denotes premium content | Dec 5 2008 Trade & Forfaiting Review magazine archive
Volume 8 Issue 4
Choosing the best deals of 2004 has been something of a challenge. There is no doubt that, from an editorial perspective, it is the most important task of the year. Trade finance is, after all, all about the deals.
This year, 37 transactions spanning 28 countries have received an award. There are no categories – this approach doesn’t work with trade finance – but the deal spread is broadly split between commodities and those financing capital goods, equipment, plants etc. A big thank you to all banks, institutions and individuals that sent in nominations and congratulations to everyone involved with winning deals.
The high level of submissions reflects not only the wealth of transactions closed in 2004 but also the robust health of business in a number of markets. Transactions in Asia, especially India, and also Latin America are particularly well represented. According to a recent International Chamber of Commerce survey, growth in Asia and Latin America was the fastest for more than two decades last year.
And so to the rest of the magazine. Peter Sargent kicks off a new regular column that sees key industry players talking candidly about the trade-finance issues that matter to them. This month, the talk is of marriage. Next month, Reinhard E. Uhl from Deutsche Bank has his say.
Also in this issue, as Barclays manoeuvres itself to acquire a majority stake in South Africa’s Absa Bank, Kathleen Williams assesses its future. In addition, Erika Morphy reports on trade and investment opportunities in Sub-Saharan Africa and, in a separate feature, looks at the rise of the online letter of credit. TFR also welcomes editorial assistant Kate Clifton to the team.
Congratulations once again to all deal winners. We look forward to covering new transactions as they come to market over the next 12 months.
Michele Martensen, editor
Features
TFR Deal of the Year 2004: Bank Aval, Ukraine
Trading on Ukraine’s improving profile
TFR Deal of the Year 2004: Thang Long Cement, Vietnam
First on all fronts
TFR Deal of the Year 2004: Duferco, Belgium
Taking tolling to a new level
TFR Deal of the Year 2004: Rual Trade, Russia
A landmark for Russian aluminium
TFR Deal of the Year 2004: Kazkommertsbank, Kazakhstan
Size matters for Kazakh record breaker
TFR Deal of the Year 2004: Alba, Bahrain
Giving it a high five
TFR Deal of the Year 2004: Sonangol, Angola
Sonangol raises the bar for African trade finance
TFR Deal of the Year 2004: Tifa, Iraq
A taste of things to come
TFR Deal of the Year 2004: NPTC, India
Powering ahead with Kexim support
TFR Deal of the Year 2004: Telemar, Brazil
Finnvera breaks ground on Telemar financing
TFR Deal of the Year 2004: Gazprombank, Russia
Russian bank deal pushes trade-finance envelope
TFR Deal of the Year 2004: Reliance Industries, India
Deutsche Bank open Indian ECA market
TFR Deal of the Year 2004: Colombia Móvil
Pushing the boundaries of local currency financing
TFR Deal of the Year 2004: Kerman Water Tunnel Project, Iran
Financing technical excellence
TFR Deal of the Year 2004: Samsung & Telkom, Indonesia
Kexim shows its strength
TFR Deal of the Year 2004: Lucent Telecoms, India
Providing solutions on all sides
TFR Deal of the Year 2004: Votorantim, Brazil
BBVA scores in Brazil
TFR Deal of the Year 2004: Cocobod, Ghana
The sky’s the limit
TFR Deal of the Year 2004: Bapco, Bahrain
An exemplary Gulf financing
TFR Deal of the Year 2004: Helwan, Egypt
Expert innovation
TFR Deal of the Year 2004: CMDT, Mali
Building on a cotton success story
TFR Deal of the Year 2004: Pemex pidiregas projects, Mexico
A multi-sourced masterpiece
TFR Deal of the Year 2004: Cable & Wireless, Jamaica
Looking to the long-term
TFR Deal of the Year 2004: Sadia, Brazil
Pooled and covered – Brazilian export receivables find favour
TFR Deal of the Year 2004: Varyoganneft, Russia
Exceptional in oil
TFR Deal of the Year 2004: IDM Equipment, USA
Co-ordinating ECA power
TFR Deal of the Year 2004: CSCL, China
World’s largest container ships for china shipping
TFR Deal of the Year 2004: Reliance Infocomm, India
Reaching record heights in India
TFR Deal of the Year 2004: Petrobas P-52, Brazil
Platform perfect
TFR Deal of the Year 2004: Transelectrica, Romania
A collaborative success
TFR Deal of the Year 2004: Ilyich, Ukraine
Demonstrating steely resolve
TFR Deal of the Year 2004: Nidera, Argentina
Opening the doors in Argentina
TFR Deal of the Year 2004: Melrose, UK, USA, Bulgaria & Egypt
Melrose monetises success
TFR Deal of the Year 2004: Youngduk wind park, Korea
Showing foresight
TFR Deal of the Year 2004: Favero Group, Paraguay
Boosting Paraguayan soybean exports
TFR Deal of the Year 2004: EFE, Chile
In from the cold
TFR Deal of the Year 2004: Fedecafé, Colombia
Cool coffee club deal
A tale of evolution
In recent years, trade processing has developed into a large-scale technology-led business. Here, Erika Morphy charts the rise of the online letter of credit and explores the latest in web-based solutions.
Growing pains
In the past, few banks have been willing to finance transactions in Sub-Saharan African without some form of multilateral or export-credit-agency support. But is this changing? Erika Morphy reports on the latest developments and assesses agency finance in the region.
A new comfort zone?
As global demand for energy soars, investors are increasingly looking to areas such as Sub-Saharan Africa when sourcing commodities. Erika Morphy takes a look at recent developments and explores whether the region’s risk profile is changing.
Regulars
Country Risk Appetite – January 2005
Analysis and tenors from Standard Bank London
Emerging-market debt pricing
Omni Whittington Commentary, January 2005
Company profile: The next chapter
In addition to its dominance in the South African retail-banking sector, 13-year-old Absa Bank has many chapters dedicated to its legendary reputation for pioneering innovative finance solutions in the trade and commodity-finance community. It’s no wonder, then, that British giant Barclays is keen to acquire a controlling stake in the bank. As Barclays awaits regulatory approval, all eyes and hopes rest on Absa. Kathleen Williams reports.
Personal profile: From Shanghai at Midnight
At just 38, Guillaume Leenhardt is responsible for negotiating transactions in one of the toughest regions in this business. In a late-night conversation from a Shanghai hotel, he talks to Michele Martensen about what it’s really like to do business in Africa and the Middle East.
Comment: A marriage made in Birmingham
Peter Sargent looks at the blooming romance between cash management and trade finance.
Letter from Hong Kong: David Sullivan
Obviously we in Asia have been overwhelmed by the tragedy of the tsunami. If I think back over the past year about the times when I was shouting at my staff, fighting off the chest pains of stress, cursing my favourite banker for messing up my deal, arguing with the wife and not talking to her for days, and writing letters to the chairman of West Bromwich Albion complaining about the choice of manager, I realise it was all a waste of time; life is so fragile, it can be taken away in seconds, family and lifestyle destroyed.
Market view: Jeremy Shaw
Some 70% of toys are made around Shenzhen in Guangdong province, China. The country currently also produces 20% of the world’s clothing output and analysts predict this will increase to 50% by 2007.
