GTR Trade Finance eNews - February 2009
Societe Generale names head of export finance for Germany
Societe Generale Corporate & Investment Banking has hired Volker Kaeseborn as the new head of export finance for Germany.
TFC appoints non-executive director
TFC Financial Holdings has appointed Keith Davies as its non-executive director.
Bibby provides export credit facility to electronics manufacturer
Bibby has provided a US$1.7mn purchase order and receivables credit facility to an electronics manufacturer based in Orlando, Florida.
Sberbank and MMK ink a loan agreement
Magnitogorsk Iron and Steel Works (MMK) has signed a three-year R12bn non-revolving loan to finance the construction of its new plate mill project.
Citi appoints head of Asia Pacific trade and export finance
Ravi Saxena has been appointed head of Asia Pacific trade and export and agency finance (EAF) at Citigroup global transaction services.
Interpipe to supply wheels to Greek Railway Company
Interpipe, leading producers of steel pipes and railway wheels, are set to supply railway wheels to Greek Railway Company (OSE).
Indonesian exporters oppose stricter trade rule
Indonesian exporters of key commodities have objected to a government plan making it mandatory to use letters of credit (LCs) for export payments.
Credit insurers to assume more power
Credit insurers have taken over ratings agencies’ role in determining UK companies’ credit worthiness, says credit insurance broker Aon Trade Credit.
Misys expands customer base
Misys has announced an increase in customers benefiting from its banking and treasury and capital markets businesses.
MoU to promote Islamic intra-trade growth
A memorandum of understanding has been signed by the International Islamic Trade Finance Corporation (ITFC) and the Islamic Centre for Development of Trade (ICDT).
German truck producer closes syndicated loan and revolving credit facilities
German manufacturers of engineering equipment and commercial vehicles MAN have successfully closed a €2bn syndicated term loan and revolving credit facility.
JP Morgan launches online receivables management solution
JP Morgan has launched its enhanced web-based accounts receivable management application, Receivables Edge in Asia Pacific.
Talks continue for Ukrainian investment package
The European Bank for Reconstruction and Development (EBRD), in collaboration with other multilaterals, is looking to revive the Ukrainian banking sector and support the recapitalisation of its banks.
EBRD leads financing for Integra Group
The European Bank for Reconstruction and Development (EBRD) has raised US$250mn in long-term funding for Russian oilfield services provider Integra in order to restructure its balance sheet.
SBP extends refinancing period for Pakistan’s exporters
The State Bank of Pakistan (SBP) has extended the period of its export finance scheme by 90 days.
Zimmerman moves to RBS
Royal Bank of Scotland (RBS) has appointed Bryen Zimmerman as director of global trade finance sales at its San Francisco office.
Mechel to supply coal to Hyundai Steel
Russian coal and steel group Mechel has signed a long-term agreement to supply coking coal to Hyundai Steel in Korea.
BNDES approves power plant loan
The Brazilian Development Bank, BNDES, has approved R$7.2bn (US$3.1bn) in financing for the construction of the Jirau power plant.
AfDB offers line of credit to Intercontinental Bank
The board of directors of the African Development Bank Group (AfDB) have approved a US$100mn line of credit (LOC) to support Nigeria’s Intercontinental Bank in financing small and medium-sized enterprises.
BAFT welcomes re-launch of Due Diligence Repository
The Bankers’ Association for Finance and Trade (Baft) welcomed the re-launch of the Bankers’ Almanac Due Diligence Repository last week.
Lukoil seeks mega PXF
Russian oil major Lukoil is looking to raise US$1bn-plus in pre-export financing, say market sources.
Spinelli named acting OPIC president
US President Barack Obama named Lawrence Spinelli, long-time director of public affairs for the Overseas Private Investment Corporation (OPIC), to be acting president of OPIC late last month.
EAIF finances projects in Kenya and Algeria
The Emerging Africa Infrastructure Fund (EAIF), a debt fund supporting infrastructure development in sub-Saharan Africa, is to provide US$22mn in financing for two vital environmental and construction projects in Kenya and Algeria.
Soft commodities team at BNP Paribas disappears from radar
BNP Paribas has reportedly disbanded its entire soft commodities team in the Americas (New York and Sao Paulo), according to market sources.
Japan boosts support for trade finance programme
Japan has launched a US$1bn trade finance facilitation initiative to be developed in close cooperation with IFC, a member of the World Bank Group, and the Asian Development Bank.
IFC backs Kenya’s DTB
The International Finance Corporation (IFC) has signed an agreement with Kenya’s Diamond Trust Bank (DTB) to boost the bank’s trade financing activities.
Unibanco closes IFC syndication
IFC, a member of the World Bank Group, has completed syndication of a US$60mn transaction for Unibanco, one of Brazil’s largest banks.
