GTR Trade Finance eNews - April 2008
April 30, 2008
Calyon creates new natural resources department
Calyon has unveiled its new natural resources, infrastructure and power department, jointly headed up by...April 30, 2008
Dresdner to open in Mumbai
Dresdner Bank is set to open its first Indian branch in Mumbai.April 30, 2008
Algeria's Sorfert closes fertiliser project deal
An €1.1bn-equivalent financing for the construction of a nitrogen-based fertiliser plant in northwest Algeria has closed.April 30, 2008
Pakistan bank joins IFC trade scheme
Pakistan’s MCB Bank has joined the IFC’s global trade finance programme.April 30, 2008
Abanka signs syndication oversubscribed
The Slovene bank Abanka has closed its €165mn syndicated amortising term loan facility.April 29, 2008
Promsvyazbank closes trade loan
Russia's Promsvyazbank has closed a US$175mn 12-month syndicated loan.April 29, 2008
Mechel syndication to wrap up soon
Co-ordinating mandated lead arrangers ABN Amro and Merrill Lynch are hoping to close the US$1.5bn acquisition bridge financing facility for the Russian mining and metals firm Mechel very soon.April 29, 2008
Slovenia's NLB issues mandates
Slovenian bank Nova Ljubljanska banka (NLB) has mandated eight banks to arrange a €500mn term loan facility.April 29, 2008
Noble closes syndication on guarantee facility
Global supply chain manager Noble Group has closed syndication on a US$700mn revolving letter of credit and guarantee facility.April 29, 2008
General syndication launched on NLMK
Banks are being invited to participate in the general syndication of a US$1.5bn five-year amortising pre-export finance facility for the Russian steel producer NLMK.April 29, 2008
Payment terms in China set to extend
Terms of payment between companies in China are getting longer due to increasing market competition, according to the latest edition of a survey from insurer Coface.April 29, 2008
Finacity extends receivables securitisation
Finacity Corporation has extended an US$150mn trade receivables securitisation transaction.April 25, 2008
KME finalises Sace-backed credit line
Italian copper products producer KME Group has finalised a €103mn credit line.April 25, 2008
Dubai Bank adopts Misys trade tool
Dubai Bank has adopted Misys Trade Innovation to support its trade finance operations in the Middle Eastern banking market.April 25, 2008
EKN boosts underwriting team
The Swedish export credit agency EKN has announced a number of new hires.April 25, 2008
Novatek signs syndication
Russian gas producer Novatek has signed the facility agreement for an unsecured US$800mn syndicated loan facility.April 25, 2008
Nigeria's First Bank secures BNDES credit facility
The Brazilian development bank BNDES (Banco Nacional de Desenvolvimento Economic e Social) have extended a US$63mn facility to the First Bank of Nigeria.April 25, 2008
MediCapital joins IFC trade finance scheme
MediCaptial, a London-based bank wholly-owned by Morocco's Banque Marocaine du Commerce Exterieur, has joined the IFC's global trade finance programme.April 25, 2008
JPMorgan forms new logistics alliance
JPMorgan has formed an alliance with global transportation management company Trax Technologies to offer a range of logistical and financial services, including supply chain financing solutions for Trax's customers.April 25, 2008
Belarusbank mandates for trade deal
Belarusbank has mandated BayernLB and Commerzbank as lead arrangers and bookrunners...April 24, 2008
UC Rusal completes Norilsk stake acquisition
Russian aluminium producer UC Rusal has completed its acquisition of a 25% plus one share stake in Norilsk Nickel from Onexim group.April 24, 2008
EDC and HSBC sign trade programme
Canada's export credit agency Export Development Canada (EDC) has signed a joint financing agreement with HSBC Bank Canada to help support Canadian exporters.April 24, 2008
Nigerias Diamond Bank wins trade loan
Nigeria's Diamond Bank has signed a US$70mn one-year trade-related loan via mandated lead arranger and bookrunner SMBC Europe.April 21, 2008
Deutsche signs Angolan infrastructure deal
Deutsche Bank has signed a €225mn eight-year loan with the ministry of finance of Angola to support a road reconstruction project in the country's capital of Luanda.April 21, 2008
Congo's Grand Inga project talks continue in London
Banks and major energy companies are gathering in London to discuss how they might get involved in the Grand Inga hydropower project in the Democratic Republic of Congo (DRC).April 21, 2008
