - finansiranje zasnovano na doznakama iz inostranstva


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In more complex financing structures, it is possible to use a model in which the organized wholesale market is in the function of a debt collector, and the following chart depicts financial flows in such a case.

One should bear in mind that structured trade finance developed from the need to embark on trade finance with the regions that are, according to all parameters, highly risky, but also taking into account the need to consider all possibilities of using all available options of predictable hard currency inflows in the function of collateral, reimbursement and finance availability.

Activity that precedes the above stated is the identification of new future inflows.

In many cases of structured trade finance involving a high-risk country, it is revealed that local banks have local currency ratings far above their international credit rating, which is often due to the poor credit rating of the concerned country.

In this case, there is some room for maneuvering in the form of creative usage of various predictable hard currency

inflows, including, for instance:• Remittances from citizens working abroad;• Payment flows (in respect of L/Cs and

documentary collections);• Overflight rights and other receivables

related to air and sea traffic;• Receivables in respect of credit cards;• Receivables in respect of telephone lines (including call centers);• Fishing rights;• Copyrights payment.

Regular income flows/regular time series comprise receivables that might be assigned for foreign debt repayment, thereby reducing the debtor’s credit risk.

The possibilities offered by financing based on foreign remittances confirm the potential and complexity of financial flows in respect of foreign remittances inflows, used in the function of collateral for trade finance,

strategically important for the concerned country.

Structured trade finance was first created and has ever since subsisted due to banks’

Organized Market as the Debt Collector


Example - Financing Based on Foreign Remittances


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za deviznu kontrolu spoljne trgovine (fleksibilnost u repatrijaciji deviza i u konverziju u domaću valutu unetih deviza izvoznika, mogućnost otvaranja eskro računa, itd),

• Propisi o osiguranju (na pr. isplata u devizama za potraživanja),

• Zakoni o vlasništvu i obezbeđenju interesa nad robom,

• Izvršenje prava i pravnih lekova koji štite interese u lokalnim sudovima i arbitražama.Banka će pažljivo proceniti pravno okruženje

u zemlji za koju se opredeljuje da pristupi strukturnom finansiranju trgovine:• Da li dužnik zaista ima svojinu, da li je

izvršna?• Da li ima prioritet ispred neplaćenih prava

prodavca i potraživanja poreske uprave, zaposlenih, skladišta, itd?

• Ako korisnik sam nije izvoznik, da li su posrednici obavezni da izvrše obaveze?

• Da li su potrebne saglasnosti državnih organa ili centralne banke?

• Kada ima skladišta, banka će pažljivo pratiti njegovo poslovanje.

• Banka će pratiti šta se događa ako mora da preuzme vlasništvo nad robom koja je data kao kolateral - da li je odnosni proizvod lako prodati, da li mora da se prodaje na javnoj aukciji?Kreativno osmišljen ambijent za neometani

pristup strukturnom finansiranju trgovine, podrazumevao bi da državna vlast propiše sledeće uslove:• Da dozvoli stvaranje obezbeđenja u svakoj

fazi lanca,• Ima prikladan sistem registrovanja/prava

prioriteta,• Da ne opterećuje teškim procedurama i

naročito registracionim provizijama i/ili taksama,

• Uvaži (kad je potrebno) prekogranična prava/obezbeđenja,

• Da dozvoli zaštitu i ako je potrebno prinudno izvršenje prava,

• Ima pravni sistem koji dozvoljava brze i pravične procedure i odluke.

Pregled instrumenata i oblika plaćanja u međunarodnoj trgovini

Postoje uobičajene metode međunarodnih

plaćanja i najnovija peta, bankarska platna obligacija (BPO). Rangirani po najvećoj sigurnosti za prodavca do najveće sigurnosti za kupca:• Avansno plaćanje (doznaka),• Dokumentarni akreditiv (LC),• BPO,• Dokumentarni inkaso (D/P i D/A),• Otvoreni račun.

Akreditiv• Predstavlja siguran metod plaćanja,• Banka obećava da plati po prezentaciji

otpremnih dokumenata koji su saglasni sa određenim uslovima u LC,

• Rizik banke zamenjuje rizik kupca,• Regulisan međunarodno priznatim UCP 600.

