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Latin America & Caribbean

  • September

    CITIC and CDB sign Argentine subway loan 02 September 2010

    China’s CITIC Group and China Development Bank have signed a loan to the Ministry of Economy and Public finance of Argentina for subway vehicles and equipment.

  • August

    Surecomp expands in China and Chile 31 August 2010

    Global trade solutions provider Surecomp has expanded its support and development centres in Beijing, China, and Santiago, Chile.

  • WestLB syndicates Brazil soy deal 25 August 2010

    WestLB has launched syndication of a pre-export financing facility for Brazilian agri-company Vigolo- Bom Jesus.

  • Citi and OPIC sign Banco Regional term loan 24 August 2010

    Citi and OPIC have signed a ten-year term loan to Banco Regional to support long-term finance for small and mid-sized enterprises in Paraguay.

  • Surecomp strengthens Asia and LatAm presence 23 August 2010

    Trade services solutions provider Surecomp has expanded its support and development centres in China and Chile as part of a drive to grow business in both regions.

  • US Ex-Im finances largest wind farm in Central America 23 August 2010

    The Export Import Bank of the Unites States has signed a direct loan to Energía Eólica de Honduras to finance the Cerro de Hula wind farm, Honduras.

  • Coface backs Haulotte Brazil deals 23 August 2010

    French export credit agency Coface is backing two deals for BNP Paribas with French aerial work platform manufacturer Haulotte Group for two companies in Brazil.

  • Bahia Cellulose secured trade loan launched 23 August 2010

    Santander and WestLB launch senior syndication of secured trade loan for Brazil’s Bahia Cellulose.

  • IADB supports Peruvian micro-entrepreneurs 19 August 2010

    The Inter-American Development Bank has signed a syndicated loan to Mibanco – Banco de la Microempresa for on-lending to female micro-entrepreneurs in Peru.

  • KDB and US Ex-Im approve Boleo financing 19 August 2010

    The Korea Development Bank and the Export-Import Bank of the United States have approved a project financing for the Boleo Project in Mexico.

  • BNDES profit quadruples 18 August 2010

    The Brazilian Development Bank has announced its profit in the first semester of 2010, an increase of 408.6% compared to the same period last year.

  • Sace announces Brazil transaction pipeline 18 August 2010

    Italy’s export credit agency Sace has announced it has a $1 billion pipeline of new transactions in Brazil.

  • US Ex-Im backs Peruvian poultry revolver 17 August 2010

    US Ex-Im is backing a loan by Banco Santander to Peruvian meat and poultry producer San Fernando for feed stock for poultry production.

  • Euler backs Mexican Volkswagon deal 17 August 2010

    BBVA and Banco Santander have signed a deal for Volkswagen de Mexico to purchase automobile products from a pool of German exporters.

  • BBVA signs Mexican forging deal 12 August 2010

    Banco Bilbao Vizcaya Argentaria has signed a loan with Mexican forging industry manufacturer Frisa Forjados S.A. de C.V.

  • IFC and Colombia award Ruta del Sol contracts 09 August 2010

    The International Finance Corporation and the government of Colombia have completed the third and final contract for the country’s $2.7 billion Ruta del Sol 1,071 km highway project.

  • WestLB arranges Colombia container port financing 04 August 2010

    WestLB has arranged the senior debt financing for a commercial container port in Colombia under the IFC’s A/B loan programme.

  • IADB supports green projects in Argentina 04 August 2010

    The Inter-American Development Bank (IADB) is providing Banco de Galicia y Buenos Aires with a loan to support environmentally beneficial projects.

  • Zelikow to head public sector group at JP Morgan 03 August 2010

    Daniel Zelikow has been named as the head of a new international public sector group within JP Morgan’s global corporate bank.

