GTR Trade Finance eNews - April 2009
Mandelson addresses Iraq conference in London
Speaking at the first ‘Invest in Iraq Conference’ hosted in London today, the UK’s business secretary Peter Mandelson outlined the importance of the trading relationship between the UK and Iraq.
Banks cut back on overseas lending
According to a report by the Bank for International Settlements, banks have retreated from foreign lending at a rate faster than has ever been recorded in a single quarter.
IFC trade programme adds first Guatemalan bank
World Bank Group member IFC has announced that Banco G&T Continental has become the first Guatemalan bank to join the IFC global trade finance programme.
DWS trade finance lawyer wins promotion
Denton Wilde Sapte has promoted trade finance lawyer Matthew Cox to its partnership in the firm's annual partner elections.
Katanga returns to Glencore for aid
Katanga Mining has entered into a US$50mn bridge loan agreement and a rights offering plan with shareholder Glencore Finance.
US Ex-Im approves credit line to Petrobras
The Export-Import Bank of the United States (US Ex-Im) has approved a US$2bn credit line for Brazilian energy giant Petrobras.
Howard Bascom named chairman of Baft
The Bankers’ Association for Finance and Trade (Baft) has elected Howard Bascom to lead the organisation for the 2009-2010 year.
EDC reports increase in new business in Q1
Canadian export credit agency EDC’s combined financing and insurance volumes reached C$17.4bn for the first fiscal quarter of this year.
EC approves Luxembourg export credit insurance scheme
The European Commission has authorised a measure adopted by Luxembourg to provide top-up credit insurance coverage for companies.
Standard Chartered celebrates opening in Frankfurt
Standard Chartered celebrated the official opening of its new premises in Frankfurt by hosting an event at the Schirn Kunsthalle Frankfurt.
Opic to boost Sub-Saharan SME market
Opic has entered a partnership with Usaid to provide a minimum of US$1.5mn in technical assistance to SMEs in Sub-Saharan Africa.
BNDES lends support to Brazilian aviation industry
BNDES has inked a R$254mn (approximately US$114mn) financing agreement with new Brazilian airline company Azul.
US Ex-Im supports exports to Pemex
US Ex-Im has approved US$900mn in long-term direct loans to support more than US$1bn of exports from hundreds of companies across the United States to Mexico's Pemex.
Transnet secures ECA financing
South Africa's Transnet has finalised the first rand-denominated ECA financing facility for the procurement of equipment for three ports.
World Bank Group launches infrastructure initiatives for developing countries
The World Bank Group has launched two multi-billion dollar infrastructure investment initiatives to help developing countries withstand the global financial crisis.
OECD countries to co-ordinate export credit support
A total of 35 countries have agreed to co-ordinate their export credit support to help boost international trade and investment.
IFC and JBIC to boost trade finance
The IFC and JBIC have agreed to collaborate to boost financing for trade.
Multilaterals join forces to boost Latin America
Multilateral development banks have jointly agreed to pump US$90bn over the next two years into Latin American and the Caribbean to encourage economic growth.
India Exim extends debut credit line to Cameroon
India Exim has extended a line of credit of US$37.65mn to the government of Cameroon.
Raffeisen repays syndicated loan
Raiffeisen Bank Aval has repaid the last tranche of US$100mn of a US$500mn syndicated term loan facility granted in April 2007.
DnB Nor to open Malmo branch
Norway's largest financial services firm, DnB Nor, is set to open a new branch in Malmo, Sweden.
European-Russian Bank implements Misys Midas
Misys has announced that European-Russian Bank has successfully implemented Misys Midas.
HSBC Vietnam opens new transaction office in Hanoi
HSBC officially opened its first transaction office in Tay Ho in Vietnam’s capital city, Hanoi on April 22.
Devine leaves Calyon's syndications team
Ian Devine has left Calyon Crédit Agricole CIB, where he was head of Emea loan trading.
Sviaz Bank repays its third syndicated loan
Sviaz Bank has repaid its third syndicated US$30mn loan in full.
