国际结算(双语)第九章：福费廷 chapter9 Forfaiting

InternationalSettlementChapter9ForfaitingChapter9Forfaiting9.1EvolutionanddevelopmentofForfaiting9.2CharacteristicsanddocumentationofForfaiting9.3CostsofForfaitingBusiness9.4PartiestoForfaiting9.5ProcedureofForfaiting9.6DifferencesbetweenForfaitingandothertradefinancingmethod9.1EvolutionanddevelopmentofForfaiting1.Evolutionanddevelopmentofforfaiting:AftertheworldwarⅡEuropeancountries:Needtoimportconstructiongoodsanddailyproductsbutshortofforeignexchange.America:ExportgraintoEuropeandhavetoacceptdeferredpayment.TheSuezBank:FirstestablishedtheForfaitingbusinessforprovidingfinancingtotheEuropeanCountries.Gradually,consumergoodswerereplacedbycapitalgoods.suchasmachinesandmachineparts.

2.DefinitionofForfaiting:

AccordingtotheOxfordDictionaryofFinance,forfaitingis“aformofdebtdiscountingforexportersinwhichaforfeiteracceptsatadiscountandwithoutrecoursepromissorynotes,billsofexchange,orlettersofcreditreceivedfromaforeignbuyerbyanexporter.3.Basicconditions:theforfaitingmustbebasedonarealtradecontractandthiscontractmustbelawful;theexportermusthavealegalpersonstatus,havethelicensetorunimportandexport,haveadomesticorforeigncurrencyaccountwithforfaiterandhaveagoodcredit;theimportermustpayininstallmentbydraft,promissorynoteorsomeotherinstruments.9.2CharacteristicsanddocumentationofForfaiting

1.CharacteristicsofForfaiting:Fromthelegalnature,forfaitingisacontracttransaction;Thetransactionobjectofforfeitingisnegotiableinstrument;Theforfeitingbusinessisconductedonthebasisofnon-recourse;Forfeitingnormallyprovidefinancingtocapitalgoods;Forfeitingprovidemedium-longtermfixedratefinance.2.DocumentationofForfaiting:evidenceofdebtsUnderaforfeitingagreement,abillofexchangeorpromissorynoteisissuedforeachinstallmentofthesupplier’scredit.EvidenceofthecommercialtransactionThesedocumentsincludecommercialinvoice,transportdocument,andifapplicable,thesalescontractorleasingagreement.GuaranteeTheguaranteeisalegaldocumentindependentoftheunderlyingsalescontractissuedbytheimporterorimporter’sbank,promisingthepaymentliabilityatmaturity.9.3CostsofForfaitingBusinessDiscountchargeCommitmentfeeOptionfeeDiscountforgraceperiod9.4PartiestoForfaiting

ExporterForfaiterImporterGuarantor9.5ProcedureofForfaiting

ExporterImporterForfaiterIssuingBank(AcceptingBank)AdvisingBank(Guarantor)123456789101112131415161.Theexporterrequiresforforfaitingquotationfromaforfaiterandtheforfaiterprovidesaforfaitingproposalfortheexporter;2.Theexporterandimportersignasalescontract;3.Theimporterappliesforaletterofcredittotheissuingbank;4.Theissuingbankissuesaletterofcredit;5.TheadvisingbanknotifiestheL/Ctotheexporter;6.Theexporterdeliversthegoodstoimporter;7.Theexporterandforfaitersignaforfaitingcontract;8.Theexporterpresentsthefullsetofdocumentsincludingthedrafttotheadvisingbank;9.Theadvisingbankdeliversthefullsetofdocumentstotheissuingbankandrequiresittoacceptdraft;10.Theissuingbank(acceptingbank)acceptsthedraftanddeliversittotheadvisingbank,meanwhiletheissuingbankdeliversthedocumentstotheimporter;11.Theadvisingbankreturnstheaccepteddrafttoexport;12.Theexportersubmitsdocumentsrequiredbyforfaitertoforfaiter;13.Theforfaiterpaystoexporteraccordingtotheforfaitingcontract;14.Theforfaiterclaimstoacceptingbankatmaturity;15.Theacceptingbankpaystotheforfaiter;16.Theimporterpaystotheacceptingbank.9.6DifferencesbetweenForfaitingandothertradefinancingmethodDifferencesbetweenFactoringandForfaiting:FactoringForfaitingExtentofFinanceUsually85%oftheinvoicevalueUsually100%oftheinvoicevaluefinancingRiskAvoidGoodsFinancedMainlyconsumergoodsCapitalgoodsServicesProvidedDay-to-dayadministrationofsalesandotheralliedservicesareprovidedNorelativeservicesMaturityShorttermsabout6monthsLongertermsfrom6monthsto10yearsDifferencesbetweenExportCreditandForfaitingExportCreditComparison

