GTR Trade Finance eNews - August 2009
Asian economies set for recovery
Nearly all Asean economies have emerged from the recession based on second-quarter GDP results, according to Moody's.
Tatneft launches pre-export deal
Russian oil firm Tatneft has launched a US$900mn pre-export finance facility, via co-ordinating banks UniCredit and WestLB.
NBAD boosts trade finance team
Louis Robinson, former head of trade sales at RBS, has left the bank and has taken up a position at National Bank of Abu Dhabi (NBAD) in London.
Increased demand for reinsurance and export loans says EKF
Denmark's Eksport Kredit Fonden (EKF) has reported that the number of applications for reinsurance has doubled since mid-June.
Ariel Re sets up in Zurich
Reinsurer Ariel Re has opened a branch office in Zurich to engage in the writing of credit and surety reinsurance on a global basis.
Maybank Islamic launches commodity-based financing solution
Maybank Islamic Berhad has launched a shariah-compliant trade finance solution named collateral management arrangement-i (CMA-i).
New project and structured finance partner for WFW
WFW has appointed Josh Clarke to the Singapore office as a partner in its international project and structured finance group.
EDC provides financing to China Gas Holdings
Export Development Canada (EDC) has signed a US$30mn credit line with China Gas Holdings of Hong Kong.
Olam International closes revolving trade facility
Olam International has closed a 12-month US$100mn Islamic revolving trade finance facility.
Miga VP drums up support for CIS
The executive vice-president of Miga, Izumi Kobayashi, is in Uzbekistan, Kazakhstan and Georgia to encourage foreign investment in these countries.
Noble Group plans new capital raising
Noble Group has signed a mandate letter with nine financial institutions to borrow US$1.8bn in short-term revolving loans.
EDC receives AAA IFS rating from Moody's
Export Development Canada (EDC) has been assigned a first-time insurance financial strength (IFS) rating of AAA by Moody’s Investors Service.
IFC promotes trade finance in Mongolia
IFC has signed an agreement with Mongolia’s Khan Bank under IFC’s global trade finance programme to provide a facility of US$2mn.
Egyptian Petroleum Corporation launches PXF
State-owned Egyptian Petroleum Corporation (EGPC) has launched syndication of a US$900mn pre-export financing.
UAE company goes live with GlobalTrade multi-bank platform
ETA Ascon Group has become the first company in the United Arab Emirates (UAE) to adopt a multi-bank platform using the latest web-based technology.
Syndication continues on Sonangol
Commitments for Angolan state oil producer Sonangol’s syndication on a US$1bn amortising finance facility are still trickling in, in the general phase of syndication.
IFC reaches record investment volumes in Africa
IFC has committed US$1.8bn worth of new investments across 30 countries in Africa in the fiscal year ended June.
Cotti officially joins JP Morgan treasury services
Daniel Cotti has officially joined JP Morgan treasury services as global trade services executive.
Nigerian banking turmoil set to worsen
The state takeover and sacking of the senior management of five Nigerian banks has sent shockwaves through the business landscape.
Tournaire joins Santander's soft commodities team
Jean Tournaire has joined Banco Santander's soft commodities team in Madrid.
Deutsche expands Asian GTB business
Deutsche Bank has made a number of new appointments to expand its global transaction banking (GTB) franchise in Asia.
IFC increases support for Togo and Cote d'Ivoire
IFC officials have highlighted recent trade finance transactions in their second trip to Togo and Côte d’Ivoire in less than a year.
BNDES secures purchase of Joburg bus fleet
The City of Johannesburg has arranged a loan through HSBC Bank, backed by BNDES, to fund the purchase of the Rea Vaya bus fleet for the city's BRT system.
Mexican bank goes live with Surecomp
Mexico's Banco del Bajio has commenced production with allNett, Surecomp's Java J2EE corporate trade finance front-end solution.
FBN Bank UK expands STCF team
Ayodipo Ogunmoyela has joined FBN Bank's (UK) structured trade commodity finance (STCF) team as a business development manager.
IFC expands trade finance programme
The IFC’s global trade finance programme (GTFP) issued US$2.4bn in guarantees to support trade with emerging markets in fiscal 2009.
Marsh launches trade credit insurance service
Insurance broker Marsh has launched a new trade credit insurance service which aims to help UK firms maintain cover during the recession.
Bank of America appoints head of global corporate banking
Bank of America is aligning its traditional treasury services and corporate banking products with its corporate banking group under new leadership.
US Ex-Im and Sace back export of helicopters
AgustaWestland will export four AW139 multiple-mission helicopters to the government of Trinidad and Tobago with US Ex-Im and Sace support.
Russian banks MDM and Ursa merge
The Central Bank of Russia (CBR) has registered the successful merge of two Russian banks.
JP Morgan collaborates to provide treasury solutions in Japan
JP Morgan has teamed up with NTT Data Corporation to provide local financial institutions in Japan with an integrated and automated platform for cross-border payment.
Wells Fargo HSBC heads up new SCF programme
PrimeRevenue and Wells Fargo HSBC Trade Bank have teamed up to power Toro’s supply chain finance (SCF) programme.
Santander hires Letters as new US trade head
Santander has hired Cameron Letters to head up their US trade business.
Senior China Systems executive joins Misys
Brian Edmondson has left China Systems and taken up a senior role at Misys in Europe.
Citi names new structured trade head
Citi's Yusuf Khan has relocated to Johannesburg, where he has taken up the position as head of structured trade finance for Sub-Saharan Africa.
