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CAMCE – account receivables purchasing

01 March 2008

SMBC finds Filipino solution for CAMCE

MLA: Sumitomo Mitsui Banking Corporation
Borrower: Philippines Department of Finance
Amount: $28 million
Tenor: 7 years
ECA: Sinosure
Legal counsel: King & Wood

With the Chinese renminbi (RMB) having been pegged to the US dollar for over 10 years, Chinese exporters and engineering companies have gained the confidence to enter into long term deferred payment arrangements for large deals, borrowing in RMB to finance them. Yet since July 2005 when China adjusted its exchange rate scheme the RMB has began to appreciate against the dollar, creating the risk of major losses to...

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