infrastructure finance via the yen capital markets ～ exploring opportunities

1

Infrastructure Finance via the Yen Capital Markets～ Exploring opportunities

February 14th. 2008, New DelhiTetsuya KodamaManaging Director, Global Capital MarketsDeutsche Securities Inc. Tokyo, Japan

2

Growth of Yen Markets for International Issuers

Section 1

3

Growth of Yen Markets for International Issuers

– The following dynamics continue to increase interest among Japanese investors to look for new quality investment opportunities, allowing the yen markets for international issuers to grow

• Continuation of low interest rates in Japan vs other major currencies

– Investors need to look for spread products– Absolute yield could be attractive to issuers

• Supply of domestic corporate bonds are stable, and the spreads remain tight

• Since mid 2007, spread levels available in international markets have become extremely attractive from the domestic investors’ viewpoint (while still being attractive to issuers)

– With most of the above conditions expected to be sustained well into 2008 or even 2009, we expect a continued growth of the Yen markets for international issuers

• So far, strong concentration in Financial names ⇒ 　 Interest to see non financial names/ credits

• Samurai Bonds (Domestic Bonds) vs Euro-yen Bonds (International Bonds)

– Many Japanese pension funds and regional financial institutions can still only buy domestic bonds (Samurai format is domestic) but not International Bonds (Even in Yen, Euro-yen / Global-Yen bonds are treated as international bonds)

4

Samurai Issuance (2000~)

0

5,000

10,000

15,000

20,000

25,000

2000 2001 2002 2003 2004 2005 2006 2007

（Year)

（Unit:Yen100mil)

Samurai IssuanceSamurai Issuance

5

Samurai Issuance (2006)

*FRN

LAUNCH Size Life

DATE ISSUER # Yen100mil (yr) Maturity LIBOR JGB SP MDY R&I JCR2006/01/24 HYUNDAI CAPITAL SERVICES INC #3 600 3 2009/02/06 48 58.1 A-2006/02/03 HSBC FINANCE #11 300 5 2011/02/16 26 36.8 A Aa32006/02/03 HSBC FINANCE* #2 150 5 2011/02/16 26 A Aa32006/02/03 HSBC FINANCE #12 150 15 2021/02/16 46 71.7 A Aa32006/02/10 EXPORT-IMPORT BANK OF INDIA #1 230 5 2011/02/22 62 74.9 BB+ Baa3 BBB2006/03/07 REPUBLIC OF HUNGARY #4 500 7 2013/03/18 10 27.1 A- A1 A2006/05/25 KDB #24 300 5 2011/06/07 18 38.7 A A3 A+2006/06/16 POSCO #9 500 7 2013/06/28 32 53.8 A- A22006/09/20 KCTC (Korea Container Terminal Co) #5 50 5 2011/09/28 37 A2006/09/28 PETROLEO BRASIL A 350 10 2016/09/27 272006/10/13 KAUPTHING BANK #1 500 3 2009/10/20 75 A12006/10/27 EXPORT-IMPORT BANK OF INDIA #2 260 5 2011/11/08 70 BB+ Baa3 BBB2006/11/02 REPUBLIC OF POLAND #5 250 10 2016/11/14 17 36.5 A2 A-2006/11/02 REPUBLIC OF POLAND #6 600 20 2026/11/13 18 46.3 A2 A-2006/11/21 BEAR STEARNS #7 308 5 2011/11/30 17 31.1 A1 AA-2006/11/21 BEAR STEARNS* #1 107 5 2011/11/30 17 A1 AA-2006/12/06 RENAULT #6 500 5 2011/12/14 40 56.7 A A2006/12/06 Central American Bank for Economic Integration #1 60 3 2009/12/15 38 55.3 A2 A2006/12/06 Central American Bank for Economic Integration #2 40 5 2011/12/15 47 63.7 A2 A2006/12/12 AMERICAN INTERNATIONAL GROUP #1 500 5 2011/12/21 13 26.1 AA Aa22006/12/14 BARCLAYS BANK PLC #1 500 5 2011/12/21 7 20.7 AA Aa12006/12/20 GOLDMAN SACHS* #2 140 5 2011/12/28 18 AA- Aa3 AA2006/12/20 GOLDMAN SACHS #8 475 5 2011/12/28 18 32.3 AA- Aa3 AA2006/12/20 GOLDMAN SACHS #9 285 10 2016/12/28 35 49.2 AA- Aa3 AA2006/12/20 GOLDMAN SACHS #10 100 15 2021/12/28 38 58.9 AA- Aa3 AA