  • Best Trade Insurer In South America 03 August 2010

    Close to customers

  • Best Chilean Trade Bank 03 August 2010

    The Andean champion

  • Best Venezuelan Trade Bank 03 August 2010

    Setting the example

  • Best International Trade Bank In Venezuela 03 August 2010

    Winning in a tough market

  • Best DFI Americas 03 August 2010

    Uniquely equipped for LatAm trade

  • Best Brazilian Trade Bank 03 August 2010

    On a roll

  • Best Argentinean Trade Bank 03 August 2010

    Adapting to growth

  • Best International Trade Bank In Argentina 03 August 2010

    An eclectic market

  • Best International Trade Bank In Brazil 03 August 2010

    A real global player

  • Best Trade Bank In Central America and The Caribbean 03 August 2010

    Underscoring commitment

  • IADB approves San Jacinto geothermal loan 03 August 2010

    Inter-American Development Bank approves second phase expansion loan for Nicaraguan San Jacinto-Tizate geothermal power project.

  • Scotiabank opens in Colombia 02 August 2010

    Scotiabank has completed the acquisition of RBS’s wholesale banking operations in Colombia with the launch of Scotiabank Colombia.

  • Ramos e Zuanon Advogados adds new partner 02 August 2010

    Brazilian law firm Ramos e Zuanon Advogados has appointed a new partner, José Eduardo Manassero, and will now be known as Ramos, Zuanon e Manassero Advogados (RZM Advogados).

  • July

    Euler Hermes opens in Chile 27 July 2010

    Trade credit insurer Euler Hermes has opened its fifth Latin America office in Santiago.

  • India and Latin America examine closer ties 27 July 2010

    The launch of IADB’s report “India: Latin America’s Next Big Thing?” saw discussion underline the huge potential for more trade between the two, and how India may be a better match for the region than China.

  • Fibria Celulose pre-export signs 22 July 2010

    Brazilian pulp producer Fibria Celulose has signed a pre-export financing through a club of nine banks.

  • IADB governors agree capital increase terms 22 July 2010

    Member countries provide strategic vision and accountability framework; bank will expand support to small and vulnerable countries and triple support for trade and integration.

  • BNDES approves Transpetro naval financing 22 July 2010

    Brazil’s development bank BNDES has approved financing for Petrobras Transporte to aquire seven tanker vessels.

  • IADB to invest annually in Americas integration 21 July 2010

    The Inter-American Development Bank will invest annually in integration projects for Central America, South America and the Caribbean to extend regional links to the global economy.

  • Legally speaking: Brazilian commodities 20 July 2010

    São Paulo-based lawyers Christian Ramos at Ramos e Zuanon Advogados and Charles Johnson at Chadbourne & Parke give Trade Finance magazine unique insight into the current health of the Brazilian commodities finance market from a legal perspective.

  • Brazil: Agri-sector bounces back 20 July 2010

    The Brazilian agri-sector hit turbulent times through the worst of the global financial crisis. However, the sector has bounced back well and select international banks are once again working with the better risks. Michele Martensen assesses the agri-sector.

  • China to invest in Argentina railways 14 July 2010

    China is to invest $10 billion in Argentina’s railways in a major win for Chinese exporters, as part of a spate of agreements signed between the two nations.

  • Chadbourne to open in Sao Paulo 12 July 2010

    Law firm Chadbourne & Parke is opening a new office in Sao Paulo and has hired two trade finance lawyers to strengthen its Latin America practice.

  • Ariel Re to open Brazil office 09 July 2010

    Bermuda-based Ariel Reinsurance Company is to open a representative office in Rio de Janeiro, Brazil, after securing approval by Brazilian insurance regulator SUSEP.

  • IADB re-elects Moreno 07 July 2010

    Luis Alberto Moreno has been re-elected president of the Inter-American Development Bank.

  • IBK joins IADB trade finance programme 06 July 2010

    The Industrial Bank of Korea has joined the Inter American Development Bank’s trade finance facilitation programme to support Korean exports to the Latin American region.

  • Banksville signs export deal for Banacol 02 July 2010

    Banksville has completed a secured export financing facility for Colombian fruit exporter Banacol to finance its exports to Germany.

