GTR Magazine - July/August 2008
GTR Magazine: July/August 2008
Russia to the rescue
Western Europe's gas requirements are growing apace while its own reserves are running out. With Russia's vast reserves lying nearby, one project is aiming to tap into these valuable sources and start sating the EU’s needs by 2011. Rupert Sayer looks at the Nord Stream project’s ambitious plans to pipe gas across five international jurisdictions.
Trade finance funds seek new deals
A short while ago the handful of active trade finance funds were a novelty. Fast forward five years: their numbers have reached double digits - and they are underwriting deals that banks will not or cannot, writes Erika Morphy.Nara Capital in Geneva is among the small but growing cadre of investors that are seeking exposure to trade finance paper and transactions via a fund. A fund of funds itself, in theory Nara's approach to the market is by definition much wider that those funds that are originating loans or trading paper on the secondary market: in short its investment guidelines allow it to buy anywhere along the spectrum of trade finance transactions, from working capital to pre-export finance to structured finance to purchase order financing.
Africa’s oil appeal glistens
In a world of shrinking credit availability, financiers retain a healthy appetite for Sub-Saharan Africa's hydrocarbons sector, writes Kevin Godier.
Export and trade business warming up in Switzerland
The image of the Swiss banking market has taken a hit in recent months. The doom-ridden headlines include talk of subprime losses and legal battles. In contrast, the trade and export teams at Swiss banks seem to be enjoying an upturn in business, writes Rebecca Spong.
Forfaiters find new ground
When global liquidity began to tighten last year, forfaiters speculated on its impact on their market. With margins likely to rise and the trade asset becoming more attractive, business prospects looked promising. A year on, Rebecca Spong assesses whether forfaiting has really seen an increase in its popularity.
Are recruitment drives slowing down?
News of more redundancies from Goldman Sachs and Citi has given bankers the spooks this summer - and it seems that no one is truly safe. Helen Castell takes a look at the recruitment market to find out if anyone is still hiring.
Credit crunch proves to be SCF catalyst
Is the credit crunch turning out to be a major catalyst for the adoption of Supply Chain Finance (SCF)? There were earlier concerns that it could do the opposite. But recent findings by some SCF providers certainly suggest that scarcer credit is making users think harder about alternative funding methods. Justin Pugsley finds out.
Top of the pops: AMR reveals best supply chain companies
Recent research by AMR reveals the 25 most adept firms at using their supply chains. Often, those corporates which are advanced in managing their supply chains also tend to be the most enthusiastic about the use of supply chain finance.
A happy birthday for UCP 600?
On July 1 the letter of credit community celebrated the first anniversary of the introduction of the UCP 600. Kim Christensen, trade finance business and product specialist, at Nordea in Copenhagen, reviews how successfully the new guidelines have been implemented.No doubt the UCP 500 revision was a huge task. The drafting group received more than 5,000 comments to the released drafts and almost every single word was changed.
Cutting out a sugar sweet deal
Nedbank has closed a US$12mn revolving sugar import stock facility for Tate & Lyle Sugar Trading, to import sugar into Kenya, Ghana and Togo. Although small in size, the facility could act as a useful template for future soft commodity financings in the Sub-Saharan region, writes Rebecca Spong.
Brazil: post investment grade
It's about time too, given the country's stellar progress. But global credit market woes will limit the impact, writes Erika Morphy.
Commodities trump credit squeeze
Rising commodity prices are softening the impact of the credit crisis in Latin American markets, writes Luis Waldmann.
Kazakhstan: the new frontier
Kazakhstan's banking sector has suffered from the fallout from the liquidity crisis, having borrowed heavily from foreign markets. Yet, as the country continues to diversify its economy away from its reliance on oil reserves, Kazakhstan still offers many attractive investment opportunities, argues Philip de Leon.
