GTR Trade Finance eNews - April 2012
Yapi Kredi closes syndicated loan
Yapi Kredi has closed a one-year US$1.47bn syndicated dual-tranche term loan facility with the help of 44 banks.
EBRD gives Turkish energy sector another boost
Turkish electrical company Enerjisa has won a €135mn EBRD loan to build Turkey's largest wind power plant.
VEB-Leasing wins first ECA-backed loan
VEB-Leasing has closed an estimated US$310.8mn 10-year ECA-backed financial leasing agreement with Russian airline company Aeroflot.
Oil and gas head leaves Sace
Ivan Giacoppo has joined Italian motorway operator Autostrade as head of corporate finance.
Berne Union announces new secretary general
Berne Union announces new secretary general Peter Jones has been appointed secretary general of the Berne Union.
ITFC signs jumbo oil deals
The ITFC is supporting the import of crude oil in its member countries with the signing of two murabaha crude oil agreements.
Swift opens research institute
Swift is opening an institute to help fund and publish research papers for the global transaction banking sector.
SunGard reveals enhanced messaging platform
SunGard has released a new version of its back office messaging portal, Ambit Core Banking.
Japanese shipping firm wins first export loan
Offshore transport contractor TeraSea has won its first export credit-backed loan totalling US$53mn from SMBC and JBIC.
Metinvest prepares for syndication
Ukrainian steel producer Metinvest has launched a structured pre-export finance facility into the syndication market.
The deal was launched at US$300mn, but is likely to hit US$500mn, if not higher, says a market source.
Deutsche Bank will act as coordinating mandated lead arranger and bookrunner on the facility, which will be used to fund the working capital and capital expenditure of the Metinvest group.
China Exim sets up in the US
China Exim has signed a cooperative agreement with Maryland Department of Business and Economic Development to establish its first US location.
Sanctions pose trade threat
International sanction regimes may have a detrimental effect on global trade, Clyde & Co partner Ben Knowles told corporates at a seminar in mid-April.
Northstar and UniCredit support small-scale exports
UniCredit has partnered with Northstar Europe to provide small-scale export finance solutions.
British Arab Commercial Bank signs Penn
John Penn has joined British Arab Commercial Bank as head of developing markets.
Citi names Asia transaction head
Citi has promoted Amol Gupte to Citi transaction services head for the Asia Pacific region.
Navistar gets supply chain boost
US Exim has approved a US$360mn supply chain finance programme for the suppliers of truck manufacturer Navistar International Corporation.
BTA appoints steering committee
Kazakhstan’s BTA Bank has formed a steering committee to coordinate its second debt restructuring, including its portion of trade finance debt.
Swift reveals seasonal dip in trade figures
Trade finance traffic volumes dipped slightly in the first quarter of 2012, compared to the same period last year, according to the latest Swift data.
Kexim backs firms in Central Asia
The Export-Import Bank of Korea (Kexim) will provide US$1bn in financing for the Surgil gas project in Uzbekistan, which sees Korean firms taking a lead role. A total of eight Korean corporations are participating in the project.
ADB, Mongolia agree new development plan
The Asian Development Bank and Mongolian government have agreed on a US$434mn five-year development strategy.
Rusal granted loan leeway
Russian aluminium producer Rusal has successfully negotiated a covenant holiday for 2012/13.
HSBC payment solution becomes a hit
The HSBCnet Mobile service has been used to authorise US$500mn of payments in Asia since its launch at the end of last year.
Aqua Star signs up to PrimeRevenue
Frozen seafood supplier Aqua Star Europe has selected PrimeRevenue’s supply chain finance platform to optimise its cash flow.
Tradeflow hits the ground running
The Dubai Multi Commodities Centre’s new Tradeflow registry has registered and facilitated more than 100 pledges within the first month of operation.
DEG finances Kenyan fruit juice producer
Germany’s development bank DEG has signed a US$7.5mn long-term loan with Kenyan fruit juice manufacturer Kevian to finance its expansion investments.
Construction firm wins largest Atradius guarantee
Dutch construction specialist IHC Merwede has signed a €200mn working capital finance facility with five international banks for the development of two pipe-laying ships.
Bank of Ireland replaces TF head
Bank of Ireland has appointed Philip Smith as head of trade finance.