ForfaitingConductsideImportandexportbankTheforfeiterApplicationbackgroundExportCreditisapplicabletothoseproductsandindustryhasaresupportedbygovernmentindustrypolicyandtradepolicy.Forfeitingismarketingbehavior,itisapplicabletoanycapitalproductsandtheproceduresareflexibleandconvenient.ThedegreeofriskTheexportisrequiredtobuyexportcreditinsurance,tocoverthebank’srisks.Thebankalsohasrecourseright.Asarisk-freefinancingmethod,forfeitingprovidenon-recoursepaymenttotheexporteraftershipment.DifferencesbetweenInvoiceDiscountingandForfaitingInvoiceDiscountingForfaitingRecourserightHasnoRecourserightHasRecourserightcommoditiesfinancedConsumergoodsandusuallythereisonlyonepieceofdebtinstrumentsinvolvedMainlycapitalgoodsandaseriesofdebtinstrumentsOneofthepreconditionRequireno

suchconditionthedebtinstrumentsmustbeguaranteedbyaprimebanintheimportingcountryfeesDiscountinterestcalculatedattheprevailinginterestrateDiscountcharge,commitmentfee,optionfeeandgraceperiodinterest国际结算第九章福费廷第九章福费廷第一节福费廷业务的起源与发展第二节福费廷业务的含义、特点及作用第三节福费廷业务的操作流程第四节福费廷业务的成本第五节福费廷业务与其他结算方式的比较第一节福费廷业务的起源于发展一、福费廷业务的起源20世纪40年代中后期，战后东欧国家需要向美国购买大量谷物，但外汇短缺。东欧各国美国西欧银行谷物粮食付款性质票据出售票据资金消费性物资如：谷物粮食资本性物资如：大型设备转为2.20世纪五六十年代，国际资本性货物逐渐由卖方市场转变为买方市场，买方要求延长延期付款的信用期限，卖方急需银行融资支持。3.20世纪七十年代，国际局势动荡不安，债务危机加深，买方违约增多，保险和担保业务减少。4.20世纪八十年代，第三世界受债务危机困扰，官方支持的出口信贷越来越少，正常的银行信贷受到抑制。二、福费廷业务的发展形成了包买票据二级市场出现了包买辛迪加银行参与风险担保发展业务具有较强技术性业务不衍生其他附属金融业务许多欧美银行在该类业务中遭受过亏损约束第二节福费廷业务的含义、特点及作用一、福费廷的含义词典解释：福费廷是指为出口商提供一种贴现融资，在这种融资方式下，包买商以无追索权方式贴现出口商从进口商那里收到本票、已承兑汇票和信用证等。银行界定义：包买商（银行）从出口商那里无追索权地买断由开证行/承兑行承兑的信用证项下的汇票，同时收取利息和手续费，并将该承兑汇票持有到期或继续转卖，银行/包买商到期从开证行/承兑行/保兑行收回汇票金额的行为。二、福费廷业务的特点有真实的贸易背景，交易标的物为票据债务凭证的买卖无追索权为期限较长的资本性商品交易提供融资提供固定利率融资需要进口方银行对债权凭证担保有债权凭证的二级流通市场三、福费廷业务的作用有利方面不利方面出口商转移无法收到款项风险交易内容受限消除利率、汇率和资金周转风险融资期限必须是中长期程序相对简化成交金额较大减少资金占用，增强资金流动性福费廷业务收费较高进口商可获100%合同价款的延期支付承担转嫁的高额融资费用固定利率融资，免受利率风险长期占用信用额度出具独立、不可撤销付款凭证包买商高收益率无追索权买断票据，承担的风险较大票据可转让，快速收回资金担保行文件简单，责任明确，便于受理承担无条件付款责任担保费收入可观追索依赖进口商资信状况第三节福费廷业务的操作流程一、福费廷业务的基本当事人提供商品或劳务并将应收票据出售给包买商接收商品或劳务，承担到期支付票据款项的主要责任通过购买出口商应收票据，提供福费廷融资的银行或金融机构。为进口商的按期支付提供担保的当事人，通常是进口地的银行。出口商进口商包买商担保行二、福费廷业务的流程签订出口合同、福费廷协议以及申请银行担保出口商发货，将货运单据（连同汇票）寄给进口商进口商将承兑汇票或本票交担保行，获担保后寄出口商出口商将合格票据做“免除追索”背书后交包买商贴现包买商贴现票据包买商将到期票据经担保人向进口商提示进口商经担保人支付票款签订出口合同、福费廷协议以及申请银行担保出口商包买商进口方①同意采用福费廷②要求报价介绍交易③提供报价与选择期④达成协议（货款、支付方式、支付时间）担保行⑤申请开立保函或票据保证⑥告知担保行情况⑦正式签订贸易合同⑦签订包买票据协议出口商发货，将货运单据（连同汇票）寄给进口商出口商进口商①按合同发货，寄送全套货运单据。若采用汇票支付，寄送经签发的一系列不同到期日的汇票，要求承兑②可能预付定金或要求留置部分合同尾款注：扣除买方的预付定金与留置部分合同尾款的净额才可以叙做包买票据业务。进口商将承兑汇票或本票交担保行，获担保后寄出口商出口商进口方担保行①进口商审查货运单据合格后，即承兑汇票；或按合同规定开具本票。②将汇票或本票交担保行，请求开出保函或背书保证出口商所在地银行③寄送已担保票据或保函③寄送已担保票据或保函代管④将已担保票据连同保函交出口商出口商将合格票据做“免除追索”背书后交包买商贴现包买商贴现票据包买商将到期票据经担保