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SACE tops ECA table, as big-hitters see slowdown
SACE tops ECA table, as big-hitters see slowdown
Oliver Gordon
20 August 2015

In a development that might raise a few eyebrows in the export finance world, Italian export credit agency (ECA) SACE has topped the ECA export finance table in the first half of the year – according to TXF’s H1 Export Finance Report.

Simon Jones joins TD Securities as EMEA head of export finance
Simon Jones joins TD Securities as EMEA head of export finance
Jonathan Bell
19 August 2015

Simon Jones has joined TD Securities as head of export & agency finance for the Europe, Middle East and Africa (EMEA) regions. He will be based in London.

Banco ABC Brasil secures $200 million loan
Banco ABC Brasil secures $200 million loan
Jonathan Bell
19 August 2015

Banco ABC Brasil acting thorough its Cayman Islands Branch, has successfully closed a $200 million syndicated term loan facility. The funds will be used for general corporate purposes including onlending to clients for trade-related loans.

Deutsche Bank provides $30 million structured loan to Huawei in Indonesia
Deutsche Bank provides $30 million structured loan to Huawei in Indonesia
Jonathan Bell
18 August 2015

Deutsche Bank has arranged and provided a $30 million structured trade finance facility to Huawei Tech Investment in Indonesia, a wholly-owned subsidiary of the Chinese multinational telecoms Huawei Technologies Company (Huawei). The funds will be used for the sale of equipment to a local broadband company.

Wells Fargo makes hire to lead European push of supply chain finance
Wells Fargo makes hire to lead European push of supply chain finance
Jonathan Bell
18 August 2015

Wells Fargo Capital Finance, part of Wells Fargo & Company has appointed Nick Lawrence as managing director for supply chain finance as it finalises the build out of its European platform to support all three international products, channel finance, supplier finance and sales finance.

Sovereign financings see Middle East reign in export finance
Sovereign financings see Middle East reign in export finance
Oliver Gordon
18 August 2015

The Middle East was the top destination for export finance in the first half of the year, surging 18% year-on-year – TXF’s H1 Export Finance Report revealed this week.

Credit insurer Euler Hermes launches Euler Hermes Energy in North American market
Credit insurer Euler Hermes launches Euler Hermes Energy in North American market
Jonathan Bell
18 August 2015

International credit insurance company Euler Hermes has launched a new division - Euler Hermes Energy. The new division will be North American-based and focus on essential credit support and risk management solutions for the energy industry.

Syndication launched on $125 million loan for United Arab Bank
Syndication launched on $125 million loan for United Arab Bank
Jonathan Bell
18 August 2015

General syndication has been launched today for a $125 million term loan for United Arab Bank (UAB). The facility will be used by UAB for general corporate purposes, including onlending to clients for trade loans.

London Forfaiting joins UKEF bond support scheme
London Forfaiting joins UKEF bond support scheme
Jonathan Bell
18 August 2015

London Forfaiting Company (LFC) has joined the UK Export Finance (UKEF) bond support scheme. The scheme helps UK firms access government support for export-related bonds.

Breaking down barriers
Breaking down barriers
Oliver Gordon
17 August 2015

Global trade growth built up expectations with a healthy recovery following the crisis, but it has since relapsed to a snail-like pace of advancement. Despite their subdued growth rates, advanced economies have sustained flows through their demand for imports. But if HSBC’s latest trade report is anything to go by, trade is set for a comeback in the medium to long-term.

Bank of Georgia signs $30 million trade finance facility
Bank of Georgia signs $30 million trade finance facility
Jonathan Bell
17 August 2015

Bank of Georgia has closed a $30 million, one-year trade finance club facility with Citi. This is the second club facility arranged by Citi for Bank of Georgia. The club facility attracted a range of un-named international investors during the syndication.

HSBC facilitates RMB lending in China’s expanded FTZ pilot
HSBC facilitates RMB lending in China’s expanded FTZ pilot
Jonathan Bell
17 August 2015

HSBC has facilitated cross-border renminbi (RMB) loans for mainland China corporates operating from the Nansha Free Trade Zone (FTZ) and Kunshan, areas that are now participating in China’s cross-border RMB lending pilot.

ABN AMRO appoints country executive for UK
ABN AMRO appoints country executive for UK
Jonathan Bell
17 August 2015

ABN AMRO has appointed Robbert Booij as the new country executive for the United Kingdom and general manager of ABN AMRO Bank UK branch.

New report shows Asian corporates increasing use of receivables financing
New report shows Asian corporates increasing use of receivables financing
Jonathan Bell
14 August 2015

According to a new research report from East & Partners Asia (E&P Asia), international and regional banks have a major opportunity to exploit the trade finance needs of top Asian corporates – particularly within receivables financing.

Akbank signs accordion option to increase term loan to $335 million
Akbank signs accordion option to increase term loan to $335 million
Jonathan Bell
13 August 2015

Turkey’s Akbank has signed the accordion option of its $275 million three-year term loan facility that it originally agreed to in early July. The addition of the accordion feature increases the term loan to $335 million.

