GTR Trade Finance eNews - June 2008
June 26, 2008
White & Case moves two to Moscow
Law firm White & Case has added two partners to join its office in Moscow.June 26, 2008
JBIC-backed syndicate loan signed for Brazilian rail project
A ¥88.2bn-equivalent syndicated loan has been signed by a syndicate of 11 banks, and backed by a guarantee from the Japan Bank for International Cooperation (JBIC), in support of the development of an urban railway and subway project in Brazil.June 26, 2008
US Ex-Im improves access to medium-term guarantees
June 26, 2008
Moody’s paints positive picture for palm oil
Moody's Investors Service has granted Asia Pacific's palm oil industry a positive rating outlook for the next 12-18 months.June 26, 2008
Steel producer wins BSTDB support
Black Sea Trade and Development Bank (BSTDB) has extended a €20mn loan to Kurum InternationalJune 26, 2008
Sekerbank mandates for trade deal
Sekerbank in Turkey has mandated CommerzbankJune 26, 2008
Brazilian beef producer secures US acquisition
Marfrig, one of the largest producers of beef and beef products in Latin America, is to acquire the US food company OSI Group's businesses in Brazil and in a number of European countries.June 26, 2008
Coface launches receivables finance service
Credit insurance and management solutions provider Coface has launched a receivables finance facility in Ireland.June 17, 2008
Maaden signs key funding agreements
Ma’aden Phosphate Company (MPC), the joint venture between the Saudi Arabian mining company (Ma’aden) and Saudi Basic Industries Corporation (Sabic) has concluded financing agreements totalling over US$3.7bn in support of their phosphate project.June 17, 2008
FMO closes local currency deal to micro-lending bank
The Netherlands Development Finance Company (FMO) has closed and disbursed a US$53mn syndicated mezzanine facility in local currency to Equity Bank in Kenya.June 17, 2008
AfDB signs electric power project financing
The African Development Bank (AfDB) has signed a US$1.2mn grant agreement with Zambia Electricity Supply Corporation (Zesco).June 17, 2008
AfDB signs electric power project financing
The African Development Bank (AfDB) has signed a US$1.2mn grant agreement with Zambia Electricity Supply Corporation (Zesco).June 17, 2008
EBRD opens fourth Russian regional base
The European Bank for Reconstruction and Development (EBRD) has opened its fourth Russian regional office in the city of Samara.June 06, 2008
ECAs back Ras Laffan debt
The US$3.3bn debt funding package supporting Qatar's largest power plant, the Ras Laffan C independent water and power project (IWPP), is to be provided by export credit agencies and a large bank group.June 06, 2008
Malaysian minister calls for removal of NTBs
Malaysian deputy finance minister Datuk Ahmad Husni Mohamad Hanadzlah has called for the removal of non-trade barriers (NTBs).June 06, 2008
ECP invests in microfinance lender
Emerging Capital Partners (ECP), an international private equity firm focused on investing across the African continent, has announced a US$15mn investment in Blue Financial Services.June 06, 2008
Bank of China adopts new J2EE trade solution
The Bank of China (BOC) is in the process of integrating China System's J2EE-based trade solution Eximbills Enterprise into its other business processing systems.June 06, 2008
Romania's BCR signs up for China Systems IT solution
Banca Comerciala Romana (BCR) has signed a purchasing agreement with China Systems, a trade services solutions provider, for their Eximbills Enterprise J2EE factoring solution.June 06, 2008
IFC boosts Russian agribusiness
The IFC is providing US$50mn in equity and US$30mn in long-term debt to increase the productive capacity of Belgrankorm Group, a leading crop and meat producer in Russia.June 05, 2008
Standard Chartered opens in Paris
Standard Chartered has opened a branch in Paris, in order to build on the growth of its global corporates and financial institutions business in France.June 05, 2008
BLME appoints new head of syndication
Bank of London and The Middle East (BLME), the Sharia-compliant London-based bank, has appointed Roscow Lucas as its head of syndication.June 03, 2008
Evraz drops syndicated loan for Eurobond
Russian steel maker Evraz has successfully issued a Eurobond placement to support its acquisition of pipe company Ipsco's North American assets.June 03, 2008
Executive changes at EDC
Export Development Canada (EDC) has announced that several senior executives are assuming new roles and taking on new assignments at the agency.June 03, 2008
Metinvest readying for return to pre-export market
Ukrainian metals and mining group Metinvest is set to return to the syndications market.June 03, 2008
Metalloinvest due to confirm mandates
Mandates on a US$1.3bn pre-export financing for Russian iron ore and steel company Metalloinvest are due to be confirmed by the end of the week.June 03, 2008
Dubai to introduce VAT
The United Arab Emirates (UAE) is planning to introduce the value added tax (VAT) as soon as the first quarter of 2009.June 03, 2008
Saudi Arabia set to invest in Thai rice farms
Saudi Arabia is set to begin investing in rice farms in Thailand by the end of 2008 to ensure a steady supply of rice to the kingdom.June 03, 2008
Dubai's foreign non-oil trade jumps in Q1
The emirate of Dubai saw its non-oil foreign trade jump 46% in the first quarter of 2008.June 03, 2008
JBIC signs MoU with DBN
The Japan Bank for International Cooperation (JBIC) signed a memorandum of understanding (MoU) with the Development Bank of Namibia (DBN).June 03, 2008
ABB wins Indian power order
ABB, the Swiss-based power and automation technology group, has won orders worth US$74mn to provide power equipment for JSW Energy.June 02, 2008
Scotiabank opens Moscow representative office
Scotiabank opened a representative office in Moscow last week to bolster its international expansion plans.June 02, 2008
New Zealand joins Miga
New Zealand finance minister Michael Cullen has announced that the country has become a full member of the Multilateral Investment Guarantee Agency (Miga).June 02, 2008
UralSib launches new syndicated loan
UralSib has mandated five banks to arrange a US$150mn syndicated term loan.June 02, 2008
Saudi Kayan project financing closes
Several export credit agencies are involved in the diverse US$6bn debt-funding package that will partially finance a new project of the Saudi Kayan petrochemical company (Saudi Kayan).June 02, 2008
TradeBeam appoints global sales VP
TradeBeam has appointed a new executive vice president of global sales and marketing.June 02, 2008
Vietnam’s investor appeal to diminish
Vietnam's appeal as a key investment target could be about to decline in light of concerns over inflation.June 02, 2008
Indian insurance players team up
The Export Credit Guarantee Corporation of India (ECGC), the country's only specialised export credit risk insurer, has reportedly partnered with United India Insurance Company to provide an integrated insurance solution.June 02, 2008
Pakistani business rues dollar margins
Business leaders and exporters in Pakistan are reportedly dissatisfied with the margins being offered for trade finance services by the country’s banks.June 02, 2008
Syndication closes on Industrial Union of Donbass deal
Co-ordinating mandated lead arrangers and bookrunners Société Générale and ABN Amro have closed syndication on the US$250mn portion ofJune 02, 2008
NLMK set to close oversubscribed
Russian steel company Novolipetsk Steel's (NLMK) debut syndicated US$1.5bn loan is set to be oversubscribed.June 02, 2008
CAF and CDB combine for Colombian cement loan
The Andean Development Corporation (CAF) and China Development Bank (CDB) have signed a short-term facility of US$150mn for the company Cementos Argos.June 02, 2008
