GTR Trade Finance eNews - May 2008
May 30, 2008
KazMunaiGas returns to the market
Mandates are currently being finalised for a US$2.5bn three-year unsecured syndicated facility for Kazakhstani oil and gas company KazMunaiGas (KMG).May 30, 2008
MDM Bank mandates for syndicated loans
Russia's MDM Bank has mandated arrangers for a syndicated loan facility under the IFC A/B loan structure.May 30, 2008
PLN secures Sinosure-backed financing for power project
A US$592mn Sinosure-backed transaction for Indonesia’s state-owned electricity provider PLN has been signed in Beijing.May 30, 2008
VTB signs MoU with Chinese Construction Bank
VTB and China Construction Bank have signed a Memorandum of Understanding (MoU).May 30, 2008
Coface invests in Kyriba
Coface has provided funding for the international expansion of the Kyriba Corporation, a leader of web-based cash and treasury management solutions.May 30, 2008
Political risk insurance facility established for Palestinian exporters
The Overseas Private Investment Corporation (Opic) has signed an agreement aimed at supporting political risk insurance for Palestinian export-related businesses.May 30, 2008
Freshfields boosts Middle East presence
Freshfields Bruckhaus Deringer is relocating three partners and additional associates to the Middle East region.May 29, 2008
Alfa Bank club deal closes
Ukraine's Alfa Bank has signed a US$25.5mn trade-related club finance facilityMay 29, 2008
UniCredit strengthens project and SCF syndication team
Ralf Ernst has joined UniCredit Group as a director of the project and structured commodity finance loan syndication team.May 29, 2008
Parson leaves Clyde for Reed Smith
Robert Parson is to become a partner at Reed Smith.May 28, 2008
Gazpromneft mandates for syndication
Russian oil company Gazpromneft has mandated five banks on a US$1bn facility.May 28, 2008
Slovenian bank obtains amortising term loan
Slovenia's Banka Celje signed a €135mn syndicated amortising term loan facility on May 27.May 28, 2008
Nordea extends multi-bank services with Bolero
Nordea is set to extend its automated multi-bank trade finance service after signing an agreement with Bolero.May 28, 2008
Interpipe closes debt funding package to finance steel mill project
Interpipe, one of the world’s leading producers of steel pipes and railway wheels, has closed a debt funding package of US$531mn.May 28, 2008
Zenit Bank secures trade-related term loan
Russia's Zenit Bank has closed a US$218mn syndicated term loan facility.May 27, 2008
World Bank supports export finance in Turkey
The World Bank has extended a US$600mn export finance intermediation loan to improve the competitiveness and expand the capacity of Turkish exporting firms.May 27, 2008
Bank Respublika secures dual-tranche term loan
Azerbaijan's Bank Respublika (BR) has secured a US$25mn dual-tranche syndicated term loan facility.May 27, 2008
Turkey's Zorlu secures largest syndication
Turkish energy firm Zorlu Enerji has secured its largest syndicated financing to date.May 27, 2008
EDC sets up in Chile
Export Development Canada (EDC) has established a permanent representation in Santiago, Chile.May 27, 2008
Credit insurers gather for ICISA meeting in Vienna
The annual meeting of the International Credit Insurance and Surety Association (ICISA) is being held in Vienna, Austria between 28 and 31 May.May 27, 2008
HSBC launches diamond banking unit in UAE
HSBC has established a diamond banking unit in Dubai.May 27, 2008
CAF signs quality agreement with Adex
The Andean Development Corporation (CAF) has signed a non-reimbursable cooperation agreement with the Peruvian Exporters Association (Adex).May 27, 2008
RBC expands into Europe and Asia
Royal Bank of Canada (RBC) is expanding its network of integrated financial services through Europe and the Asia Pacific region.May 27, 2008
Landesbanki hires Asia-Pacific trade finance director
Landsbanki has appointed Alastair McIntyre as director of trade and commodity finance for Asia-Pacific.May 23, 2008
Glencore signs mega revolving credit facility
