GTR Trade Finance eNews - May 2009
Thai Airways signs ECA-backed Airbus facility
Thai Airways has mandated BNP Paribas and Calyon to arrange the US$600mn European ECA financing of six new Airbus A330s.
New president of US Ex-Im takes office
Fred Hochberg has been sworn-in as the 23rd president of the Export-Import Bank of the United States (US Ex-Im).
Aid for Trade efforts to be boosted
Heads of the ADB and WTO have called for renewed efforts to support the Aid for Trade initiative.
Falcon opens up in Miami
Falcon Trade Corporation, a specialist trade services provider, has opened a new office in Miami.
EBRD approves credit lines for Noble Group
The EBRD has approved two loan facilities worth a total of US$84mn in favour of Ukraine’s Noble Group.
Trade stays on agenda of world leaders
Maintaining world trade and improving access to finance is still a top priority for governments across the globe, following a number of key announcements made this week.
Turkey’s Isbank closes dual-tranche club deal
Türkiye Is Bankasi (Isbank), a private commercial bank in Turkey, has successfully closed a US$570mn dual-tranche club deal.
CIS banks succeed in repaying syndicated loans
A number of banks in the CIS region have repaid their syndicated loans in the last few months, dispelling fears that they may not be able to do so.
EBRD extends mega loan to Ukreximbank
The EBRD has signed its largest-ever single investment in Ukraine – a US$250mn subordinated loan to Ukreximbank.
France and SA sign trade finance deal
SA's development finance institute, the IDC has entered into a €30mn financial agreement with its French counterpart, Proparco.
Mechel wins second bridge loan extension
Russia's Mechel has announced another two-month extension of its bridge loan taken to finance the acquisition of Oriel Resources.
UAE sovereign raises first major ECA financing
The Dubai Electricity and Water Authority (Dewa) has successfully closed a US$1bn ECA-backed financing facility.
Cambodia to launch Ex-Im bank
Cambodian government officials have announced that the country may launch its first export-import bank.
Reliance Infocomm completes debt financing
US Ex-Im, EDC and Citigroup have signed a US$750mn financing agreement in support of Reliance Infocomm’s (RIC) telecom project in India.
Chile's Esperanza copper project secures financing
A US$1.05bn project financing has been secured in support of the Esperanza copper-gold project in Chile’s Antofagasta region.
Gunvor hits syndications market
The Swiss oil trader Gunvor International has returned to the syndications market and is in the process of raising a US$450mn facility.
Australian exporter taps ECA for cover on Turkish bank risk
Australian exporter, GP Graders, has secured a guarantee from EFIC to cover a documentary credit facility with a Turkish bank.
SMBCE closes forfaiting desk
SMBC Europe has closed its trading and forfaiting activities within the global trade finance department.
JP Morgan adopts new ISO messaging standards
JP Morgan’s treasury services business is now offering ISO 20022 payment initiation and reporting capabilities.
WestLB closes project construction financing in Pennsylvania
WestLB’s global energy group has successfully closed a US$130mn project construction financing of the Dunkard Creek water treatment system.
SA's Eskom secures ECA-backed loan
South Africa’s state-owned power utility, Eskom, has concluded an ECA-covered financing arrangement for €530mn with seven European banks.
Falcon opens up in Miami
Falcon Trade Corporation, a specialist trade services provider, has opened a new office in Miami.
China to finance Mozambique dam
China Exim is to finance construction of the US$2bn Mpanda Nkuwa hydro-electric dam in the northern Tete province of Mozambique.
Mexico's America Movil obtains export credit financing
America Movil, Latin America’s largest provider of wireless services, has received US$1.5bn in long-term financing arranged by Citigroup.
Non-recourse wind project financing arranged in Italy
Mandated lead arrangers Société Générale Corporate & Investment Banking, Dexia Crediop and Centrobanca have successfully closed a €84.4mn non-recourse wind project financing in Italy.
