GTR Trade Finance eNews - September 2010
Yapi Kredi closes annual syndication
Turkey’s Yapi Kredi attracted a significant oversubscription on its annual syndicated dual-tranche loan, despite pricing falling compared to last year’s facility.
Deutsche expands STEF division
Deutsche Bank is strengthening its structured trade and export finance (STEF) division with two new hires in London and Amsterdam.
Cross-border RMB financing extends to Middle East
Chinese renminbi (RMB) continues its ambitious ascent to become one of the top three currencies used in global trade.
SMBC targets Colombia
Eager to capitalise on the growing number of infrastructure projects in Colombia, SMBC has opened a representative office in Bogota.
Sberbank partners with EBRD
The Kazakh subsidiary of Russia’s largest credit institution Sberbank is receiving a US$50mn development bank loan to facilitate foreign trade.
Deutsche makes trade changes in Asia
Deutsche Bank's global transaction banking (GTB) has appointed Kaushik Shaparia as managing director, regional head of trade finance and cash management corporates, Asia Pacific.
Baft-IFSA to aid trade finance risk distribution
With the intention of helping banks more easily buy and sell country and bank trade finance-related risk, Baft-IFSA has released additional master participation agreement (MPA) forms.
CBA signs with Bolero
Commonwealth Bank of Australia (CBA) has signed an agreement with Bolero to enable the bank to provide collaborative trade finance services to its customers.
Cargill expands Brazil offering
Cargill is in expansion mode and has agreed to pay US$350.6mn for Unilever’s tomato products business in Brazil.
Seaboard Corp gets Finnish backing
A subsidiary of Finnvera has dipped into the country’s treasury to provide US$114mn to the US’s Seaboard Corporation.
EDC opens doors in Panama
Canada's ECA has opened a representative office in Panama City.
AerCap turns to trusted partners
AerCap Holdings has called on the UK’s export credit agency ECGD once again to guarantee an increased facility for six aircraft.
Bibby hires international banker
The UK's Bibby has hired an industry expert to increase its international trade finance offering to UK SMEs.
Commodity traders open merger discussions
Singapore-listed Olam International has begun discussions about a possible merger with France’s Louis Dreyfus.
NAB ramps up Japan operations
One of Australia's largest banks has set up a dedicated trade finance business in Tokyo.
Cocobod signs with record commitments
The Ghana Cocoa Board hosted an official signing ceremony for its annual pre-export finance facility in Accra, Ghana.
ANZ makes key Asia appointments
ANZ has made new appointments to some of its most senior roles in South and Southeast Asia.
Boutique firm makes senior promotions
Boutique supply chain financier CBC has promoted two of its senior management to executive vice-president roles.
Konecranes turns to Bolero apps
Lifting equipment manufacturer Konecranes has upgraded its banking systems with Bolero’s multi-bank trade finance solution.
Sace sets up in Istanbul
Italy's export credit agency Sace has recognised the substantial role that Turkey plays in its portfolio by opening an Istanbul office.
Pakistan trade given ADB boost
The Asian Development Bank is responding to the Pakistan flood crisis by expanding its trade finance programme in the country.
Omani power gets international attention
A consortium of German and Korean companies has signed financing agreements worth US$1.3bn for power projects in Oman.
Carpathian mandates for Brazil expansion
Carpathian Gold has moved a step towards its shift from exploration to gold production with loans to develop its Brazilian operations.
Mechel wins steel plant funding
Russia's Mechel is set to begin construction at its Chelyabinsk plant after attracting the attention of international banks and ECAs.
Atradius selects new UK head
Trade credit insurer Atradius has chosen Alun Sweeney as its new commercial head for its UK and Ireland business.
Vietnam draws HSBC's focus
HSBC's Asia Pacific recruitment drive is showing no signs of slowing with the appointment of Puneet Gupta.
Rail upgrade agreed for Corridor X
Serbia’s Zeleznice Srbije is getting a €100mn sovereign-guaranteed loan to upgrade the country’s primary transport route, Corridor X.
Incoterms gets present day update
Developments in global trade have spurred the ICC to revise their renowned international commercial terms (Incoterms) rules.
StanChart continues to win Tiger mandates
Asia Pacific air carrier Tiger Airways has once again mandated Standard Chartered in an airline acquisition deal.
BNDES export initiative gets underway
BNDES’s new financing line for overseas banks has kicked off with its inaugural agreement.
Rwanda develops strong portfolio
Rwanda’s development bank has revealed a strong first half of 2010 by approving loans worth US$26mn.
NBAD upgrades its trade tech
A number of the National Bank of Abu Dhabi’s international branches are getting a technology upgrade with MIT’s Credoc Windows.
Swift plans price cuts
Swift has announced that from January 1 the price of messages on its core FIN service will be reduced by an average of 20%.
