Cocobod pre-export financing hits market

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28 May 2010

Banks have launched the 18th annual pre-export financing for Ghana Cocobod this week but Banco Espirito Santo, one of the original mandated lead arrangers, has dropped out of the deal.

Banks have launched a one-year $1.2 billion pre-export financing purposes for Ghana Cocobod (Ghana).Credit Agricole, Ghana International Bank, ICBC, Standard Bank and SMBC are the mandated lead arrangers on the loan but Banco Espirito Santo, (BES) originally part of the winning consortium has...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%