Spread(bp) Credit Rating

6


LAUNCH Size LifeDATE ISSUER # Yen100mil (yr) Maturity LIBOR JGB SP MDY R&I JCR

2007/01/30 INDUSTRIAL BANK OF KOREA #2 500 5 2012/02/06 27 42.5 A- A3 A+2007/02/15 INDIAN RAILWAY FINANCE CORP #1 150 5 2012/02/23 50 63 Baa3 BBB2007/02/16 MERRILL LYNCH #14 700 5 2012/02/23 17 31.7 AA- Aa3 AA2007/02/16 MERRILL LYNCH* #5 250 5 2012/02/23 17 AA- Aa3 AA2007/03/08 DEUTSCHE BANK AG LONDON* #1 220 5 2012/03/19 7 AA- Aa32007/03/08 DEUTSCHE BANK AG LONDON #3 380 5 2012/03/19 7 21.3 AA- Aa32007/03/15 BNP Paribas #1 300 3 2007/03/26 3 20.7 AA Aa22007/05/23 JP MORGAN CHASE #6 450 5 2012/05/30 12 28.4 AA- Aa22007/05/23 JP MORGAN CHASE #7 300 7 2014/05/30 18 35.2 AA- Aa22007/05/23 JP MORGAN CHASE* #2 450 5 2012/05/30 12 AA- Aa22007/05/24 LEHMAN BROTHERS #6 560 5 2012/06/05 23 38.6 A+ A12007/05/24 LEHMAN BROTHERS #7 220 10 2017/06/05 34 53.5 A+ A12007/05/24 LEHMAN BROTHERS* #1 500 5 2012/06/05 23 A+ A12007/05/24 KDB #25 300 5 2012/06/01 18 33.6 A Aa3 A+2007/05/24 KDB* #1 200 5 2012/06/01 18 A Aa3 A+2007/06/14 CORPORACION ANDINA DE FOMENTO #7 200 3 2010/06/21 22 40.52007/06/14 CORPORACION ANDINA DE FOMENTO #8 100 7 2014/06/20 37 57.52007/06/14 CITIGROUP #20 300 3 2010/06/22 6 24.5 AA Aa12007/06/14 CITIGROUP #21 350 5 2012/06/22 11 29.2 AA Aa12007/06/14 CITIGROUP #22 800 7 2014/06/20 17 38.5 AA Aa12007/06/14 CITIGROUP #23 650 10 2017/06/22 20 43.8 AA Aa12007/06/14 CITIGROUP* #2 300 3 2010/06/22 6 AA Aa12007/06/14 CITIGROUP* #3 300 5 2012/06/22 11 AA Aa12007/06/19 AFLAC #5 300 5 2012/06/26 20 38.2 A A22007/06/19 EXPORT-IMPORT BANK OF KOREA #5 350 5 2012/06/26 17 35.2 Aa3 A A+2007/06/20 BANK OF AMERICA #7 750 5 2012/06/27 11 AA Aa12007/06/20 BANK OF AMERICA #8 400 10 2017/06/26 19 AA Aa12007/06/20 BANK OF AMERICA* #2 550 5 2012/06/27 11 AA Aa12007/06/20 BANK OF AMERICA #1 450 10 2017/06/26 28 AA- Aa22007/06/22 PTT EXPLOR & PROD PUBLIC #1 360 10 2017/06/29 55 79.5 BBB+ A2 A-2007/06/22 MERRILL LYNCH #1 550 10 2017/06/29 45 69.5 A+ A1 AA-2007/06/27 KAUPTHING BANK #2 100 3 2010/07/05 26 48.5 Aa3 A+2007/06/27 KAUPTHING BANK #3 50 5 2012/07/05 32 52 Aa3 A+2007/06/27 KAUPTHING BANK* #1 130 5 2012/07/05 32 Aa3 A+


