denotes premium content | Jan 7 2009 Trade & Forfaiting Review magazine archive
Volume 8 Issue 10
This summer Trade & Forfaiting Review (TFR) has been busy with the launch of the Global Contacts Directory. We’ve also given the magazine a mini-makeover. The emphasis has been placed on readability and a more dynamic aesthetic, which we hope will make for a more pleasurable TFR experience. The redesign of our news pages, for instance, will enable us to carry more photos of the people we’re covering.
That said, we will not be compromising the quality of our content. Our news will continue to be the most revealing; our features will continue to give a true, informative insight into the industry; and our strength as an authoritative platform for key players to air their views and analyse market trends will be maintained.
Meanwhile, ahead of our Shanghai conference on Trade Finance in China this month, this issue’s cover story highlights the latest trade and export-finance developments affecting bankers operating in this space. Zha Zhongmin follows it up with a review of the country’s growing relationship with forfaiting in ‘A Developing Market’.
Elsewhere, Aidan Applegarth continues his analysis of the structured trade and commodity-finance market and Jeremy Shaw assesses the evolution of trade outsourcing in ‘A Strategic Alliance’.
Looking ahead to October, we’ll be taking a closer look at the latest Ghana Cocoa Board financing, which signed in Paris this month. This year, the receivables-backed pre-export facility led by SG, Calyon and RBS, signed at $550m. We’ll also have a report from Sibos in Copenhagen.
In the meantime, we hope you enjoy this issue. If you have any comments or suggestions, or would like to contribute to a future issue of TFR, please contact me on mmartensen@ark-group.com – I would welcome your feedback.
Michele Martensen, editor
Features
A STRATEGIC ALLIANCE
Jeremy Shaw, head of trade services for JPMorgan Treasury Services in EMEA, examines the drivers behind the growth of trade outsourcing.
TRADE SCHOOL
Aidan Applegarth, managing director of NoesisRede, continues his analysis of the structured trade and commodity-finance market with an in-depth look at best practices.
A DEVELOPING MARKET
Zha Zhongmin, manager in the international banking department of CITIC Industrial Bank, examines forfaiting practices in China.
MADE IN CHINA
Earlier this year, HSBC financed a $84m export credit term loan to facilitate the sale of railway maintenance equipment by several US suppliers. The ten-year facility, which was supported by US Ex-Im Bank, was extended by HSBC to China Construction Bank, which in turn on-lent the funds to the Ministry of Railways. Not that long ago it would have been considered a typical piece of business for the market. But such deals are happening less often, writes Erika Morphy.
Regulars
COUNTRY RISK APPETITE
It is difficult to see where the inflection in emerging market risk returns will come. The Hurricane Katrina disaster in the Southern US may lead to a more prolonged than expected hike in oil prices, which could create problems for those countries with a dependency on energy imports for their needs...
EMERGING MARKET DEBT PRICING
Turkmenistan’s non-performing debt prices seem to bottom out slightly higher at 22 from 19...
Ukraine trade debt has fallen from 26% to 38% to 24% to 36%...
ARRANGERS OF TRADE FINANCE LOANS BY REGION
Amounts are calculated on an apportionment basis and deals are eligible for league-table credit/inclusion when a loan agreement has been signed and fees (where applicable) are paid. For purposes of clarification, Eastern European borrowers include Russia. Amounts in US dollars.
MEET RUSSIA’S MR NICE GUY
Gennady Shulenko, director of corporate finance for TNK-BP, one of Russia’s most dynamic oil companies, talks to Amanda Greene about operations, production and the company’s strong relationship with its partner banks.
A HONG KONG SUCCESS STORY
It’s hard to believe Trade Finance Corporation has only been in operation two years, such has been its impact. CEO David Sullivan talks to Amanda Greene about the firm’s rapid rise and its development of new business lines.
CARVING A NICHE
Exporters of niche services are a mainstay of the UK economy. But you wouldn’t think so to see them passed over by some trade banks. In his regular column, Peter Sargent looks at how banks could be helping exporters overcome the challenges to expansion.
LETTER FROM HONG KONG: DAVID SULLIVAN
Another month of no income. But my wife and I took the strategic decision to keep the children. As a personal note to my good friend Steve Bader of Noble Group there was never any question of getting rid of my cocker spaniels.
MARKET VIEW
To remain relevant in the dynamic Asian markets, banks must consider where and how they play in the trade value chain, writes Philip Gentry, head of international trade finance at ANZ Bank.
