GTR Trade Finance eNews - March 2012
Beazley adds to Asia political risk team
Ann Russell-Cook is joining Beazley’s Singapore office as political risk and trade credit underwriter for the Asia region.
HSBC leads largest Saudi ECA deal
Saudi Electric Company has signed the largest ever ECA-backed corporate financing in Saudi Arabia to develop the Rabigh VI thermal power plant on the Red Sea coast.
QBE appoints new UK business manager
Insurance specialist QBE has appointed Ian Bocca as a manager of new business development.
HFW makes partner promotions
Law firm Holman Fenwick Willan continues to boost its partnership ranks with promotions within its aviation, insurance and logistics teams.
Korea Eximbank joins IADB's TFFP
Korea Eximbank has joined the Inter-American Development Bank’s trade finance facilitation programme as a confirming bank.
Asian banks back Aussie LNG plant
Australia’s Osaka Gas Gorgon has won a US$302mn project finance loan from two local banks to finance an LNG gas project on the coast of Western Australia.
Palm Utilities closes club loan
Dubai’s Palm Utilities has closed a Dh1.14bn club deal with three local banks.
IIG Capital rebrands TF division
US financial solutions provider IIG Capital is rebranding its trade finance division to IIG Trade Finance.
CBC hires senior vice-president
Capital Business Credit has appointed Steven Fields as senior vice-president for business development.
EBRD supports Mongolia's landmark wind farm
The EBRD is providing a US$42.4mn loan to develop the 50MW Salkhit wind farm − the first significant renewable energy generator in Mongolia.
Grindrod prepares to scout the market
Grindrod is looking to tap the international debt market for a US$800mn loan to finance the Maputo Coal Terminal expansion project in Mozambique.
Asia signs up for JP Morgan's mobile banking
China, India and Vietnam have joined JP Morgan’s Access mobile banking platform.
Iraq's oil opportunities loom large
The Iraqi government are set to reveal large-scale investment opportunities in its refining industry.
China steals a march on Africa
China is set to overtake the US this year as Africa’s largest export destination.
Viewpoint: Commodity Finance
Viewpoint
There has been a lot of talk about the lack of sufficient liquidity to support the burgeoning need for commodity finance, but will the talk translate into effective means of plugging the gap, GTR editor Rebecca Spong asks.
Senate fails to renew US Exim’s charter
Republicans in the US Senate have voted against attempts to extend the lending capacity of the US Export-Import Bank (US Exim).
Supporters of the agency hoped to secure a four–year extension of the bank’s charter as well as an increase in its lending cap to US$140bn.
ITFC seals deal with Egyptian government
The International Islamic Trade Finance Corporation has signed a framework agreement with the government of Egypt to help increase intra-regional trade among the OIC member countries.
BofAML launches supply chain portal
Bank of America Merrill Lynch has launched its trade and supply chain electronic platform, Trade Pro.
IADB boosts green LatAm projects
The Inter-American Development Bank is ramping up its lending for green private sector projects in Latin America and the Caribbean.
ABN Amro urges US banks to step up shipping finance
ABN Amro has encouraged US banks to take advantage of the growing shortfall in international and US shipping finance.
Rompetrol gets international backing
Romanian oil refining and distribution group Rompetrol has signed a US$200mn five-year term loan agreement with four international banks.
Rusal appoints new chairman
Russian aluminium producer UC Rusal has appointed Barry Cheung as chairman of the board, replacing Viktor Vekselberg who resigned on March 12.
Syncada hires ex-RBS trade expert
Technology provider Syncada from Visa has hired Mike Bellardine as global head of product solutions.
China Development Bank to lend Rmb loans to Brics
China Development Bank is likely to sign an agreement to provide renminbi (Rmb) loans to other Bric countries, it has been reported.
Efic and ADB scheme adds Vietnam
Australia’s export credit agency Efic and the Asian Development Bank (ADB) have extended an existing participation agreement to include Vietnam.
Fimbank reports boosted profits
Malta-based Fimbank has revealed an increase of 35% in after-tax profit in 2011, reaching US$9.13mn
Foreign loans hit by Brazil tax extension
The Brazilian government has extended its financial transactions tax to foreign loans maturing in up to five years.
This follows on from the announcement at the end of February that all foreign loans under three years would be subject to the 6% tax.
Clyde & Co agrees alliance with Mongolian law firm
Clyde & Co has entered the Mongolian market by signing an alliance with local law firm Khan Lex Advocates.
US exports hit new record
US exports in January have increased by over US$1bn compared to December 2011, according to the latest US government data.
Deutsche appoints new Asia GTB heads
Deutsche Bank has made two new appointments to its global transaction banking (GTB) division in Indonesia.
Asian banks support Colombian power project
Colombian utilities company ISAGEN has won a US$65.8mn loan from a group of international banks to construct an 820MW power plant in Colombia.
Citi Launches LatAm trade desk in Asia
Citi’s GTS division has launched a new Latin America trade desk in Asia to link its Latin American and Asian clients.
Bibby hires trade finance head
Boutique lender Bibby Financial Services has appointed Simon Davies as global trade finance director.
Agri-industry to attract new players
The global agri-industry will see a rising number of acquisitions, funding raisings and other forms of investment over the next 12 months.
Obama fights for US Exim reauthorisation
US President Barack Obama has argued for the reauthorisation of the US Exim in front of a group of US chief executives.
Air China closes aircraft deal
Air China has won a US$300mn 10-year lease structure from a group of international banks to finance a mandate of six A321-200 airbus aircraft.
Postbank joins IFC's GTFP
Bulgaria’s Postbank has signed an agreement under the IFC’s global trade finance programme to increase Bulgaria’s trade ties across Eastern Europe and other markets.
Updated: Trafigura closes oversubscribed revolver
Commodities trading company Trafigura has closed a hugely oversubscribed US$1.1bn multi-currency syndicated revolving credit facility.
The loan was upsized from US$600mn and will mature in 364 days.
ANZ rearranges APEA team
ANZ has made a number of changes to the senior leadership team in its global institutional and Asia Pacific Europe and America division.
PrimeRevenue names European vice-president
Supply chain finance solution provider PrimeRevenue has named Eric Riddle as vice-president and general manager for Europe.
WFW opens in Hong Kong
Watson, Farley & Williams has opened an office in Hong Kong, in association with Lau, Leong & Co.
Petrobras sets natural gas record
Brazilian oil company Petrobras has set a new record for the delivery of natural gas to the market in 2011.
JLT continues hiring spree
Risk insurer Jardine Lloyd Thompson continues to expand its capital risks team in Asia with the appointment of Serene Soo as capital risks manager.
Dubai tram project gets international backing
The Department of Finance in Dubai has completed a US$675mn dual currency financing for the construction of phase one of the Al-Sufouh tram project in Dubai.
Standard Bank reshuffles trade and commodity teams
Standard Bank has made a number of changes to its structured trade and commodity finance teams.
WFW appoints commodities associate
Law firm WFW has appointed Georgina Crowhurst as an associate in its project, commodities and export finance group in London.
Merchandise trade suffers in the eurozone
Merchandise trade has fallen sharply in the eurozone, while the US and China have maintained strong trade volumes, according to the OECD’s international trade statistics.