Glencore, one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers, has signed revolving credit facilities with a total value of US$9.135bn via bookrunners Calyon, JPMorgan, Lloyds TSB and RBS.May 22, 2008
Mechel closes acquisition financing facility
Co-ordinating mandated lead arrangers and bookrunners ABN Amro and Merrill Lynch have closed syndication of the US$1.5bn acquisition bridge financing facility for the Russian mining and metals firm Mechel.May 22, 2008
OCI closes US$950mn club deal
Orascom Construction Industries (OCI), the biggest publicly traded builder in Egypt, has secured a US$950mn loan facility.May 22, 2008
AfDB annual report reveals South African power loan
The African Development Bank's (AfDB) 2007 annual report has revealed the approval of a UA330.04mn (US$500mn) loan to fund South African utility company Eskom.May 22, 2008
ERBD signs loan for General Motors in Russia
The European Bank for Reconstruction and Development (EBRD), as lead arranger, is providing a US$150m seven-year syndicated loan to General Motors (GM).May 22, 2008
Mirow named EBRD president
Thomas Mirow has been appointed the fifth president of the European Bank of Reconstruction and Development (EBRD.)May 22, 2008
Citi strengthens Indonesian ties
Citi has signed a memorandum of understanding (MoU) with the Association of Priority Importing Companies (APJP).May 22, 2008
AfDB signs agreement with China Ex-Im
The African Development Bank (AfDB) has reportedly signed a memorandum of understanding (MoU) with China's Export-Import Bank.May 22, 2008
Cabei extends credit facility for Guatemalan bank
The Central American Bank for Economic Integration (CABEI) has extended a US$10.6mn credit facility to Bantrab.May 22, 2008
Vale signs agreements with JBIC and Nexi
The Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (Nexi) have signed memorandums of understanding with Companhia Vale do Rio Doce (Vale).May 22, 2008
City National Bank partners with US government to boost trade
City National Bank and the US commercial service of the federal department of commerce have announced a partnership targeted at increasing the level of exports from US businesses.May 22, 2008
Mizuho expands trade finance team
Mizuho Corporate Bank has bolstered its trade finance capacity.May 20, 2008
Standard Chartered and IFC partner to expand microfinance lending
Standard Chartered and the International Finance Corporation (IFC) have agreed to launch the first-ever issuance of notes backed by loans to microfinance institutions in Africa and Asia.May 19, 2008
BoM draws syndicated term loan
The Bank of Moscow (BoM) has drawn on a US$220mn syndicated loan, which will be utilised for trade financing and general corporate purposes.May 19, 2008
BSP signs syndicated term loan facility
Belpromstroibank (JSC BSP Bank), the majority state owned Belarusian bank, signed a 364-day, US$78mn syndicated term loan facility on May 13.May 19, 2008
RBS joins Norilsk Nickel syndication
Royal Bank of Scotland (RBS) has joined the syndication for the three-year pre-export loan for Russian miner Norilsk Nickel.May 19, 2008
Seminar highlights recent growth in sub-participation trade finance sell-downs
The increased level of activity in the distribution of secondary market debt in the form of sub-participation agreements was a key topic of discussion at the most recent lecture of Denton Wilde Sapte's trade and export finance series.May 19, 2008
CGI releases SCF solution
CGI Group, a leader in information technology (IT) and business process services, has announced the release of Proponix360.May 19, 2008
US Export-Import Bank affirms Indian focus
The Export-Import Bank of the US (Exim Bank) is intending to commit US$8.2bn in competitively priced credit assistance to eight Indian financial institutions to fund infrastructure projects in the country.May 19, 2008
HMB and Citi sign LC agreement
Habib Metropolitan Bank (HMB) and Citibank Pakistan, a wholly owned subsidiary of Citi, have signed an Asia letter of credit relay programme agreement.May 19, 2008
Coface increases Scandinavian factoring presence
