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Sub-Saharan Africa

  • March

    IFC aids African credit reporting 08 March 2010

    The International Finance Corporation has hosted a series of workshops to improve credit reporting in Ethiopia, Mozambique and Tanzania.

  • Standard Bank and OFID partner for trade 05 March 2010

    Standard Bank and the OPEC Fund for International Development have today signed an agreement to launch two African trade financing initiatives.

  • OFID signs credit line for PTA Bank 04 March 2010

    OFID and the Eastern and Southern African Trade and Development Bank have signed a one-year renewable line of credit to boost trade in sub-Saharan Africa.

  • EMEA industrials head appointed at Citi GTS 02 March 2010

    Citi names veteran transaction banking specialist to head up the industrials sector for corporate clients in EMEA.

  • February

    Afreximbank upgrades Zimbabwean mines 23 February 2010

    Africa’s Export-Import Bank (Afreximbank) has unveiled a financing package for Zimbabwe’s gold and platinum mines.

  • US Ex-Im names members for SAAC 22 February 2010

    US Ex-Im has approved ten members to its sub-Saharan Africa Advisory Committee.

  • AfDB picks new chief economist 18 February 2010

    The African Development Bank has appointed Professor Mthuli Ncube as the bank’s new chief economist.

  • AfDB signs credit line for Zambia 15 February 2010

    The African Development Bank Group has signed a line of credit with Zambia National Commercial Bank.

  • Nexim receives ECOWAS credit line 15 February 2010

    The Economic Community of West African States has signed a credit line to the Nigerian Export Import Bank.

  • IFC pledges billions for Africa 12 February 2010

    The World Bank’s International Finance Corporation has promised to invest $2 billion in Africa by June 2010.

  • Market predicts Ghana Cocobod price drop 08 February 2010

    Pricing for Ghana Cocobod’s annual pre-export financing looks likely to drop by at least 100 basis points according to a poll conducted by Trade Finance Magazine.

  • GTLP plans to launch food trade fund 04 February 2010

    The IFC’s Global Trade Liquidity Programme is set to launch a $1 billion agri-trade fund.

  • World Bank President Zoellick’s speech at African Union Summit 03 February 2010

    World Bank President Robert Zoellick described a range of trade and development initiatives that the bank has planned for Africa in a speech given at the African Union Summit held 31 January 2010 in Addis Ababa.

  • Nedbank hires commodities specialist 02 February 2010

    Nedbank Capital has hired a specialist advisor to grow its European and African commodities business.

  • January

    Banks court Cocobod for pre-export financing 22 January 2010

    Banks have been approaching state-owned cocoa board Ghana Cocobod as they discuss the cocoa producer’s perennial pre-export financing.

  • UBA opens in Zambia 19 January 2010

    Nigeria’s United Bank for Africa has commenced operations in Zambia with trade finance a focus area.

  • Hermes backs Mauritanian miner 18 January 2010

    German export credit agency Euler Hermes is guaranteeing a buyer credit loan for Mauritanian miner Societe Nationale Industrielle et Miniere.

  • Warehouse financing takes off in East Africa 18 January 2010

    Trade Finance's Dickon Harris examines two inventory financing schemes being developed in Uganda and Ethiopia.

  • Citi supports Nigerian Foundries capex 15 January 2010

    A group of development funds including, Emerging Africa Infrastructure Fund, Finnfund, and FMO, have joined Citi to support steel manufacturer Nigerian Foundries capex needs.

  • StanChart invests in Nigerian gas explorer 13 January 2010

    Standard Chartered Private Equity Limited has acquired a minority stake in Seven Energy, a leading Nigerian gas exploration and development company.

  • InfraCo seeks Miga guarantee 07 January 2010

    UK based renewables company, InfraCo, has applied for a Miga guarantee for the Cape Verde windfarm project.

  • FMO signs facilty for GTBank 07 January 2010

    The development bank for the Netherlands, FMO, has signed a $15 million term facility with Guaranty Trust Bank to boost export businesses in Ghana.

  • AfDB signs trade finance loan for UBA 06 January 2010

    The African Development Bank has signed its largest private-sector loan to date for United Bank for Africa for trade finance purposes.

  • ECAs continue support for Eskom 05 January 2010

    Export credit continues to play a strong role in Eskom’s plans for expansion. Two export credit deals have recently signed for the South African power company.

  • Afrexim secures year-end oversubscription 04 January 2010

    Pan-African export credit agency African Export-Import Bank (Afreximbank) has seen its latest trade refinancing more than double as banks rushed to join the deal before year-end.

  • EGPC approaches banks 04 January 2010

    Egyptian state oil company Egyptian General Petroleum Corporation (EGPC) is shopping for a jumbo financing, but questions remain about the deal’s structure.

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?
12%
No - are you crazy? These prices are ridiculous. What were these banks thinking?
38%
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.
50%