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IFC and Citi partner for $1.2 billion emerging market trade support
IFC and Citi partner for $1.2 billion emerging market trade support
Jonathan Bell
28 October 2015

International Finance Corporation (IFC) and Citi have signed a $1.2 billion risk-sharing facility to help stimulate the growth of trade in emerging markets and to support economic development.

Unique deal sees EIB sign buyer credit with Northstar Europe for SME onlending
Unique deal sees EIB sign buyer credit with Northstar Europe for SME onlending
Jonathan Bell
28 October 2015

The European Investment Bank (EIB) is partnering with Northstar Europe and export credit agency Office du Ducroire Luxembourg (ODL) in the first ever EIB facility to provide buyer credit financing for European SME and mid-cap exports.

Financing signed for Uzbek fertiliser plant with strong JBIC support
Financing signed for Uzbek fertiliser plant with strong JBIC support
Jonathan Bell
26 October 2015

An export credit financing agreement totalling ¥69.24 billion ($563.2 million) has been signed by international banks and Japanese agencies to fund the importation and construction of a new fertiliser plant in Uzbekistan by Navoiyazot, an Uzbek chemical manufacturer. A substantial portion of the overall financing is being funded directly from Japan’s JBIC.

MIGA provides first guarantees to Nigerian gas sector supporting Seven Energy
MIGA provides first guarantees to Nigerian gas sector supporting Seven Energy
Jonathan Bell
26 October 2015

The Multilateral Investment Guarantee Agency (MIGA) is to provide financial guarantees to a Seven Energy International subsidiary in Nigeria against the risk of expropriation. This involvement by MIGA is the agency’s first engagement in Nigeria’s gas sector.

SACE signs landmark €1 billion credit line for major UAE projects
SACE signs landmark €1 billion credit line for major UAE projects
Jonathan Bell
20 October 2015

Italy’s export credit agency, SACE, has signed two agreements with the United Arab Emirates for project development in the Emirates – and coupled with this is an umbrella framework €1 billion credit line supporting Italian exports of goods and services.

Noble Group closes $1.1 borrowing base facility for North American operations
Noble Group closes $1.1 borrowing base facility for North American operations
Jonathan Bell
19 October 2015

Hong Kong-headquartered commodity trading company Noble Group has successfully closed the syndication of its $1.1 billion revolving borrowing base facility, which will be used for its North American operations. The facility attracted considerable interest in the bank market and was heavily oversubscribed.

Ecom Agroindustrial secures $635 million revolving credit facility
Ecom Agroindustrial secures $635 million revolving credit facility
Jonathan Bell
16 October 2015

Swiss-based commodity trading company Ecom Agroindustrial Corporation has secured a new $635 million multi-currency revolving credit facility (RCF). As with other transactions in the agri-commodity sector, this facility attracted significant bank interest in syndication and was significantly oversubscribed.

SG promotes Frederic Surdon to global head of the new asset finance department
SG promotes Frederic Surdon to global head of the new asset finance department
Jonathan Bell
14 October 2015

Société Générale Corporate & Investment Banking (SG CIB) has appointed Frederic Surdon as head of asset finance with immediate effect. This is a new role and department within the bank, and sees Surdon move from his previous position as global head of export finance.

Sibos 2015: China Merchants Bank signs with Deutsche Bank for trade and banking services
Sibos 2015: China Merchants Bank signs with Deutsche Bank for trade and banking services
Jonathan Bell
12 October 2015

China Merchants Bank (CMB) and Deutsche Bank have signed an agreement under which CMB will obtain a full range of global banking services, including cash management and trade finance.

BNY Mellon to provide trade processing services to KeyBank
BNY Mellon to provide trade processing services to KeyBank
Jonathan Bell
12 October 2015

KeyBank of the USA has contracted BNY Mellon to provide private label trade processing services to KeyBank’s global trade group. The arrangement will see KeyBank integrate BNY Mellon's back office capabilities and experience to enhance its global trade platform and offering.

