GTR Trade Finance eNews - May 2010
Despite losses, outlook positive for ONDD
Belgium’s export credit agency ONDD has revealed a €40mn loss in 2009, but claims that the first quarter of 2010 bodes well for the rest of the year.
Metinvest mandates Deutsche on PXF
Ukraine-based mining group Metinvest has appointed Deutsche Bank as coordinating mandated lead arranger and bookrunner to launch into syndication a US$300mn structured pre-export finance facility.
Japan and Africa to boost trade ties
After a flurry of Chinese deals with African mining companies in late May, JBIC has signed a memorandum of understanding with the African Export-Import Bank.
Chubb to stop all PRI
International insurance group The Chubb Corporation has announced that it will cease writing all political risk and structured trade credit business.
India Ex-Im branches out into East Africa
The Export-Import Bank of India is expanding its East African presence by opening up a representative office in Addis Ababa, Ethiopia.
Chinese consortium funds African platinum
South African platinum developer Wesizwe Platinum has secured a US$877mn financing package from a consortium of Chinese lenders.
Afghan rail link gets ADB boost
Asian Development Bank (ADB) has offered a US$165mn grant to construct a rail line linking Afghanistan to Central Asia.
Ireland's AIB launches small business scheme
The Republic of Ireland’s AIB is launching a new €500mn scheme to support the country’s micro, small and medium sized business.
CIF agrees West Africa infrastructure deal
China International Fund has signed a binding memorandum of understanding to finance a US$2.7bn infrastructure project for African mining company, Bellzone.
BNP Paribas Fortis funds the silver screen
Digital cinema solutions provider XDC has secured a €100mn (US$122mn) credit facility led by BNP Paribas Fortis.
EBRD and IFC mull Mongolian mining project
The European Bank for Reconstruction and Development and the IFC are considering providing funding for mining company Ivanhoe Mines’ Oyu Tolgoi mining complex.
Credit Suisse funds gold miner
Canada-based gold producer Great Basin Gold has signed a US$47mn export finance facility with Credit Suisse.
Sace becomes ATI board member
The African Trade Insurance Agency (ATI) has rewarded Sace by electing the Italian export credit agency (ECA) to its board.
US Ex-Im covers Brazil railway exports
US Ex-Im has issued a medium-term insurance policy for the export of railroad track equipment from the US to Brazil by railway supply company Holland.
Brazil's Multigrain wins PXF
After mandating ING Bank to act as lead arranger, Brazil’s Multigrain has successfully won a US$380mn dual-tranche syndicated pre-export facility.
WestLB posts firm first quarter results
Germany’s WestLB has revealed a solid Q1 2010, posting pre-tax group profits of €72mn ($90mn).
CBC hires new vice-president
Boutique US finance company Capital Business Credit (CBC) has expanded its team by hiring Steven Wyatt as vice-president, new business development officer.
Russia and Switzerland tighten links
Russia’s VTB Bank and UBS Switzerland have signed a CHF250mn (US$217mn) framework loan agreement.
Standard Bank takes on new director
Standard Bank has taken on Ewa Gracey as director, loan syndication and sales.
New report looks to shake up Basel II
The Asia Development Bank and the ICC have teamed up to prepare a special report which they hope will see trade finance get a better deal under the Basel II framework.
GIEK granted increased limit
Norway’s export credit insurer, GIEK, has been granted an extra NOK10bn (US$1.6bn) exposure limit to benefit Norwegian shipyards and their suppliers.
Russia and Ukraine strengthen ties
VTB and Ukreximbank have signed an interbank cooperation agreement to strengthen the existing partnership between the institutions.
Stanbic launches Tanzanian Islamic banking products
Stanbic Bank has launched a new line of shariah-compliant banking products in Tanzania, with more markets set to be targeted in the coming months.
Umpqua upgrades TF technology
The US’s Umpqua Bank has joined forces with trade finance technology supplier China Systems to automate a range of trade finance processes.
IFC-AMC hires Springsteen
IFC Asset Management Company (AMC) has hired veteran lawyer George Springsteen as head of legal.