Credit insurer Coface, a subsidiary of French bank Natixis, has announced that it has purchased a majority stake in Midt Factoring.May 16, 2008
IFA looks for feedback on draft market guide
Denton Wilde Sapte hosted the presentation on May 6 of the draft International Forfaiting Association (IFA) primary market guide.May 16, 2008
WFW recruits structured finance partner
Mehraab Nazir has joined the London office of Watson, Farley and Williams (WFW) as a partner in the firm's international project and structured finance group.May 16, 2008
Sovereign to open Dubai office
Bermuda- based Sovereign Risk Insurance has received approval in principle from the Dubai Financial Services Authority (DFSA) to establish a wholly-owned subsidiary in the emirate.May 16, 2008
ANZ expands into Middle East
ANZ opens representative office in Dubai.May 15, 2008
JLT appoints Asia risk director
Jardine Lloyd Thompson (JLT) has appointed Matthew Strong as director, capital risks, Asia.May 15, 2008
Stemcor completes oversubscribed facility
Stemcor, one of the world's largest international trading groups in steel and related raw materials across the whole supply chain, has closed an unsecured US$700mn multicurrency revolving credit facility.May 14, 2008
EDC appoints new director
Export Development Canada (EDC), Canada's export credit agency, has appointed Ajit Someshwar to its board of directors.May 14, 2008
UC Rusal syndication closes
Banks have completed syndication of a US$4.5bn bridge loan to finance the cash portion of aluminum producer UC Rusal's acquisition of a stake in Norilsk Nickel.May 14, 2008
TDJ and GBCORP to partner in Bahrain
Project finance advisors Taylor-DeJongh (TDJ) has entered into a strategic partnership with Bahrain-based investment bank Global Banking Corporation (GBCORP).May 14, 2008
ICBC interested in Philippine expansion
Reports from the Philippines are suggesting that the Industrial and Commercial Bank of China (ICBC) is planning to set up operations in the country as part of a global expansion strategy.May 14, 2008
Lukoil syndication expected to close this week
Syndication for the unsecured, dual-tranche US$1bn loan facility being raised for the Russian oil company Lukoil is expected to close this week.May 13, 2008
General syndication launches for Alfa Bank facility
General syndication was launched to the market on May 9 for a US$200mn dual-tranche trade-related term loan facility for Alfa Bank.May 13, 2008
EBRD supports Kazakh agribusiness
The European Bank for Reconstruction and Development (EBRD) is providing a US$50mn loan facility to the Kazakhstani beverage producer, RG Brands.May 13, 2008
BLG promotes Walsh
Barlow Lyde and Gilbert (BLG), a law firm specialising in international insurance, has announced the promotion of associate director Pádraig Walsh to partner.May 13, 2008
HFW announces eight new partners
Holman Fenwick Willan (HFW), a law firm focusing on maritime transportation, insurance, reinsurance and trade, has announced the election of eight new partners across its global network of offices, including three at its London base.May 12, 2008
HSBC appoints Tan to new role
HSBC has announced that Sharon Tan has been appointed to the new role of senior vice president structured trade finance, trade and supply chain.May 12, 2008
Citi launches sharia trade products
Citi global transaction services has unveiled a range of sharia-compliant banking products targeting import finance, guarantees and trade.May 12, 2008
Garanti Bank secures self-arranged term loan
Trkiye Garanti Bankas (Garanti) has signed a €600mn self-arranged and coordinated club term loan facility to support its trade finance contracts. The deal marks the first foray into the loan market from a private top-tier Turkish borrower this year and refinances a similarly self-arranged US$600mn facility which Garanti closed in May 2007.May 12, 2008
Scotiabank signs factoring agreement
Scotiabank has expanded its supply chain financing capabilities through an agreement with Wells Fargo.May 12, 2008
BAFT elects new leader