Fintech-fuelled change offers unprecedented opportunities for banks
Fintech-fuelled change offers unprecedented opportunities for banks
Jonathan Bell
12 October 2015

A new report released by BNY Mellon explores the influence of fintech alliances on global payments, and suggest that these changes taking place in the payments space provide numerous opportunities for trade banks.

Sibos 2015: China Systems and Accuity partner on trade finance and supply chain solutions
Sibos 2015: China Systems and Accuity partner on trade finance and supply chain solutions
Jonathan Bell
12 October 2015

Accuity, a global provider of payments, KYC, risk and compliance solutions, has partnered with China Systems, the trade finance software solutions vendor, to create a SWIFT certified trade and supply chain finance product providing seamless compliance checks for trade finance transactions.

China launches CIPS clearing platform and banks quick to enact business
China launches CIPS clearing platform and banks quick to enact business
Jonathan Bell
8 October 2015

China has today officially launched its new global clearing platform for real time renminbi (RMB) settlement, known as the Cross Border Interbank Payment System (CIPS), and some of the big international banks have been quick to enact business under the platform for their trade customers. Perhaps most notably, Standard Chartered has successfully completed an RMB clearing transaction from China to Luxembourg for IKEA.

Vitol signs biggest revolver yet at $8 billion
Vitol signs biggest revolver yet at $8 billion
Jonathan Bell
7 October 2015

Commodity trading house Vitol has signed syndicated revolving credit facilities (RCF) totalling $8 billion. The loans, being provided by a total of 57 banks, are the biggest ever secured by the company in a single arrangement.

India’s IDFC Bank selects Misys for treasury and trade services
India’s IDFC Bank selects Misys for treasury and trade services
Jonathan Bell
7 October 2015

India’s newly-formed IDFC Bank has selected financial software company Misys as its preferred partner for its treasury and trade-related services. Under the agreement, IDFC Bank will use Misys FusionBanking Trade Services and Misys FusionCapital Kondor to underpin its trade finance and treasury services channels and operations.

Atradius chooses Bolero solutions for surety bonds branch
Atradius chooses Bolero solutions for surety bonds branch
Jonathan Bell
6 October 2015

Credit insurer Atradius has chosen the financial solution provided by Bolero to efficiently process corporate transactions for corporate customers in its surety bonds branch. The electronic platform is expected to help Atradius open the door to transactions with new clients that already use Bolero.

Trans-Pacific Partnership agreement finally reached
Trans-Pacific Partnership agreement finally reached
Jonathan Bell
5 October 2015

After five years of negotiations, agreement has been reached today in Atlanta on the far-reaching Trans-Pacific Partnership (TPP) trade deal. The TPP – an agreement between the United States, Japan and 10 other Pacific Rim nations - is the largest regional trade agreement in history.

Hapag-Lloyd secures $372 million Korean ECA-backed finance for new ships
Hapag-Lloyd secures $372 million Korean ECA-backed finance for new ships
Jonathan Bell
2 October 2015

Shipping company Hapag-Lloyd has signed a $372 million finance facility agreement with a syndicate of international banks backed by South Korean export credit agencies (ECAs). The funds will be used for the long-term financing of five 10,500 TEU new-built container vessels and to support liquidity reserves.

Trafigura closes $2.2 billion loan facilities in Asia with strong bank support
Trafigura closes $2.2 billion loan facilities in Asia with strong bank support
Jonathan Bell
1 October 2015

Trafigura Pte, the Singapore arm of global commodity trading company Trafigura has successfully closed its new syndicated revolving credit facility (RCF) and term loan facilities at $2.2 billion-equivalent today. The success of the transaction comes a day after the death of Trafigura’s founder and executive chairman, Claude Dauphin.

BAFT publishes oil and gas best practices financing report
BAFT publishes oil and gas best practices financing report
Jonathan Bell
30 September 2015

The financial services association BAFT has published a new guide designed to help practitioners involved in oil and gas financing transactions. The Oil and Gas Industry: A Practical Guide to Independent Undertakings was developed by BAFT’s oil & commodity letter of credit (LC) working group.

