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Exmar signs loan with ICBC for gas carrier
Exmar signs loan with ICBC for gas carrier
Jonathan Bell
29 June 2015

Independent Antwerp-based gas carrier and owner Exmar has signed a ship finance loan of $200 million. The funds will be used to purchase the world’s first floating LNG unit (FLNG – floating liquefaction and storage unit).

Rabobank appoints head of TCF Americas
Rabobank appoints head of TCF Americas
Jonathan Bell
26 June 2015

Rabobank has appointed Muriel Schwab as head trade & commodity finance (TCF) Americas. She takes up the post as of 1 July, and will be based in New York.

Final Cole Commission report on UK export revolution plan is released
Final Cole Commission report on UK export revolution plan is released
Jonathan Bell
24 June 2015

The final Cole Commission report in relation to changing UK export culture was released today. The independently commissioned report is an action plan for the UK government to help turn the dial and ramp-up exports and export support

XL Catlin appoints chief underwriter for political risk and trade credit
XL Catlin appoints chief underwriter for political risk and trade credit
Jonathan Bell
24 June 2015

XL Catlin has promoted Joe Blenkinsopp to the position of chief underwriting officer for its political risk and trade credit (PRTC) team. He is based in London.

What will be the impact of the China-Australia Free Trade Agreement?
23 June 2015

EDC announces $1.5 million financing to Mio Global
23 June 2015

Noor Bank leads closing of Islamic financing for Stanford Marine
Noor Bank leads closing of Islamic financing for Stanford Marine
Jonathan Bell
22 June 2015

Dubai-headquartered offshore supply vessel company Stanford Marine Group (SMG) has secured a AED 1.2 billion ($326.7 million) Islamic syndicated structured finance facility arranged by Noor Bank. The transaction is one of the first fully Islamic-backed finance deals in the oilfield services sector.

Navios Midstream closes loan for VLCC acquisition
Navios Midstream closes loan for VLCC acquisition
Jonathan Bell
22 June 2015

New York-listed crude carrier owner and operator Navios Maritime Midstream Partners has closed a $205 million term loan facility with a club of international banks. The funds will be use for financing payments for two recent very large crude carrier (VLCC) acquisitions.

King & Spalding hires energy team for new Tokyo office
King & Spalding hires energy team for new Tokyo office
Jonathan Bell
22 June 2015

International law firm King & Spalding are set to open an office in Tokyo, the firm's eighteenth office overall and tenth office outside the United States. The new Tokyo office, along with the firm's Singapore office, will anchor King & Spalding's energy practice throughout the Asia-Pacific region.

GIEK and Export Credit Norway fund fish farm export
GIEK and Export Credit Norway fund fish farm export
Jonathan Bell
22 June 2015

Norway’s export credit agency, GIEK, together with funding body Export Credit Norway have arranged financing of €6.7 million ($7.5 million) for the export of a fish farm to Åland, an autonomous territory under Finnish sovereignty.

Banks' risk appetite is adapting to new climate
Banks' risk appetite is adapting to new climate
Guest Contributor
21 June 2015

This week, JB’s email to TXF subscribers had a sting in its tail: a reproach to financial institutions for their seeming reluctance to do business in Russia. At the same time, figures quoted suggested that 38% of those questioned in a recent survey of the export finance community aimed to carry out some business in Russia this year. So what is there to explain this apparent contradiction?

Sberbank and SACE sign cooperation agreement
Sberbank and SACE sign cooperation agreement
Jonathan Bell
19 June 2015

Sberbank of Russia and Italian export credit agency SACE have signed a memorandum on developing future cooperation. The agreement took place during the St Petersburg International Economic Forum.

UKEF reports strong performance through 2014-2015
UKEF reports strong performance through 2014-2015
Jonathan Bell
18 June 2015

UK Export Finance (UKEF), the UK’s export credit agency, has released its 2014-2015 annual report which reveals a strong performance through the year by the agency with a distinct enhancement of capabilities.

Banks need to make supply chain finance more ‘user-friendly’
Banks need to make supply chain finance more ‘user-friendly’
Oliver Gordon
18 June 2015

Despite the rising popularity of supply chain finance (SCF) around the globe, banks are not making their programmes easier enough for customers to implement and are consequently losing market share to their non-bank competitors, SEB’s head of working capital management and deputy head of transaction banking Paula Da Silva tells TXF.

JB's weekly round up - 17 June 2015
JB's weekly round up - 17 June 2015
Jonathan Bell
17 June 2015

June is a month that is always jam-packed with highly-publicised sporting accomplishments. With leagues and tournaments of every variety coming to a climatic end in the month, news feeds from Hong Kong to New York are always inundated with extravagant – if only occasionally merited – eulogies on the triumphs of a fleetingly-victorious team or sportsman.

China’s increasing presence in Latin America
China’s increasing presence in Latin America
Cristiane Gomes
16 June 2015

Cristiane Gomes, head of sales & relationship management, South America, BNY Mellon Treasury Services, explores the intensification of economic ties between China and Latin America and what this means for local banks and corporates.

