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December
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The relatively self-sufficient economies of South Asia are now enjoying improved political circumstance and economic growth. Local liquidity limits export finance business for foreign players in India, who counter this with value-added services. Spicing up export and structured trade is the order of the day for foreign trade banks who know the market. On the commodity finance side, and in cap-ex financing, many opportunities are on the horizon for those with patience. Sophie Gale explores the territory.
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A better understanding in relation to doing business in sub-Saharan Africa appears to be coming forward. More direct involvement by Africans and the further development of raw materials are just two areas being pursued. At the same time, some of the important infrastructural basics are progressing. Caroline Boyce assesses the region.
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Trade Finance's Sophie Gale profiles one of China's leading state-run telecom equipment manufacturers, ZTE Corporation. Despite access to easy, low-priced loans from China's cash-flush banks and ECAs, ZTE has an increasing appetite for off-balance sheet financing. However, getting to know, and be known by, the foreign banks offering this service can be a slow process for Chinese corporates who are relatively new to the international scene.
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Sub-Saharan Africa has yet to see the proper benefits of the exploitation of its valuable oil and gas reserves. But, argues Lamon Rutten, chief, finance and energy, at the United Nations Conference on Trade and Development (Unctad), this can be achieved with the right policy decisions and changes in the way that production is financed as well as the export and import financing of crude and products.
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November
There have been wholesale cutbacks by commercial banks not only in providing trade finance but also in meeting working capital needs of the corporates. But, says Tim Nicolle, chief executive at JMH Demica, things are changing as new players examine innovative ways of providing working capital in a more credit transparent corporate world.
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Trade Finance's Sophie Gale talks to the managing director and CEO of China Aviation Oil Singapore Corporation, Chen Jiulin, about how he has steered an erstwhile loss-making company up to new heights with the help of trade financing from foreign and Chinese banks. Flexibility and willingness to cover riskier projects are two capabilities he looks for when shopping for finance.
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Rising oil prices and improvements in the political climate have made Russia a hot investment destination for oil majors. And Sakhalin II, writes Simon Pirani, looks like being the first major test of the country's new project finance environment. And in turn, such projects will push trade.
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As the Trade Finance conference on Global Trends in Export Finance held on 28 and 29 of last month in London highlighted, ECAs are having to modernize rapidly. They are developing approaches that have currency in a world of new trends like globalization, privatization and environmental awareness. Sophie Gale speaks to public and private agencies about changing practices.
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Morocco, Algeria, Tunisia, Libya and Egypt share similar religious and historical ties. However, each country has its own unique economic circumstances and financing requirements. Sophie Gale reviews the broad trends, as well as the specific trade finance needs of the composite nations of North Africa where deals are forthcoming for banks with strong historical connections.
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Spanish exporters have been hit hard by the events in Latin America and consequently trade finance is seeing a major downturn in business. But, while the Spanish banks are picking up new business in other regions, they remain firmly committed to Spanish investments in the Latin region and trade business out of those markets, reveals Caroline Boyce.
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October
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Major Dutch trade banks have bounced back after the hard times of the late 1990s and are now seeing stable or increasing business volumes. Constantly adapting their emerging markets strategies and pioneering new structures is key, as Caroline Boyce discovers.
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Telecoms equipment financing has changed. Corporate and market jitters have driven many manufacturers away from vendor financing operations. In its place, trade finance is one of the main tools taking over. But, at the same time, liquidity is a real problem, and a broad investor base will be essential to move many of the big deals forward. Jonathan Bell explores the sector.
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Will accession to the WTO see the great walls surrounding the China market crumble? Yes, but it will take time, and in the interim Chinese and foreign banks are competing hard to bag quality assets and gain a lasting foothold before the economy is fully open four and a half years hence. Sophie Gale investigates.
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September
It is not on the radar of most corporates, but Basel II ? the OECD bank supervisory committee directive ? could have the most devastating impact on emerging markets lending ? particularly for structured trade and project finance ? since the Asian crisis in 1997. Suellen Lambert Lazarus, director, syndications and international securities department at the IFC examines the potential implications.
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Export credit remains a crucial source of finance to many airlines ? but there have always been key differences for Airbus and Boeing customers. Alexandra Lennane asks if the changes to the European system will make any difference.
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Trade financing in sub-Saharan Africa tends to be characterized by well-known deals for corporates with a long and reliable track record of performance. But what is needed is for different types of financing structures to improve infrastructure and logistics as well as further developing natural resources. Caroline Boyce examines the arguments.
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Rising to the challenges of market changes as well as the demands of clients involved in trade is never easy. It is even more difficult in a merger situation. But JPMorgan has managed to achieve this in the global trade services sector with the provision of integrated product and technology solutions, and has set its sights on being a market leader in this field. Craig O'Connor examines the developments at the bank.