ING arranges NEXI-backed loan for Argentina’s CAGSA
ING arranges NEXI-backed loan for Argentina’s CAGSA
Jonathan Bell
28 September 2015

ING Bank Tokyo branch has arranged a $100 million working capital loan for Argentina’s Compañía Argentina de Granos (CAGSA), a major producer and distributor of grains including soybeans and corn. The loan is backed with credit insurance from Japan’s Nippon Export and Investment Insurance (NEXI), as part of Japan’s strategy of national food security.

GE and UKEF sign landmark proactive export finance framework
GE and UKEF sign landmark proactive export finance framework
Jonathan Bell
25 September 2015

General Electric (GE) and the UK’s export credit agency UK Export Finance (UKEF) have signed a landmark cooperation framework agreement that could see up to nearly $12 billion worth of support for new UK investment and exports from the UK.

France’s AFD signs €100 million credit with Afreximbank for trade finance
France’s AFD signs €100 million credit with Afreximbank for trade finance
Jonathan Bell
18 September 2015

The French development finance institution Agence Française de Développement (AFD) has signed a €100 million ($112.5 million) line of credit facility agreement with the African Export-Import Bank (Afreximbank) in Cairo today to support the African trade finance bank in its interventions to transform the structure of African trade.

Ghana Cocoa Board formally signs annual pre-export financing for $1.8 billion
Ghana Cocoa Board formally signs annual pre-export financing for $1.8 billion
Jonathan Bell
17 September 2015

Ghana Cocoa Board (Cocobod) has today formally signed its annual pre-export receivables backed trade finance facility for a total amount of $1.8 billion. This was the initial amount underwritten and despite heavy oversubscription during general syndication Cocobod has decided not to take any increase.

Turkey’s İşbank secures $1.2 billion syndicated loan for trade finance
Turkey’s İşbank secures $1.2 billion syndicated loan for trade finance
Jonathan Bell
16 September 2015

Türkiye İş Bankası (İşbank) has secured a $1.2 billion syndicated loan from a total of 42 banks from 20 countries. The proceeds of the loan will be used by the borrower for general trade finance activities.

The burning issues facing the trade sector
The burning issues facing the trade sector
Jonathan Bell
16 September 2015

Jonathan Bell talks with David Hennah, head of trade and supply chain finance, transaction banking, Misys, about the burning issues of regulation and compliance, disruptors within trade, globalisation, standardisation and digitisation.

Boost for Croatian SMEs with EBRD loan to Raiffeisen Factoring
Boost for Croatian SMEs with EBRD loan to Raiffeisen Factoring
Jonathan Bell
16 September 2015

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to €40 million ($45 million) to Raiffeisen Factoring. The loan will allow the financier to extend financing in the form of factoring to small and medium-sized enterprises (SMEs) and corporate clients in Croatia.

Shell selects Citi for European cash management
Shell selects Citi for European cash management
Jonathan Bell
15 September 2015

Shell, the global energy and petrochemicals company, has selected Citi’s treasury and trade solutions (TTS) division as its sole bank provider for cash management services across 16 countries in Europe.

Natixis appoints global head of aviation, export & infra finance
Natixis appoints global head of aviation, export & infra finance
Jonathan Bell
15 September 2015

Olivier Delay has been appointed global head of aviation, export & infrastructure finance at Natixis. He is based in Paris and reports to Pierre Debray, global head of structured & asset finance.

Tartaruga/MODEC signs $1.26 billion project financing for FPSO in Brazilian oil fields
Tartaruga/MODEC signs $1.26 billion project financing for FPSO in Brazilian oil fields
Jonathan Bell
11 September 2015

Tartaruga MV29 (TARMV29), a company incorporated in the Netherlands in which MODEC, Mitsui & Co, Mitsui OSK Lines, and Marubeni Corporation have equity stakes, has signed a $1.263 billion export credit agency-supported project financing agreement with a broad group of international financial institutions.