Africa pledges to support trade
Africa’s largest multilateral investors and lenders have pledged to provide at least an additional US$15bn to promote trade.
Cotti leaves RBS
Daniel Cotti, former head of global trade finance at RBS, has left the bank. He is set to take up a new role at JP Morgan.
TFC consolidates presence beyond Hong Kong
TFC Financial Group, specialist financial solutions boutique, is to incorporate locally registered entities in the Philippines and Shanghai.
NBAD receives Hong Kong license
National Bank of Abu Dhabi (NBAD) has received approval from the Hong Kong Monetary Authority to open a branch in Hong Kong.
BNYM expands treasury services in Emea
The Bank of New York Mellon has made new appointments in Brussels, Frankfurt, Cairo and London.
Sace and UniCredit support SMEs overseas
Sace and UniCredit have signed an agreement to grant €500mn of new credit lines to support Italian SMEs in developing their business abroad.
ADB signs financing agreements with Vietnam banks
In a bid to bolster trade, the Asian Development Bank (ADB) has signed financing agreements with eight Vietnamese banks.
Glencore signs revolving credit facilities
Glencore has signed two mega revolving credit facilities of US$6.65bn and US$815mn.
BExA elects new chair
Susan Ross, director of Aon Trade Credit, has been appointed chair of the British Exporters Association (BExA).
Russia’s MTS signs syndicated loan facility
Mobile TeleSystems (MTS) has signed a facility agreement to refinance a portion of its US$1.33bn syndicated loan facility.
Bank UralSib concludes loan with KBC
Bank UralSib in Russia has signed a €6.4mn loan agreement with Belgium’s KBC Bank to refinance one of UralSib’s leasing company contracts.
New survey underscores international trade as strategic priority
A new national research survey has been conducted by the Economist Intelligence Unit on behalf of The Royal Bank of Scotland (RBS).
Berne Union highlights importance of credit insurance for global trade
Members of the Berne Union gathered in Istanbul from May 4 – 6, to reaffirm the importance of credit and investment insurance in keeping trade flowing.
Standard Chartered makes senior capital markets appointment
Standard Chartered has appointed Tee Choon Hong as managing director, regional head of capital markets for North East Asia.
EBRD's annual business forum tackles crisis
"The crisis has also taken its toll on the EBRD," the bank's president, Thomas Mirow, remarked in his opening address at their annual meeting.
ADB signs TF agreements with Pakistan banks
The Asian Development Bank (ADB) has signed trade financing agreements with five Pakistan banks.
TNK-BP syndication still ongoing
Commitments for Russian oil company TNK-BP’s syndication on a US$315mn structured pre-export finance facility are due in tomorrow.
Prospective lenders continue to wait on Lukoil
Bankers are still waiting for mandates to be issued on the long-anticipated pre-export finance deal for Russian oil major Lukoil.
HSH Nordbank boosts Hamburg-based TF team
HSH Nordbank's global trade finance team in Hamburg has been expanded once again.
Citi GTS makes senior appointment in Hong Kong
Citi global transaction services has appointed Ivo Distelbrink as managing director, Asia Pacific and Japan head of treasury and trade solutions.
South Korea and Uzbekistan sign key trade deals
Uzbekistan and South Korea have signed a number of bilateral agreements to improve economic ties between the two countries.
Bank of Moscow pays back syndicated loan
The Bank of Moscow has fully repaid a syndicated loan worth US$400mn.
JBIC and Russia’s VEB ink agreement
Russia's Vnesheconombank (VEB) and the Japan Bank for International Cooperation (JBIC) have signed a memorandum of understanding.
Sace and BNDES support Italian companies in Brazil
Sace has finalised a guarantee on operations for up to US$1.14bn with the Brazilian development bank BNDES.
Canada's EDC brings additional capacity to the domestic market
Canada’s EDC expects to facilitate up to C$1bn in new domestic contract guarantees in 2009.