  • BNDES inks framework agreement with US Ex-Im 01 July 2010

    The Export-Import Bank of the United States has signed a framework agreement with Brazil's BNDES, to seek opportunities for jointly promoting investments and projects in Brazil.

  • June

    IFC and Bancolombia sign risk management facility 30 June 2010

    IFC is supporting Bancolombia with risk-hedging instruments for Colombian companies.

  • IADB and Sace extend collaboration 30 June 2010

    The Inter-American Development Bank and Italian export credit agency Sace have signed an agreement to strengthen their collaboration.

  • IFC arranges Daycoval A/B loan 28 June 2010

    IFC has arranged a syndicated A/B loan for Brazil’s Banco Daycoval to increase access to finance for SMEs.

  • Votorantim closes jumbo PXF 25 June 2010

    Banks have closed one of largest, and longest, LatAm pre-export financing this year for Brazil’s Groupo Votorantim.

  • GIEK approves Petrobras framework 25 June 2010

    Brazilian state oil company Petrobras has secured a framework agreement from the Norwegian Guarantee Institute for Export Credits (GIEK).

  • Rosemount signs Banco Pine trade loan 17 June 2010

    Bookrunner Rosemount Capital has signed a trade loan on behalf of Brazil’s Banco Pine.

  • US Ex-Im insures Chilean infrastructure exports 16 June 2010

    The Export Import Bank of the United States has approved five medium-term insurance policies for exports which focus on infrastructure development in Chile.

  • Compania Reintegra acquires unproductive factoring portfolio 15 June 2010

    Bancolombia Factoring and Bancolombia have sold an unproductive portfolio to Compania Reintegra.

  • Rabobank and Sicredit partner for Brazil SMEs 10 June 2010

    Rabobank has extended its cooperation with Brazil’s Banco Cooperativo Sicredi with the intention of further developing the country’s SME agribusiness sector.

  • Boleo project financing moves forward 07 June 2010

    Baja Mining Corp has signed an agreement with Louis Dreyfus Commodities that sees the project financing of the Boleo copper/cobalt mine in Mexico move forward.

  • China Exim steps in for Ecuador hydro project 04 June 2010

    Despite talks collapsing in March the Export-Import Bank of China has agreed to finance a 1,500-megawatt-capacity Coca Codo Sinclair hydro complex in Ecuador.

  • IADB funds Peru programme 03 June 2010

    The Inter-American Development Bank is funding a programme to increase business productivity and competitiveness in Peru to facilitate the use of new free trade agreements.

  • May

    DFIs agree Caribbean joint action plan 26 May 2010

    Caribbean Development Bank, European Investment Bank, FMO, IFC and Proparco have agreed to increase coordination across their different projects within the Caribbean.

  • Milestone for BES in structured trade 19 May 2010

    On the fifth anniversary of the setting up of the Banco Espirito Santo (BES) structured trade finance (STF) team, Jonathan Bell went to meet the key personnel at the London offices of BES to find out how the business has evolved.

  • The A and the B of the IADB 19 May 2010

    As with other multilateral financial institutions the IADB has seen activity reaching record levels. One particularly important programme has been the A/B loan structure. Oliver O’Connell speaks with Jozef Henriquez, head of syndications, for an update.

  • PNC finances railroad equipment exports 18 May 2010

    PNC Bank loan and US Ex-Im medium term insurance facilitate railroad equipment exports to Brazil.

  • ING signs Multigrain PXF 18 May 2010

    Bookrunner ING has signed a dual-tranche syndicated pre-export finance facility on behalf of Brazilian agribuisness Multigrain.

  • Brazil creates export credit agency 06 May 2010

    It has been a long time coming, but the Brazilian government has announced the creation of an Export-Import Bank, leaving Russia as the only BRIC without an official export credit agency.

  • Successful syndication for PDVSA trade loan 04 May 2010

    A mega trade loan being arranged for Venezuelan oil producer PDVSA has closed following a successful general syndication.

  • April

    Peru LNG advisory panel begins operations 29 April 2010

    An independent panel, based in Lima, established to advise on the environmental and social effects of development in south central Peru, is now operational.

