GTR Trade Finance eNews - December 2009
Multi-currency credit facility secured for Petrom
Romanian oil company Petrom has secured a three-year €500mn multi-currency revolving credit facility.
Evraz closes revolving credit facility
The Evraz Group has closed a US$225mn four-year committed revolving credit facility for its wholly-owned US subsidiary, Evraz.
DBS Bank takes up Surecomp software
Asia’s DBS Bank has implemented IMEX, Surecomp’s trade finance solution, at its UK and Taiwan operations.
Finacity refinances trade receivables programme
Finacity Corporation has facilitated the successful refinancing of a five-year Mex$300mn (US$23.3mn) trade receivables programme for Mexican glass producer, Viméxico.
Turkiye Finans hires area manager
Mete Gonul has joined Turkiye Finans Participation Bank’s international financial institutions department as area manager.
Second edition of trade and SCF guide released
The second edition of the Global Business Intelligence (GBI) ‘Trade and Supply Chain Finance Guide’ has been published.
AfDB backs trade finance in Africa
The African Development Bank (AfDB) has signed two loan agreements worth US$150mn in favour of United Bank for Africa (UBA) to facilitate trade finance in Africa.
Natixis names new head of Asia Pacific PF business
Natixis has promoted Jason Jacques, currently head of project finance for Australia, to head up its project finance business for the Asia Pacific region.
Calyon Americas hires head of loan syndication
Jeff Ferrell has been appointed as head of loan syndications sales and trading for Calyon in the Americas.
Gazprom subsidiary signs debut syndicated facility
Gazprom subsidiary, Gazprom Marketing and Trading Limited (GM&T), has closed syndication of a US$148mn syndicated letter of credit facility.
WestLB do Brasil joins IFC's TF programme
Banco WestLB do Brasil has joined the IFC’s global trade finance programme, enabling the bank to boost trade financing for local clients.
EDC finances Ukraine satellite system
EDC is providing C$254mn in financing to Canada’s MDA to build a full-scale communication satellite system for the National Space Agency of Ukraine (NSAU).
Nexi and Belarusbank sign MOU
Japan’s Nexi and Belarusbank have signed a memorandum of understanding (MOU) to promote trade and investment between the two countries.
Sinosure-covered buyer credit backs Chinese shipping export
Bank of China and Société Générale have signed a US$167.3mn co-financing facility – backed by Sinosure – for the export of Chinese oil tankers.
Ferrexpo secures new PXF facility
Iron-ore producer Ferrexpo has secured a three-year pre-export financing facility worth US$230mn.
Evraz repays VEB loan
Russian steel company Evraz has repaid a US$800mn loan to Russia's Vnesheconombank (VEB).
EBRD provides new financing to Azerbaijan
The EBRD is providing a US$3mn financing package to Azerbaijan's Muganbank to support small businesses and enhance the bank’s trade facilitation activities.
BTA reaches deal over trade finance debt
Kazakhstan’s BTA Bank has agreed a deal with its creditors over the restructuring of its US$12.2bn-worth of senior, subordinated and trade finance debt and interest.
JP Morgan launches escrow services in South Korea
JP Morgan is continuing its escrow service expansion in Asia Pacific by launching its capabilities in South Korea.
Brazilian bank joins IFC's TF programme
Banco Industrial do Brasil has joined IFC’s global trade finance programme, enabling it to expand trade financing for small and midsize businesses.
Jbic provides export credit lines for Peru bank
Jbic has signed an agreement with Banco de Credito del Peru (BCP) to arrange dual currency-denominated export credit lines of ¥3bn and US$30mn respectively.
Deutsche opens branch in Tianjin, China
Deutsche Bank China’s new Tianjin branch is open for business, following approval from the China Banking Regulatory Commission.
US Ex-Im tops record in outstanding credits
The Export-Import Bank of the United States (US Ex-Im) has topped US$70bn in total credits outstanding – the highest level in the bank’s 75 year history.
Standard Bank raises funds in Taiwan
Standard Bank has secured a two-year US$130mn loan facility raised in the Taiwanese market.
Isbank wins shipping credit line from Japan
The Japan Bank for International Cooperation (Jbic) has extended a ¥10bn (US$113bn) export credit line specifically for ships to Turkey's Isbank.
Papua New Guinea's LNG project wins Australian help
Australia’s export credit agency EFIC will loan A$547mn (US$500mn) to support Papua New Guinea's liquefied natural gas (LNG) project.