Garanti secures syndicated dual-tranche loan
Turkey’s Garanti Bank has signed a syndicated dual-tranche term loan facility to replace its €600mn transaction signed in May last year.
Standard and ICBC win mandates on Botswana power project
Standard Bank and the ICBC are joint lead arrangers on a US$825mn loan facility in support of a power station expansion in Botswana.
Olam's trade flows to support commodity murabahas
Olam International will be offering its trade flows and business model as a platform to structure commodity murabaha transactions.
First interbank agreement for Swift TSU inked
The Bank of China and Bank of Tokyo-Mitsubishi UFJ (BTMU) have signed the world’s first interbank agreement to use Swift’s trade services utility (TSU).
HSBC Mauritius launches Islamic banking products
HSBC Mauritius has launched Islamic banking products for business customers.
Mechel inks deal to acquire coking coal assets
Russia's Mechel has finalised a deal to acquire the coking coal assets of the Bluestone Coal Corporation for US$436mn.
JP Morgan launches escrow services in India
JP Morgan has announced the launch of its escrow services in India.
EBRD in first project in Turkey
In its first ever project in Turkey, the EBRD is providing a €45mn loan for the construction of the country’s largest wind farm.
ECGD launches consultation on LC confirmations
ECGD has launched a public consultation on a proposal to offer a scheme to confirm letters of credit for British exports.
Stephenson Harwood hires project finance partner
International law firm Stephenson Harwood has hired leading project finance and banking partner, Natalie Elphicke, to its finance team.
Baft hosts second summit for trade finance officials
The Bankers’ Association for Finance and Trade (Baft) has held a summit to discuss the effects of the credit crunch on trade finance.
Loan programme to support South African farmers
DEG has partnered with SCB to launch a €100mn programme in support of agriculture in Sub-Saharan Africa.
TNK-BP closing date draws closer
Commitments to the TNK-BP US$315mn structured pre-export finance facility are due in shortly.
Stemcor secures oversubscription
Steel trading company Stemcor has signed a US$480mn multicurrency revolving credit facility.
EBRD and UniCredit to support SMEs in Eastern Europe
The EBRD and the UniCredit Group are joining forces to improve the flow of credit to SMEs across central and Eastern Europe.
Hill Dickinson merges with commodities specialist
International law firm, Hill Dickinson, has announced a merger with commodities specialist Middleton Potts.
Canadian SMEs get enhanced credit
National Bank of Canada has become the first major Canadian financial institution to adopt the EDC’s enhanced export guarantee programme.
IFC lends support to Azerbaijan's AGBank
IFC will provide a US$10mn subordinated loan to Azerbaijan’s AGBank to enable the bank to extend financing to new SMEs.
IFC and G-Nexid partner to support trade
IFC and G-Nexid will work together to reduce the impact of the global financial crisis on importers and exporters in developing countries.
BNDES approves financing for Comgás
Brazil's national development bank BNDES has approved R$664.9mn (US$311mn) in financing for natural gas distributor Comgás.
Lamy reappointed for a second term
Pascal Lamy has been reappointed as WTO director-general for a second four-year term.
Common Fund supports commodity development
The Common Fund for Commodities has approved new projects that will benefit commodity development in various sectors in member countries.
ADB and China Exim sign lending agreement
The ADB and China Exim will jointly extend at least US$3mn in loans to projects in developing Asian nations.
UK trade credit insurance top-up scheme goes live
As of May 1, firms will be able to benefit from the UK government's trade credit insurance scheme.
JP Morgan opens Guangzhou branch
JP Morgan China has opened a branch in Guangzhou, its fourth on the mainland.
IFC boosts financing for SMEs in Haiti
IFC has signed an agreement with Haiti’s leading commercial bank Sogebank to help boost financing for local micro, small and medium enterprises.
Baft hosts second summit for trade finance officials
The Bankers’ Association for Finance and Trade has held a summit to discuss the effects of the credit crunch on trade finance.