CDB supports Kenyan business
In the latest display of Asia’s appetite for African investment, China Development Bank has signed a US$50.89mn loan to Kenya’s Equity Bank for on-lending to SMEs.
BNY Mellon hires in India
Nisha Pereira has been hired as BNY Mellon's vice-president and senior relationship manager in India.
Croatian exports get EBRD boost
Croatian exports will get a €25mn (US$30.8mn) boost via a trade financing facility provided by the European Bank for Reconstruction and Development (EBRD).
StanChart finances East African trade
Tanzania’s Export Trading Group (ETG) has secured a US$120mn syndicated 364-day revolving credit facility via mandated lead arranger Standard Chartered to finance the import and export of soft commodities.
Glencore wins massively oversubscribed loans
A syndicate of 94 banks has committed to three massively oversubscribed US$10.2bn revolving credit facilities for steel manufacturer Glencore.
ONDD acquires bigger share of Garant
Belgium’s ONDD has acquired a 33% stake in Austrian credit insurer Garant.
JP Morgan branches out into Rmb trade
JP Morgan has been granted permission by the Chinese government to provide renminbi (Rmb) cross-border trade settlement services.
Brazil opens doors to its official ECA
The Brazilian government has created a national export-import bank, Agência Crédito à Exportação do Brasil (Brexim).
EBRD appoints new vice-president of operational policies
The European Bank for Reconstruction and Development has appointed Jan Fischer as its new vice-president of operational policies.
EFIC begins online initiative for Australian businesses
Australia’s Export Finance and Insurance Corporation (EFIC) has begun a new online initiative called the Export Finance Navigator.
HSBC makes double hire in US
HSBC's North American arm has made two new hires to its trade team.
Flash launches new export compliance software
Supply chain solutions provider Flash Global Logistics has launched an export compliance programme, its newest software to aid export procedures.
Turkey's SunExpress wins US Ex-Im backing
US Ex-Im is backing around US$220mn of financing for Turkish airline SunExpress’s acquisition of several Boeing 737-800 aircraft.
StanChart report points to rocky road for global trade
A new report released by Standard Chartered has indicated the increasing possibility of an uneven recovery path in global trade.
NBAD boosts trade finance appetite
Over the past year, the National Bank of Abu Dhabi (NBAD) has increased its trade finance business through a willing risk appetite.
Russia and Denmark strengthen ties
Russia’s VTB Bank and Denmark’s state export insurance agency, Eksport Kredit Fonden, have signed a memorandum of understanding.
Markel International launches new trade team
Property and casualty insurer Markel International has launched a new trade credit division.
VEB signs St Petersburg airport deal
Russia’s VEB has agreed a credit facility for R10bn (US$333.3mn) to finance a construction project at St Petersburg’s Pulkove airport.
Venezuela's PDVSA credit facility syndication closes
State-owned Petroleos de Venezuela (PDVSA) has closed the general syndication of its US$1.5bn trade credit facility.
Solomon promoted to DWS senior partner
GTR speaks to Jonathan Solomon about his promotion to the role of senior partner at law firm Denton Wilde Sapte (DWS).
Stemcor wins oversubscribed revolver
A syndication of almost 40 banks has awarded steel trader Stemcor a 364-day US$562mn revolving credit facility and a US$125.5mn forward start facility.
ADB agrees risk-share with European banks
Germany’s Commerzbank and FMO have both signed separate risk sharing agreements with the Asian Development Bank.
Asian TF needs set to soar according to new survey
A new survey released by HSBC shows that traders in Asia are preparing for a dramatic increase in trade finance needs.
ADB signs Uzbekistan firsts
The Asian Development Bank (ADB) has signed its first trade finance agreements in Uzbekistan.
Miga wins highly-rated status
The Basel Banking Supervision Committee has awarded Miga a highly-rated multilateral classification under the recommendations and standards of the Basel II framework.
EBRD launches online training platform
The European Bank for Reconstruction and Development has teamed up with Coastline Solutions to launch an online training programme.
