GTR Trade Finance eNews - November 2009
Rosemount and VTB close IBA deal
Rosemount Global Trade Finance Fund and VTB Bank (Austria) have closed a dual tranche trade-related term loan for The International Bank of Azerbaijan - Moscow (IBA).
Nexi and Sinosure sign MOU
Japan’s Nippon Export and Investment Insurance (Nexi) and Sinosure, its Chinese counterpart, have signed a cooperation agreement.
ECGD extends fixed interest rate support
The UK’s export credit agency ECGD is to continue to allow UK exporters to offer medium and long-term finance to overseas buyers at a fixed rate of interest.
EBRD backs Moldovan agribusiness
The EBRD is providing a US$15mn loan to Floarea Soarelui, the leading manufacturer and distributor of edible oil in Moldova, to expand export volumes.
Finnvera names senior VP
Finnish export credit agency Finnvera has appointed Risto Huopaniemi to the post of senior vice-president, administration.
AfDB loans to SA's Eskom
The African Development Bank has approved a €1.86bn (US$2.7bn), 20-year loan for South Africa’s state-owned power company Eskom.
Iraq and France sign new trade agreement
The government of Iraq has signed an agreement with France to boost trade between the two countries.
ANZ to offer factoring in Vietnam
The State Bank of Vietnam (SBV) has given permission to ANZ Bank to offer factoring in Vietnam.
Nicaragua trade programme gets IADB backing
The IADB will lend US$10mn to finance a foreign trade programme that will help SMEs in Nicaragua expand exports and attract foreign investment.
Results for GTR Leaders in Trade 2009 revealed
GTR is happy to reveal the results of its second annual readers’ poll.
Zimbabwe and SA to sign trade accord
The signing of a bilateral investment protection agreement between Zimbabwe and South Africa is expected to take place in Harare this week.
Jbic guarantees Japan Airlines loans
Jbic is providing a guarantee on loans to Japan Airlines (JAL) for the import of two Boeing B777-300ER airplanes.
ADB inks TF agreements with Indonesian banks
Two Indonesian banks have signed trade financing agreements with the Asian Development Bank (ADB).
Calyon closes PXF for Egypt's EGPC
Mandated lead arranger Calyon has closed a pre-export finance deal in favour of the Egyptian General Petroleum Corporation (EGPC).
JP Morgan and Asian Development Bank boost trade finance in Asia
JP Morgan has signed a credit guarantee agreement with the Asian Development Bank (ADB) to help support international trade in Asia.
Nigeria's Stanbic finances local cocoa deal
Nigeria’s Stanbic IBTC Bank, a member of the Standard Bank group, has completed a US$15mn cocoa financing for Agro Traders (ATL).
Hitachi boosts invoice factoring team
Hitachi Capital Invoice Finance has strengthened its team with the appointment of Andy Phillips as head of sales.
Opic backs micro and SME lending
Opic has approved a US$25mn loan to a parent company of 22 development-oriented banks to expand lending to SMEs.
Outlook for British businesses remains bleak
British businesses have a less than favourable view on what lies ahead in the economic crisis, according to a global survey conducted by Atradius.
BNDES approves financing for Oi investments
The Brazilian development bank (BNDES) has approved R$4.4bn (US$2.5bn) in financing for Brazilian telecommunications company, the Oi group.
US Ex-Im enhances small business exports
US Ex-Im has raised the upper limit of its small business multi-buyer export credit insurance policy.
SEB offers cross-border trade settlement in Rmb
SEB will now provide cross-border trade-related settlement and account in renminbi (Rmb) for settlement of eligible trade transactions outside China.
New appointment within Calyon's loan syndication group
Calyon has appointed Laurent Deroy – based in Paris – as head of secondary loan sales and trading for EMEA within its global loan syndication group.
IADB increases Argentine export opportunities
The Inter-American Development Bank (IADB) has approved a US$6mn loan to help SMEs in Argentina expand export opportunities.
Chile's Codelco secures EDC loan
Canadian export credit agency EDC has provided Chile’s state-owned copper production company Codelco with a US$200mn loan.
New faces join ATFA board
The Association for Trade and Forfaiting in the Americas (ATFA) has welcomed two new members to its board.
Traxys closes oversubscribed refinancing deal
Belgian trading company Traxys has secured a US$875mn refinancing facility.
Kotak Mahindra signs trade deal first with IFC
Indian bank Kotak Mahindra has secured a US$51mn trade financing line from the IFC.
Russia's MTS wins ECA financing
Mobile TeleSystems (MTS), the largest mobile phone operator in Russia, has secured a US$1.074mn loan backed by Sweden's export credit agency EKN.
IFC backs Russia's Center-Invest expansion
Russia’s Center-Invest is expanding its financing capabilities thanks to a package of loans from IFC.
New supply chain finance guide released
A new guide on trade credit and supply chain finance has been published.
