GTR Trade Finance eNews - July 2010
India increases Myanmar exposure
Myanmar has received a US$60mn line of credit from the Export-Import Bank of India for financing railway projects.
Miga expands Middle East offering
Miga has strengthened its Middle East offering by appointing Laylai Abdeen as the local representative in the West Bank and Gaza.
Russia's Tobolsk-Polymer deal closes
VEB and a club of seven banks have closed a US$1.441bn deal for the construction of a polypropylene complex in central Russia.
StanChart creates new commodities role
Standard Chartered has hired Michael Haigh to serve in the newly-created role of global head of commodities research.
Brazil's RZ Advogados welcomes new partner
Sao Paulo-based law firm Ramos e Zuanon Advogados has appointed Jose Manassero to the position of partner.
Wells Fargo introduces new global banking group
Wells Fargo has launched a new US-based division to support the financing needs of multinational companies.
Siemens wins US-backed sale to Korea
US company Siemens Energy has won a gas and steam turbine-generator sale to the Republic of Korea for a plant expansion, backed by a US$134.2mn US Ex-Im long-term loan guarantee.
Evraz borrows long-term from Nordea
Russian steel producer Evraz has secured US$404mn in long-term financing from Nordea Bank.
Opic names new leadership team
Elizabeth Littlefield, president and CEO of the Overseas Private Investment Corporation (Opic), has revealed the agency’s new leadership team.
EBRD launches Serbian warehouse receipts programme
The EBRD has set up a €70mn risk-sharing framework facility for agricultural financing in Serbia which includes a €20mn sub-loan to Société Générale Serbia.
Sberbank joins trade facilitation programme
Sberbank in Kazakhstan has joined the EBRD’s trade facilitation programme (TFP) as a confirming bank.
SME confidence increases despite uncertainties
SMEs across the globe, especially in Turkey, North America and the Middle East, are showing increasing confidence, demonstrating signs of recovery in the first half of 2010.
US Ex-Im boosts exports to Turkish energy sector
US Ex-Im has approved a financing agreement with Turkey’s ministry of energy and natural resources to cooperate in financing US renewable energy exports to the country.
Berne Union remains upbeat on credit insurance
The Berne Union closed its semi-annual meeting in Helsinki, Finland on a tone of cautious optimism for global trade and investment.
AfDB approves credit line to Afreximbank
The African Development Bank (AfDB) has approved a US$150mn line of credit for Afreximbank.
Commercial tranche on Pulkovo deal closes
The EBRD and the IFC have raised a €200mn (US$258.2mn) syndicated loan for the reconstruction of St Petersburg’s Pulkovo airport.
US Ex-Im opens financing to Iraq
US Ex-Im will help finance short and medium-term sales of US exports to Iraqi buyers in both the public and private sectors.
Brockie leaves Citi
Patrick Brockie has left Citi to relocate to New Zealand with ANZ.
Baft hires new VP
Payments expert Joseph Pawelczyk has joined Baft-IFSA as vice-president.
Metinvest wins oversubscribed facility
Ukrainian steel producer Metinvest is on the cusp of closing its three-year US$700mn pre-export financing.
Tatneft closes oversubscribed PXF
Russian oil company Tatneft has completed its oversubscribed US$2bn pre-export finance facility.
Egyptian General Petroleum finalises PXF
State-owned Egyptian General Petroleum Corporation has closed its US$2bn pre-export financing.
Doha Bank hires two industry veterans
Qatar's Doha Bank has hired Christian Fellner and Reginald King to its senior team.
KfW lends to Russian small business
Germany’s KfW Entwiklungsbank and Russia’s VEB have signed a €100mn agreement to improve Russia’s SME sector.
Ivanhoe Mines appoints new MLAs
Three more institutions have won mandated lead arranger roles for Ivanhoe Mines’ Oyu Tolgoi project in Mongolia.
Serbian agribusiness gets IFC boost
The IFC will provide Société Générale’s Serbian business with a €40mn loan to increase access to finance for agribusiness.
BNDES funds shipping sector
Brazil’s BNDES has approved a US$1.5bn loan to Petrobras’s transport arm for the acquisition of seven tanker vessels.
Swift set to acquire new platform
Swift has announced that it plans to acquire the assets of US-based SunGuard’s high-volume financial messaging platform.
Noble subsidiary wins EBRD funding
The European Bank for Reconstruction and Development has agreed a US$24mn loan to Noble Resources Ukraine.
