GTR Trade Finance eNews - February 2008
February 28, 2008
Rosneft signs US$3bn facility
Rosneft has signed a US$3bn structured crude oil pre-export credit facility from a group of international banks.February 28, 2008
China and UK sign export credit agreement
The UK's export credit agency (ECA) ECGD has signed a co-operation agreement with Sinosure, the Chinese ECA.February 28, 2008
Clyde & Co opens Qatar office
International law firm Clyde & Co has opened its new offices in the Qatar Financial Centre (QFC).February 28, 2008
Mechel starts Elga railway construction
Russian mining and metals company Mechel has signed a contract and begun construction of a railway spur track to its Elga coal deposit in Yakutia.February 28, 2008
UC Rusal launches Nigerian smelter
Aluminium producer UC Rusal has launched its Alscon aluminium smelter in Nigeria.February 28, 2008
Celtel Tanzania closes syndication
Telecoms company Celtel Tanzania has signed a US$270mn syndicated loan financing via mandated lead arrangers and bookrunners Citi and Standard Bank.February 28, 2008
DP World acquires Egyptian port
The UAE-based global terminal operator DP World aims at strengthening its hold on regional port operations by acquiring the Egyptian Red Sea Port of Sokhna.February 28, 2008
Funding sought for large gas project in Yemen
A group of European and American companies are negotiating a large loan for what would be Yemen's first liquefied natural gas (LNG) project.February 28, 2008
Chinese hospital secures ECA-backed imports
Chinese hospital has secured a supply of diagnostic medical equipment from four major US manufacturers, via a US Ex-Im backed loan guarantee.February 28, 2008
Fast track scheme boosts US solar power exports
US exporter United Solar Ovonic in Michigan has been granted a US$25mn revolving credit line guaranteed under US Ex-Im's 'Fast Track" working capital guarantee programme.February 28, 2008
US Ex-Im wins case against Asia Pulp & Paper
US Ex-Im has won a summary judgement against Asia Pulp & Paper (APP) to recover over US$104mn, in what has become Asia's biggest corporate default to date.February 28, 2008
Center-Invest closes oversubscribed
Commercial Bank Center-Invest in Russia has closed a US$145mn term loan facility.February 28, 2008
Swedbank issues mandates
Swedbank, a leading bank in Sweden, Estonia, Latvia and Lithuania, has mandated BayernLB to arrange a US$40mn syndicated term loan facility.February 28, 2008
Sviaz closes syndicated loan
Russia's Sviaz Bank has closed its third syndicated term loan facility at US$25mn.February 28, 2008
VTB opens Kazakh office
VTB has opened a representative office in Almaty in Kazakhstan, in an effort to expand its net of subsidiaries throughout the CIS.February 28, 2008
AFD supports SMEs in Turkey
Agence Francaise de Developpement (AFD) has signed a €80mn loan for Turkey's Halkbank. The loan is intended to target Turkish small and medium-sized enterprises (SMEs) in less developed regions of the country.February 28, 2008
EBRD boosts Croatian leasing market
The European Bank for Reconstruction and Development (EBRD) has provided a €10mn loan to Raiffeisen Leasing Croatia under small and medium-sized enterprise (SME) financing programme.February 28, 2008
BSTDB lends support to SMES
The Black Sea Trade and Development Bank (BSTDB) has announced a series of loan facilities aimed at supporting small and medium-sized companies in the Black Sea region.February 28, 2008
Armenia's Inecobank increases trade facility
Inecobank in Armenia is set to double an existing US$3mn trade finance facility provided by the Black Sea Trade and Development Bank (BSTDB).February 28, 2008
Misys and Petra partner on payment integration
Application software and services company Misys has launched a new solution within Misys payments, its integrated payments portfolio.February 28, 2008
China Everbright to install risk monitoring software
China Everbright Bank to install advanced trading and compliance software solutions in its treasury and capital business unit.February 28, 2008
Mercantil Commercebank sets up open account platform
Mercantil Commercebank to offer open account transactions via a white label version of Tradecard platform.February 28, 2008
Supply chain product supports Indian farmers
Infosys Technologies has partnered with non-profit group to improve efficiencies in the agro-supply chain in India.February 28, 2008
First for Surecomp in Venezuela
Banco del Caribe (Bancaribe) is to become the first Venezuelan bank to license Surecomp's all-Java J2EE end-to-end trade finance solution.February 21, 2008
Pillsbury boosts London team
Pillsbury Winthrop Shaw Pittman has hired two partners to its London office.February 21, 2008
New addition to OCBC's forfaiting team
Richard Waite has joined OCBC Bank's Forfaiting unit in London.February 21, 2008
Ashurst boosts Tokyo finance team
Law firm Ashurst has appointed Matthias Schemuth as a partner in its finance practice.February 21, 2008