SACE and Yapi Kredi sign cooperation agreement to boost trade channels
SACE and Yapi Kredi sign cooperation agreement to boost trade channels
Jonathan Bell
10 September 2015

The Italian export credit company SACE and Turkish bank Yapı Kredi have signed a cooperation agreement designed to bolster and strengthen the platform for export credit-backed trade between Italy and Turkey.

SACE and Yapi Kredi sign cooperation agreement to boost trade channels
SACE and Yapi Kredi sign cooperation agreement to boost trade channels
Jonathan Bell
10 September 2015

The Italian export credit company SACE and Turkish bank Yapı Kredi have signed a cooperation agreement designed to bolster and strengthen the platform for export credit-backed trade between Italy and Turkey.

EuroChem signs $750 million PXF club facility
EuroChem signs $750 million PXF club facility
Jonathan Bell
9 September 2015

The Swiss-headquartered Russian agrichemical EuroChem Group AG has signed a $750 million pre-export finance facility with a club of leading international banks. The funds will be used to refinance part of its debt as well as for capital expenditure and other general corporate purposes.

 Bladex leads $102 million secured loan for Ecuador agri-company Favorita
Bladex leads $102 million secured loan for Ecuador agri-company Favorita
Jonathan Bell
9 September 2015

Banco Latinoamericano de Comercio Exterior (Bladex) has arranged and closed a $102 million, syndicated loan in favour of companies belonging to the Favorita Group; a leading Ecuadorian agribusiness conglomerate with diversified business activities including bananas, dairy, and fertilisers. The transaction marks the largest syndicated loan for Favorita and successfully broadens the company´s pool of bank relationships.

Natixis appoints head of infra and projects Americas
Natixis appoints head of infra and projects Americas
Jonathan Bell
9 September 2015

Natixis has appointed Jonathan Kim as managing director, head of global infrastructure & projects (GIP) Americas.

ITFC signs $3 billion commodity trade import framework with Jordan
ITFC signs $3 billion commodity trade import framework with Jordan
Jonathan Bell
8 September 2015

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) group, has signed a $3 billion umbrella financing framework agreement with the government of Jordan. The funds will be used to finance the import of strategic commodities – such as energy products and foodstuffs - into Jordan.

Helios Investment Partners shows success story and repays $50 million OPIC loan
Helios Investment Partners shows success story and repays $50 million OPIC loan
Jonathan Bell
8 September 2015

The Overseas Private Investment Corporation (OPIC) reports that Helios Investment Partners (Helios) has repaid in full a $50 million loan that was issued by the US government’s development finance institution. The OPIC loan, which was issued in 2006, helped capitalise Helios Investors - a $305 million growth equity fund that invested across various sectors in sub-Saharan Africa.

Aon Risk Solutions appoints new head of business development, global trade credit
Aon Risk Solutions appoints new head of business development, global trade credit
Jonathan Bell
8 September 2015

Aon Risk Solutions, the global risk management business of Aon, has appointed Pieter van Ede as head of business development, global trade credit, with immediate effect. He will be based in Denver, Colorado.

ICC launches global export finance committee
ICC launches global export finance committee
Jonathan Bell
7 September 2015

The International Chamber of Commerce (ICC) has today launched the ICC Global Export Finance Committee – an export finance working group, chaired by Eric de Jonge, global head of structured export finance at ING Bank. The launch event of the committee is supported by many leading banks across the export finance industry.

BTMU and JBIC team for $1 billion Trinidad chemical plant project
BTMU and JBIC team for $1 billion Trinidad chemical plant project
Jonathan Bell
7 September 2015

The Bank of Tokyo-Mitsubishi UFJ (BTMU) and the Japan Bank for International Cooperation (JBIC) have teamed under a co-financing arrangement to arrange and provide $693 million debt financing for the construction of a new $1 billion chemical plant project in Trinidad and Tobago. This is the first time that JBIC has provided project financing for the Caribbean territory.