*FRN

7


*FRN

**Structuerd


2007/07/11 TELEFONICA EUROPE BV #1 150 5 2012/07/19 40 BBB+ Baa12007/07/11 TELEFONICA EUROPE BV* #1 150 5 2012/07/19 40 BBB+ Baa12007/07/13 HSBC FINANCE #13 300 5 2012/07/20 29 49.9 AA- Aa32007/07/13 HSBC FINANCE* #3 200 5 2012/07/20 29 AA- Aa32007/07/18 NATIONAL AUSTRALIA BANK #1 250 5 2012/07/26 8 29 AA2007/07/18 NATIONAL AUSTRALIA BANK* #1 250 5 2012/07/26 8 AA2007/08/01 BANQUE CENTRALE DE TUNISIE #7 300 20 2027/08/09 75 107 BBB Baa2 A-2007/08/09 HYUNDAI CAPITAL SERVICES INC #4 400 3 2010/08/20 59 A-2007/09/13 DEUTSCHE BANK AG LONDON* #2 600 5 2012/09/25 45 AA Aa12007/09/13 DEUTSCHE BANK AG LONDON #4 570 5 2012/09/25 45 66 AA Aa12007/09/13 DEUTSCHE BANK AG LONDON #5 300 10 2017/09/25 55 77 AA Aa12007/10/03 KDB #27 330 5 2012/10/12 50 A Aa3 A+ A+p2007/10/03 KDB #26 270 3 2010/10/12 40 A Aa3 A+ A+p2007/10/05 BARCLAYS BANK PLC #2 500 5 2012/10/15 40 61 AA Aa12007/10/05 BARCLAYS BANK PLC* #1 900 5 2012/10/15 40 AA Aa12007/10/18 REPUBLIC OF HUNGARY #5 250 10 2017/10/26 27 47 BBB+ A2 A- A-2007/11/02 INDUSTRIAL BANK OF KOREA #3 300 2 2009/11/09 30 55 A Aa3 A+2007/11/02 INDUSTRIAL BANK OF KOREA #4 200 5 2012/11/09 52 69 A Aa3 A+2007/11/02 INDUSTRIAL BANK OF KOREA* #1 100 2 2009/11/09 30 A Aa3 A+2007/11/09 REPUBLIC OF POLAND #7 500 30 2037/11/16 28 43 A- A2 A- A-2007/11/20 GECC #16 220 5 2012/11/28 38 61 AAA Aaa2007/11/20 GECC #17 100 10 2017/11/28 47 70 AAA Aaa2007/11/20 GECC* #2 550 5 2012/11/28 38 AAA Aaa2007/11/21 CORP ANDINA FOM #9 50 3 2010/11/29 35 62 A+ A1 AA-2007/11/27 COMMON WEALTH BANK #1 200 5 2012/12/04 49 72 AA Aa12007/11/27 COMMON WEALTH BANK* #1 400 5 2012/12/04 49 AA Aa12007/12/12 EUROPEAN INVESTMENT BANK** #7 400 30 2037/12/20 AAA Aaa2007/12/12 IBRD** #26 400 30 2037/12/18 AAA Aaa AAA


8


*FRN


2008/01/17 RENAULT #7 325 3 2011/01/24 80 107 BBB+ Baa1 A A2008/01/17 RENAULT #8 50 5 2013/01/23 100 123 BBB+ Baa1 A A2008/01/17 RENAULT* #1 125 3 2011/01/24 80 BBB+ Baa1 A A2008/01/18 MORGAN STANLEY #8 200 4 2012/01/24 120 143 A- Aa3 AA2008/01/18 MORGAN STANLEY* #2 302 4 2012/01/24 120 A- Aa3 AA2008/01/18 HYUNDAI CAPITAL SERVICES INC #5 420 2 2010/01/28 150 173 BBB Baa2 A-2008/01/18 HYUNDAI CAPITAL SERVICES INC* #1 50 2 2010/01/28 150 BBB Baa2 A-2008/01/23 GOLDMAN SACHS #11 183 5 2013/01/30 110 133 AA- Aa3 AA2008/01/23 GOLDMAN SACHS* #3 1,302 5 2013/01/30 1102008/01/23 WESTPAC BANKING CORP #1 270 5 2013/01/30 53 76 AA Aa12008/01/23 WESTPAC BANKING CORP* #1 500 5 2013/01/30 53 AA Aa1


