TXF Global 2020: Export, Agency & Project Finance
The global export, agency & project finance games return! After the roaring success of our virtual event, join us for part 2: online or person. Take your network further!
James Burrows has been appointed senior vice president for the small business group at the Export-Import Bank of the United States.
Saudi Arabian telecommunications company Mobily (Etihad Etisalat) has agreed two new financings amounting to SAR2.1 billion ($560 million) backed by the export credit agencies (ECAs) of Finland and Sweden, Finnvera and EKN respectively, for the purchase of equipment from Nokia Siemens Networks (NSN) and Ericsson.
The European Bank for Reconstruction and Development (EBRD) has joined forces with Nordea Bank to support a €123 million ($170 million) modernisation of two manufacturing plants owned by Oil & Gas Systems (OGS), one of Russia’s largest pipeline valve producers.
The European Bank for Reconstruction and Development has provided a boost to Morocco’s export and import community in the form of a $40 million trade finance line to commercial bank Crédit du Maroc for the financing of foreign trade.
Germany’s KfW IPEX-Bank (KfW) is providing a $109 million loan to Mississippi Silicon for the construction of a silicon metal manufacturing plant in the United States. SMS Siemag, the specialised metallurgical plant and mechanical engineering company based in Düsseldorf, will produce the arc furnace, the key component required for the new plant’s production process.
The Royal Bank of Scotland (RBS) has expanded its global transaction services division, appointing Ray Zabarte as its new head of trade services. Zabarte, who was previously head of trade product management at Barclays, will also take up the post of chief administrative officer for trade.
The Export-Import Bank of the United States has guaranteed a $300 million loan by the Apple Bank for Savings to China’s Minsheng Financial Leasing (MSFL) for the purchase of eight Gulfstream Aerospace aircraft. The deal means US Ex-Im has now supported more than $1 billion in financing for US-made business aircraft and helicopters since the start of the 2012 financial year.
The National Bank of Egypt (NBE) has received the second half of a $100 million loan from the European Bank for Reconstruction and Development aimed at helping businesses in Egypt to carry out more international trade.
South Stream Transport (SST) has placed an order for 75,000 12-metre pipes to be used in the construction of the South Stream pipeline in a sign of the project’s increasing momentum.
Supply chain finance provider Crossflow Payments has strengthened its business development team with the appointment of Alistair Ward and Peter Renshaw as business development directors. Adrian Benjamin also joins the team as an assistant business development manager.
India’s largest steel company, JSW Steel, has received an export finance loan of approximately €15 million ($21 million) that will allow it to expand its production site in Vijayanagar, south India. The loan has a tenor of 8.5 years.
Keaton Energy, the South African coal mining and development company, has concluded a R350 million ($32 million) financing facility from Investec Bank, of which R300 million ($27.5 million) is a term loan and R50 million ($4.5 million) is a working capital facility.
Bpifrance, the French public investment bank, has announced a new funding mechanism aimed primarily at small and medium-sized enterprises (SMEs) to help French businesses export their goods abroad.
NOP Agrowind has secured €350 million ($480 million) in loans to construct 26 wind turbines in the Netherlands from a consortium of Rabobank, KfW IPEX-Bank and the European Investment Bank (EIB).
The ICC, in conjunction with TXF, is currently conducting its first ever survey on export finance. The findings will form part of the prestigious ICC Global Trends Survey on Trade Finance, produced later this year.
The new year is set to usher in new political risks, largely focused around upcoming elections in India, Brazil, Turkey, South Africa and Indonesia. Some of the old risks have not abated either, with the Middle East and North Africa still beset by a series of political, social and economic challenges.
Canada’s export credit agency, Export Development Canada (EDC), has continued its expansion across the Andes with the establishment of a permanent representative office in Bogota, Colombia. The move has been made in anticipation of an infrastructure boom in Colombia.
Deutsche Bank has established a new global solutions unit in the trade finance/cash management for corporates (TF/CMC) section of its global transaction banking division, focusing on designing and reproducing business solutions for large corporate clients with a view to accelerating growth.
HSBC has appointed Carlos Gonzalez Fillad, formerly head of multinationals for its global banking business, as its new regional head of payments and cash management (PCM) in Latin America, effective from 1 February 2014.
Fundtech, the global transaction banking solutions company, has hired Kyle McGaffey as its head of sales for the Americas. McGaffey’s role will be to lead Fundtech’s sales strategy in the region, where he will also be responsible for the sales personnel based there.
