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Resilient sentiment in tough market conditions
01 October 2008
With global financial markets increasingly volatile and uncertain, export financiers are experiencing rising demand for agency-supported funding across a wide variety of capital investment projects in Asia-Pacific,
reports Michele Martensen.
There is a general perception that Asia-Pacific will be less
affected by the financial turmoil than its Western counterparts
in Europe and the US. However, in today's global marketplace no
region can be immune. "Many Asian countries are facing rising
inflation and reduced export growth," says Michelle Ling,
managing director at Société
Générale Corporate and Investment Banking (SG) in
"Deal pipelines remain strong due to the lack of other
financing alternatives in the market. However, execution can be
a challenge. Syndication of financing even with export credit
agency [ECA] support can be time-consuming and some banks may
drop out of deals due to an inability to obtain credit
approval," she says.
Distribution is a key element. According to Ling,
syndication of a number of large-scale deals has been dragging
on for months. "Even club deals are taking longer to complete,
so impacting on the number of deals being...
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