FOREIGN TRADE BANK OF LATIN AMERICA, INC. | CIK:0000890541 |

 

 

The breakdown of short-term (original maturity of less than one year) borrowings and debt, together with contractual interest rates, is as follows:

 

		December 31, 2017				December 31,  2016
Short-term Borrowings:
At fixed interest rates			429,069				788,075
At floating interest rates			633,154				657,000
Total borrowings			1,062,223				1,445,075
Short-term Debt:
At fixed interest rates			10,500				25,000
At floating interest rates			-				-
Total debt			10,500				25,000
Total short-term borrowings and debt			1,072,723				1,470,075
Average outstanding balance during the year			710,021				1,348,230
Maximum balance at any month-end			1,072,723				1,876,322
Range of fixed interest rates on borrowing and debt in U.S. dollars			1.60% to 1.95	%			1.10% to 1.50	%
Range of floating interest rates on borrowing in U.S. dollars			1.77% to 2.08	%			1.14% to 1.48	%
Range of fixed interest rates on borrowing in Mexican pesos			7.92	%			6.16	%
Range of floating interest rate on borrowing in Mexican pesos			7.68% to 7.89	%			5.72	%
Weighted average interest rate at end of the year			2.16	%			1.30	%
Weighted average interest rate during the year			1.66	%			1.10	%

 

The balances of short-term borrowings and debt by currency, is as follows:

 

		December 31, 2017			December 31, 2016
Currency
US dollar			1,044,500			1,470,000
Mexican peso			28,223			75
Total			1,072,723			1,470,075

 

 

Borrowings consist of long-term and syndicated loans obtained from international banks. Debt instruments consist of public and private issuances under the Bank's Euro Medium Term Notes Program (“EMTN”) as well as public issuances in the Mexican market. The breakdown of borrowings and long-term debt (original maturity of more than one year), together with contractual interest rates gross of prepaid commission of $4,211 and $5,133 as of December 31, 2017 and 2016, respectively, is as follows:

 

		December 31, 2017				December 31, 2016
Long-term Borrowings:
At fixed interest rates with due dates from October 2017 to February 2022			44,011				61,148
At floating interest rates with due dates from November 2017 to March 2021			379,000				631,326
Total borrowings			423,011				692,474
Long-term Debt:
At fixed interest rates with due dates from March 2018 to March 2024			532,305				921,479
At floating interest rates with due dates from January 2018 to March 2022			187,739				167,918
Total long-term debt			720,044				1,089,397
Total long-term borrowings and debt			1,143,055				1,781,871
Less: Prepaid commission			(4,211)				(5,133)
Total long-term borrowings and debt, net			1,138,844				1,776,738
Net average outstanding balance during the year			1,477,788				1,874,435
Maximum outstanding balance at any month – end			2,010,078				2,054,138
Range of fixed interest rates on borrowing and debt in U.S. dollars			1.35% to 3.25	%			2.85% to 3.75	%
Range of floating interest rates on borrowing and debt in U.S. dollars			2.61% to 3.01	%			1.66% to 2.49	%
Range of fixed interest rates on borrowing in Mexican pesos			4.89% to 9.09	%			4.75% to 8.90	%
Range of floating interest rates on borrowing and debt in Mexican pesos			7.99% to 8.00	%			6.19% to 6.54	%
Range of fixed interest rate on debt in Japanese yens			0.46% to 0.81	%			0.46% to 0.81	%
Range of fixed interest rate on debt in Euros			3.75	%			3.75	%
Range of fixed interest rate on debt in Australian dollar			3.33	%			3.33	%
Weighted average interest rate at the end of the year			3.60	%			2.98	%
Weighted average interest rate during the year			3.43	%			2.84	%

The balances of long-term borrowings and debt by currency, is as follows:

 

		December 31, 2017			December 31,  2016
Currency
US dollar			753,981			1,392,995
Mexican peso			206,750			219,347
Japanese yen			98,711			95,238
Euro			60,178			52,574
Australian dollar			23,435			21,717
Total			1,143,055			1,781,871

 

The Bank's funding activities include: (i) EMTN, which may be used to issue notes for up to $2.3 billion, with maturities from 7 days up to a maximum of 30 years, at fixed or floating interest rates, or at discount, and in various currencies. The notes are generally issued in bearer or registered form through one or more authorized financial institutions; (ii) Short-and Long-Term Notes “Certificados Bursatiles” Program (the “Mexico Program”) in the Mexican local market, registered with the Mexican National Registry of Securities maintained by the National Banking and Securities Commission in Mexico (“CNBV”, for its acronym in Spanish), for an authorized aggregate principal amount of 10 billion Mexican pesos with maturities from one day to 30 years. 

Some borrowing agreements include various events of default and covenants related to minimum capital adequacy ratios, incurrence of additional liens, and asset sales, as well as other customary covenants, representations and warranties. As of December 31, 2017 the Bank was in compliance with all covenants.

 

The future payments of long-term borrowings and debt outstanding as of December 31, 2017, are as follows:

 

Payments		Outstanding
2018			139,070
2019			357,434
2020			375,592
2021			200,731
2022			10,050
2024			60,178
			1,143,055