Projektfinanzierung

Question 1

Was ist ein Darlehen?

Answer 1

Grundsätzlich wird der Kredit als Oberbegriff der Geldanleihe verstanden. Das Darlehen ist eine Unterform des Kredits. Im Laufe der Zeit hat sich allerdings die Unterscheidung nach Laufzeit eingebürgert. Baufinanzierungen werden häufig mit hohen Beträgen und entsprechend langen Laufzeiten aufgenommen. Hier wird ebenso von einem Darlehen gesprochen. Bei kurzfristigen Finanzspritzen, beispielsweise einem unkomplizierten SofortKredit wird die Bezeichnung Darlehen hingegen selten verwendet. In der Praxis ist der Unterschied zwischen Darlehen und Kredit kaum spürbar. Die Regelungen des Bürgerlichen Gesetzbuches gelten auch wenn Sie einen Kredit aufnehmen, selbst wenn dort von Darlehensverträgen die Rede ist.

Question 2

Recovery Rate

Answer 2

Recovery rate is the extent to which principal and accrued interest on defaulted debt can be recovered, expressed as a percentage of face value.

Question 3

How is the recovery rate linked to seniority?

Answer 3

The recovery rate is directly proportional to the instrument’s seniority, which means that an instrument that is more senior in the capital structure will usually have a higher recovery rate than one that is lower down in the capital structure.

Question 4

What types of debt exist?

Answer 4

First lien loan - senior secured
Second lien loan - secured
Senior - unsecured (from here downward loss potential 100%)
Senior - subordinate
Subordinate (Mezzanine)
Junior Subordinate

Question 5

What is a Mezzanine loan?

Answer 5

A mezzanine loan is a form of financing that blends debt and equity. 1 Lenders provide subordinated loans (less-senior than traditional loans), and they potentially receive equity interests as well. Mezzanine loans typically have relatively high-interest rates and flexible repayment terms.

Question 6

Qualitative Analyse der Kreditvergabe

Answer 6

Assessing the borrower’s competitive positioning (Porter’s five forces)
Operational and overall market dynamics

Question 7

Quantitative Analyse der Kreditvergabe

Answer 7

• Assessing a borrower’s historical performance (5yrs)
• Sustainability of prospective cash flows
• A best practice is preparing a detailed financial model that presents multiple scenarios including growth, baseline and downside cases (5yrs)
• Key financial metric

Question 8

MIRR

Answer 8

The modified internal rate of return (MIRR) is a financial measure of an investment’s attractiveness. It is used in capital budgeting to rank alternative investments of equal size. As the name implies, MIRR is a modification of the internal rate of return (IRR) and as such aims to resolve some problems with the IRR.

Question 9

Verbriefung

Answer 9

Erstellen von Wertpapieren aus Forderungen

Question 10

downside cases analysis

Answer 10

The importance of the downside case:
Recovery risk of the loan may increase
How a downside case is constructed:
Identifying negative events such as impact of a recession, loss of a major customer, regulatory changes, changes in the competitive landscape
Historical cycle: review the borrower’s financial performance in a prior down market
Revenue decline: losing a major customer
Working capital changes: consider liquidity needs cause by less effective management of inventory, payables and receivables.
Unfavourable interest rates, like the impact of a forward LIBOR curve

Question 11

porters five forces

Answer 11

Porter’s Five Forces is a model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry’s weaknesses and strengths.

Porter’s five forces are:

1. Competition in the industry
2. Potential of new entrants into the industry
3. Power of suppliers
4. Power of customers
5. Threat of substitute products