Banks sign EGPC PXF blow out

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14 July 2010

Syndication has closed this week for state-owned Egyptian General Petroleum Corporation’s jumbo pre-export financing.

Syndication has closed this week for state-owned Egyptian General Petroleum Corporation’s (EGPC) $2 billion 58-month pre-export financing.

Bookrunners JP Morgan and National Bank of Egypt (NBE) simultaneously launched a sub-underwriting phase, which attracted 13...

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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%