GTR Trade Finance eNews - March 2008
March 31, 2008
Senior syndication closes on NLMK pre-export
Mandated lead arrangers BNP Paribas and Soci&eaute;té Générale have closed senior syndication of a US$1.5bn pre-export facility for the RussiMarch 28, 2008
Coface-SBCE deal is 'likely' in April
It is "very likely” that Coface will expand its stake in SBCE, the Brazilian credit insurer, from 27% to 75% on April 10.March 27, 2008
Beijing opening for Pakistan bank
Pakistan's United Bank Limited (UBL) has opened a representative office in Beijing.March 27, 2008
Retirement for Thales UK director
Robert Scallon, trade finance director at Thales UK, has retired following a long and successful career in the banking industry and 10 years at Thales.March 27, 2008
StanChart appoints senior roles in corporate finance and origination
Standard Chartered has made three senior appointments in corporate finance and origination and client coverage in Asia.March 27, 2008
Commitments due in on Novatek
Commitments on a US$800mn syndicated term loan facility for Russian gas producer Novatek are due in by the end of March, with signing scheduled for early April.March 27, 2008
Emal launches syndication on aluminium project
Emirates Aluminium Company (Emal) has launched general syndication on its US$4.9bn limited-recourse financing for an aluminium smelter project in Al Taweelah in Abu Dhabi.March 27, 2008
Mechel confirms Oriel takeover
Russian mining and metals company Mechel revealed on Wednesday that it has reached an agreement to take over Oriel Resources for a total of US$1.498mn.March 27, 2008
Syndication on Abanka launched
Abanka in Slovenia has mandated BayernLB, DZ Bank, Intesa Sanpaolo, and RZB as the initial mandated lead arrangers to arrange a €100mn three-year facility.March 27, 2008
Belpromstroibank mandates for trade loan
Belpromstroibank (BPS-Bank) in Belarus has mandated Banco Finantia, BayernLB, Credit Suisse, and Fortis Bank to arrange a US$40mn syndicated term loan facility.March 27, 2008
FMO supports Vietnamese leasing firm
The Netherlands Development Finance Company (FMO) has signed an official credit contract with Vietnamese company Sacombank Leasing.March 27, 2008
Nomos Bank in market with gold-related trade deal
Nomos Bank in Russia has returned to the syndications market with a US$80mn one-year trade-related syndicated term loan facility.March 27, 2008
IFC increases trade finance guarantee for Russian bank
The IFC is to increase its trade finance guarantee facility for Credit Bank of Moscow.March 27, 2008
JPMorgan and KBank announce trade finance partnership
JPMorgan has signed an agreement with Thailand's Kasikorn Bank (KBank).March 27, 2008
JPMorgan's Raza wins excellence awards
JPMorgan has won four awards of excellence from the Asian Banker's leadership achievement awards.March 27, 2008
Commodity trade finance hedge fund boosts African presence
Scipion Capital, a hedge fund manager solely focused on Africa, is launching its third fund, the Scipion Alpha Seeker Fund, in April.March 27, 2008
FIMBank used as case study by technology vendor
FIMBank's innovation and leadership in information technology has been used as a basis for a case study commissioned by global technology vendor HP.March 26, 2008
Trafigura's multicurrency deal wins oversubscription
International commodities trading company, Trafigura Beheer, has signed a US$1.6bn revolving credit facility.March 26, 2008
Raiffeisenbank issues mandates
Raiffeisenbank in Russia has issued mandates to arrange a US$850mn syndicated term loan facility.March 26, 2008
Ukreximbank signs popular trade loan
The State Export-Import Bank of Ukraine (Ukreximbank) has signed a US$345mn syndicated term loan facility.March 26, 2008
Russian Copper enters market
The Russian Copper Company is back in the market with a US$300mn term loan being arranged by mandated lead arrangers BNP Paribas and Natixis.March 26, 2008
Czech and Vietnamese banks sign infrastructure deals
The Czech Export Bank (CEB) has agreed to co-finance with the state-run Bank for Investment and Development of Vietnam (Vietindebank) a number of infrastructure developments in Vietnam.March 26, 2008
Bank of China signs payment agreement with Seabank
The Bank of China has signed an agreement with Southeast Asian Bank (Seabank) in Vietnam to increase cooperation in terms of international payments procedures.March 26, 2008
BNL-BNP Paribas supports Italian firms' global expansion