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It's been a long hard slog for some of the Russian financial institutions, but the effort is now beginning to pay off as a much clearer picture emerges of structure, ownership and capabilities. Inroads are fast being made to advise and finance a broad range of Russian industries, and these developments are sorely needed in this fast moving market. Simon Pirani investigates.
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Zimbabwe is in a serious economic state, and trade and trade finance is at a virtual standstill. At the same time much-needed farm produce is pledged to Libya in an oil-for-goods deal. And, on a broader level, there are worries that other countries in the region may also suffer because of what is taking place in Zimbabwe. Brian Moyo assesses the situation.
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For a region with abundant natural resources and manufacturing industries, overall trade finance levels in just about every asset class are pathetically low. Dominic Jones assesses why and examines where trade is set for growth.
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July
While the domestic banks still have strong relationships with many of Australia's corporates, changes in company ownership is beginning to have an impact. In addition, foreign trade banks with a solid presence in overseas markets are also able to add value to some Australian exports. Dominic Jones analyzes the scene and the changes taking place at Efic.
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Russia's small- and medium-sized oil producers are dwarfed by the so called big-six, but their attractive deposits coupled with their specialization capabilities make some of them good clients for the banks. Financiers are nevertheless keen to see that these companies have the right connections not only in political and industrial circles, but also in their ability to bring their products to market. Simon Pirani assesses the scene.
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Many institutional investors are running scared over future business in Latin America. Risk management issues are at the forefront and in particular, overblown concerns with Brazil. But structured trade and commodity financiers can see a much more positive side with increased opportunities. Caroline Boyce explores the issues.
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Few banking institutions have been bold enough to push documentary processing for third-party clients. But the outsourcing options put forward by ABN Amro and Proponix are clearly taking a lead. Caroline Boyce examines what has been taking place.
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The major Russian oil companies are achieving record tenors and cheaper pricing as more financiers race for a slice of the action. While many see this as natural progression, there are, however, concerned voices over some of the unsecured lending which is taking place.
Simon Pirani investigates.
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May
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The trade finance market with Iran is booming as multisource export credit lines are opened or expanded and Iranian companies seek pre-export financings. But have prices gone too low and are some European banks becoming slightly cautious towards Iran because of this. Jonathan Bell assesses the market.
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Austria's traditional outward focus has benefited the country immensely in its trade and trade financing activities, particularly in eastern and central Europe. And with the bulk of trade financing being shared
by the leading two trade banks ? Bank Austria Creditanstalt and
RZB ? Caroline Boyce assesses the developments that are shaping
the outlook for trade.
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The transport sector has been hard hit by the increased awareness of travel dangers. This has impacted on financings, although not across the board. Some areas are seeing growth, and where this occurs the banks
are increasingly fighting for choice mandates. Michael Rowe examines the state of play.
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April
With the Gazprom corporate structure firmly revamped, the company appears to be everyone's darling. And as Simon Pirani argues, there is enough in the development plans of the company and their borrowing requirements to keep both capital market and structured trade bankers busy with a seemingly endless need for capital.
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The Chinese market has unrivalled potential in terms of trade finance. But how will its adherence to the WTO improve access for foreign banks and service providers seeking a better slice of the business available? Dominic Jones assesses the scene.
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The Ukrainian agricultural sector has been slowly but surely sorting itself out. Combined with record grain harvests, the country is attracting strong interest from traders and banks keen to establish a bridgehead. Simon Pirani investigates.
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The banks that know the Russian metals producers are exploring some new trade financing territory. But it doesn't stop there. Financing is now going to second-tier companies in the metals sector, and beyond that some lights are beginning to shine on Ukrainian producers.
Simon Pirani explores the changes.
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Nurturing global growth
The French trade banks are developing strong and increasingly integrated product lines to service their clients, both within France and increasingly on a truly global basis. And it is their expertise that is allowing them to capture many new and first-time borrowers in the emerging markets. Michael Rowe reports from Paris.
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March
Volumes of deals are down all round for US Ex-Im Bank supported business for FY2001. Nevertheless, the table for guaranteed lenders still provides plenty of food for thought. We examine some of the trends.
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Two years on from the initial agreed merger to form Russian Aluminium (RusAl) and the company is looking to more ambitious financings. It has travelled a fairly difficult road over the past 18 months. Nevertheless, RusAl has excellent production and delivery performance, and trade financiers have the company firmly in their sights. Simon Pirani examines the developments.
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February
There is still a long way to go before the Russian aviation market properly matures, and foreign lessors are looking for a change in the rules. But both Boeing and Airbus are chipping away to develop sales, while the Russian government continues to promote domestic aircraft manufacturers. Simon Pirani investigates.
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