Stemcor sees “continued deterioration” in markets
Steel trading company Stemcor has reported a poor first half for 2009, reporting a loss of £35mn (US$58mn).
ECGD ups support of UK exports
ECGD has provided £1.46bn of support to UK exporters and investors, according to its annual report.
Firms take supply chain risks more seriously
Almost 75% of businesses are improving how they manage their supply chain risks according to a report by global insurer, Aon.
New Asia head of shipping appointed to SG
Societe Generale Corporate & Investment Banking has appointed Mark Westley as regional head of shipping and asset-based finance for Asia Pacific.
StanChart launches Taiwan desk in Vietnam
Standard Chartered Bank Vietnam has launched the Taiwan desk as part of its origination and client coverage offering for wholesale banking clients.
ADB inks TF agreements with Nepali banks
The Asian Development Bank (ADB) has signed trade financing agreements with eight banks in Nepal.
Nexi provides loan insurance to Kazakh plant project
Nexi is to provide overseas untied loan insurance for a loan provided by three banks to finance a new sulphuric acid plant in Kazakhstan.
BMO Financial Group opens China branch
BMO Financial Group has officially opened its new premises in Beijing’s business district, as the bank continues to grow in China.
German plan to aid export firms approved
The European Commission has authorised a measure adopted by Germany to limit the adverse impact of the current financial crisis on export firms.
ADB and Wachovia drive trade in Asia
ADB and Wachovia Bank have signed a risk-sharing agreement that should spur increased trade in developing Asia.
World Bank approves loan for Croatia's HBOR
The World Bank has approved a €100mn (US$141.2mn) loan to the Croatian Bank for Reconstruction and Development (HBOR).
SG hires head of loan syndicate for Asia Pacific
Societe Generale Corporate & Investment Banking has appointed Jose-Antonio Olano as head of loan syndicate and distribution for Asia Pacific.
ATI and Opic boost SME support in Africa
Opic and the ATI will provide underserved micro, small and medium-sized companies in Africa access to increased technical assistance and foreign direct investment.
EFIC supports GM Holden export programmes
Australia’s EFIC is to support the export programmes of General Motors Holden (GMH) with a working capital line of credit of up to A$200mn.
Banking groups urge Kazakhstan to repay trade finance
International banking groups are urging Kazakhstan to ensure trade finance obligations are repaid in full by the country’s banks in a timely manner.
Standard Bank appoints new Asia head of STCF
Standard Bank has named Ong Tee Chong as head of structured trade and commodity finance in Singapore.
Falcon extends coverage across Asia
Falcon Trade Corporation has appointed Davy Kurniadi as regional manager for Asia.
Kuwait’s Securities House merges UK branches to target trade finance
The Securities House, a Kuwaiti shariah-compliant investment company, will bring together its London-based subsidiary companies into one organisation under the Gatehouse Bank brand.
Lukoil's PXF closes in record time
Russian oil firm Lukoil has signed a US$1.2bn pre-export finance (PXF) deal via 12 mandated lead arrangers.
TNK-BP's syndicated PXF finally signs
Russian oil company TNK-BP’s pre-export finance facility has finally been signed at a total of US$600mn.
SG sees net profit fall in Q2
Société Générale has reported a net profit of €309mn for the second quarter, representing a fall of 52% compared to Q2 2008.
EBRD sets fast pace with syndications
The EBRD has kept up a rapid pace in the syndicated loans market, pulling together nine deals so far this year, worth a total €1.2bn.
Petrobras secures BNDES credit line
Brazil’s national oil company Petrobras has signed a R$25bn (US$12.8bn) credit line with the country’s development bank BNDES.
UC Rusal agrees restructuring terms
Russian aluminium producer UC Rusal has agreed principal terms of long-term debt restructuring plans.
Keogh leaves Swift
Jackie Keogh has stepped down from her position as head of global transaction banks and supply chain at Swift.
US Ex-Im's Hochberg targets Brazil
New US Ex-Im chairman and president Fred Hochberg has pinpointed the Brazil as a key market for US exporters.
US bank and Visa launch supply chain network
US Bank and Visa have launched Syncada, a complete financial supply chain network available for financial institutions and their clients around the globe.
Japan signs first project deal under green scheme
The Japanese government has extended financing that will allow two joint-venture companies to produce energy-efficient boilers and steam turbines to sell into the Indian market.
StanChart's operating profit rises in 1H
StanChart has revealed a record performance for the first half of 2009, with income rising 14% to US$7.96bn and operating profit before tax up 10% to US$2.84bn.
JBIC guarantees Indonesian Samurai bonds
JBIC is to guarantee yen-denominated foreign bonds, also know as Samurai bonds, issued by the government of the Republic of Indonesia.
SwiftNet goes live in Hong Kong for high-value payments
SwiftNet has gone live as Hong Kong’s financial messaging platform for clearing house automated transfer system (Chats) payments.
HSBC names regional head of trade and supply chain
HSBC has appointed Simon Constantinides as regional head of trade and supply chain (ex Greater China), Asia Pacific.
IFIs combine to transform Ukrainian gas sector
Leading international financial institutions have reached an understanding with the Ukrainian government to reform the Ukrainian energy market.
TradeCard expands presence in the Americas
TradeCard, the supply chain collaboration platform for buyers, suppliers and service providers, has added its 700th supplier in the Americas.
Aon urges UK government to increase credit insurance cover
Susan Ross, director of Aon Trade Credit in the UK, is calling for the UK government to increase its credit insurance cover to £10-£15mn.
