BES and CDB launch loan for PDVSA

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15 January 2010

Banco Espirito Santo (BES) and China Development Bank launch syndication of a major trade-related loan for Venezuelan oil producer PDVSA.

Banco Espirito Santo (BES) and China Development Bank (CDB) have today launched senior syndication of a $1.5 billion trade-related term loan credit facility for the Petróleos de Venezuela (PDVSA). BES and CDB are acting as initial mandated lead arrangers, global coordinators and bookrunners.

The proposed facility is structured as a $1.5 billion three-year amortising trade-related credit facility, which will be used by PDVSA for general corporate...

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Credit insurers have withstood the crisis admirably settling a high number of claims during 2009. If you are actively involved in trade transactions what percentage of your deal book now enjoys some political or credit risk cover from private insurers?

75% to 100%

33%

50% to 75%

30%

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25% or less

10%

I don’t use private credit insurers

18%