The Bankers' Association for Finance and Trade (BAFT) has nominated Chuck Silverman, managing director, global financial institutions and trade division for Wachovia Bank, to head the organisation for the 2008-2009 year.May 12, 2008
IFC supports Ukrainian business
The International Finance Corporation (IFC) has provided a US$30mn trade finance line to Raiffeisen Bank Aval.May 09, 2008
Norilsk mandates for refinancing
Russian miner Norilsk Nickel has appointed seven banks as bookrunners to arrange a US$1.3bn, three-year syndicated pre-export loan.May 08, 2008
Misys solution selected in Qatar
Misys has announced that its core banking and trade services solutions have been selected by Masraf Al Rayan.May 08, 2008
AJG recruits for New York office
Arthur J. Gallagher, the US insurance broker and risk management firm, has recruited Gabe Mansky as senior vice president, and Andrea Friedman as account manager for its global political, project and credit risks practice.May 08, 2008
ITFC signs trade agreements
The International Islamic Trade Finance Corporation (ITFC) has reportedly provided approximately US$116mn in financing to support three deals in Morocco and Tunisia.May 08, 2008
URSA Bank syndication launched
General syndication, on a "best efforts” basis, commenced on May 6 for a US$50mn trade related term loan facility for URSA Bank, one of the largest regional banks in Russia.May 08, 2008
Standard Chartered opens Africa-Asia trade desk
Standard Chartered has established a specialist Africa-Asia business unit to exploit the growing trade links between the two continents.May 08, 2008
Syndication launched for Rosbank loan
General syndication was launched on May 7 for a US$125mn syndicated term loan facility to support trade finance contracts of Russia's Rosbank.May 08, 2008
Watson Farley & Williams opens Milan office
Watson Farley & Williams has opened an office in Milan.May 07, 2008
Suek closes syndicated loan
Syndication closed on April 30 for the US$800mn loan facility for Siberian coal energy company (Suek).May 07, 2008
Falcon swoop for Stennings
Paul Stennings has joined trade services provider Falcon Trade Corporation as financial controller.May 07, 2008
KBC extends Bolero agreement
KBC Group has extended its partnership with Bolero, the paperless trading platform, signing a new agreement that will provide its global customer base with an automated and standardised multi-bank trade finance channel.May 07, 2008
PT Frisian Flag implements Deutsche Bank solution
PT Frisian Flag Indonesia, a subsidiary of Royal Friesland Foods, Netherlands, and an Indonesian market leader in dairy products, has become the first company in Asia to implement db-SupplierFinance.May 07, 2008
Deutsche arranges Unibank term loan
Deutsche Bank, acting as mandated lead arranger, has completed the signing of a US$30mn syndicated term loan facility for Azerbaijan's Unibank.May 02, 2008
Calyon and Banco BPI's electricity prepayment deal attracts banks
Mandated lead arrangers Calyon and Banco BPI have reached first close on their electricity prepayment facility being syndicated for electricity producer Hidroelectrica de Cahora Bassa (HCB).May 02, 2008
WestLB closes export deal for Peruvian fishmeal firm
Acting as sole mandated lead arranger and bookrunner WestLB has closed a US$80mn senior secured export-backed term loan for Pesquera Exalmar, a Peruvian fishmeal and fish oil producer.May 01, 2008
Nomos Bank's gold deal is finalised
Russia's Nomos Bank has closed its syndicated loan facility at US$135mn via mandated lead arrangers RZB and Standard Bank.May 01, 2008
VTB to raise dual tranche syndicated loan
VTB Bank has mandated 10 banks to arrange a US$1bn dual tranche syndicated term loan facility.May 01, 2008
Raiffeisenbank signs syndicated loan
Raiffeisenbank has signed a US$1bn syndicated loan facility via initial mandated lead arrangers and bookrunners...May 01, 2008
Wimm-Bill-Dann foods syndication closes
Initial mandated lead arrangers and bookrunners ABN Amro, Calyon and ING have closed syndication on a US$250mn syndicated term loan facility for Russian firm Wimm-Bill-Dann Foods (WBD).
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