Standard Chartered grows aircraft portfolio
Standard Chartered have announced an agreement to acquire 14 narrow body aircraft from GE Commercial Aviation Services (GECAS) through the Pembroke Group.
UK launches trade credit insurance scheme
The UK government has launched a scheme that provides up to £5bn (US$7.26bn) of additional trade credit insurance to UK businesses that have seen their cover reduced.
China National Investment & Guaranty joins ICISA
China National Investment & Guaranty Co of China has been admitted as a member of the ICISA.
TNK-BP launches syndication on pre-export finance facility
Leading Russian oil company TNK-BP has launched syndication on a US$315mn structured pre-export finance facility.
Colombia seeks credit line from IMF
Colombia has become the third country to seek access to a new IMF credit line for strong performing countries.
Freshfields expands in Abu Dhabi
International law firm Freshfields Bruckhaus Deringer has significantly expanded its presence in Abu Dhabi.
EFIC releases Global Readiness index
The EFIC's latest annual Global Readiness index (GRi) shows that Australian companies remain optimistic about their offshore operations, despite the global downturn.
Bangladesh announces aid package
The Bangladesh government has announced a US$500mn stimulus package to offset the global financial recession on the country’s economy.
Deutsche Bank and Inttra launch partnership
Deutsche Bank and maritime e-commerce provider Inttra have launched a joint partnership to offer ocean carriers automated electronic invoicing.
US Ex-Im provides debut financing to Indonesia’s Lion Air
US Ex-Im has approved over US$1bn in financing to support the export of up to 30 Boeing 737-900ER aircraft with CFM International aircraft engines to
Turkey’s Cengiz Enerji wins financing for power plant
The Turkish power company Cengiz Enerji has secured a US Ex-Im guaranteed US$104.8mn loan to finance imports of equipment from GE Energy.
OCBC Al-Amin launches sharia trade finance products
OCBC’s Malaysian Islamic subsidiary, OCBC Al-Amin, has launched a range of new Sharia-compliant trade finance products.
African Development Bank unveils trade finance plans
The African Development Bank’s board of directors has approved a US$1bn trade finance initiative.
Georgia's TBC Bank wins new funding
Georgia’s second largest bank TBC Bank has secured a funding package of US$161mn in loans and equity investment.
EBRD launches new domestic rouble bond
The European Bank for Reconstruction and Development (EBRD) has launched its fourth rouble bond issue in an effort to reinvigorate the development of the Russian domestic capital market.
IADB’s trade finance scheme expands to new banks
The Inter-American Development Bank (IADB) has added a number of new banks to its trade finance facilitation programme (TFFP) in early April.
Hochberg on target to be new US Ex-Im president
US President Barack Obama has stated he intends to nominate Fred Hochberg as the new president and chairman of the Export-Import Bank of the United States (US Ex-Im).
IFC sets benchmark with bond launch
The IFC, a member of the World Bank Group, has issued its largest bond to date. Its US$3bn bond has been heavily oversubscribed, and generated an order book in excess of US$4bn.
Intesa Sanpaolo closes export credit deal in Russia
Intesa Sanpaolo has signed a €76.6mn loan for Safwood, one of the leading Italian wood product producers, in support of a greenfield project in Russia.
Simpson to become Citi’s head of treasury and trade solutions
Paul Simpson has been appointed head of treasury and trade solutions at Citi.
Malaysia’s AmBank adopts Misys solution
Ambank Berhad has selected Misys trade portal and Misys trade innovation solutions to strengthen its trade service capabilities.
Société Générale makes key export finance appointments
Société Générale Corporate and Investment Banking (CIB) has appointed Mark Howard as deputy global head of export finance within the capital raising and financing division.
Ratings agency downgrades 28 countries
Trade insurer Coface has issued 28 country rating downgrades and put 47 countries on negative watch.
China Exim supports local shipbuilding
China Export-Import Bank (China Exim) intends to help China's shipping industry weather the financial crisis and realise a resurgence.