9

Euro / Global Yen Issuance (2006)

*FRN

LAUNCH Size Life

DATE Format ISSUER Yen100mil (yr) Maturity LIBOR JGB SP MDY R&I JCR2006/01/18 GLOBAL EIB 500 20 2026/01/26 0.4 AAA Aaa2006/02/16 GLOBAL PFIZER 600 5 2011/02/22 22 AAA Aaa2006/02/16 GLOBAL PFIZER 550 10 2016/02/22 30 AAA Aaa2006/05/19 GLOBAL WAL-MART 500 5 2011/05/26 15 AA Aa22006/09/25 GLOBAL GECC 500 3 2010/01/15 AAA Aaa2006/11/02 GLOBAL GECC 650 5 2011/11/10 10 AAA Aaa2006/12/01 GLOBAL GECC* 350 5 2011/11/10 AAA Aaa


10

Euro / Global Yen Issuance (2007~)

*FRN

LAUNCH Size LifeDATE Format ISSUER Yen100mil (yr) Maturity LIBOR JGB SP MDY R&I JCR

2007/01/10 EURO RABOBANK 500 3 2010/01/22 9 AAA Aaa2007/01/11 GLOBAL EIB 500 20 2027/01/18 5 AAA Aaa2007/01/11 GLOBAL EIB* 250 5 2011/09/21 -21.5 AAA Aaa2007/01/11 GLOBAL EKSPORTFINANS 500 7 2014/03/20 10 AA+ Aaa2007/02/05 EURO GECC* 200 2 2009/02/17 0 AAA Aaa2007/03/02 EURO DEPFA ACS BANK 250 9.75 2016/12/20 AAA Aaa2007/03/07 EURO TMCC 500 5 2012/03/16 15 AAA Aaa2007/03/07 GLOBAL EIB 500 10 2017/06/22 AAA Aaa2007/03/08 GLOBAL KFW 500 6.83 2014/01/20 AAA Aaa2007/04/04 EURO RABOBANK 500 10 2017/04/12 AAA Aaa2007/04/20 EURO GECC 500 5 2009/02/17 10 AAA Aaa2007/04/20 EURO GECC* 200 5 2009/02/17 10 AAA Aaa2007/04/20 GLOBAL NORDIC INVESTMENT BANK 500 10 2017/04/27 AAA Aaa2007/05/11 GLOBAL EIB 750 5 2012/09/20 -21.5 7 AAA Aaa2007/05/25 EURO MORGAN STANLEY* 400 5 2012/06/07 23 A+ Aa32007/05/25 EURO MORGAN STANLEY 180 7 2014/06/06 30 A+ Aa32007/05/31 EURO EXPORT-IMPORT BANK OF INDIA 240 5 2012/06/07 50 BBB- Baa3 BBB2007/06/07 EURO INSTITUTO DE CREDITO OFICIAL 500 5 2012/09/20 AAA Aaa2007/06/08 EURO DEPFA PFANDBRIEFBANK 250 9 2016/12/20 AAA Aaa2007/06/13 EURO DEVELOPMENT BANK OF JAPAN 500 5 2012/06/20 9 AA- Aaa AA AAA2007/06/13 GLOBAL KFW 500 30 2037/06/20 9 AAA Aaa2007/06/15 GLOBAL CITIGROUP 500 20 2027/06/25 24 AA Aa12007/06/15 GLOBAL CITIGROUP 550 30 2037/06/26 30 AA Aa12007/06/15 GLOBAL CITIGROUP 400 40 2047/06/26 32 AA Aa12007/06/15 EURO KOOKMIN BANK* 200 3 2010/06/22 16 A A12007/06/19 GLOBAL ASIAN DEVELOPMENT BANK 500 20 2027/06/21 8 Aaa Aaa AAA AAA2007/06/21 EURO BAYER JAPAN 100 3 2010/06/28 BBB+ A32007/06/21 EURO BAYER JAPAN 150 5 2012/06/28 BBB+ A32007/06/21 EURO BAYER JAPAN* 300 5 2012/06/28 26 BBB+ A32007/07/05 GLOBAL KFW 250 18.7 2026/02/26 AAA Aaa2007/07/20 EURO AMERICAN EXPRESS CREDIT 120 5 2012/07/30 16 A+ Aa3