ATI awarded new rating
Ratings agency Standard & Poor's has awarded the African Trade Insurance Agency (ATI) a long-term rating of 'A', with a stable outlook.April 21, 2008
GE and WestLB's drilling vessel deal closes oversubscribed
GE and WestLB have closed syndication oversubscribed for an acquisition financing for Peregrine I, an offshore drilling vessel in Brazil.April 21, 2008
EFIC pinpoints key threat to the Asian economy
Although the Asian economy has been relatively resilient in the face of growing global credit market turmoil, there are signs that the region will become increasingly susceptible if the crunch continues...April 21, 2008
New President for Argentine Export and Investment Bank
Miguel Gustavo Peirano, a former economy minister in Argentina, has been appointed president of state-controlled BICE.April 17, 2008
Russian and Ukrainian metals firms on financing hunt
The Russian metals and mining group Metalloinvest is said to be in the market looking to raise a "significant” financing.April 17, 2008
Sviaz Bank signs syndication
Sviaz Bank in Russia has signed a US$30mn trade-related syndicated term loan facility.April 17, 2008
DPW and Emaar EC to build new Saudi port
Dubai Ports World, the world's fourth-largest container port operator, and Emaar EC have signed a memorandum of understanding to build and operate a new sea port in Saudi Arabia.April 17, 2008
US Ex-Im approves guarantees for Indian infrastructure projects
US Ex-Im has approved a US$2.2bn loan guarantee programme to support US exports to India in support of energy and other infrastructure developments.April 17, 2008
Dana Gas claims Iran will start supplying natural gas
Despite Dana Gas, a subsidiary of United Arab Emirates (UAE) Crescent Petroleum, announcing that it will start receiving shipments of natural gas from Iran in mid 2008 after two years of delays, the deal remains far from settled.April 17, 2008
Petrofac to build new gas plant in Syria
Petrofac, a British-based international oil and gas facilities service provider, announced it had won a US$477mn lump-sum contract from Petro-Canada to build a new gas treatment plant for the Ebla project in Syria.April 17, 2008
Saudi Arabia considered &lquo;most problematic&rquo;
A recent survey of Dubai companies carried out by the Dubai Chamber of Commerce and Industry revealed that Saudi Arabia is considered to be the most problematic member of the Gulf Cooperation Council (GCC) to trade with.April 16, 2008
US Ex-Im supports power exports to Benin
US Ex-Im is providing insurance for a Californian company exporting electric power generating systems to Benin.April 16, 2008
IFC holds East African trade finance seminar
The IFC has held a seminar to improve the trade finance operations of East African banks in Tanzania, and to help develop their relationships with businesses.April 16, 2008
Rosneft increases pre-export facility
Russian oil company Rosneft is set to close its structured crude oil pre-export credit facility at an increased total of US$3.425bn.April 16, 2008
Lukoil enters senior syndication
A US$1bn syndicated loan being raised for the Russian oil company Lukoil has entered senior syndication.April 16, 2008
Citi reorganises trade and export units
Citi has reorganised its global trade and export finance business, making the decision to incorporate its export agency finance division into its global transaction services (GTS) unit.April 16, 2008
TMK issues mandates
Russian steel pipe producer TMK has mandated eight banks to lead arrange a US$1.3bn bridge financing.April 16, 2008
Vimpelcom syndicated deal is signed
Russia's largest mobile phone operator, Vimpelcom, has closed syndication on it US$2bn unsecured financing.April 16, 2008
WestLB deal sets benchmark in Polish energy market
Mandated lead arranger, sole underwriter and bookrunner WestLB has closed a PLN215mn (US$95.5mn) project finance loan for power company Electrocieplownia Nowa Sarzyna (ENS) in Poland.April 15, 2008
Dubai World looks to West African investments
Government-owned investment firm Dubai World is looking to make major investments in West African infrastructure, including mining projects, port development, energy plants and hotels.April 15, 2008
GarantiBank International closes syndicated deal
GarantiBank International (GBI) has closed a €225mn syndicated financing facility.April 15, 2008
Coface opens new UK office