Bankarska platna obligacija• Predstavlja siguran metod plaćanja,• Neopozivu (uslovnu) obavezu banke

obveznika da plati određeni iznos banci primaocu (u skladu sa prihvaćenom osnovom konkretne transakcije u TSU),

• TSU (Trade Service Utility) predstavlja aplikaciju koja je smeštena u mreži SWIFT-a,

• Ključna razlika između akreditiva i BPO-a je što je kod akreditiva oslonac na fizičkoj proveri kompletnog seta dokumenata, dok se kod BPO-a sprovodi automatizovano uparivanje odabranih elemenata iz podataka u skladu sa dogovorenom osnovom,

• Međunarodna komora u Parizu ICC u junu 2013, godine donela je jednoobrazna pravila za BPO - Uniform Rules for Bank Payment Obligation (URBPO).Dokumentarni inkaso

• Dokumentarni inkaso je metod plaćanja u kome banke nastupaju kao posrednici za naplatu od kupca u zamenu za prenos dokumenata koji daju mogućnost držaocu da dođe u posed robe. Procedura je jednostavnija nego kod akreditiva i provizije banke su niže,

• D/P dokumenta po plaćanju,• D/A dokumenta po akceptiranju.

Strukturirano finansiranje trgovine podrazumeva ublažavanje rizika i finansiranje proizvodnje za izvoznika tako što se primenjuje:• Pre izvozno finansiranje obrtnog kapitala,• Privatno osiguranje izvoznih kredita,• Diskontovanje/otkup osiguranih priliva iz

inostranstva,

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intentions to structure and manage in the best possible way their needs for working capital, which, in turn, calls for new operations, knowing your partner, structuring of transactions and achieving cross-border liquidity in order to obtain the best possible leverage.

For the purpose of funding, structured measures can resort to using asset-backed securitization structures, risk distribution and higher diversification of risks in banks and public authorities.

The role of the state is very important in the sense that it has to help create the environment which instills confidence, which is transparent and which employs policies preventing discrimination of partners on whichever basis, creating laws, regulations and policies which make operations more attractive for the banks.

Thus created political and legal atmosphere would provide the necessary margin of security for international financiers so that they could grant loans at a reasonable price.

The key issues that need to be solved in order to enable the implementation of healthy and safe trade finance include the following:• Foreign trade regulations (export/import

control issues, customs regulations, licenses, quotas, taxes, etc.);

• Policy of FX risk and other risks related to the FX control of foreign trade (flexibility in FX repatriation and conversion of exporters’ FX into the local currency, possibility of opening escrow accounts, etc.);

• Insurance regulations (e.g. disbursement of indemnities in FX);

• Laws on ownership and protection of interest over goods;

• Enforcement of law and legal remedies protecting the interests in local courts and arbitrages.A bank should carefully assess the legal

environment in the country for which it is to enter the process of structured trade finance:• Does the debtor really own the property; is

it enforceable?• Does it have priority over the uncollected

rights of the seller and the receivables of tax administration, employees, warehouse, etc.?

• If the user himself is not the exporter, are the intermediaries obliged to settle the liabilities?

• Is it required to have the consents of the government bodies or the central bank?

• When there is a warehouse, the bank will carefully monitor its operations.

• The bank will also monitor what happens if it has to assume ownership of goods given as collateral - is the concerned product saleable, does it have to be sold in a public auction?A creatively designed environment for

unimpeded access to structured trade finance would imply the following conditions prescribed by the state authorities:• Allowing collaterals to be pledged in each

stage of the chain;• Having an appropriate system of registering/

priority rights;• Not being burdened by tough procedures,

especially registration fees and/or taxes;• Recognizing (when necessary) the cross-

border rights/collaterals;• Allowing protection and, if necessary,

forced execution of rights;• Having a legal system enabling quick and

fair procedures and decisions.

