Global ECA platform launched

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25 June 2009

The IFC, KfW IPEX-Bank, Nedbank Capital, Northstar Trade Finance Inc and UniCredit have launched a joint ECA platform, called GEFL, aimed to boost global export finance by offering risk capacity to local banks.

The project, named Global Export Finance Limited (GEFL), will be a specialised platform that will serve as a co-operation vehicle for medium to long-term export finance transactions backed by Export Credit Agencies (ECAs).

GEFL...

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Poll

Gazpromneft stunned the market this week when it was revealed pricing for their five-year $1 billion pre-export financing was rumoured to be just above 300 basis points over Libor. Is the deal likely to be a syndication success?

Yes - this seems like a sensible pricing benchmark, why not?

No - are you crazy? These prices are ridiculous. What were these banks thinking?

27%

Yes - but for all the wrong reasons. A lack of other deals in the market, and the promise of future business with Gazpromneft will make it hard to ignore but don’t expect many to take up big tickets with this deal. There are much better deals out there.

64%