11

Euro / Global Yen Issuance (2007~)

*FRN

LAUNCH Size LifeDATE Format ISSUER Yen100mil (yr) Maturity LIBOR JGB SP MDY R&I JCR

2007/09/05 GLOBAL CITIGROUP* 2,500 5 2012/09/14 45 AA Aa12007/09/05 EURO MORGAN STANLEY* 264 5 2012/09/13 65 AA- Aa32007/09/05 EURO MORGAN STANLEY 148 5 2012/09/13 65 AA- Aa32007/09/13 EURO ROYAL BANK OF SCOTLAND* 2,300 5 2012/09/21 45 AA Aa12007/09/14 GLOBAL BANK OF AMERICA* 2,300 5 2012/09/20 45 AA Aa12007/10/31 EURO GAZPROM 200 3 2010/11/15 154 BBB A32007/10/31 EURO GAZPROM 300 5 2012/11/15 160 BBB A3


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Who is behind the growth?

Section 2

13

Major Investors in Japan （ 1）

City Banks

City banks offer banking services to relatively many large corporate customers in Japan. Due to the series of mergers, Japan is now left with several mega banks. Currently there are 10 City Banks.

Description Investment Criteria Target maturityMinimum Required Rat

ing(R&I / JCR)

Liquidity Spread BIS risk weight

2 ～ 10 years. (Mainly up to 5 years)

3~5 years FRN

BBB

Regional Banks

The principal mission is to contribute to the social and economic development of the Japanese regions. Traditionally, there were 64 banks which were referred to as "regional banks" in Japan, but due to the conversion of Sogo banks , this number has now doubled.

Yield BIS risk weight Spread Liquidity

1 ～ 10 years. Mainly up to 5

years for non-Japanese

3~5 years FRN

BBB Preferred A~AA

Trust Banks

Trust banks are unique among Japanese financial institutions in that they combine financing services with asset management services. Pension funds are big player of public corp. bond and Samurai.

Liquidity /Spread BIS risk weight

2 ～ 10 years 3~5 years FRN

.

BBB

Life Insurance Companies

The number of life insurance companies operating in Japan is 38, as of March 2006. More than 90% of the population owned life insurance and the amount held per person was at least 50% greater than in the United States. The most important player of long dated bond (10 year or longer).

Yield Duration (ALM) Spread Liquidity

2 ～ 40 years. Preferred 10~20 y

ears

BBB Preferred A or better

Non-life Insurance Companies

As of December 1, 2006, a total of 48 general insurance companies are operating in Japan. A total of 26 companies were licensed as domestic insurers, including 4 foreign capital domestic insurers, while 22 companies were licensed as foreign insurers.

Liquidity Yield Spread

2~30 Years Up to 5 years

preferred

BBB Preferred A or better

Own portfolio

Pension trust Index Spread / Liquidity

2 ～ 20 years. BBB Preferred A~AA

Investment size(100mil)

10~

5 or 10~

10~

10~

5 or 10~

Active10~ Passive1~

14


Asset Management

As of July 2007, over 120 asset management companies are operating in Japan. Pension Funds are big player of public corp. bond and Samurai bond.

Description Investment Criteria Target maturityMinimum Required

Rating(R&I / JCR)

Rating Liquidity

Up to 5 years Preferred 1~3 years 1~5 years FRN

BBB Preferred A or b

etter

Public Entities (Japan Post)

As a institutional investor, Japan Post is the largest in a public sector in Japan. It runs the world's largest postal savings system and is often said to be the largest holder of personal savings in the world. Now it is under the process of privatization toward March 2017.

Yield Spread Liquidity Rating Issuer’s industry

3~20 years Preferred 2~10 year

s

A

Public Entities (Regional)

Mainly, Mutual Aid Association which is a pension fund for employees of public sector.

Rating Yield

2~20 years Preferred 5~10

years

A

Upper organization of

regional financial

Institutions

Federations of Cooperative Financial Institutions. The Norichukin Bank which is the central bank for the Japanese agricultural, forestry, and fishery cooperatives is the largest upper organization.

Zenkyoren is managing agricultural insurance money and one of the biggest 10 and 20 year player of high grade bonds.