Ex JP Morgan trade head Daniel Cotti joins Bolero
Ex JP Morgan trade head Daniel Cotti joins Bolero
Jonathan Bell
7 September 2015

Trade finance specialist Bolero International has appointed former JP Morgan executive Daniel Cotti to its board of directors. In his new role as non-executive director, Cotti will further partnerships with the banking and finance community, as well as driving continued growth for the business and adding value to new and existing corporate relationships.

Standard Bank South Africa signs Ninja loan for trade use
Standard Bank South Africa signs Ninja loan for trade use
Jonathan Bell
7 September 2015

The Standard Bank of South Africa (SBSA) has signed a debut $139.3 million, syndicated Ninja loan facility. The funds will be used by SBSA for trade-related financing. The loan is a first for an African-based borrower.

Trade credit insurer Coface appoints new country manager of Japan
Trade credit insurer Coface appoints new country manager of Japan
Jonathan Bell
7 September 2015

Trade credit insurer Coface has appointed Yoshihiro Suchi as its new country manager in Japan. The appointment is effective from 28 September 2015.

IMC Holdings secures $120 million for four new vessels
IMC Holdings secures $120 million for four new vessels
Jonathan Bell
4 September 2015

Singapore-based bulk carrier and chemical tanker owner and operator IMC Holdings (IMC) Group has signed loan agreements to secure funds of $120 million to finance the purchase and export of four Japanese-built multipurpose vessels.

Markel expands in Dubai with trade credit appointment
Markel expands in Dubai with trade credit appointment
Jonathan Bell
3 September 2015

Markel International, the specialist insurer, has appointed Savita Mascarenhas as underwriter for its expanding trade credit operations in Dubai.

Louis Taylor appointed as the new CEO of UK Export Finance
Louis Taylor appointed as the new CEO of UK Export Finance
Jonathan Bell
2 September 2015

Louis Taylor has been appointed as the new chief executive officer (CEO) of the United Kingdom’s export credit agency UK Export Finance (UKEF). He takes up the role in October, and succeeds David Godfrey, who has been CEO since September 2013.

BTMU appoints new co-head of corporate banking for EMEA
BTMU appoints new co-head of corporate banking for EMEA
Jonathan Bell
2 September 2015

The Bank of Tokyo-Mitsubishi UFJ (BTMU) has appointed Sébastien Rozès as co-head of corporate banking for EMEA. This is a newly created role where Rozès will work closely with counterpart Yoshitake Manabe, the incumbent head of corporate banking for EMEA.

Adesina sworn in as new president of African Development Bank
Adesina sworn in as new president of African Development Bank
Jonathan Bell
1 September 2015

Former Nigerian agriculture minister, Akinwumi Adesina, has today been formally sworn in as the new president of the African Development Bank Group (AfDB) at a ceremony in Abidjan, Côte d’Ivoire. He is the eighth elected president of the development bank.

Euronav signs $750 million secured RCF
Euronav signs $750 million secured RCF
Jonathan Bell
1 September 2015

Antwerp-headquartered, tanker shipping company Euronav has signed a new $750 million senior secured amortising revolving credit facility (RCF). The facility provides the company with considerably cheaper funds than the 2011 loan agreements it is replacing.

Bladex and FMO co-arrange $60 million loan for Honduran Banco Ficohsa
Bladex and FMO co-arrange $60 million loan for Honduran Banco Ficohsa
Jonathan Bell
1 September 2015

Banco Latinoamericano de Comercio Exterior (Bladex) and the Dutch development bank FMO have co-arranged a $60 million A/B medium-term loan for Banco Financiera Comercial Hondureña (Banco Ficohsa), the largest bank in Honduras in terms of assets, capital and net earnings. Banco Ficohsa will use the funds to onlend to clients, particularly SMEs in their trade operations.