Euroclear link with Peru Features, services and benefits 19 July 2017 Agenda Expansion in the LATAM region Creating the right conditions Euroclear link with Peru: features, services & benefits 2 Speakers Fatima Mehladi - Product Manager Global Capital Markets Fernanda Aspilche Ferro, Product Solutions Global Capital Markets 3 Euroclears foot print in LATAM Mexico Feb 2015 First Euroclearable Mexican
corporate bond (Pemex) Panama Apr 2014 New link for government bonds Peru July 2017 First Euroclearable Peruvian sovereign bond Brazil Jan 2011 Link for all Brazilian securities Chile 2016 & 2017 Argentina 2016 & 2017 Moving from pro-rata to record date taxation 201 201 4
1 Recognition of ICSD omnibus account set-up Fully Euroclearable sovereign bonds in January and June 2017 201 5 Enhanced FX services 201market 201 Euroclear part of structural
7 6 changes (e.g. DvP settlement) Steady flow of new issuances 4 Creating the right conditions For the buyers Protection of investors rights Nominee concept recognized by Peru since November 2015 Settlement & cost efficiency Omnibus account - Internal settlement with immediate settlement finality
Easy access to primary market The primary market further opens and ease the access for international dealers We facilitate investment in Peru and holding of Peruvian sovereign bonds in a secure & seamless manner Tax Domestic sovereign bonds and financing transactions on those bonds are exempted from tax Direct link EB is the registered Nominee holder in the
books of CAVALI (no intermediary in the chain) 5 Euroclear Link with Peru Features and services Account structure Eligible securities Primary market settlement Secondary market settlement Money transfer Asset servicing Financing 6 Euroclear link with Peru Account structure - omnibus CAVALI
(Registrar) Euroclear Bank (Nominee account) Euroclear Bank participants (including CAVALI) CAVALI (Peruvian CSD) is the registrar appointed by the issuer, the Ministry of Economy and Finance of Peru (MEF)* Euroclear Bank is the issuer CSD appointed by the MEF for some of its future sovereign bonds Euroclear participants and CAVALI will hold the bonds in a regular omnibus account with Euroclear Bank. CAVALI will be holding the bonds on behalf of its local Peruvian clients * CAVALI will also be the issuing and paying agent for the
7 Euroclear Link with Peru Eligible securities Eligible securities New Peruvian domestic Sovereign bonds to be issued by MEF via Euroclear Bank can settle in Euroclear Bank and CAVALI The new bonds will be denominated in Peruvian Sol (PEN) The new bonds are traded in units in the local market; however, they will be recorded and reported in nominal amount in Euroclear Bank
Existing sovereign bonds will continue to settle in CAVALI 8 Euroclear Link with Peru Primary market settlement Settlement Participate in the primary distribution of new Peruvian sovereign bonds using your Euroclear Bank regular account The primary distribution of new bonds will take place in Euroclear Bank. The new bonds will be distributed by the issuing agent (CAVALI) to the primary initial purchasers Euroclear Bank accounts
Euroclear Bank participants will then be able to purchase the new bonds DvP from the primary dealers, against payment of USD (as per the offering memorandum of the new bond) Settlement of primary market during the real-time process dated closing date daylight settlement indicator required ! 9 Euroclear Link with Peru Secondary market settlement Settlement DvP Settlement can take place against any of the 50 settlement currencies supported by Euroclear Bank. Settlement could also be free of payment if agreed between the two counterparties
Settlement can take place during both the batch and the real-time processes Euroclear Bank participants trading with a local counterpart will settle internally in EB against the account of CAVALI (as investor CSD account 76971) All Euroclear Bank standard instruction formats and deadlines for internal instructions will apply 10 Euroclear Link with Peru Money Transfer Cash Overdrafts are not allowed
How o o o How o o o o to receive PEN into your Euroclear Bank cash account: You can do a standard foreign exchange instruction via Euroclear Bank You can do a direct deal with Euroclear Banks treasury desk You can do a third party Foreign Exchange transaction and transfer the PEN to your Euroclear Bank cash account o You can transfer from another Euroclear Bank cash account via a book transfer to transfer PEN out of your Euroclear Bank cash account: You can do a standard wire transfer via Euroclear Bank
You can do a standard foreign exchange instruction via Euroclear Bank You can do a direct deal with Euroclear Banks treasury desk You can transfer to another Euroclear Bank cash account via a book transfer 11 Euroclear Link with Peru Asset Servicing Asset servicing Income Standard Eurolear Bank income services in terms of processing and reporting Corporate actions - Standard corporate action notifications (DACE notices) keep you informed of upcoming corporate actions affecting your Peruvian domestic sovereign bonds held with Euroclear Bank
Tax - Peruvian domestic sovereign bonds held with Euroclear Bank will not be subject to withholding tax 12 Euroclear Link with Peru Financing Triparty, lending & borrowing Newly issued Peruvian domestic sovereign bonds can be used for financing purposes in EB via Euroclears Collateral Highway New Peruvian domestic sovereign bonds will be eligible in our securities lending and borrowing programme
13 Euroclear Link with Peru Benefits Full Asset Protection Easy plug-and-play solution using your Euroclear Bank regular account Access to local and international counterparties via EB Efficient and cost effective thanks to internal settlement
Multi-currency settlement against any of the 50 settlement currencies eligible in Euroclear Bank Standard asset servicing Financing through triparty and lending & borrowing 14 Q&A Contact points at Euroclear Bank - Fernanda Aspilche Ferro [email protected] - Fatima Mehladi [email protected] 15 Disclaimer
2017 Euroclear SA/NV Euroclear is the marketing name for the Euroclear System, Euroclear plc, Euroclear SA/NV and their affiliates. All rights reserved. The information and materials contained in this document are protected by intellectual property or other proprietary rights. All information contained herein is provided for information purposes only and does not constitute any recommendation, offer or invitation to engage in any investment, financial or other activity. We exclude to the fullest extent permitted by law all conditions, guarantees, warranties and/or representations of any kind with regard to your use of any information contained in this document. You may not use, publish, transmit, or otherwise reproduce this document or any information contained herein in whole or in part unless we have given our prior written consent. Your use of any products or services described herein shall be subject to our acceptance in accordance with the eligibility criteria determined by us. 16
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