GTR Trade Finance eNews - October 2008
Vnesheconombank to work with Chinese banks
Russia’s Bank for Development and Foreign Economic Affairs (Vnesheconombank) has signed key agreements with China’s State Development Bank and China’s Export-Import Bank.
EBRD supports steel production in Georgia
The European Bank for Reconstruction and Development (EBRD) has provided a US$28mn loan to Geosteel for the construction and operation of a mini-steel mill in
Finishing touches put to Standard's Nigerian expressway deal
A multi-million financing package arranged by Standard Bank to support the construction of West Africa’s first toll road, the Lekki-Epe Expressway in Nigeria, has been finalised.
New appointment at DBS Bank India
DBS Bank India has appointed Sanjiv Bhasin as its CEO, replacing Pranam Wahi who moved to Singapore to head up DBS’s global transaction services (GTS).
Bank Zenit secures syndicated loan in difficult conditions
Russian Bank Zenit has managed to secure a syndicated 364-day loan facility, escaping the fate of a number of other syndicated Russian bank deals that have had to be postponed due to lack of liquidity.
ADB and SMBC sign risk sharing deal to support trade
The Asian Development Bank (ADB) and SMBC have signed a risk-sharing agreement aimed at enhancing support for international trade in developing countries in Asia.
US Ex-Im's Lambright called on to help bailout programme
Chairman and president of US Ex-Im James Lambright is to serve as the chief investment officer for the US$700bn Troubled Asset Relief Programme.
Another Russian syndicated bank deal collapses
A 364-day US$25mn syndicated term loan facility for Probusinessbank has been withdrawn from the market, becoming yet another Russian bank deal to fail to attract enough participants.
Evrofinance Mosnarbank withdraws deal from market
A 364-day US$40mn syndicated term loan facility for Russian bank Evrofinance Mosnar (EVMB) has been withdrawn from the market due to increasingly tough market conditions.
DLA Piper opens up in Doha
Law firm DLA Piper has opened an office in
BNPP closes export credit deal for Philippines bridge project
Sole arranger BNP Paribas has signed a €150mn loan facility, backed by French export credit agency (ECA) Coface, to finance the construction of 72 rural and national bridges across the Philippines.
BPL Global acquires German PRI brokerage
BPL Global has acquired Gina Fitzgerald (GFL), a private political risk insurance brokerage with clients largely based in Germany and Austria.
Brazil’s Braskem closes oversubscribed pre-export deal
Brazilian Petrochemical company Braskem has closed a US$725mn pre-export facility.
Argentina's Banco CMF joins trade finance scheme
Banco CMF in
IFC to work with BTMU on trade finance
The IFC has signed an agreement with The Bank of Tokyo-Mitsubishi UFJ to work together on private sector investment opportunities in emerging markets.
Kamalpour joins Ashurst to boost Islamic finance capability
Abradat Kamalpour has joined Ashurst’s international finance team in order to strengthen the firm’s expertise in Islamic finance.
Analysis: Appetite for Ukrainian risk threatened as crisis takes hold
Ukraine is feeling the full effects of the global credit crisis, with its currency in freefall against the dollar and a number of banks being bailed out by the state. However, the National Bank of Ukraine has rapidly been introducing new legislation to stablise the situation, and despite the financial chaos, certain banks have managed to close deals.
Noble continues to invest in Brazilian infrastructure
Construction has begun on a liquid bulk fuels terminal in Brazil, being financed by the supply chain manager Noble Group.
Abu Dhabi National Energy firm selects Citi GTS
Abu Dhabi National Energy Company (TAQA) has chosen Citi to provide local domestic cash management services and a global liquidity structure with a multi-currency pool in
Qatar signs up to IFC
Qatar has become the 181st member country of the IFC, with Youssif Hussain Kamal, Qatar’s minister of finance, having signed the agreements with Lars Thunell, executive vice-president and CEO of IFC.
Poland’s Bank PKO selects Surecomp trade solution
Bank PKO Warsaw is to adopt Surecomp’s trade finance solution to automate its trade service operations.
Bank Petrocommerce secures syndicated deal
GarantiBank International, Landesbank Berlin, UniCredit Bank Austria and Bayerische Hypo- und Vereinsbank (acting under name UniCredit), Standard Bank and WestLB have signed a US$106mn facility for Russia’s Bank Petrocommerce (PCB).
ISDB ‘not affected’ by financial crisis
President of the Islamic Development Bank (ISDB), Ahmad Mohamed Ali, has declared that the bank has not yet been affected by the global financial crisis.
Islamic Development Bank finances Yemen projects
The Islamic Development Bank (IsDB) has signed two agreements with the Republic of Yemen to provide US$21.2mn to finance two water and road projects. The deal was signed at the sidelines of the annual meetings of the World Bank and IMF in Washington DC.
Coface sees trouble growing in UK retail sector
Credit insurance firm Coface is growing increasingly concerned with the UK retail sector, seeing fashion and electronics retailers demonstrating the most worrying behaviour.
China will not escape recession, reports Rio Tinto
Tom Albanese, chief executive of global mining group, Rio Tinto, has said that the Chinese economy will not be completely immune from the effects of the wider financial crisis.
First Capital closes trade first for Asia
First Capital, a financial services firm, has provided a US$30mn unsecured trade payable facility to Hong Kong-based public company Proview International Holdings (PIHL).
US Ex-Im reduces premiums for small businesses
US Ex-Im has decided to reduce its premium rates for small businesses in the
Demand for supply chain finance strengthens
As companies struggle to find liquidity in tough markets, supply chain finance (SCF) solutions are becoming more popular, according to SCF provider PrimeRevenue.