An Overview of Instruments and Forms of Payment in International Trade

There are four typical international payment methods, and the fifth, latest one - bank payment obligation (BPO). They are ranked below from the ones safest for the seller to the ones safest for the buyer.• Advance payment (payment order);• Documentary letter of credit (L/C);• Bank payment obligation (BPO);• Documentary collection (D/P and D/A);• Open account.

Letter of Credit• L/C is a safe payment method;• A bank promises to pay upon the presentation

of shipping documents compliant with the certain conditions defined in the L/C;

• Bank risk is replaced by buyer risk;• Regulated by internationally recognized

UCP 600.Bank Payment Obligation

• BPO is a safe payment method;• It represents an irrevocable (conditional)

obligation of the payer’s bank to disburse a certain amount to the recipient’s bank (according to the accepted basis of the

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• Finansiranje kupca,• Forfetiranje.

Pre izvozni obrtni kapital• Izvozno uvozna banka - garancija za obrtni

kapital,• Avansi obrtnog kapitala za izvoz,• Najmanje određeni procenat domaćeg

sadržaja,• Do 90% naspram ino A/R i 70% naspram

zaliha namenjenih izvozu,• Monitoring kreditne sposobnosti,• Do 90 državne garancije kreditoru.

Izvozno osiguranje• Privatno osiguranje ublažava rizik neplaćanja

zbog političkih ili komercijalnih razloga,• Programi za pojedinog kupca ili za više

kupaca,• Kratkoročne i dugoročne polise,• Slični uslovi kao kod redovnog osiguranja,

tj. odbici, limiti itd.• Može da poboljša postojeće kreditne odnose,• Banka ima odnose sa privatnim

osiguravačima,• Kao i sa ECA,• Tradicionalni davaoci osiguranja za više

kupaca:• Velika ponuda na tržištu,• Relativno mali limiti po kupcu, domaći

kupci i strani kupci.• Privatno tržište osiguranja izvoza:

• Rizici izvoznih kredita,• Primarno kratkoročni, za pojedinog

kupca i za više kupaca.• ECA se usredsređuju na:

• Rizike izvoznih kredita,• Netradicionalne kreditne rizike: nova

tržišta, srednjeročno/dugoročno pokriće.• Netradicionalni privatni osiguravači:

• Apetit za rizičnije zemlje: nova tržišta,• Spremnost da razmotre srednjeročne

rizike,• Fleksibilnost da koriste netradicionalne

strukture.Diskont ili otkup osiguranih priliva iz

inostranstva• Ublažavanje koncentracije rizika,• Ublažavanje rizika dugoročnih ARs

(potraživanja),• Širenje prodaje na zemlje višeg rizika,• Prenos kamatnih stopa na kapital sa razvijenih

tržišta na kupce u zemljama u razvoju.

Finansiranje kupca• Direktno finansiranje stranog kupca - obično

se zahteva 15 % avansa,• Ročnost od 180 dana do 10 godina,• Veličine transakcija od USD 500.000,• Zahteva puno informisanje o finansijama

kupca,• 15% avansnog plaćanja u nekim slučajevima

se takođe može finansirati.Forfetiranje

• Otkup i prodaja dužničkih instrumenata:• Menica,• Note,• Akreditivi.

• Ročnost od 180 dana do 10 godina,• Veličina transakcije od USD 500.000,• Bez regresa prema izvozniku,• Može se tražiti garancija banke ili aval.

Zaključak

Globalna finansijska kriza je doprinela da se strukturno finansiranje trgovine ponovo nađe u centru pažnje svetske javnosti.

Poruke koje stižu sa raznih globalnih skupova o merama za prevazilaženje krize u situaciji kada banke, i pored pojačane uloge država, i dalje brinu da preuzmu rizik partnera od drugih banaka izvan glavnih novčanih tokova, jesu uključenje vlada država u donošenju finansijskih i nefinansijskih mera koje pospešuju i olakšavaju međunarodnu trgovinu.