  • Jamaica Eximbank’s McLean retires 28 April 2010

    Pamella McLean, managing director of the National Export Import Bank of Jamaica will retire at the end of April.

  • Americas Trade & Supply Chain: Lessons learned 21 April 2010

    As the global economy emerges from the downturn, the trade and supply chain finance industry in the Americas is dusting itself off and learning from the events of the past two years. Oliver O’Connell examines the scene.

  • IFC GTFP helps Argentina agribusiness 20 April 2010

    IFC is providing financing through it Global Trade Finance Programme to increase access to capital for agribusinesses in Argentina.

  • IADB to expand renewable energy lending 20 April 2010

    The Inter-American Development Bank is increasing the amount of capital available for wind, solar and hydro projects.

  • BRIC ink MoC for development banks 19 April 2010

    Brazil, Russia, India and China’s development banks have signed a memorandum of cooperation to enhance trade and economic relations between BRIC countries.

  • US suspends cotton export credit programme 07 April 2010

    The US is suspending its cotton export credit programme as part of a bid to end a trade dispute with Brazil.

  • CABEI and Bancolombia close coal power financing 06 April 2010

    Lead arrangers Banca de Inversion Bancolombia and the Central American Bank for Economic Integration have closed financing of the Jaguar coal power project in Guatemala.

  • Transpetro, Eisa and BNDES sign Panamax contracts 05 April 2010

    Brazilian ship-owner Transpetro, Eisa Shipyard and BNDES have signed the financing contract for four Panamax vessels under the Promef programme.

  • JBIC signs P&M oil drillship loan 01 April 2010

    The Japan Bank for International Cooperation has signed a project financing loan with Dutch P&M Drilling International to finance an ultra-deepwater oil drillship project in Brazil.

  • March

    Caribbean Economies: Less Fun in the Sun 25 March 2010

    Commentary from Peter Hall, vice president and chief economist, Export Development Canada (EDC).

  • CAF approves Argentina satellite financing 24 March 2010

    CAF has approved $36 million to support Argentina’s satellite programme which has the potential to become a significant export product.

  • IADB strengthens China partnership 24 March 2010

    The Inter-American Development Bank is strengthening its partnership with China a year on from the country signing up for membership of the bank.

  • IADB signs six banks to trade programme 23 March 2010

    Six financial institutions from Bolivia, China, Spain and the US have joined the Inter-American Development Bank’s Trade Finance Facilitation Programme (TFFP).

  • Pemex signs JBIC loan 18 March 2010

    The Japan Bank for International Cooperation has signed a loan agreement with Petróleos Mexicanos to finance the expansion of its Chicontepec oil and gas field development project in mid-eastern Mexico.

  • GBF aids agriculture in Peru 11 March 2010

    The IFC and Peru LNG have helped Agricola Viñasol to obtain a GBF loan to diversify its portfolio of agricultural products in local and export markets.

  • CAF invests in Peru infrastructure fund 05 March 2010

    The Andean Development Corporation (CAF) has approved a $40 million capital investment in the Peruvian Infrastructure Fund.

  • DLA Piper sets sights on Brazil 03 March 2010

    DLA Piper has signed a cooperation agreement with Brazil’s Campos Mello Advogados, promising “more to come” in Latin America.

  • Audience response – STEF Americas 2010 02 March 2010

    Results from the Audience Response System sponsored by BBVA at the 12th Annual Structured Trade & Export Finance in the Americas Conference.

  • February

    Banobras NIP to be boon for US exporters 25 February 2010

    US Ex-Im and Banobras have signed a memorandum to support up to $1 billion in US exports to back Mexico’s infrastructure development programme.

  • Mexican national indicted for US Ex-Im fraud 24 February 2010

    A Mexican national has been indicted and arrested in connection with an alleged scheme to defraud US Ex-Im.

  • Banks sign Telefónica buyer credit 23 February 2010

    Citi and Deutsche Bank have signed a buyer credit for telecoms firm, Telefónica, backed by Swedish export credit agency EKN.