Alfa-Bank Ukraine secures dual tranche deal
Mandated lead arrangers and bookrunners Banif-Banco Internacional do Funchal (Banif), BayernLB, GarantiBank International and HSBC have signed a dual tranche facility for Alfa-Bank Ukraine.
HSH Nordbank to close down commodity finance business
HSH Nordbank has decided to close down its commodity finance activity as a result of a package of measures designed to improve the bank’s financial strength. It is planning to dispose of its commodity finance portfolio totalling €3.2bn continuously over the next three years.
Domestic demand to support Brazilian economy
The Brazilian economy is well placed to survive the current market turmoil, due partly to its strong domestic demand supported by increasing levels of employment and rising incomes, according to Luciano Coutinho, president of the Brazilian Development Bank (BNDES).
IMF looks to give trade a helping hand
Keeping credit lines open for the financing of trade is one of the key topics at the IMF and World Bank meetings being held this week.
Sao Tome and Principe becomes IFC member
The West African nation of Sao Tome and Principe has been accepted as the IFC’s 180th member country.
Banca Transilvania secures IFC-backed funding
The IFC is providing a €102.5mn loan facility to the Romania’s Banca Transilvania. The deal incorporates a €30mn loan on IFC’s account and a €72.5mn commercially syndicated loan.
Miga maintains support for emerging economies
The Multilateral Investment Guarantee Agency (Miga) has issued US$2.1bn in guarantees to support foreign direct investment in developing countries and is set to continue this level of support as other funding sources tighten.
Center-Invest closes trade-related syndication
Russia’s Center-Invest has closed a trade-related facility via initial mandated lead arrangers and bookrunners Commerzbank, Erste Group Bank, RZB, and Standard Bank.
WTO to hold meeting on access to trade finance
The World Trade Organisation (WTO) has announced it will hold a meeting on 12 November to discuss access to trade finance in the developing world.
Iraq gains Miga membership
Iraq has joined the Multilateral Investment Guarantee Agency (Miga) having completed all membership requirements, bringing the insurer’s membership to 173.
IFC increases ceiling on trade finance programme
The IFC has increased the ceiling of its global trade finance programme by a further US$500mn to US$1.5bn. The increase is a reaction to the rocky credit markets, shrinking liquidity levels and the increasing number of bank bailouts globally.
Indonesia’s Gresik copper plant refinances
Mandated lead arrangers Mizuho Coporate Bank and Bank of Tokyo-Mitsubishi UFJ have refinanced a US$250mn working capital facility for PT Smelting (PTS) which operates
Millicom wins acquisition deal for Central American expansion
Millicom International Cellular has secured a US$200mn loan to finance its acquisition of Amnet Telecommunications in Central America.
BNPP supports US-China export deals
BNP Paribas has arranged four loan agreements totalling just under US$12mn in support of US exports to China. The loans were jointly arranged by BNP Paribas and China Exim, and two of the facilities were backed by US Ex-Im.
Sberbank signs three-year syndicated deal
Russia’s Sberbank has signed a three-year US$1.2bn syndicated loan.
Mirabela Nickel draws down on Norilsk loan
Mirabela Nickel, Brazil-focused base metals explorer listed on the Australian Stock Exchange, has drawn down in full the US$50mn subordinated loan it secured from Norilsk Nickel Harjavalta Oy.
Berne Union members report rise in demand
Members of the Berne Union, the association for export credit and investment insurers, are reporting an increase in demand, fuelled by increasing market turbulence.
Bexa annual lunch draws criticism of ECGD
President of the British Exporters Association (Bexa), Richard Needham, has hit out at the UK’s export credit agency ECGD.
Nomos Bank reports stable funding base
Russia’s Nomos Bank has reported stable growth of its funding base, which has increased by approximately 2.5%.
IADB accepts first Chinese bank to trade scheme
The Inter-American Development Bank (IADB) has accepted the Bank of China as a confirming bank in the bank’s trade finance facilitation programme (TFFP).
Standard adds to debt capital markets loans team
Standard Bank has hired Lukasz Olszewski to its debt capital markets loans team.
EDC to support Angolan infrastructure projects
Export Development Canada (EDC) has signed a memorandum of understanding (MoU) with Angolan bank, Banco de Poupanca e Crédito (BPC), to support Canadian companies in future infrastructure projects in
US Ex-Im and UPS Capital support exports to Guatemala
US Ex-Im has approved a US$9.9mn medium-term loan guarantee to support exports of industrial gas manufacturing equipment to
Severstal set to launch syndication on five-year deal
Russian steel producer Severstal has signed a US$1.2bn five-year pre-export syndicated loan via BNP Paribas; Deutsche Bank; ABN Amro; Bank of Tokyo-Mitsubishi UFJ; Barclays Capital; Barclays Bank (investment banking division); Citibank, Commerzbank, and Société Générale.
Equinox Minerals signs new loan for Zambia’s Lumwana project
Mining company Equinox Minerals has signed a US$80mn loan facility to support additional working capital costs at its Zambian Lumwana copper project.
VTB Bank Austria postpones syndication
VTB Bank has postponed its US$300mn syndicated term loan it launched in September, after the facility struggled to attract participants in the increasingly turbulent capital markets.
Deutsche appoints North American trade finance sales head
Deutsche Bank has hired Jon Richman as a managing director and will take up the newly-created position of head of North America sales for trade finance and cash management corporates in global transaction banking (GTB).
RBS launches MaxTrad Express
The Royal Bank of Scotland (RBS) has launched MaxTrad Express.
RBS secures cash management contract with BT
The Royal Bank of Scotland (RBS) has won a contract with BT to provide cash management services in North America.