Evraz's South African steel firm sells equity stake
Evraz's South African subsidiary, Highveld Steel and Vanadium Corporation has concluded an agreement to transfer 26% of the ordinary equity interest in Mapochs Mine to local partners.
Lamy praises Africa's North-South Corridor trade scheme
WTO director general Pascal Lamy has hailed Africa’s North-South Corridor Pilot Aid for Trade as an example of “how to put together all the elements necessary for trade to flow”.
Coface implements transparency charter
Coface is implementing a transparency charter to improve dialogue and maintain confidence between companies throughout the world.
Iran applies for Berne Union membership
Export Guarantee Fund of Iran (EGFI) has applied for membership to the Berne Union.
New Russian trade bank opens in Czech Republic
A new Russian bank, European-Russian Bank (ERB), has opened in the Czech Republic. It is the first new Russian bank to win a banking license to operate within the European Union.
Clyde & Co extends Middle East presence via Saudi affiliation
International law firm Clyde & Co has extended its Middle Eastern presence via an affiliation with the law office of Abdulaziz Al-Bosaily in Riyadh, Saudi Arabia.
Opic grants loan to expand small business lending in Romania
Opic will provide a US$25mn direct loan to Capa Finance to support the expansion of lending to small businesses in Romania.
Hinduja Bank goes live with Credoc
Switzerland’s Hinduja Bank has chosen Credoc as the software to support its trade finance operations.
Eni and Gazprom sign energy deals
Italy’s Eni and Russia’s Gazprom have signed agreements representing a further step in fostering strategic cooperation between Italy and the Russian Federation in the energy field.
EDC and Nedbank sign financing agreement
Canadian export credit agency, EDC, has provided US$100mn to Nedbank to support purchases of Canadian goods and services in South Africa.
EBRD investments hit record high in Q1
The EBRD has responded to the impact of the global economic crisis on Eastern Europe with a strong rise in investments in the first quarter of this year.
World Bank increases support for trade in poor countries
The World Bank Group has launched a US$40mn multi-donor trust fund to help countries improve their competitiveness and reduce trading costs.
US Ex-Im backs export of Boeing aircraft to Lion Air
The US Ex-Im has approved more than US$1bn in financing to support the export of up to 30 Boeing 737-900ER aircraft to Lion Air in Indonesia.
China backs IFC trade programme
The Chinese government has agreed to provide US$1.5bn to IFC to support a new global initiative designed to boost trade and address the shortage of trade finance.
Brazil’s Usiminas raises A/B loan
SMBC and the IADB have closed a pioneering loan for Brazilian steelmaker Usiminas, an affiliate of Nippon Steel.
Georgia's Bank Republic joins IFC trade programme
Georgia’s Bank Republic has secured a US$10mn trade finance guarantee from IFC.
World Bank Group visits Iraq
Representatives of the World Bank Group’s board and senior management will be visiting Iraq this week to discuss the country’s investment potential.
Hassine appointed SMBC global head of export and agency finance
SMBC has named Eli Hassine as global head of export and agency finance.
UniCredit hires head of global trade management
Matthias Krönung has joined UniCredit’s global transaction banking business as head of global trade management.
US supports sales to Angola
A new US$120mn arrangement gives US exporters expedited financing for sales to Angolan buyers.
Standard Chartered and IFC sign funding partnership to boost trade
Standard Chartered has signed an agreement with the IFC,to develop a US$1.25bn funding partnership to facilitate global trade finance.
IFC launches trade liquidity programme
The World Bank Group has announced the launch of a coordinated global initiative to support trade in developing markets and address the shortage of trade finance.
ABB wins Algerian oil and gas order
ABB, a power and automation technology group, has won a contract worth around US$490mn as part of the El Merk oil and gas project in Algeria.
ADB expands trade finance programme
The Asian Development Bank (ADB) has expanded its trade finance facilitation programme (TFFP) to US$1bn.
Westpac announces head of project finance
Westpac Banking Corp has promoted Norm Heavener to head of project finance.