  • Bolivian bank joins IFC trade programme 19 February 2010

    Bolivia’s Banco Ganadero has joined the International Financial Corporation’s Global Trade Finance Programme to help expand trade financing for its clients.

  • Ecopetrol sets out 2010 financing plan 18 February 2010

    Ecopetrol’s senior management has set out the company’s intentions for 2010 with plans to raise $3.5 billion in financing.

  • Unlocking SME growth 16 February 2010

    James Prusky and Robert Klein, principals at Crecera Finance Company, discuss the role of trade finance in unlocking growth in the Latin American SME market.

  • EDC employees raise thousands for Haiti 16 February 2010

    Export Development Canada employees have raised funds for disaster relief in Haiti with EDC and the Canadian Government matching donations.

  • A new trade landscape emerges in LatAm 16 February 2010

    Valentino Gallo, Managing Director and Americas Head, Citi, Export and Agency Finance, takes a look at the effects of last year’s dramatic shifts in the financial landscape and the way forward in 2010.

  • Latin America leads the way in the GTFP 16 February 2010

    Market comment: Antonio Alves, senior regional head of trade finance, Latin America and Caribbean region, IFC.

  • Mexico: A regional trade finance lynchpin 16 February 2010

    Alexander R.Malaket explores the state of trade and trade finance in Mexico at a time when the country’s two Nafta partners are each dealing in their own way with the consequences of the crisis.

  • EDC provides loan to Chilean mine 05 February 2010

    Canadian export credit agency, EDC, has provided a loan to Chilean mining company Minera Los Pelambres.

  • JBIC inks CAF trade finance loan 01 February 2010

    Under the government of Japan’s Trade Finance Initiative, JBIC has signed its first loan to CAF to directly support trade finance.

  • January

    Cesce backs Dominican Republic health city 22 January 2010

    Deutsche Bank and Société Générale have closed a buyer credit loan to the Dominican Republic to build three new hospitals in Santo Domingo.

  • US Ex-Im inks Colombian oil field deal 19 January 2010

    Colombian buyers and US exporters to benefit from $1 billion US Ex-Im preliminary commitment to Colombia’s Ecopetrol.

  • BES and CDB launch loan for PDVSA 15 January 2010

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

  • Schahin signs Black Gold restructuring 13 January 2010

    Brazilian offshore operator Schahin has signed a debt restructuring for its Black Gold drilling vessels, to be chartered by Petrobras.

  • Santander signs Mexico military buyer credit 08 January 2010

    Santander has a signed a long-term buyer credit deal to fund Mexico’s acquisition of military aircraft.

  • Chile’s BCI secures trade financing 08 January 2010

    Export-Import Bank of China is guaranteeing a trade loan for Chile’s Banco de Credito e Inversiones (BCI).

  • KfW funds CAF 06 January 2010

    German development bank, KfW, is refinancing the South American development bank, CAF.

  • IADB supports Chilean microfinance 06 January 2010

    The Inter-American Development bank has arranged a loan to Chile’s Banco de Crédito e Inversiones for unbanked micro-entrepreneurs.

  • CAF signs energy agreement with Venezuela 06 January 2010

    The Andean Development Corporation has signed a loan agreement with Venezuela for the Termozulia III Thermoelectric Project.

  • IADB posts record year 06 January 2010

    Inter-American Development Bank posts record year thanks to response to Latin American and Caribbean demand for financing in wake of global crisis.

  • US Ex-Im opens to Laos, Bolivia and Turkmenistan 05 January 2010

    Change in status further opens up three new markets for US exporters.

  • Banks sign EISA pre-export financing 05 January 2010

    Bookrunner Standard Chartered has signed a pre-export financing for Brazilian soft commodity wholesaler Empresa Interagricola.

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.
8%
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%

Quote

From a Brazilian perspective a lot of work still needs to be done in getting foreign lenders more comfortable to finance the second-tier players again.

Ian Henderson, Texel Capital - Brazil: Agri-sector bounces back - Trade Finance July/August 2010