Evraz syndication due to close
Russia's second-biggest steel company Evraz is due to close general syndication on its US$3.214bn structured multi-tranche credit facility.February 21, 2008
Senior phase closes on Socar
Initial mandated lead arrangers and bookrunners ABN Amro and Citi have closed the senior stage of a US$500mn three-year unsecured term loan facility for Socar.February 21, 2008
Nexi supports Indonesian CER project
Japan's Nippon Export and Investment Insurance (Nexi) is providing cover for a project in Indonesia aimed at reducing greenhouse gas emissions.February 21, 2008
Bukhatir signs murabaha deal
Bukhatir Investments in the United Arab Emirates (UAE) has signed a US$215mn syndicated loan facility.February 21, 2008
Vimpelcom hits the road
Russia's largest mobile phone operator, Vimpelcom, has launched syndication of a US$2bn unsecured financing.February 21, 2008
Dipco project in general syndication
Initial mandated lead arrangers Ahli United Bank (AUB) and Arab Banking Corporation (ABC) have successfully closed the senior phase of a US$480mn 15-year syndicated debt finance facility for Damietta International Port Company (Dipco).February 21, 2008
Cost of Peruvian trade finance to rise
The cost of trade finance in Peru will climb at least 20% this year amid higher reserve requirements by the central bank and tighter credit globally.February 21, 2008
NIB extends loan to Indian power company
Nordic Investment Bank (NIB) has signed a €69mn long-term loan for the Indian power company NTPC. The funds are being used for the modernisation and expansion of power production.February 21, 2008
Latvias AizKraukles finalises syndication
AizKraukles Banka in Latvia has signed a €70mn syndicated loan facility agreement via mandated lead arrangers DZ Bank, Intesa Sanpaolo and Landesbank Berlin. The deal pays a margin of 95 basis points, and carries a tenor of one year.February 21, 2008
Gulf Finance to develop Algerian economic zone
Gulf Finance House (GFH) in Bahrain has signed a principle agreement with the Algerian government to set up an economic development zone on the outskirts of Algiers.February 21, 2008
Bush announces new Africa Opic funds
The US Overseas Private Investment Corporation (Opic) has launched five new private equity investment fundsFebruary 21, 2008
LMA project tackles insolvency
The Loan Market Association (LMA) has set up a project to help players in the syndications market gain a greater understanding of the restructuring process.February 21, 2008
Macedonia and Gabon to repay Sace
Italy's export credit agency Sace has received the repayment of all Macedonia's debts.February 15, 2008
Rosneft returns to market
Russia's biggest oil producer Rosneft has returned to the market and despite adverse market conditions, its latest pre-export financing is proving to be very popular among lenders.February 15, 2008
ATI's Pladet to join Asian Development Bank
Roland Pladet is set to leave the African Trade and Insurance Agency (ATI), and will be joining the Asian Development Bank, based in Manila.February 15, 2008
ADCB appoints trade finance head
Abu Dhabi Commercial Bank (ADCB) has appointed a new head of trade finance.February 15, 2008
Astra secures revolving credit deal
PT Astra International, an international trading group in Indonesia, has signed a US$386mn-equivalent dual tranche revolving credit facility via seven banks.February 15, 2008
Sri Lankan project wins rare buyer's credit
A ¥1.2bn (approximately US$11mn) buyer's credit has been raised for Ceylon Electricity Board (CEB) of Sri Lanka.February 15, 2008
Aspen Insurance hires political risk head
Aspen Insurance has appointed Bernard de Haldevang as head of political risk insurance.February 15, 2008
Noble names new director for grain
Supply chain manager Noble Group has appointed Thomas Daetwyler as regional director of grain, Asia Pacific.February 15, 2008
VTB launches Indian branch
VTB launches Indian branch in New Delhi.February 15, 2008
Standard and ICBC close deal
Standard Bank and the Industrial and Commercial Bank of China (ICBC) have confirmed that all the regulatory and shareholder requirements for the acquisition by ICBC of a 20% stake in Standard have now been completed.February 15, 2008
Promsvyazbank to increase Hermes-backed loan
Russia's Promsvyazbank is to double a loan agreement originally signed with Commerzbank and Euler Hermes in 2004.February 15, 2008
IFC's Thunell confirms West Bank and Gaza support
Lars Thunell, executive vice president and CEO of the IFC has signed agreements with Al Rafah Microfinance bank and the Capital Markets Authority.February 15, 2008
EBRD adopts new Hungary strategy
The European Bank for Reconstruction and Development (EBRD) has created a new strategy for Hungary.February 15, 2008
Citi to support Bangladesh microfinance
Citi and the IFC are to provide a US$22mn local currency facility to underpin a microlending programme in Bangladesh.February 15, 2008