Pored bazičnih mera koje podrazumevaju otklanjanje administrativnih barijera za investiranje u cilju pojednostavljenja trgovinskih, poreskih i carinskih procedura, posebno u periodu finansijske krize kada je na sceni protekcionizam nacionalnih ekonomija i proizvodnje, potrebno je jačati kredibilnost i efikasnost pravnog sistema i regultive. To je od ključnog značaja za privlačenje poslova i međunarodnih finansijera, uz oslanjanje na programe multilateralnih agencija i agencija za kreditiranje izvoza, koje se moraju aktivnije uključiti u programe refinansiranja i osiguranja od nekomercijalnih i političkih rizika. Na duži rok, države bi morale da istraže kako reforme trgovinske politike mogu da obezbede bolji tok kratkoročnog finansiranja i da stvore dublja i likvidnija tržišta.

Važan argument u tom smislu ističe

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concrete transaction in the TSU);• TSU (Trade Service Utility) is an application

located in the SWIFT network;• The key difference between letters of credit

and BPOs is that L/Cs are based on physical checking of a complete set of documents, whereas BPOs are conducted automatically, by mapping selected elements from the data according to the agreed basis;

• In June 2013, the International Chamber of Commerce (ICC) in Paris adopted the Uniform Rules for Bank Payment Obligations (URBPO).Documentary Collection

• Documentary collection is a payment method in which banks act as intermediaries in the process of collection from the buyer, in exchange for the transfer of documents enabling their holder to come into possession of the concerned goods. The procedure is simpler than with L/Cs and bank fees are lower.

• Documents upon payment (D/P);• Documents upon acceptance (D/A).

Structured Trade Finance refers to risk mitigation and financing of production for the exporter:• Pre-export financing of working capital;• Private insurance of export loans;• Discount/purchase of insured foreign

inflows;• Buyer financing;• Forfeiting;

Pre-Export Financing of Working Capital• Export-import bank - working capital

guarantee;• Working capital export advances;• The lowest defined percentage of domestic

content;• Up to 90% against the foreign A/R and 70%

against export inventories;• Creditworthiness monitoring;• Up to 90% of the government guarantee to

the creditor.Export Insurance

• Private insurance mitigates the risk of default due to political or commercial reasons;

• Programs for individual or multiple buyers;• Short-term and long-term policies;• Similar conditions as in regular insurance,

i.e. deductions, limits, etc;

• Potential for improving the existing credit relations;

• The bank has relations with private insurers;• As in export credit agencies.• Traditional insurers for multiple buyers:

• Large market supply;• Relatively small limits per buyer -

domestic buyers and foreign buyers;• Private export insurance market:

• Export loan risks;• Primarily short-term, for individual

buyers and for multiple buyers.• Export credit agencies are focusing on:

• Export loan risks;• Non-traditional credit risks: new markets,

middle-term/long-term coverage;• Non-traditional private insurers:

• Appetite for riskier countries: new markets;

• Readiness to consider middle-term risks;• Flexibility in terms of using non-

traditional structures.Discount or Purchase of Insured Foreign

Receivables• Mitigating risk concentration;• Mitigating the risks of long-term A/Rs;• Expanding the sales into riskier countries.• Applying interest rates on capital from

the developed markets to the buyers in developing countries.Buyer Financing

• Direct financing of a foreign buyer - typically 15% advance required;

• Maturity from 180 days to 10 years;• Transactions amounting to USD 500.000 and

higher;• Requires full information about the buyer’s

finances;• In some cases 15% advance can also be

financed.Forfeiting

• Purchase and sales of debt instruments:• Bills of exchange;• Promissory notes;• Letters of credit;

• Maturity from 180 days to 10 years;• Transactions amounting to USD 500.000 and

higher;• No recourse towards the exporter;• A bank’s guarantee or a guarantee of a bill

of exchange may be required.

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Međunarodna trgovinska komora u Parizu, navodeći da u transakcijama finansiranja međunarodne trgovine ima samo 1% nenaplaćenih potraživanja. To ukazuje da finansiranje međunarodne trgovine, kao oblik kratkoročnog kreditiranja, zahvaljujući primeni metoda otklanjanja ili umanjivanja kreditnog rizika, treba da ima povoljniji tretman u

Bazelskim standardima, uvažavajući siguran karakter kreditiranja i finansiranja trgovine.

