2003 could be the year when Turkey's prospects finally change for the better after a difficult couple of years. While leading Turkish banks have had success this year in raising international trade finance, there has been little success elsewhere. Robin Bingham reports.
Risk perceptions are still high in Sub-Saharan Africa and financing remains difficult but there are signs that things are starting to change. With positive political transition in a number of countries, including Nigeria
Increased trade is the key to Brazil ’s economic recovery and staying close to the path set by the IMF. Odair Abate, chief economist at Lloyds TSB in Brazil, outlines Brazil ’s economic chances.
A vital road link in Cambodia that forms part of a regional highway for the Greater Mekong Subregion (GMS) will be completed with the help of an approved Asian Development Bank (ADB) loan for US$50 million equiv
How should trade finance borrowers respond to a changing market Robert Kelsey of debt markets communications specialists Moorgate Group argues that market perception will become as important as
Fancy getting involved in Kazakhstan's nuclear chemical industry? If you are a US corporate or financial institution, you might have a clear path to Kazatomprom's door.
The latest EBRD transition report claims that a better business climate in Central and Eastern Europe is being curbed by agriculture's backwater status despite economic growth outpacing the world economy. Alexandra Schluecker exam
The range and importance of the issues covered at Omni Whittington's and Exporta Group's "Managing Emerging Markets Risk" conference held at the Grange City Hotel in London on November 21 was such that just about anyone in the credit risk assessment business would have gained from attending,
NORTH AFRICAN STAR
The first ever limited-recourse facility in Algeria closed in December which is likely to set a precedent for future project financings in the country. It is the first time that Algerian banks have been involved in
If 2002 was Russia's year, how about Kazakhstan? It really took on the mantle of FSU “darling” during the year. Several deals signed for the country during 2002, but one which stands out for the number of bank participants involved is the one-year syndicated term loan for ATF Bank (formerly Almaty Merchant Bank) which closed in October.
A GIANT TAKE-OFF
Here’s a jumbo deal for consideration that we thought well worthy of a mention in the “Best Deals” report. It closed in August 2002 and received more than a few nominations. It involves a mammoth US$3.6
Adding to a healthy track record
Romania has come a long way in recent years. However, its image among foreign financiers perhaps has not matched its real potential and its record in upholding debt payments for instance. One deal
Ringing the changes in LatAm
In September 2002, Citigroup, acting as joint lead bookrunner and ECA agent, closed the largest project finance deal in the Latin American telecom market during 2002. The US$515 million transaction was approp
Ringgit landmark for telecoms deal
Arrangers and underwriters Credit Agricole Indosuez, Intesa BCI, JPMorgan Chase and SG (facility agent) closed a landmark deal in Malaysia in September involving local currency funding for a telecom
A remote success
Mongolia for three years who would have thought it Well, ING and Credit Suisse fully underwrote such a deal during 2002. The arrangers structured a three-year limited recourse, pre-export finance facility based
A GOLDEN FLEECE
ABC International Bank (ABCIB) London’s trade finance department recently completed a US$40 million structured trade finance transaction for the funding of livestock exports from Australia. This is believed to b
MIDDLE MARKET PRECEDENT
A highly structured and innovative trade finance deal expected to close by the end of December for a US$223 million term loan in Mexico. The deal split between a commercial facility of US$125.7 million and an
Pushing out the tenor
If trade financiers had to pick a glory year for Russia since its crisis in 1997, they are more than likely to choose 2002. One deal that signed on June 24 of 2002 was a US$300 million syndicated pre-export fina
Biggest yet for African cotton
For the second year in a row, SG was mandated in November 2002 to jointly arrange with Banque de Développement du Mali (BDM) a €145 million cotton pre-export financing in Mali in favour of Comp
The US$200 million secured three-year term loan facility arranged for OAO Mining and Metallurgical Company Norilsk Nickel is the largest ever nickel stock financing deal to date and the largest commodity-backed transaction for a Russian borrower over US$600 million of nickel stocks pledged to back the transaction.
A CORPORATE COUP
In September, ING and Citigroup, as mandated arrangers, steered to closing a landmark transaction for the Philippines that included a syndicate of banks comprising 14 different financial institutions, the largest in term
ECA first, with no sovereign support
In April 2002, Citigroup, acting as sole lead arranger, closed a US$69 million US dollar and Indonesian rupiah-denominated financing for PT Telkom in Indonesia. The financing represented the first
A coming of age
The first syndicated pre-export finance facility for Russia’s Rual Trade Ltd (RusAl Russian Aluminium’s trading arm) closed in August 2002 and deserves a mention within our “Best Deals of 2002” se
AN EXOTIC MIX
An innovative financing structure for the Central Bank of the Seychelles (CBS) closed in August 2002. It totally eliminates performance risk away from the borrower as well as totally eliminates Seychelles currency conve
Five-year giant
Russian oil major Sibneft took on a US$510 million pre-export loan in October 2002 which pushed the tenor out to five years for what the arrangers believe was the first time for a Russian private corporate borrower since
Longest and cheapest for Russia
Deutsche Bank Amsterdam closed a US$200 million syndicated pre-export oil finance term loan facility for Russian oil company OAO Tyumen Oil (TNK) in July. What makes it special is the deal’s size and
DEFEATING THE CRISIS
ABN Amro Bank's global trade and advisory team structured and funded a US$203 million one-year bullet pre-export finance facility for Brazil’s Votorantim Celulose e Papel, during 2002. The deal stands out as it
BIGGEST FOR A BANK
The largest syndicated loan facility for a Russian bank to date closed for arrangers and bookrunners Citigroup and Deutsche Bank in November. The deal involves a US$240 million financing for Vneshtorgbank (VTB).
How many real trade-related deals closed during 2002 Without hazarding a guess, you might agree it was quite a bit more than 20! This is how many deals GTR has chosen for its “Best Deals of 2002”. It has been a difficult and f
In his review of 2002, John Franck looks at what has been happening in the world of electronic trade services, at the major milestones from the points of view of banks and solution providers in this
Where are exporters finding the courage to deal in emerging markets Daniel Riordan, executive vice-president of Zurich Emerging Market Solutions (ZEMS) and Frederic Louat, vice-president, ZEMS credit insurance division, understand the nuances as
Now is the time to discuss the possibility of an emerging markets multilateral export credit agency, argues Paul Mudde, senior vice-president, reputation management and sustainable developmen
With fears growing over a possible war with Iraq , there is a great cloud of uncertainty hanging over the Gulf region and the rest of the Middle East and North Africa region. But for many financial instit
In its regular column this month, Omni Whittington covers developments in a few countries that it believes are noteworthy from the perspective of creditors to those countries namely Nigeria, Argentina and Iraq.
Movement on
Latin American crises, Russian resurgence, mixed Asian fortunes and a tough year for forfaiting and users of insurance. 2002 will not be forgotten. But as ever, trade has found a way round many of the barriers put in its way. Helen Castell looks bac
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Banks are jostling for a stake in South Africa’s promising renewable energy sector. Will this be the next best thing for the project finance market, asks GTR deputy editor Shannon Manders?
