國際結(jié)算(雙語)第九章：福費廷 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國際結(jié)算第九章福費廷第九章福費廷第一節(jié)福費廷業(yè)務(wù)的起源與發(fā)展第二節(jié)福費廷業(yè)務(wù)的含義、特點及作用第三節(jié)福費廷業(yè)務(wù)的操作流程第四節(jié)福費廷業(yè)務(wù)的成本第五節(jié)福費廷業(yè)務(wù)與其他結(jié)算方式的比較第一節(jié)福費廷業(yè)務(wù)的起源于發(fā)展一、福費廷業(yè)務(wù)的起源20世紀(jì)40年代中后期，戰(zhàn)后東歐國家需要向美國購買大量谷物，但外匯短缺。東歐各國美國西歐銀行谷物糧食付款性質(zhì)票據(jù)出售票據(jù)資金消費性物資如：谷物糧食資本性物資如：大型設(shè)備轉(zhuǎn)為2.20世紀(jì)五六十年代，國際資本性貨物逐漸由賣方市場轉(zhuǎn)變?yōu)橘I方市場，買方要求延長延期付款的信用期限，賣方急需銀行融資支持。3.20世紀(jì)七十年代，國際局勢動蕩不安，債務(wù)危機加深，買方違約增多，保險和擔(dān)保業(yè)務(wù)減少。4.20世紀(jì)八十年代，第三世界受債務(wù)危機困擾，官方支持的出口信貸越來越少，正常的銀行信貸受到抑制。二、福費廷業(yè)務(wù)的發(fā)展形成了包買票據(jù)二級市場出現(xiàn)了包買辛迪加銀行參與風(fēng)險擔(dān)保發(fā)展業(yè)務(wù)具有較強技術(shù)性業(yè)務(wù)不衍生其他附屬金融業(yè)務(wù)許多歐美銀行在該類業(yè)務(wù)中遭受過虧損約束第二節(jié)福費廷業(yè)務(wù)的含義、特點及作用一、福費廷的含義詞典解釋：福費廷是指為出口商提供一種貼現(xiàn)融資，在這種融資方式下，包買商以無追索權(quán)方式貼現(xiàn)出口商從進口商那里收到本票、已承兌匯票和信用證等。銀行界定義：包買商（銀行）從出口商那里無追索權(quán)地買斷由開證行/承兌行承兌的信用證項下的匯票，同時收取利息和手續(xù)費，并將該承兌匯票持有到期或繼續(xù)轉(zhuǎn)賣，銀行/包買商到期從開證行/承兌行/保兌行收回匯票金額的行為。二、福費廷業(yè)務(wù)的特點有真實的貿(mào)易背景，交易標(biāo)的物為票據(jù)債務(wù)憑證的買賣無追索權(quán)為期限較長的資本性商品交易提供融資提供固定利率融資需要進口方銀行對債權(quán)憑證擔(dān)保有債權(quán)憑證的二級流通市場三、福費廷業(yè)務(wù)的作用有利方面不利方面出口商轉(zhuǎn)移無法收到款項風(fēng)險交易內(nèi)容受限消除利率、匯率和資金周轉(zhuǎn)風(fēng)險融資期限必須是中長期程序相對簡化成交金額較大減少資金占用，增強資金流動性福費廷業(yè)務(wù)收費較高進口商可獲100%合同價款的延期支付承擔(dān)轉(zhuǎn)嫁的高額融資費用固定利率融資，免受利率風(fēng)險長期占用信用額度出具獨立、不可撤銷付款憑證包買商高收益率無追索權(quán)買斷票據(jù)，承擔(dān)的風(fēng)險較大票據(jù)可轉(zhuǎn)讓，快速收回資金擔(dān)保行文件簡單，責(zé)任明確，便于受理承擔(dān)無條件付款責(zé)任擔(dān)保費收入可觀追索依賴進口商資信狀況第三節(jié)福費廷業(yè)務(wù)的操作流程一、福費廷業(yè)務(wù)的基本當(dāng)事人提供商品或勞務(wù)并將應(yīng)收票據(jù)出售給包買商接收商品或勞務(wù)，承擔(dān)到期支付票據(jù)款項的主要責(zé)任通過購買出口商應(yīng)收票據(jù)，提供福費廷融資的銀行或金融機構(gòu)。為進口商的按期支付提供擔(dān)保的當(dāng)事人，通常是進口地的銀行。出口商進口商包買商擔(dān)保行二、福費廷業(yè)務(wù)的流程簽訂出口合同、福費廷協(xié)議以及申請銀行擔(dān)保出口商發(fā)貨，將貨運單據(jù)（連同匯票）寄給進口商進口商將承兌匯票或本票交擔(dān)保行，獲擔(dān)保后寄出口商出口商將合格票據(jù)做“免除追索”背書后交包買商貼現(xiàn)包買商貼現(xiàn)票據(jù)包買商將到期票據(jù)經(jīng)擔(dān)保人向進口商提示進口商經(jīng)擔(dān)保人支付票款簽訂出口合同、福費廷協(xié)議以及申請銀行擔(dān)保出口商包買商進口方①同意采用福費廷②要求報價介紹交易③提供報價與選擇期④達成協(xié)議（貨款、支付方式、支付時間）擔(dān)保行⑤申請開立保函或票據(jù)保證⑥告知擔(dān)保行情況⑦正式簽訂貿(mào)易合同⑦簽訂包買票據(jù)協(xié)議出口商發(fā)貨，將貨運單據(jù)（連同匯票）寄給進口商出口商進口商①按合同發(fā)貨，寄送全套貨運單據(jù)。若采用匯票支付，寄送經(jīng)簽發(fā)的一系列不同到期日的匯票，要求承兌②可能預(yù)付定金或要求留置部分合同尾款注：扣除買方的預(yù)付定金與留置部分合同尾款的凈額才可以敘做包買票據(jù)業(yè)務(wù)。進口商將承兌匯票或本票交擔(dān)保行，獲擔(dān)保后寄出口商出口商進口方擔(dān)保行①進口商審查貨運單據(jù)合格后，即承兌匯票；或按合同規(guī)定開具本票。②將匯票或本票交擔(dān)保行，請求開出保函或背書保證出口商所在地銀行③寄送已擔(dān)保票據(jù)或保函③寄送已擔(dān)保票據(jù)或保函代管④將已擔(dān)保票據(jù)連同保函交出口商出口商將合格票據(jù)做“免除追索”背書后交包買商貼現(xiàn)包買商貼現(xiàn)票據(jù)包買商將到期票據(jù)經(jīng)擔(dān)保