Relative value Credit spread Yield Risk weight

BBB 2~20 years

Investment trust

Pension Fund Index / Spread Liquidity

Any maturity BBB Preferred BBB~A

Public Entities (Pension)

Gov. Pension Investment Fund is the most biggest pension fund manager and big player of corp. bond.

Index 2~30 years BBB Preferred A or be

tter

InvestmentSize （ 100mil)

2 or 3~ 10

20 or 30~

10 ~ 50

10 or 20 ~100

Active10~ Passive1~

5~ Large fund 20

or 30~

15


Description Investment Criteria Target maturityMinimum Required Rati

ng(R&I / JCR)

Non-Profit Organization

Such as foundation, school and religious corp. Yield Rating

1~30 years BBB Preferred high grade

Corporation Over 1,000 corporate are covered by DB and main t

arget are cash rich companies.

Yield Rating

1~10 years 1~5 years FRN

BBB Preferred high grade

International Investors

Can be categorized into non-resident and resident.

Public sector Asset swap spread

1~40 years Not particular resident

Non-resident

(Bank, Asset Manager, Insurance)

Asset swap spread 1~40 years Not particular

Regional financial

Institutions

Regional financial Institutions, such as Shinkin Bank, Shinkumi Bank, Rokin (Labor) Bank and JA Bank

Yield Spread Risk weight Liquidity

2~20 years Preferred 3~10

years 2~5 years FRN

BBB Preferred A~AA

InvestmentSize (100mil)

5 or 10 ~ 30

5~50

10~

30~200

~5 or 10

16

How to utilise the Yen capital markets?

Section 3

17

Investor Characteristics and Solutions

Investor Characteristics

– The Japanese investor base tends to have a very “flat” credit curve, until a certain point where it become “vertical”

• Past experiences with international credits created a conservative / Risk averse stance

– Past “experiences” include; Russia, Xerox, Enron

• On the other hand, they would be big investors of credits they feel used to / comfortable with

– Examples include; Thailand. Increased interest in India

How to bring the investors closer

– Increase information flow to increase “familiarity”

– Support transaction via structuring to take away the “unacceptable” level of uncertainty

• Especially in cases such as cross border project finance / project related financing

18

Sample concept Public Support of project via providing risk money⇒

AssetsAssets

Cash FlowsCash Flows

Senior Debt

Bond

Loans

Senior Debt

Bond

Loans

CapitalCapital

Mezzanine /

Capital

Senior Bond Investors

Senior Lenders

Sponsors

Financial InvestorsEtc.