SEB and Bolero strengthen ties
SEB Bank, one of the leading commercial institutions in Lithuania, has strengthened its agreement with Bolero International.February 15, 2008
VTB opts for Misys
Russia's VTB Bank has adopted a trade finance software system from the UK software and provider Misys.February 11, 2008
Standard Bank re-focuses on trade
In mid-2007 Standard Bank revamped its approach to its trade finance, aiming to better consolidate the various strands of the business line.February 08, 2008
Munich Re sets up in Brazil
Reinsurer Munich Re has established a subsidiary office in Sao Paolo.February 08, 2008
Fortis appoints energy, commodities and transport CEO
Harris Antoniou has been appointed as CEO of energy, commodities and transportationFebruary 08, 2008
New LatAm export head at BNPP
BNP Paribas has appointed Debbie Hirst as the new head of export finance for Latin America.February 08, 2008
Kazakhmys to raise pre-export debt
Copper mining company Kazakhmys is raising a five-year US$2.1bn pre-export finance debt facility.February 08, 2008
Votorantim closes multi-tranche deal oversubscribed
The Latin American industrial conglomerate Votorantim has closed syndication of a US$1.3bn multi-tranche senior credit facility.February 08, 2008
Ukreximbank returns to market
Ukraine's Ukreximbank has returned to the syndications market looking to extend last year's US$325mn loan.February 08, 2008
Coimex closes pre-export
Brazilian trading company Coimex Group has closed a US$25mn syndicated structured pre-export facility.February 08, 2008
Emaar and Emal to partner on smelter complex
Emaar the Economic City (Emaar.E.C), the company developing King Abdullah Economic City (KAEC) in Saudi Arabia, has signed a memorandum of understanding with Emal International.February 08, 2008
EBRD takes stakes in Polish firms
The European Bank for Reconstruction and Development (EBRD) has taken equity stakes in the Ukraine-based subsidiaries of Polish companies Barlinek and Cersanit.February 08, 2008
ABB wins power orders in India
ABB, a power and automation technology group, has won orders worth around US$71mn from Powergrid Corporation of India.February 08, 2008
Saudi Arabia prepares to build its first car manufacturing plant
The Saudi Authority for Industrial Cities and Technological Regions (SACTR) has reached an agreement with the Gulf Automobile Manufacturing CompanyFebruary 08, 2008
Emirate of Ajman pushes ahead with industrial free zone project
The emirate of Ajman is implementing an ambitious project aimed at setting up a new industrial free zone.February 08, 2008
GE makes key Asian acquisition
GE Commercial Finance has entered into a definitive agreement to become the sole shareholder of East Asia GE Commercial Finance (EAGE).February 01, 2008
BNPP makes key GTS appointments
BNP Paribas has made a number of new appointments to its global trade services (GTS) teams in Paris and Asia.February 01, 2008
Falcon Trade appoints chief executive
Will Nagle has been made chief executive officer of Falcon Trade Corporation.February 01, 2008
Punjab National Bank launches in Hong Kong
Punjab National Bank has opened a new branch in Hong Kong, offering banking facilities including trade finance and loan syndication.February 01, 2008
Unicorn closes commodity murabaha
Initial mandated lead arrangers, co-underwriters and bookrunners Dubai Bank and RZB have closed a three-year syndicated commodity murabaha facility for Unicorn Investment Bank in Bahrain.February 01, 2008
HSBC and SABB sign Sace-backed Saudi deal
HSBC's project and export finance division in London and SABB, the bank's associate bank in Saudi Arabia, have signed a US$138mn loan facility with Jubail Energy Services Company.February 01, 2008
Egypt's PICO closes RBL facility
HSBC France and HSBC Egypt have closed a US$100mn reserve-based lending financing facility for PICO Amal Petroleum Corporation in Egypt.February 01, 2008
Atradius and CYC combine forces
Atradius and Crdito y Caucin (CYC) have completed combining their businesses. CYC will now operate as part of the Atradius Group.February 01, 2008
Surecomp joins up with Tess International
Surecomp has entered into a marketing agreement with Tess International, based in Kuala Lumpur, with the aim of promoting its products throughout Malaysia.February 01, 2008
Mizuho and SBI form alliance
Mizuho Corporate Bank and the State Bank of India have signed an alliance agreement.February 01, 2008
Rio Tinto signs supply agreements with Hyundai Steel
Rio Tinto has finalised long-term contracts to supply iron ore to Hyundai Steel.February 01, 2008
Bank Forum joins EBRD energy efficiency scheme
The European Bank for Reconstruction and Development (EBRD) is providing a US$25mn loan facility to Ukraine's Bank Forum.February 01, 2008
Larsen & Toubro secures landmark export contract
Larsen & Toubro has been awarded the largest order to date for critical reactors.February 01, 2008