BNL-BNP Paribas, the Italian banking group that forms part of BNP Paribas' global network, has signed an agreement with Societa Italiana per le Imprese All-Estero (Simest) to coordinate efforts to support Italian companies in their international expansionMarch 26, 2008
AfDB offers guarantees to Ghana SMEs
The African Development Bank (AfDB) is to provide a partial credit guarantee facility of US$24mn for export-orientated SMEs in Ghana.March 26, 2008
UAE companies undeterred by Iran sanctions
Gas companies based in the United Arab Emirates (UAE) continue to show interest in doing business with Iran despite the threat of international and American sanctions.March 26, 2008
Iran to award new LNG contract
Iran LNG, the country's third major liquefied natural gas project, is in the final stages of awarding the main engineering, procurement and construction contract.March 26, 2008
Tejari and Milan Chamber of commerce sign trade agreement
Tejari, the United Arab Emirates' (UAE) leading online trading site, recently signed a strategic cooperation agreement with the Milan chamber of commerce to boost trade between companies in Italy and the UAE.March 26, 2008
Gulf Extrusion boosts aluminium production
Gulf Extrusion, one of the Gulf's largest aluminium extrusion plants, is embarking on an ambitious US$160mn expansion plan to double its production levels within the next six years to keep up with the anticipated rise in demand for aluminium in the regionMarch 19, 2008
Citi makes Asia Pacific GTS appointment
Akash Rathke has been appointed as Citi's new regional head of bank services and the public sector, within the bank's global transaction services unit, based in Hong Kong.March 19, 2008
Senior structured trade bankers leave WestLB
WestLB has confirmed that two key Latin American structured and corporate finance bankers are leaving the bank.March 19, 2008
GMAC hires head of syndications
GMAC Commercial Finance has hired Greg Mathis as managing director, head of syndications within its structured finance division.March 19, 2008
Skadden opens in Sao Paulo
Law firm Skadden Arps Slate Meagher & Flom have opened an office in Sao Paulo.March 19, 2008
Kazakh's Turgai Petroleum signs pre-export
Turgai Petroleum, a joint venture between Lukoil Overseas and PetroKazakhstan has signed facility documentation for a US$250mn pre-export facility.March 19, 2008
Rosneft repays tranche on bridge loan
Russian oil producer Rosneft has repaid a US$5.2bn tranche of a short-term acquisition financing drawn down in early 2007.March 19, 2008
Evraz ends Yuzhkuzbassugol merger talks
Russian mining company Evraz has announced it will end negotiations over a merger between Yuzhkuzbassugol, a fully-owned coal mining subsidiary of Evraz, and Raspadskaya, Russia's second-largest coking coal producer.March 19, 2008
Sumitomo Corp signs contracts for Indonesian power plant
Sumitomo Corporation has signed contracts with the Indonesian state power firm PT Perusahaan Listrik Negara (PLN).March 19, 2008
Georgia's TBC secures credit line
TBC Bank in Georgia has received a US$30mn financing facility from BNP Paribas.March 19, 2008
GCC traders start quoting in Euros
The decline in the dollar has forced some traders exporting commodities to the Gulf Cooperation Council (GCC) countries to start quoting prices in Euros.March 19, 2008
Capital Colony and LIA deal cancelled
The attempt by Colony Capital to acquire a controlling stake in Libya's European refiner Tamoil, currently owned by the Libyan Investment Authority (LIC) has ended in failure.March 19, 2008
EDC concludes largest single equity investment in India
Export Development Canada (EDC) is investing US$50mn in a US$1bn infrastructure fund in India.March 19, 2008
Cotecna signs inspection contract with Senegal
Cotecna Inspection has signed a new inspection contract with the government of Senegal.March 19, 2008
EFIC warns of threats to Indian mining
Australia's export credit agency EFIC has reported that mining and mineral exploration in India is being increasingly threatened by Maoist rebel guerrilla groups.March 19, 2008
EBRD lends to Armenian bank
The European Bank for Reconstruction and Development (EBRD) is providing a US$5mn loan to Cascade Bank, a private Armenian bank.March 19, 2008
IFC lends support to Ursa Bank
The IFC has granted a dual-tranche loan for US$125mn to the Russian bank Ursa Bank.March 19, 2008
UkrSibbank wins credit line
UkrSibbbank in the Ukraine has attracted a US$50mn credit line from the European Bank for Reconstruction and Development.March 19, 2008