Zbog zapostavljanja ovog oblika finansiranja u korist investicionog bankarstva i operacija na otvorenom tržištu, u protekle dve dekade, potrebno je o tome mnogo više informacija. Upravo iz tih razloga, ovaj tekst čini pokušaj, da tim tendencijama da mali doprinos.

Literatura / References

1. Alles, Lakshman (2001), Asset Securitization and Structured Financing: Future Prospects and Challenges for Emerging Market Countries, IMF Working Paper, International Monetary Fund.

2. Auboin, Marc (2009), Restoring Trade Finance During a Period of Financial Crisis, Stock-Taking of Recent Initiatives, WTO. Dostupno na: http://www.wto.org/english/res_e/reser_e/ersd200916_e.htm

3. Daianu, D, Lungu, L. (2008), Why is This Financial Crisis Occurring? How to Respond to It? Dostupno na: http://www.macroanalitica.com/docs/Final_Fin_crisis_31%20March08.pdf

4. G20 leaders' declaration - September 6, 2013, St Petersburg. Dostupno na: www.g20.org/load/782795034

5. Fender, I, Mitchell, J. (2005), Structured Finance, Complexity, Risk and the Use of Ratings, BIS Quarterly Review. Dostupno na: http://www.bis.org/publ/qtrpdf/r_qt0506f.pdf

6. Jobst, Andreas A. (2005), What is structured finance?, Working Paper. Dostupno na: http://www.ruralfinance.org/fileadmin/templates/rflc/documents/1217520036684_what_is_structured_finance.pdf

7. Kovačević, dr Radovan (2013), Uticaj trgovinskih i bankarskih kredita na svetski izvoz, Bankarstvo, broj 3 2013. str 12-35

8. Neukomm, Gabriel H. (2011), Structured Finance, Acquisitions and Debt Agency, University of Zurich – Department of Banking and Finance, Swiss Finance Institute Research Paper No. 11-55. Dostupno na: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1961490

9. Madura, Jeff (2007), International Financial Management, Abridged 8/c, Mason, OH, Thomas South-Western.

10. Paravisini, D, Rappoport, V, Schnabl, Ph and Wolfenzon, D (2011), Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data, NBER Working Paper no. 16975. Dostupno na: http://www.nber.org/papers/w16975.pdf

11. Vuković, Dragoslav (2006), Zaštita izvoznika umanjenjem rizika od neizvršenja kod izvoznih poslova, Bankarstvo, broj 9/10 2006. str. 8-25

12. Youssef, Frida, Structured trade finance, and its relevance to emerging markets, United Nations Conference on Trade and Development, Yerevan, 13 November 2003

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Conclusion

The global financial crisis has brought structured trade finance back into the focus of attention of the worldwide public.

The messages conveyed at various global gatherings on the topic of measures for overcoming the crisis - with banks, despite the heightened role of the state, still disinclined to take the counterparty risk of other banks outside the mainstream monetary flows - indicate that the governments should get involved in adopting financial and non-financial measures facilitating and supporting international trade.

In addition to the basic measures, implying the elimination of administrative barriers for investment in order to simplify the trading, taxation and customs procedures, especially during the financial crisis when we are all facing the protectionism of national economies and production, it is necessary to strengthen the credibility and efficiency of the legal systems and regulations. This is of crucial importance for attracting transactions and international financiers, at the same time relying on programs

by multilateral agencies and export credit agencies, which must get more actively involved in refinancing programs and insurance against non-commercial and political risks. In the long run, the governments should investigate how trade policy reforms could provide a smoother flow of short-term financing, thereby generating deeper and more liquid markets.

An important consideration in this regard has been emphasized by the International Chamber of Commerce, Paris, pointing that the financing of international trade transactions experience only 1% of defaulted claims. This suggests that the financing of international trade as a form of short-term funding thanks to the use of methods of eliminating or reducing the credit risk should be given preferential treatment in the Basel standards acknowledging the safe character of trade credit and finance.

Due to the neglect of this form of finance in favor of investment banking and open market operations in the past two decades, it is necessary to get much more information about it. This is exactly why this paper has attempted to make a modest contribution to this end.