About -Business Year in Review-
Lending
Private Export Funding Corporation ("PEFCO") new loan
commitments were a record $2,948 million in 2011,
compared to new loan commitments of $1,643 million
in 2010. New commitments in the Short and Medium
- Term Loan Programs and under our Small Business
Programs were $368 million in 2011.
| No. of Loan Commitments | Products | Amounts (In millions) |
|
17 2 3 163 |
AIRCRAFT ENERGY OTHER SMALL BUSINESS |
$2,018 462 100 368 |
| 185 | $2,948 |
Earnings
PEFCO's net income in 2011 was $3.4 million compared
to net income of $1.4 million in 2010. Net financing
income increased to $8.7 million in 2011 from $6.5
million in 2010. The average balance of financing assets
increased in 2011 by $709 million and the average
balance of financing liabilities increased by $722
million in 2011. The average financing revenue interest
rate decreased by .23%, while the average financing
expense interest rate also decreased .25%.
Funding
During 2011, PEFCO issued a total of $1.2 billion of
Secured Notes under a $1.5 billion issuance limit as
approved by Ex-Im Bank and the Board of Directors.
Issuances included three original issue series, and
two re-openings of existing series as detailed in the
following table.
| Series | Amount (in millions) | Lead Underwriter |
|
CC Z reopen BB reopen DD EE |
400 100 100 300 300 |
JPM/RBS US Bancorp BAML Citi/JPM BAML/RBS |
| 1,200 |
Dividend
The Board of Directors voted not to declare a dividend
for the fiscal year ending September 30, 2011. The
Board's decision was based on the view that PEFCO will
continue to see a large number of loan commitments
and the belief that the retention of earnings is in the
best interest of PEFCO and its shareowners as PEFCO
increases its capital base.