UKEF and Falcon partner for British exports
UKEF and Falcon partner for British exports
Oliver Gordon
16 June 2015

Specialist trade and corporate financier Falcon Group has signed a memorandum of understanding with British export credit agency (ECA) UK Export Finance (UKEF) with the aim of boosting British exports. In light of the UK government’s target to double exports to £1 trillion by 2020, the partnership will facilitate easier access to finance for British exporters.

Asia's most innovative trade finance solutions, Pt. 2

Unlocking the potential of Russia-Asia cooperation
16 June 2015

Simmons & Simmons expands international trade finance practice
Simmons & Simmons expands international trade finance practice
Jonathan Bell
16 June 2015

International law firm Simmons & Simmons is expanding its trade finance practice with the appointment of Omar Al-Ali who has joined the firm’s London office this week as a partner.

Afreximbank appoints Benedict Oramah as new president
Afreximbank appoints Benedict Oramah as new president
Jonathan Bell
15 June 2015

The African Export-Import Bank (Afrexim) has appointed Dr Benedict Oramah to be the next president of the continental multilateral trade finance institution. He will take up the role in September 2015.

Misys appoints Simon Paris as president and chief sales officer
15 June 2015

JLT Specialty USA launches CPS risk practice
15 June 2015
JLT

Wells Fargo Capital Finance makes senior changes
15 June 2015

HSBC recruits Inwha Huh as head GTRF for the US and Canada
HSBC recruits Inwha Huh as head GTRF for the US and Canada
Jonathan Bell
12 June 2015

HSBC has hired trade veteran Inwha Huh as head of global trade and receivables finance (GTRF) for the United States (US) and Canada. She will be responsible for leading and managing GTRF activities across the US and Canada for commercial and global banking clients.

Pricing not reflective of cost of funding for one third of banks
Pricing not reflective of cost of funding for one third of banks
Dan Sheriff
12 June 2015

Pricing, cost of funding, capital markets, Basel III and the general future for the medium to long term (MLT) lending business continue to be high on the agenda for the export finance market.

Germany tops poll for ECA support
Germany tops poll for ECA support
Dan Sheriff
12 June 2015

For the second year in a row Germany was voted as the country with the best export credit agency (ECA). This was during a poll completed by over 300 executives at the TXF ECA Finance conference in Paris.

Russian ECA-backed business continues to see some activity
Russian ECA-backed business continues to see some activity
Dan Sheriff
12 June 2015

Despite the current sanctions environment, an industry poll at the recent TXF ECA Finance conference in Paris, suggested 25% of the audience had completed an ECA-backed transaction into Russia in 2015, with 32% then expecting a deal before year end.

Afrexim to introduce guarantee facility for African processing plants
Afrexim to introduce guarantee facility for African processing plants
Jonathan Bell
11 June 2015

The African Export-Import Bank (Afrexim) is to introduce a special guarantee facility to enable African processing plants secure long-term export contracts with bank financing.

CFO survey reveals Asia-Pacific business confidence is up
CFO survey reveals Asia-Pacific business confidence is up
Jonathan Bell
11 June 2015

The 2015 CFO Outlook Asia survey released by Bank of America Merrill Lynch reveals that more chief financial officers (CFOs) in Asia-Pacific are confident in their regional businesses, as measured by growth prospects, their ability to manage and mitigate risk, and their appetite to expand and invest.

Letters of credit: still alive and kicking
Letters of credit: still alive and kicking
Hesham Zakai
11 June 2015

This week, ICC Austria has been hosting its 10th annual Trade Finance Week. TXF spoke to Andrea Hauptmann, head of guarantees at Raiffeisen Bank International (RBI) and one of the key figures behind the conference, in Vienna today.

The emperor’s new clothes: banks and ECAs exposed
The emperor’s new clothes: banks and ECAs exposed
Dan Sheriff
11 June 2015

The TXF ECA Finance conference in Paris last week seemed the perfect place to update the market on the findings of the 2015 Exporter Survey. Over the past few months, Clevis Research, an independent research company based in Germany, and TXF, have been working together to conduct extensive 30 minute interviews with over 50 capital equipment exporters from around the globe.

Boost for DRC trade with ATI credit risk agreement
Boost for DRC trade with ATI credit risk agreement
Jonathan Bell
10 June 2015

The central bank of the Democratic Republic of Congo (DRC) has reached an agreement with the African Trade Insurance Agency (ATI) whereby banks will receive up to 50% capital relief on any transaction that is secured with a credit risk guarantee supplied by ATI. This landmark decision means the DRC becomes the first African country to give banks capital relief.

BPL Global targets German export market
BPL Global targets German export market
Dan Sheriff
9 June 2015

BPL Global, the insurance broker, has secured the services of Peter von Guretzky-Cornitz as a representative for the business in Germany.

Barclays expand trade team in Germany
Barclays expand trade team in Germany
Dan Sheriff
9 June 2015

Barclays Bank have appointed Christian Nehk as head of trade and working capital in Germany. Nehk joins the bank from Bank of America Merrill Lynch (BAML) where he worked as director within the global trade and supply chain finance business.