Vietnam shows most potential in emerging markets
Vietnam is one of the fastest developing economies in the emerging markets,according to a new report from PricewaterhouseCoopers.March 19, 2008
India becomes largest recipient of Japanese development loans
A total of €185.575mn (US$1.912mn) worth of overseas development assistance (ODA) loans have been signed between the Japan Bank of International Cooperation and the government of India.March 19, 2008
IFC signs series of carbon delivery guarantees
The IFC has signed its first carbon delivery guarantee agreements in Sub-Saharan Africa and South Asia.March 19, 2008
EIB to support environmental projects in Mexico
The European Investment Bank (EIB) is lending a €50mn credit line to Banco Nacional de Comercio Exterior (Bancomext).March 19, 2008
Priorbank looking for long tenor debt
Priorbank in Belarus is planning to attract foreign credit facilities for terms of three years in the second half of 2008.March 19, 2008
Kazkommertsbank repays syndicated loan
Kazkommertsbank in Kazakhstan has repaid the outstanding US$450mn on its syndicated loan.March 14, 2008
Evraz to acquire Canadian pipe business
Russian steel company Evraz is to acquire IPSCO's Canadian plate and pipe business for a net cost of US$2.3bn.March 13, 2008
Euler Hermes launches in Colombia
Trade credit insurer Euler Hermes has launched its new Latin American subsidiary Euler Hermes Colombia.March 13, 2008
Deutsche hires Americas trade finance head
Deutsche has appointed David Conroy as managing director and Americas head of trade finance and cash management corporates for its global transaction banking (GTB) business area.March 13, 2008
HSBC project finance office opens in Doha
HSBC has added a project finance division to its Doha office in Qatar.March 13, 2008
UC Rusal secures bridge loan for Norilsk stake
Mandated lead arrangers and bookrunners ABN Amro, Barclays Capital, BNP Paribas, Calyon, Credit Suisse, ING Bank, Merrill Lynch, Natixis and Unicredit (HVB) have signed a US$4.5bn bridge facility to finance aluminium producer UC Rusal's acquisition of a sMarch 13, 2008
General syndication progressing well on HCB
An US$800mn electricity prepayment facility being raised for electricity producer Hidroelectrica de Cahora Bassa in Mozambique has entered general syndication.March 13, 2008
Suek back in market with pre-export
Russian coal producer Suek has issued mandates for a new pre-export facility.March 13, 2008
Russia's WBD launches syndication
Wimm-Bill-Dann Foods, a Russian producer of dairy, beverage and baby food products, has mandated ABN Amro, Calyon and ING Bank to arrange a US$250mn syndicated term loan facility.March 13, 2008
Turkey's Tofas sign export deal
Mandated lead arrangers Soci&eaute;té GénéraleIntesa Sanpaolo have signed a €450mnMarch 13, 2008
Intra-Asian trade resists economic downturn
Asia will be affected by the expected slowdown in global growth, however Asian exports will remain robust, mainly due to the strength of intraregional trade, predicted Haruhiko Kuroda, president of the Asian Development Bank (ADB), speaking at a conferencMarch 13, 2008
Redundant land in the East could solve rising food prices
At a conference in London this week senior government officials from Eastern and Central Europe gathered to work out how to bring the region's arable land back into production.March 13, 2008
Moldova Eximbank wins SME loan package
Eximbank Gruppo Veneto Banca in Moldova has secured a five-year €20mn credit from the European Bank of Reconstruction and Development (EBRD) to use to fund private small and medium-sized companies to modernise and expand their businesses.March 13, 2008
UK exporters back the Euro
Nearly two-thirds of UK exporters want to see a referendum in the UK in order to decide whether or not to adopt the Euro, according to a survey sponsored by Coface.March 13, 2008
De Lage Landen adopts Surecomp solution
Netherlands-based De Lage Landen has licensed AllFac, a Java J2EE receivables management solution from trade finance solutions provider Surecomp.March 13, 2008
Demica and ADX sign alliance
Demica, a working capital management specialist based in London, has signed an alliance with Advanced Data Exchange (ADX), in order to offer their respective solutions in supply chain financing and business-to-business integration services to customers acMarch 13, 2008
JBIC and the World Bank sign loan for Laos