Credit management and insurance provider Coface has opened a new office in the UK.April 14, 2008
Sahara Bank sets up new trade centre
Sahara Bank in Libya has set up a trade centre at its head office in Tripoli to support its local and international clients.April 14, 2008
DBS London recruits commodity trade finance team
DBS Bank is expanding its commodity trade finance business in London by hiring a team of specialists from Kaupthing, Singer and Friedlander.April 14, 2008
Evraz completes first stage of Ukrainian acquisition
Russian steel company Evraz has completed the first stage of its acquisition of production assets in the Ukraine.April 11, 2008
India's power grid expansion secures financing
India's national power grid operator has won a US$600mn loan to support its plan to expand the country's power transmission grid.April 11, 2008
Insurers warn of climate change impact in India
The effects of climate change have already begun to increase the number of insured losses in the emerging markets such as India, according to reinsurer Munich Re.April 11, 2008
China integration into supply chains boost profits
Companies are being advised to change their approach towards the Chinese market, and no longer view it solely as a low-cost manufacturing-for-export market, according to a new study.April 11, 2008
China signs FTA with New Zealand
New Zealand's prime minister Helen Clark and China's premier Wen Jiabao have signed a free trade agreement (FTA) between their two countries.April 11, 2008
EBRD opens new Ukrainian office
The European Bank for Reconstruction and Development (EBRD) has opened an office in Dnepropetrovsk in eastern Ukraine.April 11, 2008
Severstal signs energy efficiency loan
Russian steelmaker Severstal has secured a €600mn loan from the European Bank for Reconstruction and Development (EBRD) and a syndicate of commercial banks.April 11, 2008
Ak Bars raises oversubscription
Ak Bars Bank in Russia has closed syndication on a US$200mn trade-related loan arranged by mandated lead arrangers and bookrunners Banco Finantia, Commerzbank, ICICI Bank, Landesbank Berlin and WestLB.April 11, 2008
MDM Bank and JBIC sign loan agreement
The Japan Bank of International Cooperation (JBIC) has signed a US$50mn credit line with MDM Bank.April 11, 2008
Ukraine's Swedbank closes syndication
Initial mandated lead arranger BayernLB has closed a US$65mn syndicated term loan facility with Swedbank in the Ukraine.April 09, 2008
IFC and EDC support Papua New Guinea telecoms deal
IFC and Export Development Canada (EDC) have signed a US$92mn financing agreement with Digicel to help widen a GSM network throughout Papua New Guinea.April 09, 2008
US Ex-Im increases support for local costs
US Ex-Im is now able to support an increased portion of the local costs in US export contracts the bank is helping to finance.April 09, 2008
Indian manufacturers to focus on Africa and LatAm markets
Exporters in India should be looking to increase their presence in the Latin America and Caribbean markets and in Africa, according to the Confederation of Indian Industry (CII).April 09, 2008
Confidence in GCC faces potential decline
Confidence levels among the Gulf business community remain high, although they have shown consistent decline over the past year, according the HSBC's quarterly survey.April 09, 2008
Stemcor issues mandates on revolving facility
Trading company Stemcor has mandated BNP Paribas, Fortis Bank, ING Bank and Société Générale as the mandated lead arrangers and bookrunApril 09, 2008
RBS raises financing for aid projects
The Royal Bank of Scotland (RBS) has raised a financing facility to support Unit Export (UEL), a procurement agent that uses aid funding to complete various development projects.April 09, 2008
New Zealand's ECA to launch new products
The New Zealand Export Credit Office (NZECO) is due to launch two new products before the end of April.April 09, 2008
RBS and Sempra Energy complete commodities JV deal
The Royal Bank of Scotland and Sempra Energy has completed the formation of a commodities-marketing joint venture known as RBS Sempra Commodities.April 09, 2008
Banco del Bajio selects Surecomp solution
Mexican bank Banco del Bajio has licensed trade solutions provider Surecomp's allNett product to automate and manage its corporate trade finance processing.April 09, 2008
Hassine leaves Citi for SMBC
Eli Hassine has left his role as global head of export and agency finance at Citi.April 07, 2008