Iran: A marathon, not a sprint
Iran: A marathon, not a sprint
Guest Contributor
9 June 2015

Come the end of June 2015 or thereabouts, assuming deadlines do not slip and even if they do slip by one month or two, one of the greatest prizes for investment and finance awaits: the beginning of the end of at least some sanctions against Iran.

Markham Rae appoints Kah Chye Tan and Sir David Cooksey to advisory board
Markham Rae appoints Kah Chye Tan and Sir David Cooksey to advisory board
Jonathan Bell
8 June 2015

UK-based Markham Rae Trade Capital Partners (MRTCP) has appointed Kah Chye Tan and Sir David Cooksey to the advisory board of MRTCP, thus further expanding the knowledge and expertise of its dedicated trade finance team.

Russia’s Metalloinvest signs dual ECA deal with international banks
Russia’s Metalloinvest signs dual ECA deal with international banks
Jonathan Bell
4 June 2015

Russian iron and steel producer Metalloinvest has signed a €267 million ($297 million) export credit agency (ECA) backed agreement with a club of international banks. This is one of the few such deals signed with a Russian producer so far this year, but demonstrates the capacity of both ECAs and banks to transact deals in the difficult circumstances.

ANZ opens Paris branch to support French companies in Asia-Pacific
ANZ opens Paris branch to support French companies in Asia-Pacific
Jonathan Bell
3 June 2015

ANZ is expanding its international network with the opening today of a branch in Paris to provide wholesale banking services to French multinational companies doing business in Asia-Pacific. The opening took place while TXF’s ECA Paris Conference was in full swing, and where ANZ was a major sponsor of the event.

Berne Union members’ new business reaches close to $2 trillion in 2014
Berne Union members’ new business reaches close to $2 trillion in 2014
Jonathan Bell
2 June 2015

The Berne Union and the associated Prague Club have revealed that in 2014 members’ new business reached close to $2 trillion. The figures demonstrate the strong role the members of the group have in promoting and boosting cross-border trade and investments.

Factors Chain International reports strong growth in European and Americas factoring
Factors Chain International reports strong growth in European and Americas factoring
Jonathan Bell
2 June 2015

Factors Chain International (FCI), a leading network of global factoring companies, is reporting strong growth in cross-border factoring in selective markets. The group notes that global factoring volume reached an all time high of €2,348 billion ($2,610 billion) in 2014, up 6.3% from 2013. Cross-border factoring makes up 21% of this total, equivalent to €490 billion ($545 billion).

HSBC’s latest global report forecasts trade acceleration from 2017
HSBC’s latest global report forecasts trade acceleration from 2017
Jonathan Bell
29 May 2015

HSBC has just released its latest Trade Forecast report, which notes that advanced economies look set to sustain global commerce through 2016 before an emerging market recovery, and potentially from 2017 onwards a series of game-changing trade liberalisation agreements, accelerates growth back to levels last seen before the financial crisis.

ICC can rekindle banks’ contract with society
ICC can rekindle banks’ contract with society
Daniel Schmand
29 May 2015

Deutsche Bank’s Daniel Schmand is the International Chamber of Commerce’s (ICC) Banking Commission new chairman. Here, he sets out his vision for the trade finance industry’s leading advocate organisation – stating that it should help banks use trade finance to rekindle their contract with society.

Jumping hurdles: Sprint’s ECA trifecta
Jumping hurdles: Sprint’s ECA trifecta
Oliver Gordon
29 May 2015

BEST AMERICAS ECA FINANCE DEAL OF THE YEAR Ollie Gordon assesses the structuring that was required to deliver success for the Sprint telecoms financing in the US.

 Star Rafineri: breaking ground in ECA multisourcing
Star Rafineri: breaking ground in ECA multisourcing
Dalia Gebrial
29 May 2015

BEST OVERALL ECA/PROJECT FINANCE DEAL OF THE YEAR Dalia Gebrial reviews a complex multisource finance bringing seven export credit agencies together in Turkey.

Right place, right time
Right place, right time
Oliver Gordon
28 May 2015

Despite a sluggish outlook for Latin American regional growth over 2015, BBVA’s Carlos Herrera and Sandra Nolasco tell Ollie Gordon how the resilient performance of the Pacific Alliance countries has given the bank a reason to be cheerful.

Right place, right time
Right place, right time
Oliver Gordon
28 May 2015

Despite a sluggish outlook for Latin American regional growth over 2015, BBVA’s Carlos Herrera and Sandra Nolasco tell Ollie Gordon how the resilient performance of the Pacific Alliance countries has given the bank a reason to be cheerful.

TAG’s top 5 dealmakers
TAG’s top 5 dealmakers
Oliver Gordon
28 May 2015

TXF recently caught up with the five most prolific dealmakers on tagmydeals (TAG) to find out a little bit about them, their favourite deals from 2014, and their outlooks for 2015. These top taggers cover a broad spectrum of trade financing industries – including export finance, structured commodity finance and project finance – and provide crucial, on-the-ground insight into what the market looks like from the perspective of those getting their hands dirty putting the deals together.

RMB tops Asia-Pacific charts for payments with Greater China
27 May 2015

Euler Hermes France launches EH Fraud Cover
27 May 2015