India’s National Thermal Power Company (NTPC), the country’s largest power provider, has secured $430 million in financing after signing two loan agreements with the Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC).
Andrew England, head of transaction banking at Lloyds, has left the bank after his role was incorporated into a new operating structure led by Ed Smith. The transaction banking and commercial finance units at Lloyds will now be merged into a new united called global transaction banking.
Moroccan juice producer Citruma has received €5.5 million ($7.4 million) in financing from the European Bank for Reconstruction and Development (EBRD), to fund the expansion of its product offering and operations.
Morocco’s Office National de l'Electricité et de l'Eau Potable (ONEE) is to receive a €65 million ($88 million) sovereign guaranteed loan from the European Bank for Reconstruction and Development (EBRD) to increase the supply of drinking water in the North African country.
Bashkortostan-based oil trader Atek has received a boost from VTB Bank in the form of a credit facility with a RUB 5 billion ($142 million) limit.
The president of the Export-Import Bank of the United States (US Ex-Im), Fred Hochberg, has highlighted the achievements of the agency in recent years as he appeared before the Senate Committee on Banking, Housing, and Urban Affairs.
KfW IPEX-Bank and AWAS Aviation Capital have closed the seventh financing under their eight aircraft ECA supported financing facility.
The International Finance Corporation (IFC) has expanded its partnership with Ahli United Bank Egypt (AUBE) in a bid to enhance the country’s international trade activity and provide a bridge for local businesses to reach international markets.
HSBC China has opened a sub-branch in the Shanghai pilot free trade zone (FTZ) to facilitate cross-border financial transactions for corporate customers.
The European Bank for Reconstruction and Development (EBRD) and HSBC Egypt have combined to provide a $100 million financing facility for independent Egyptian exploration and development company Improved Petroleum Recovery (IPR).
Anton Martin has been appointed managing director and head of sales in global markets at the National Bank of Abu Dhabi (NBAD), bolstering the bank’s West-East corridor strategy.
The renminbi (RMB) has achieved a symbolic milestone after it became the eighth most used currency for global payments, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Euler Hermes Americas has reached an agreement with HSBC to provide direct access to trade credit insurance (TCI) for the bank’s US customers, following a global distribution partnership forged between the two in May last year.
HSBC has made three appointments to its global trade and receivables finance (GTRF) team, with Gerd Pircher becoming regional head, Latin America; Wei Wei Ng becoming head of international, GTRF Asia-Pacific; and Lorna Strong taking up the position of deputy general counsel for GTRF.
Asia’s leading business aircraft leasing company, Minsheng Financial Leasing (MSFL), has received a $210 million loan from Canada’s export credit agency, Export Development Canada (EDC), to facilitate its leasing of two business jets from Canadian aerospace company Bombardier.
Standard Chartered (StanChart) Bank Taiwan has completed a $40 million two way cross-border lending for Taiwan’s largest custom-made industrial elevator manufacturer, Hong-Wei Electrical Industry.
Standard Chartered (StanChart) has arranged two loans totalling €160 million ($215 million) for Perusahaan Listrik Negara (PLN), Indonesia’s national electricity company, to finance the production of two gas power plants that will include 35 Wärtsilä 34SG gas-fired generating sets.
The Basel Committee has issued changes to the Basel III regulatory framework’s leverage ratio structure and disclosure requirements, following a consultation process on the proposed changes dating back to June 2013.
Standard Chartered (StanChart) Vietnam has signed a $70 million trade facility agreement with An Giang Plant Protection (AGPPS) to allow the agricultural business to develop its paddy field purchase model in south-west Vietnam.
The European Bank for Reconstruction and Development (EBRD) has led the refinancing of a strategic Hungarian gas storage facility, after majority stakeholder MOL sold its stake in the unit to the Hungarian Development Bank and the Hungarian Hydrocarbon Stockpiling Association. The deal signals something of a return for project financing in Central and Eastern Europe.
HSBC China has initiated renminbi (RMB) two-way cross-border sweeping for businesses in the pilot Shanghai free trade zone (FTZ), with industrial manufacturer Dover being the first to benefit from the initiative through its subsidiary in the zone.
The Singapore-based United Overseas Bank (UOB) has appointed Jim Liddell, former vice president of trade finance at Scotiabank (and occasional TXF contributor), as its senior vice president for corporate banking.
Johan Schrijver, the former managing director of the Dutch export credit agency Atradius, has set up a new consultancy, Schrijver & Partners, to advise businesses and government institutions on export finance, project finance and credit insurance.