CIT signs $32 million credit facility with Norstar Tankers
CIT signs $32 million credit facility with Norstar Tankers
Jonathan Bell
13 August 2015

CIT Group, a leading transportation finance company, has today announced that CIT Maritime Finance has arranged a $32 million senior secured credit facility to Norstar Tankers. The funds will be used by Norstar to acquire two long range (LR1) product tankers.

Alvean looks to Bolero for digitised sugar transaction
12 August 2015

HSBC appoints new head of trade in Australia
HSBC appoints new head of trade in Australia
Jonathan Bell
11 August 2015

HSBC has appointed Rohit Garg as the new head of global trade and receivables finance (GTRF) in Australia. He will be based in Sydney.

Strong takes up the reigns as head of CPS Risk at JLT in Chicago
Strong takes up the reigns as head of CPS Risk at JLT in Chicago
Jonathan Bell
11 August 2015

Matthew Strong has moved from the Jardine Lloyd Thompson Group (JLT) offices in London to take up his new position as head of the credit, political and security (CPS) risk practice at JLT Specialty USA in Chicago, the US subsidiary of JLT.

ICC calls for harmonized non-preferential rules of origin
10 August 2015

VLG launches Vecron, a new trade finance business unit
VLG launches Vecron, a new trade finance business unit
Paul Preugschat
6 August 2015

Vecron Lordstock Group (VLG), a global structured finance firm specialising in structured trade and project finance, has announced the launching of Vecron Exim, an independent trade finance unit.

ING closes US Ex-Im-guaranteed $589 million financing for Vietnam Airlines
ING closes US Ex-Im-guaranteed $589 million financing for Vietnam Airlines
Jonathan Bell
5 August 2015

ING Capital in New York has closed a US Export-Import Bank (US Ex-Im ) guaranteed financing totalling $589 million for Vietnam Airlines (VNA). The financing relates to VNA’s acquisition of four Boeing 787-9 aircraft.

EBRD boosts Egyptian trade with QNB Al Ahli facility
EBRD boosts Egyptian trade with QNB Al Ahli facility
Oliver Gordon
4 August 2015

The European Bank for Reconstruction and Development (EBRD) has provided a $40 million trade finance facility to Egypt’s fourth largest commercial bank, QNB Al Ahli, in a bid to boost the country’s trade prospects.

Surecomp's IMEX wins Swift label
4 August 2015

UniCredit completes BPO transaction between M&G Polimeri Italia and BP
UniCredit completes BPO transaction between M&G Polimeri Italia and BP
Jonathan Bell
4 August 2015

UniCredit has successfully completed a Bank Payment Obligation (BPO) deal for M&G Polimeri Italia, the Italian importer which is part of the third largest PET resin producer in the world, and its supplier oil and gas company BP. The transaction represents the first deferred BPO undertaken by UniCredit which was discounted without recourse to a fixed date.

SunEdison closes financing for Chile’s Quilapilun solar power plant
SunEdison closes financing for Chile’s Quilapilun solar power plant
Jonathan Bell
3 August 2015

Renewable energy development company SunEdison has secured $160 million financing and started construction on the 110-megawatt (MW) DC Quilapilun solar power plant in Santiago, Chile.

SACE collaborates with Italian fintech platform Workinvoice
SACE collaborates with Italian fintech platform Workinvoice
Paul Preugschat
3 August 2015

SACE, the Italian export credit agency, has signed a collaboration agreement with digital start-up Workinvoice, the first Italian fintech platform for trading receivables.

New fund platform to specialise in STCF products
New fund platform to specialise in STCF products
Paul Preugschat
31 July 2015

GAO Capital (GAO) has announced a strategic alliance with Straits Financial Group (Straits) to collaborate on GAO Funds, a multi-strategy fund platform with a focus on Structured Trade & Commodity Finance (STCF).

Euler Hermes reports increased revenue, operating income for mid-year 2015

Cote d'Ivoire to increase investment in Afreximbank

PrimeRevenue establishes PrimeRevenue Capital Management

British SMEs looking beyond Europe for growth

JB's Industry Blog: 24 July 2015
JB's Industry Blog: 24 July 2015
Jonathan Bell
28 July 2015

TXF held its Africa afternoon conference last week with more than 80 guests joining to discuss CAPEX, ECA and Project Finance in Africa. We approached the topics from a slightly different angle: whether ECA finance was fit for purpose and how project finance could be made to work better in the region – rather than looking purely at shortcomings in the continent.

Myanmar customs to develop new scheme for faster import, export of goods
27 July 2015

A better way to finance receivables
A better way to finance receivables
Sebastian Hölker
24 July 2015

Corporates looking to offload their receivables currently face the laborious task of dismantling portfolios and selling them piecemeal to multiple buyers. Yet with banks, factors and insurers working in co-operation, this practice may soon be put to rest, says Sebastian Hölker, head of structuring and implementation of supply chain finance products at UniCredit.