RBS reveals new head of commodity finance
RBS has promoted Sander Stuijt to head of commodity finance.
Japan loans to underpin Vietnamese growth
Japan is extending billions-worth of dollars to Vietnam to help both small businesses as well as support large infrastructure projects.
Garanti signs after scale backs on deal
Turkish bank Garanti has closed a US$700mn syndicated dual tranche loan.
Banks increase financing under IADB trade scheme
Standard Chartered, Wachovia and Citi have signed a master participation agreement to provide additional lending to the Inter-American Development Bank’s trade finance facilitation programme (TFFP).
Sierra Leone targeted as investment hotspot
Sierra Leone is attracting increasing interest from foreign investors, following a private equity investment made by the CDC group.
Taylor-DeJongh hires deputy CEO
Taylor-Dejongh, a specialist investment banking firm focusing on energy sectors, has hired Lavigne du Cadet as its new deputy CEO.
Intesa Soditic consolidates trade team
Intesa Soditic Trade Finance has hired two front office staff.
New Dutch export plan to boost lending capacity
Dutch exporters are to set to able to access more financing, following the launch of a new export credit guarantee scheme.
Tatneft signs pre-export deal
Russia’s Tatneft has secured a US$1.5bn syndicated pre-export finance facility.
Santander continues to build commodities team
Santander has hired Erik Brommer as global head of metals and mining.
Baft and IFSA to merge
The Bankers' Association for Finance and Trade (Baft) and the International Financial Services Association (IFSA) are set to merge.
ONDD to expand into Russia
A joint venture between Belgium's ONDD and the Russian insurer Ingosstrakh has secured a licence to operate in Russia.
Azerbaijan’s Socar signs bilateral oil deal
Azerbaijan’s state oil company Socar has signed a US$80mn term loan facility via mandated lead arranger Deutsche Bank.
Evraz’s lenders agree to covenant amendments
Russian steel producer Evraz has announced that the lenders under its syndicated facilities have approved the requested amendments, including a reset of financial covenants.
Alcatel-Lucent secures Turkish deal with ONDD
Telecoms firm Alcatel-Lucent closes a €46mn export deal with Turk Telecom, secured due to backing from Belgium’s export credit agency ONDD.
FIMBank launches India joint venture
FIMBank has launched a joint venture with India’s Punjab National Bank, Italian bank Banca IFIS and Blend Financial Services.
ProgressSoft to resell S1 trade finance products
ProgressSoft and S1 partner up to target MENA trade finance markets.
BNP Paribas Vostok to expand trade finance offering
BNP Paribas Vostok in Russia and the IFC are set to develop a new trade finance product specifically focused on financing energy efficient equipment.
Russia’s Bank Vozrozhdenie wins financing package
Bank Vozrozhdenie in Russia is set to increase its lending capabilities after receiving a package of loans and guarantees from the European Bank for Reconstruction and Development (EBRD).
Asian and LatAm development banks tighten trade ties
The Inter-American Development Bank (IADB) and the Asian Development Bank (ADB) have signed an agreement to work more closely on trade facilitation projects.
HSBC steams ahead with Rmb trade deals
HSBC has closed cross-border trade transactions in renminbi in a total of seven countries within the Asia Pacific region.
Santander continues expansion with new hire
Santander has hired Bart Timmermans as Europe head of trade, export and commodity finance.
Viveo and Bolero join forces
Bolero and Viveo have joined forces to broaden the scope of the solutions they offer their clients, with Bolero hoping to find more business opportunities from commodity trading companies.
EBRD increases Transcapitalbank stake
The European Bank for Reconstruction and Development (EBRD) is set to increase its stake in Russia’s Transcapitalbank up to 28.6%.
Brazil's BNDES inaugurates London offices
The Brazilian Development Bank (BNDES) is opening a London office.
Arab and Islamic ECAs gather in Beirut
Export credit agencies (ECAs) from the Arab and Islamic world gathered in Beirut, Lebanon to discuss developments in the credit and political risk insurance markets.
Berne Union: Demand for capital goods cover still rising
The Berne Union reports that demand for insurance on capital goods exports has increased by 8% compared to 2008.
Atradius increases cover on UK firms
Trade credit insurer Atradius is increasing its credit insurance capacity on 13,000 UK companies, as part of its review of its risk underwriting strategy.
Kazkommertsbank boosts confidence with repaid bond
Kazkommertsbank in Kazakhstan has repaid in full its US$500mn Eurobond, one of the bank’s largest liabilities.
Société Générale sees income highs for Q3
Société Générale (SG) has more than doubled its income in the third quarter compared to Q3 2008. The bank’s export finance and natural resources business lines are also displaying strong growth.
Lote leaves ICBC London
Goretti Lote, relationship manager at ICBC London is leaving the bank.
Holley leaves Atradius
Michael Holley is set to leave trade credit insurer Atradius.