Belagroprombank signs trade loan
Belagroprombank in Belarus has signed a US$43.5mn trade-related syndicated term loan facility.
Europe turns to trade receivables
In light of recessionary pressures, businesses are set to increase their use of trade receivables-based finance, says a new report by Demica.
Standard Bank granted Angola banking licence
Standard Bank has been granted a banking licence in Angola, opening the way for it to start operating as a full-service bank in Angola by mid-2010.
Indiabulls Power deal closes
Energy firm Indiabulls Power has secured a Rs51.7bn (US$1.1bn) 14-year term loan via sole mandated lead arranger and bookrunner SBI Capital Markets.
IFC backs Russian regional banks
The World Bank’s IFC is partnering with the Association of Regional Banks of Russia to promote regional banking, including the provision of trade finance.
ADB inks TF pacts with Sri Lankan banks
The Asian Development Bank (ADB) has signed new trade financing agreements with three Sri Lankan banks – Bank of Ceylon, Vardhana Bank and NDB Bank.
Gatehouse Bank launches shariah-compliant TF fund
Gatehouse Bank and Islamic market intermediary company DDCAP will launch a fully shariah-compliant structured trade finance fund in early 2010.
BBVA raises stake in Chinese partner
In a bid to capitalise on growing trade between Asia and Latin America, Spanish bank BBVA has raised its stake in China Citic Bank (CNCB) to 15%.
IADB joins major banks for LatAm infrastructure deal
Jbic and four commercial banks have joined the Inter-American Development Bank (IADB) in providing US$940mn in loans for the São Paulo beltway.
Sace strengthens Russian commitments
Italy's Sace is in the process of finalising two transactions for major projects in Russia in the petrochemicals and oil and gas sectors.
EFIC's Armour to head up Berne Union
Angus Armour, CEO and managing director of the EFIC, has been appointed as the new president of the Berne Union.
Standard Bank boosts Asian STCF team
Standard Bank has hired two new directors to its Asian structured trade and commodity finance (STCF) team.
Arab Bank's Swiss team adopts Credoc software
Arab Bank (Switzerland) is adopting Credoc software, provided by Swiss firm MIT, to help support the expansion of its trade finance operations.
EFIC hires structured trade finance director
Export Finance & Insurance Corp (EFIC) has hired Karin Kobelentz as a director in its structured trade and project finance division.
Market edges nearer to new trade finance registry
Efforts to create a database on the level of defaults in trade finance are growing, following a meeting held in Brussels.
Wartsila inks PNG power supply deal
Power supplier Wartsila has signed an almost €57mn contract to supply a barge-mounted power plant to serve a mining operation in Papua New Guinea.
ICBC launches cash management business
Industrial and Commercial Bank of China (ICBC) has officially launched its global cash management business.
StanChart tips Asia to lead global recovery
Domestic-demand driven economies such as China, India and Indonesia are likely to be at the forefront of the 2010 recovery, according to StanChart's Global Focus report.
Swift expands US presence
Swift has accepted Union Credit Bank as a member of its global community of close to 9,000 financial institutions.
Standard and ANZ show appetite for Cambodian risk
Joint coordinating arrangers and bookrunners Standard Bank Asia and ANZ have signed a US$421mn 18-month senior debt facility to finance a telecoms acquisition deal in Cambodia.
Saydam leaves Deutsche's SCTF team
Mehmet Saydam is leaving Deutsche's structured commodity and trade finance (SCTF) team and moving into a new role within the bank's global capital markets.
CEF awarded factoring license
China Export Finance (CEF) has become China’s first independent trade financier to be awarded a factoring license.
EKN opens Gothenburg office
Swedish export credit agency EKN has officially opened an office in Gothenburg.
Azerbaijan methanol plant gets EBRD loan
The EBRD is supporting the diversification of the economy in Azerbaijan with a US$120mn loan to Azerbaijan Methanol Company (AzMeCo).
EBRD credit line backs Polish SMEs
The EBRD is increasing the availability of financing in Poland with a €100mn medium-term credit line to Bank Millennium.
Czech bank goes live with Surecomp
Komerční Banka has commenced production with allNETT, Surecomp’s Java J2EE corporate trade finance front-end solution.
Addleshaw Goddard boosts trade finance practice
Law firm Addleshaw Goddard is bulking up its finance group with the hire of project's expert Claire Denison.