China Export Finance appoints COO
Lionel Taylor has been appointed chief operating officer of China Export Finance (CEF).
Trafigura launches revolving credit facility
Trafigura, the global commodities trading group, has launched a US$350mn multi-currency revolving credit facility.
HSBC names North American head of supply chain and finance
HSBC has named William Nowicki as executive vice-president and head of trade and supply chain for North America.
EBRD completes loan for UralTransBank
The European Bank for Reconstruction and Development (EBRD) has completed a planned US$12mn 10-year subordinated loan to strengthen the balance sheet of UralTransBank (UTB).
Sace and Zurich sign debut reinsurance deal
Sace, the Italian credit insurer, and Zurich, the US private insurer, have successfully completed their first transaction together.
Futurebank deploys China Systems solutions
Bahrain-based Futurebank has completed an overall IT services enhancement project in collaboration with China Systems, a leading trade services solutions vendor.
Denton Wilde Sapte expands international office network
International law firm, Denton Wilde Sapte, is set to cement its Central Asian network of offices through an association with leading Turkmen practice AK Counsel.
Russia's Mechel receives additional credit
Mechel, one of Russia’s leading mining and metals companies, has secured credit lines for its subsidiaries totalling US$1bn from Gazprombank.
EFIC assists with business expansion in Indonesia
Australia’s export credit agency, Export Finance and Insurance Corporation (EFIC), is supporting Leighton Holdings, Australia’s largest construction and contract mining group, with financing that will assist in delivering a number of mining services contracts in Indonesia.
Parex continues negotiations over loan extension
Latvia’s Parex banka has submitted a proposal to its syndicated lenders with an offer to change the terms of their existing loan agreements.
Abu Dhabi boosts capital levels to improve confidence
The government of Abu Dhabi plans to inject a total of AED16bn (US$4.36bn) into five banks through capital notes to bolster confidence as the global crisis bites.
RBI eases credit norms for exporters
The Reserve Bank of India (RBI) has raised the interest rate ceiling at which banks can raise export credit in the global market.
Proctor leaves JPMorgan
Bruce Proctor has left JPMorgan in New York by mutual agreement with the bank.
JPMorgan announces new leader in trade finance
Yanti Agustin has been appointed the new Asia Pacific head of trade finance and logistics for JPMorgan’s treasury services division.
Loan boost for Palestinian telecom operations
Mobile operator Wataniya Palestine Telecom (WPT) has secured US$85mn in funding to support the next phase of its mobile network build-up.
Miga and ADC drive emerging market investment
The Multilateral Investment Guarantee Agency (Miga), the political risk insurance arm of the World Bank Group, is to help facilitate up to US$150mn of investments to small businesses in sub-Saharan Africa.
RBS and Natwest back SMEs
Royal Bank of Scotland and Natwest are to make an additional £3bn of funding available to SMEs this year in a bid to boost trade finance.
US Ex-Im makes direct loans
The Export-Import Bank of the United States (US Ex-Im) closed two direct loans last week totalling US$165mn.
African banks announce rescue package
A pan-African financing package has been initiated by African Export-Import Bank (Afreximbank) and African Finance Corporation (AFC) to assist African governments and financial institutions to deal with the global financial crisis and to significantly boost African trade.
Credit Suisse consolidates trade and export finance teams
Credit Suisse has reorganised its trade finance activities, consolidating four sub-divisions into two groups, one dedicated to generic trade finance and syndications and the other focusing on commodity trade and export finance.
CEE companies optimistic about future business
Despite concerns about the regional economy, companies do not expect a significant deterioration of their business in Central and Eastern Europe (CEE) in the next three years.
RBC finalises agreement with Deutsche Bank
RBC Royal Bank has announced the finalisation of an agreement with Deutsche Bank to leverage its extensive European and Asia Pacific financial services infrastructure.
Pertamina wins Nexi-insured loan to expand refinery
Indonesia’s state-owned oil and gas company, Pertamina has received a US$225mn financing commitment from a consortium of foreign banks.
Berne Union announces new member and officers
The Berne Union welcomed Hiscox as the newest member company and elected its executive officers at its most recent annual general meeting.
Standard Bank adopts equator principles
The Standard Bank Group has announced that it is an Equator Principles Financial Institution (EPFI), having adopted and integrated all 10 of the equator principles that relate to project finance.
Evraz completes sale of NS Group to TMK
The Evraz Group, Russia’s largest steel and mining company, has announced the completion of a deal to sell the remaining 49% in the US steel and tube maker NS Group to Russia's TMK for US$508mn.
Short-term trading risk in Russia decreases
The Kremlin has approved a list of 259 Russian companies that it will work with to provide complete financial support, if and when required.
Russia and Cuba boost ties
Former Cold War allies Russia and Cuba have signed a series of agreements in a bid to revive ties and boost economic cooperation.