Finacity and NordLB increase receivable securitisation
Finacity and NordLB have agreed to increase a trade receivable securitisation facility for Alliance One International.April 07, 2008
ICC to focus on trade finance innovation
ICC’s commission on banking will be focusing on innovation in trade finance during its meeting in Athens in April.April 07, 2008
Coface downgrades US and puts Japan on negative watch
Ratings agency Coface has downgraded the US rating to A2, after a year of being watch-listed with negative outlook.April 07, 2008
IDB sets up fund with Islamic Trade Finance Corporation
The Islamic Development Bank (IDB) has signed a mudaraba agreement with the newly-created International Islamic Trade Finance Corporation (ITFC) to establish a US$1bn fund.April 07, 2008
BLME supports Qatar infrastructure deal
The Bank of London and The Middle East (BLME) has provided US$20mn of forward lease financing to Qatar Electricity and Water Company (QEWC).April 07, 2008
Dubai cement imports rise
Dubai imports record levels of cement during 2007.April 07, 2008
Non-oil trade with China grew by 47% in 2007
Dubai-Chinese trade in non-oil products set a new record in 2007, increasing by nearly 50% over 2006.April 07, 2008
GCC food imports soar
As global crop shortages and the rising price of oil push food prices ever higher, the Gulf Cooperation Council's (GCC) food imports rose to a record US$10bn over the past year.April 07, 2008
New cement factory planned in Fujairah
The Sharaf Group, one of the largest business conglomerates in the United Arab Emirates (UAE), is planning to open a US$272mn cement factory in the Emirate of Fujairah.April 04, 2008
FIMBank sells factoring firm stake to SBI
FIMBank, the Malta-based trade finance bank, has completed the sale of its 38.5% stake in GTF, an Indian factoring company, to the State Bank of India (SBI).April 04, 2008
Stanbic IBTC officially launches in Nigeria
Stanbic IBTC Bank has been officially launched in Lagos, Nigeria, concluding the merger of Stanbic Bank (Nigeria) a member of the Standard Bank Group of South Africa, and the IBTC Chartered Bank.April 04, 2008
Red October Steel Works signs syndication
VTB Bank Europe has signed a US$80mn medium-term structured finance facility for Red October Volgograd Steel Works.April 04, 2008
EDC releases record results in emerging markets
Export Development Canada (EDC) has revealed that its combined financing and insurance volumes has reached a record US$77.7bn in 2007.April 04, 2008
PrivatBank closes syndicated deal
Initial mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, BayernLB and UniCredit have signed a US$200mn syndicated term loan facility for PrivatBank in Ukraine.April 04, 2008
Mexico's Telemex syndicated loan secures guarantee
Mexican telephone company Telefonos de Mexico (Telemex) has signed a US$300mn syndicated loan arranged via lead arrangers Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank.April 04, 2008
EBRD lends additional support to Bosnian micro-firms
The European Bank for Reconstruction and Development (EBRD) has lent €6mn to MikroKreditna Organizacija (EKI), a microfinance institution in Bosnia and Herzegovina.April 04, 2008
Bangkok transportation project wins Japanese support
Japan Bank for International Cooperation (JBIC) has signed an Overseas Development Assistance (ODA) loan agreement to support the expansion of Bangkok's metro system.April 04, 2008
Mechel signs agreement with Italian manufacturer
Russian mining and metals company Mechel has signed a partnership agreement with Danieli, an Italian firm specialising in the development technologies and manufacturing equipment for steel production.April 04, 2008
Techcombank and IFC collaborate on SME financing
The IFC has lent a US$20mn-equivalent loan to Technological and Commercial Bank (Techcombank) to help support small and medium-sized enterprises (SMEs) in Vietnam.April 04, 2008
Bradesco secures export loan for digital cameras
Bank of Tokyo-Mitsubishi UFJ and the Japan Bank for International Cooperation (JBIC) have signed a US$791,000 loan agreement with Brazilian bank Banco Bradesco.April 04, 2008
JBIC lends to special economic zone in Cambodia
Cambodia's government has secured a ¥3.651mn (US$35,800) loan from the Japan Bank for International Cooperation (JBIC) to support its Sihanoukville Port Special Economic Zone (SEZ) development project.
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