There is disconnect between stakeholders in London’s political risk and trade credit insurance market over the proposed language for a new standardised “sanctions clause” the market is considering including in policy wordings.
GTR can exclusively reveal that brokers and underwriters are at odds over the language, which was proposed during a meeting between market representatives and a Lloyd’s Market Association (LMA) business panel on July 15.
Financing large infrastructure projects has caused a surge in demand for political risk insurance (PRI) in recent years and prices have generally softened as a result.
According to the Ghanaian minister of finance, Seth Tekper, the Ghana National Cocoa Board (Cocobod) will seek US$0.4bn in additional funding for this year’s syndicated loan.
Former head of global transaction services (GTS) at Bank of America Merrill Lynch (BofAml), Paul Simpson, is being replaced by Paul Donofrio.
Pepi Bedi has been appointed head of structured finance at SMBC Europe. He replaces Ian Williams in the position, who has left the bank.
Criminals and tax evaders are using trade as a veil for their illicit activities. Finbarr Bermingham reports on the damage that’s being done, and how banks and companies need to clean up their acts.
Exporters in emerging markets are increasingly adopting forfaiting to boost their working capital so that they can export more – and reduce counterparty risks. Liz Salecka reports.
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