Warba Bank signs StanChart Rmb pacts
Kuwait’s Warba Bank has signed two agreements with Standard Chartered to help facilitate its trade transactions in Asia.
Another blow for trade finance volumes
Trade finance volumes totalled US$26.8bn in Q1 2012 – the lowest figure recorded since 2009, according to Dealogic’s latest report.
CBA adds trade finance pair
The Commonwealth Bank of Australia has made two appointments in its London branch.
Gunvor launches first Asia revolver
Oil trader Gunvor has launched a 364-day US$470mn revolving credit facility in favour of Gunvor Singapore.
StanChart steps in to boost receivables securitisation
Alliance One has once again increased its trade receivables securitisation to US$250mn with the help of Finacity Corporation and Nord LB.
StanChart steps in to boost receivables securitisation
Alliance One has once again increased its trade receivables securitisation to US$250mn with the help of Finacity Corporation and Nord LB.
SMBC expands oil and gas team
Afonso Reis e Sousa has joined SMBC as assistant general manager in its oil and gas team in London.
New US trade may suffer at the hands of congress
If congress fails to act on the reauthorisation of the US Exim, all new US trade activity will grind to a halt, said US Exim president Fred Hochberg.
IFC makes first investment in Suriname
IFC has signed its first project in the Republic of Suriname, with a US$5mn trade credit line to De Surinaamsche Bank.
SNR Denton's Cook moves back to London
Simon Cook will rejoin SNR Denton’s London office in May, having completed a secondment period in Dubai.
Mizuho names project finance director
Daniel Hanning has joined Mizuho Corporate Bank as a director in its project finance origination team in Sydney.
Hinduja bank adds five to commodities team
The Swiss-based financial arm of the Hinduja Group has hired five senior relationship managers within its commodity trade finance team.
JBIC announces independence
JBIC has now left the international wing of the Japan Finance Corporation (JFC) and will act as a stand-alone entity.
Euler Hermes reshuffles regional teams
Euler Hermes has made a number of changes to its regional offices.
Oman Trading closes borrowing facility
State-owned oil developer Oman Trading International has renewed and increased its one-year borrowing base facility with three international banks.
The facility has been increased from US$300mn to US$480mn.
This is one of the first and largest borrowing base facilities in the region and will enable OTI to finance its Singapore operations.
Atradius country manager moves to NZ
Martin Jones has left credit insurer Atradius’ Singapore office to rejoin the firm’s New Zealand office as country manager.
BNP Paribas and IFC team up for agri facility
IFC and BNP Paribas have launched a risk-sharing facility to help agricultural firms gain access to financing in Sub-Saharan Africa and Eastern Europe.
Mena Leaders in Trade Awards 2011.
GTR is proud to announce the winners of the Middle East and North Africa (Mena) Leaders in Trade 2011.
SG reveals new structure
Société Générale has restructured its corporate and investment banking arm in an effort to strengthen the links between its business lines and distribution capabilities.
Kazakh agri firm gets EBRD boost
The EBRD has purchased a US$45mn equity stake in Kazakh agricultural company KazExportAstyk.
Insurers enjoy record year for trade finance
Insurers are continuing to support high levels of global trade due to the current volatile risk environment, according to a new report by the Berne Union.
ICC urges rethink on trade finance regulations
Executives from banks and businesses gathered at the ICC Banking Commission’s meeting in Doha, Qatar to urge governments to rethink regulations that could hinder the trade finance market.
“It is crucial that, during this economic crisis, trade finance be freed up to promote economic growth, especially in the developing world,” said Sheikh Khalifa Al Thani, chairman of ICC Qatar and the Qatar Chamber of Commerce and Industry at the meeting held at the end of March.
Brics countries seal currency pact
Development banks from the Brics signed agreements to promote intra-country trade in local currencies at the fourth Brics Summit on March 29 in Delhi.
Africa's potential is significantly underestimated
British companies are failing to realise Africa’s potential, according to a new Barclays report.
Marsh names global infrastructure chairman
Insurance broker Marsh has appointed Edwin Charnaud to chairman of its global infrastructure practice.
EDC and Sberbank form trade finance partnership
Canada’s export credit agency EDC has entered into a trade finance partnership with Sberbank to increase Canadian trade in the Russian Federation.