Public Funds and/or Support

19

Deutsche Bank Group in India and the Yen Markets

Appendix

20

2007 Deutsche Bank Group Credentials in India

Best Emerging Markets Bond

House

2007

December 2007

Best International Bond House

Asia Bond House of the Year

2006

December 2006

Best Debt House in Asia

2007

July 2007

2007

December 2007

Best Debt Arranger

REPEAT WINNER

2005, 2006

3-TIME WINNER

2005, 2006,

20073-TIME WINNER

2005, 2006,

2007REPEAT WINNER

2006, 2007

INAUGURAL

WINNER

DEUTSCHE BANK

IFR Asia Bank of the Year 2007

2007

December 2007

Best Investment Grade Bond 2007 — ICICI Bank USD2bn 3-tranche Deal

IFR Asia Winner

Emerging Asia Bond 2007 —ICICI USD2bn Three-tranche Global

IFR Asia Winner

Best Investment Grade Bond 2007 —ICICI Bank USD2bn Offering

Awards for Excellence 2007

Best Investment Grade Bond 2007 — ICICI Bank USD2bn 3-tranche Deal

Triple A Assets Asian Awards 2007

ICICI Bank LtdUSD 2 billion 3-tranche

3mL + 54 bps FRN due 20105.750% Fixed Note due 20126.375% Upper Tier 2 15NC10

Joint Bookrunner

January 2007

ICICI Bank LtdUSD 2 billion 3-tranche

3mL + 54 bps FRN due 20105.750% Fixed Note due 20126.375% Upper Tier 2 15NC10

Joint Bookrunner

January 2007

State Bank of IndiaUSD 200 million

Floating Rate Notes due 2011

Sole BookrunnerJanuary 2007



Sole BookrunnerJanuary 2007

UTI BankUSD 250 million


Joint BookrunnerJanuary 2007










ICICI Bank UK PLCUSD 500 million


Joint BookrunnerFebruary 2007

ICICI Bank UK PLCUSD 500 million



ICICI Bank LtdEUR 500 million


Joint BookrunnerMarch 2007

ICICI Bank LtdEUR 500 million


Joint BookrunnerMarch 2007


Senior Floating Rate Notes due 2012






6.439% Hybrid Tier 1 Perpetual NC10





























6.625% 15NC10 Note due 2022

Joint BookrunnerMay 2007

Bank of BarodaUSD 300 million

6.625% Fixed Rate Notes due2012

Joint Bookrunner

September 2007

Joint Bookrunner

ICICI Bank LtdUS$ 2 billion

6.625% Fixed Rate Notes due2012

Joint Bookrunner

September 2007

Joint Bookrunner

ICICI Bank LtdUS$ 2 billion

December 2007

GBP 350 million

6.250% Fixed Rate Notes due 2010

Joint BookrunnerMay 2007

ICICI Bank Ltd

http://images.google.com.sg/imgres?imgurl=http://www.taifook.com/english/aboutus/images/asiamoney_award.gif&imgrefurl=http://www.taifook.com/english/aboutus/awards.jsp&h=59&w=90&sz=2&hl=en&start=11&tbnid=xTI-ZdsGBYYk1M:&tbnh=51&tbnw=78&prev=/images%3Fq%3Dasiamoney%26gbv%3D2%26svnum%3D10%26hl%3Den

21

Thomson International Financing Review January 5 2008 Issue 1715

ifr 2007 YEARLY TABLES

2007 Deutsche Bank Group League Tables (Yen)

IFR (1/1/07 - 12/31/07)

All Samurai Bond Underwriters Ranking All international yen bonds Amount Amount

J PY(billion) J PY(billion)1 Nikko Citi 425 17 1 Nikko Citi 1,850 932 Mizuho 267 22 2 Morgan Stanley 730 233 J P Morgan 208 9 3 Deutsche Securities 615 334 Daiwa SMBC 203 19 4 Daiwa SMBC 571 405 Deutsche Securities 185 4 5 Nomura 502 306 Nomura 182 15 6 Mizuho 428 30

Rank Underwriter# of

DealsRank Underwriter

# of Deals

22

“Few houses crop up in virtually every conversation regarding bonds, no matter where in the world it is held or

what asset class is under discussion. Deutsche Bank is one of those few, boosting a stunning breadth of business stretching from high-grade to high yield and mainstream

to emerging currencies...“

“In a volatile year, Deutsche Bank identified trends early and assisted clients across a range of structures with no

currency bias…”

“It is also notable that Deutsche was first bank issuer to return to market after the dislocation of the summer, when

confidence was at its nadir”

“The bank… played a key role in reopening the primary market in the midst of the global liquidity crisis.”

IFR Magazine “Bond House of the Year 2007”

23

© Copyright 2008 Deutsche Securities Inc.

This document has been prepared by Deutsche Securities Inc. (“DSI”) for information purposes only. Although the information contained herein is based on sources that DSI believes reliable, DSI does not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinion herein. DSI is not responsible for any losses or damages incurred by your relying on such information and opinion. The analyses or opinions contained herein may be based on assumptions that if altered can change the analyses or opinion expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial product, credit, currency rate, interest rate or any other market or economic measure. Furthermore, past performance is not necessarily indicative of future results. DSI has no obligations to update, modify or amend this document or to notify a reader in the event that any matter stated herein changes or subsequently becomes inaccurate. DSI is not acting as your adviser, agent or fiduciary. When you analyze risks and issues on investment, finance, tax, law and/or accounting contained herein, you should take steps to ensure that you understand the transaction and have made an independent assessment of the appropriateness of the transaction and it is strongly recommended to seek advice from your own experts and/or advisors, in light of your own objectives and circumstances. This document shall not be construed as and does not form part of an offer, nor an invitation to offer, nor a solicitation or recommendation to enter into any transaction with DSI or any of its affiliates, nor is it an official or unofficial confirmation of terms. This document and any information contained herein are confidential and may not be reproduced or distributed in whole or in part without our prior written consent.

Strictly Private and Confidential

infrastructure finance via the yen capital markets ～ exploring opportunities

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