Akbank AG squeezes relationship banks on new refi
Akbank AG squeezes relationship banks on new refi
Oliver Gordon
23 July 2015

Akbank AG, the Frankfurt-based subsidiary of Turkey’s Akbank, today announced the closure of a $205 million-equivalent, dual-currency club loan. The one-year refinancing facility was signed with a 10 basis point (bp) over Libor reduction on its predecessor, and with seven more banks involved in the syndication.

BPL Global to open Dubai office as part of further expansion
BPL Global to open Dubai office as part of further expansion
Jonathan Bell
20 July 2015

Berry Palmer & Lyle (BPL Global), the specialist credit and political risk insurance (CPRI) broker, is to open a representative office in Dubai as part of the group’s further expansion of overseas offices. The opening takes the number of BPL Global offices to five – joining London, Paris, Singapore and Hong Kong.

ANZ boosts transaction banking with senior hire
ANZ boosts transaction banking with senior hire
Jonathan Bell
17 July 2015

ANZ has boosted its global transaction banking (GTB) business with the appointment of Francyn Stuckey as global head of capabilities and client solutions in its transaction banking business. This is a new role within the bank and a senior position within GTB.

Richard Tynan appointed managing director for new London PrimeRevenue entity

BNPP and Intesa Sanpaolo finance Kenya’s Itare dam project
BNPP and Intesa Sanpaolo finance Kenya’s Itare dam project
Jonathan Bell
15 July 2015

BNP Paribas and Intesa Sanpaolo are providing export credit financing to fund the €306 million ($334.7 million) Itare dam project in Kenya. The project, which is backed by export credit guarantees from the Italian export credit agency SACE, was formally signed during the visit of Italian Prime Minister Matteo Renzi to Kenya.

New CEO appointed at FIMBank
New CEO appointed at FIMBank
Jonathan Bell
15 July 2015

Malta-headquartered trade finance bank, FIMBank has appointed Murali Subramanian as its new chief executive officer (CEO). The change comes following a seven-month period where Simon Lay was made responsible as acting CEO, following the retirement of former group president Margrith Lütschg-Emmenegger in December 2014.

JUMORE E-commerce initiates cross-border cooperation with China's "One Belt, One Road" strategy

A multilateral view of trade finance
A multilateral view of trade finance
Oliver Gordon
13 July 2015

With multilateral finance institutions and development banks becoming increasingly prominent figures in the world of trade finance, Ollie Gordon caught up with the EIB’s Guido Clary to find out how the bank’s trade finance programme is coming along.

Pricing and fees decrease as capital markets expectations rise
Pricing and fees decrease as capital markets expectations rise
Hesham Zakai
13 July 2015

Hesham Zakai analyses the TXF-ICC Export Finance Global Survey 2015, which polled a range of export finance professionals, and compares the results with those from last year.

Textainer Group amends pricing and extends term on its $700 million RCF
Textainer Group amends pricing and extends term on its $700 million RCF
Jonathan Bell
13 July 2015

Bermuda-headquartered Textainer Group Holdings, the world’s largest lessor of intermodal containers based on fleet size, has secured an amendment to the margin on its $700 million five-year revolving credit facility (RCF), as well as extending the term of the loan with the lending group. The amendments are in favour of Textainer Limited, a wholly-owned subsidiary of the group.

WTO’s Azevêdo urges the closing of gaps in trade finance in Africa and Asia
WTO’s Azevêdo urges the closing of gaps in trade finance in Africa and Asia
Jonathan Bell
13 July 2015

WTO director-general, Roberto Azevêdo, has urged development finance institutions to continue to work together to help close the gaps that exist in the provision of trade finance for cross-border trade. Speaking at the opening session of the Third International Conference on Financing for Development in Addis Ababa today, he outlined the major gaps that exist, particularly in Africa and Asia, and the major impact that this can have on growth and development.

HSBC appoints head of commercial banking Singapore
HSBC appoints head of commercial banking Singapore
Jonathan Bell
10 July 2015

HSBC has appointed Steven Cranwell head of commercial banking Singapore. He takes over from Kelvin Tan, who has been appointed chief executive officer for HSBC in Thailand.

Akbank secures new three-year $275 million facility
Akbank secures new three-year $275 million facility
Jonathan Bell
9 July 2015

Akbank has secured a three-year $275 million syndicated loan through international bank channels. This is the first time since 2006 that a Turkish bank had approached the syndicated loan market with a standalone three-year term loan facility.

Afrexim raises and closes a record $1 billion bank loan
Afrexim raises and closes a record $1 billion bank loan
Jonathan Bell
8 July 2015

The African Export-Import Bank (Afrexim) has finally closed the general syndication stage of a term loan amounting to the equivalent of $1 billion. This is the largest ever term loan facility raised in the bank’s history. The bank will use the funds largely for onlending related to trade finance-related purposes.

BRICS further build foundations of New Development Bank
BRICS further build foundations of New Development Bank
Jonathan Bell
8 July 2015

The BRICS countries (Brazil, Russia, India, China and South Africa) held their first meeting of the board of governors of the New Development Bank (NDB) in Moscow yesterday, ahead of the latest BRICS summit in the Russian industrial city of Ufa in the Urals.