US Ex-Im completes supply chain first
The US agency has moved into new territory by approving the first transaction under its supply chain finance guarantee programme.
Australialive comes to London
London hosted a key initiative designed to promote trade and investment between Australia and the UK.
3G comes to Du
Telecommunications company Du is realising its plans to build a 2G and 3G network with US$207mn in export credit financing.
Nexi reaches out to Taiwan
Japan’s export credit agency has signed a reinsurance agreement with its Taiwanese counterpart.
Pohjola Bank upgrades offering with Misys
Finland’s Pohjola Bank is pushing forward with its trade finance offering by recruiting tech firm Misys.
Korean firm recruits HSBC
HSBC’s cash management division is continuing its blitz on Asian operations by partnering with Korea's LG Innotek.
Misys brings in Islamic finance expert
Misys has beefed up its Islamic finance business by hiring Mohammad Harb as head of Islamic banking business development.
EU gas project gets international attention
Three international financial institutions are considering funding up to €4bn for a gas line project linking the Middle East and Europe.
Mechel wins post-crisis first
Mechel is the first Russian metals and mining company to arrange a five-year pre-export facility since the financial crisis began.
ECGD shows commitment to UK exports
The UK’s export credit agency is shaking off criticisms of letting down exporters by supporting UK companies in a number of sectors.
Falcon hires TF specialist
Boutique finance provider Falcon is marking an expansion in its Abu Dhabi focus by hiring trade finance specialist Shan Weerakoon.
Another round of expansion for HSBC
HSBC has added to its string people moves in Asia that sees two transaction banker's take roles in China and Thailand.
Three institutions unite for African trade
Trade financing in Africa is due to be ramped up thanks to the provision of up to US$300mn from Citigroup, the IFC and the AfDB.
Goldman Sachs draws in commodities veteran
Goldman Sachs has poached Mehmet Saydam from Deutsche Bank to head up a structured commodity finance unit.
Croatia's oil sector set to shine
Croatia’s oil sector is getting a €260mn boost to modernise a refinery and implement energy efficiency improvement programmes.
Nexi tests waters of renewable energy
Nippon Export and Investment Insurance has made its first step into the renewable energy sector by covering a Spanish project.
Galaxy wins bridging loan
Australia’s Galaxy Resources has received a US$14mn short-term loan for its lithium carbonate plant in Jiangsu Province, China.
BES takes on Libyan risk
Banco Espirito Santo (BES) is expanding its trade finance exposure in the Libyan market through the regional Aman Bank.
Path Solutions wins Qatar contract
Islamic financing in Qatar has taken a technological step forward as the Islamic branch of Al Khalij implements Path Solution’s iMal.
Metals maestro moves to Nedbank
Michael Marnell is leaving his role at KBC Bank to work as head of metals and African origination at Nedbank Capital.
Abu Dhabi draws in UAEs largest PF
The UAE has seen its largest ever project financing in a US$1.1bn project financing facility for metal producer Emirates Steel.
Kazakh fertiliser project moves forward
Sunkar Resources has taken a step towards further developing its Kazakh project with an MOU with the Eurasian Development Bank.
Syndication closes for Gazprom PXF
Gazprom Neft has closed the general syndication for its massively oversubscribed US$1.5bn pre-export finance facility.
Evraz secures Canadian revolver
Metal producer Evraz has closed a four-year revolving credit facility through its Canadian subsidiary.
Intellectual property falls under spotlight
China and UK trade relations have inched forwards as the two nations agree to cooperate on copyright legislation.
Lundin negotiates revolver terms
Canada’s Lundin Mining Corporation has eased its debt obligations by increasing the term of its pre-existing revolving credit facility.
US banks lend to specialty producer
A club of banks led by Wells Fargo has provided a US$225mn credit facility to a North American specialty phosphorous producer.
Eskom draws in European investors
Two European banks have agreed loans totalling €171.7mn for South Africa’s state-run power producer Eskom.
VakifBank wins post-crisis first
Turkey’s VakifBank has signed its first syndicated loan with a tenor in excess of a year since before the global crisis began.
Demica report holds warning for banks
European banks are in danger of losing clients to competitors if they do not start offering a greater range of alternative financing.
Canadian FI wins floorplan contracts
Canada’s TCF Inventory Finance has made a double expansion to its floorplan financing capabilities.
Rabobank enhances clean energy team
Tony Muoser is set to join Rabobank’s renewable energy and infrastructure finance (REIF) Americas group.
Norwegian bank backs Rmb trade
China’s drive to make the renminbi a widely used currency has moved to the Norwegian banking sector.
HSBC shows force in Asia Pacific
HSBC is maintaining its aggressive development of its Asia Pacific line-up with two hires in Korea and Indonesia.
StanChart hires internally for global head
Standard Chartered has repositioned one of its top bankers to a new global head role.