The Japan Bank for International Cooperation (JBIC) has signed a ¥500mn (US$4.87mn) overseas development assistance (ODA) loan with the government of Laos.March 13, 2008
JBIC acquires first carbon credits
The Japan Bank for International Cooperation (JBIC) has acquired 7,376 tonnes of CO2 equivalent of greenhouse gas emissions reductions.March 13, 2008
COSEC hosts credit insurance meeting
Portugal's export credit agency COSEC has hosted this year's International Credit Insurance & Surety Association (ICISA) meetings this week in Lisbon.March 13, 2008
India calls for more Japanese infrastructure investment
India is seeking US$500bn-worth of investment over the next five years, of which US$320bn will be allocated to infrastructure development alone, according to the Confederation of Indian Industry (CII).March 13, 2008
US Ex-Im supports Turkish geothermal project
US Ex-Im is providing a 15-year loan guarantee to support US$4.86mn of procurement, design and engineering services to a geothermal power project in Turkey.March 13, 2008
BNDES sets up first environmental fund
BNDES, the Brazilian development bank, is setting up the first participation investment fund in Brazil established purely to support projects that reduce carbon emissions.March 13, 2008
Stable outlook predicted for Asia Pacific telecoms
The telecommunications sector in Asia Pacific is set to remain relatively stable over the next 12-18 months, according to new analysis released by ratings agency Moody's.March 13, 2008
Promsvyazbank issues mandates
Russian bank Promsvyazbank has mandated five banks to arrange a trade-related US$150mn syndicated term loan facility.March 13, 2008
African Development Bank approves credit to PTA
The African Development Bank (AfDB) has set up a US$50mn line of credit to the Eastern and Southern African Trade and Development Bank (PTA).March 13, 2008
Commitments due on Tatarstan's Ak Bars deal
Commitments for participation in a US$75mn trade-related facility for Ak Bars Bank in Tatarstan flood in.March 07, 2008
HSBC moves closer to Vietnam opening
HSBC has taken another step in its bid to set up a wholly-owned foreign bank in Vietnam.March 07, 2008
Klein joins Commerzbank
After almost eight years at BHF-Bank, Oliver Klein is moving to Commerzbank.March 07, 2008
StanChart completes American Express acquisition
Standard Chartered has completed its US$823mn acquisition of American Express Bank (AEB).March 07, 2008
NBAD Private Bank to set up trade finance unit
NBAD Private Bank, the private banking arm and wholly-owned subsidiary of the National Bank of Abu Dhabi (NBAD Group), has decided to set up trade finance services in Geneva.March 07, 2008
Kazakhmys signs pre-export
Copper mining company Kazakhmys has signed a five-year US$2.1bn pre-export debt facility following a successful general syndication period.March 07, 2008
Novatek issues mandates
Russian independent gas producer Novatek has mandated BNP Paribas, Calyon, Citi, Sumitomo Mitsui Banking Corporation (SMBC) to arrange an unsecured US$800mn syndicated term loan facility.March 07, 2008
Essar Steel closes pre-payment deal
Calyon has closed a US$100mn prepayment facility for Essar Steel, a major steel manufacturer based in India.March 07, 2008
Chinese train project financing is signed
HSH Nordbank has closed a US$30mn project financing to support the construction of three custom-made luxury trains to operate on the Beijing-Lhasa and Beijing-Lijiang routes.March 07, 2008
Mechel reveals acquisition target
Russian mining and metals company Mechel has revealed its interest in acquiring Oriel Resources.March 07, 2008
EFIC and India Exim to unite on trade deals
Australia's export credit agency, Export Finance and Insurance Corporation (EFIC) has signed a cooperation agreement with Export-Import Bank of India (India Exim).March 07, 2008
Afrexim secures flexible US funding
The African Export-Import Bank (Afreximbank) is now able to speed up the process of financing multiple US Ex-Im backed short and medium-term transactions.March 07, 2008
StatoilHydro takes stake in Brazil's Peregrino project
Norway's integrated oil and gas company StatoilHydro is to take a 50% stake in the Brazilian Peregrino oilfield development.March 07, 2008
RBS signs pre-financing for Chinese metals firm
Sole bookrunner and mandated lead arranger Royal Bank of Scotland (RBS) has signed a US$180mn pre-financing facility for a privately-owned Chinese trading company Qinghai Liuyang Xinda Non-ferrous Metal (XDM).March 07, 2008