Russian bank gains firm support
The EBRD and the IFC have teamed up to raise US$164mn for Russia’s Transcapitalbank.
Japanese bank signs murabaha first
Japanese investment bank Nomura has won a US$70mn syndicated shariah-compliant commodity murabaha facility.
ANZ continues new staff uptake
Adding to its recent hires, ANZ has hired three more staff to its global structured asset and export finance team.
Obama's goal draws closer
The US is on track to the goal of doubling US exports in five years according to new figures released by the county’s commerce department.
Chinese investors eye Africa Minerals
African Minerals has attracted interest in its flagship iron ore project from China’s state-owned Shandong Iron and Steel Group.
Reed Smith expands ETC group
International law firm Reed Smith has hired four new partners to its energy, trade and commodities group in London.
EDC invests in Africa fund first
In a first for the export credit agency, Export Development Canada will invest up to US$20mn into an African fund.
Key Asian institutions join forces
The Bank of China and the Asian Development Bank have agreed to explore possible opportunities for collaboration.
Emal smelting complex gains more support
Metal producer Emirates Aluminium has secured US$720mn for the first phase of an aluminium smelting complex in Abu Dhabi.
Tanzania improves customs procedure
Tanzania is set to reduce high costs and long procedures associated with customs clearance at its busiest port.
ANZ restructures parts of Asian offering
ANZ in Asia has separated its specialised lending and loan products businesses from its transaction banking business.
Chadbourne set for Sao Paulo
Law firm Chadbourne and Parke is preparing to strengthen its Latin America offering by opening a new office in São Paulo.
HSBC completes UK renminbi trade
HSBC has completed its first UK cross border renminbi trade settlement transaction.
Italy's KME secures dual-tranche revolver
A consortium of banks has agreed €475mn (US$596.7mn) in revolving credit lines for Italy-based metal processors KME Group.
US Ex-Im backs Indian energy plant
US Ex-Im could sign guarantees worth US$600mn for Reliance Power’s coal-fired power project and mine in Central India pending review.
Norton Rose expands Islamic expertise in Asia
Law firm Norton Rose’s Hong Kong branch has grown its Asia practice by relocating Davide Barzilai from London.
New report reveals drastic drop in TF
Data analyst Dealogic has revealed a drastic drop in global trade finance volume in its H1 results.
EBRD commits biggest Mongolian loan
The EBRD has committed its biggest investment in Mongolia to date by providing a US$180mn loan for a coal washing plant.
Chinese group benefits from JBIC support
JBIC further supports eco projects by signing a memorandum of understanding with a Chinese environmental group.
Deutsche takes on Smith
Deutsche Bank has taken on Stuart Smith as a managing director and head of corporate commodity sales for Asia, excluding Japan.
ICC chooses new chairman
The world council of the International Chamber of Commerce has chosen Rajat Gupta as the organisation’s new chairman.
SNR poaches top ExxonMobil lawyer
US-based law firm Sonnenschein Nath and Rosenthal (SNR) has poached veteran ExxonMobil lawyer Carter Simpson.
Transatlantic merger creates SNR Denton
Denton Wilde Sapte and Sonnenschein Nath and Rosenthal will complete a transatlantic merger to create SNR Denton.
Sace reaches Sub-Saharan milestone
Italy’s export credit agency Sace has revealed that it has reached a €1bn milestone of insured transactions in Sub-Saharan Africa.
Brazil and the US forge new link
Brazil’s BNDES and US Ex-Im have signed a framework agreement designed to promote investments and projects in Brazil.
CIT announces strong TF offering
New York-based business lender CIT has announced that it has opened around US$2.5bn in new lines of credit.
Kazakh president calls for new supernational world currency
Kazakhstan’s President Nazabayev has made the bold step of calling for a new supernational world currency.
Asian Consortium wins PPP for Maldives airport
A consortium of Indian and Malaysian companies has won US$400mn in public-private partnership project financing from the IFC and the government of the Maldives.
JBIC and China take eco route
JBIC and the government of the Tianjin municipality in China have signed a memorandum of understanding to promote eco projects.
Investors look to West Africa
As the business climates in Sierra Leone, Liberia and Guinea improve, investors are being called to take a second look.
ABN Amro and Fortis complete legal merger
ABN Amro and Fortis Bank Nederland have legally merged and started operating as a single bank under the ABN Amro brand.
Australian exporters get working capital boost
Australia’s export credit agency, EFIC and ANZ have signed a working capital guarantee facility to assist Australian exporters with financing requirements.
