Test of metal

The pleasure of working in trade finance, without a doubt, is the knowledge of playing a genuinely valuable role in the world economy – helping much-needed goods get from A to B, feeding the world and increasing the prosperity of mankind, especially in emerging markets.

The first step in any production process, of course, is the production, processing and shipping of commodities, which is why I hope this issue of Trade & Forfaiting Review will be especially warmly welcomed.

We have a panel of the sharpest and best in the industry answering our questions, which are especially acute in view of the abrupt downturn in trade and much higher barriers to funding since our last Global Commodities Review, this time last year.

But the story is not necessarily straightforward. While particular metals, have been hammered, ‘agris’ have recovered in price and speculators expect the prices of most categories of softs to go higher. After all, they reason, the human population never stops growing and the food-producing arable land required to support it is the one resource whose output cannot easily be increased.

Voting will close today in the TFR Awards 2009. Because of the number of people wishing to vote, we extended the deadline and I hope that everyone has had an opportunity to cast their votes. On Friday 3^rd July, we will reveal the results on our website, www.tfreview.com, as well as in the next issue of TFR. The winners, as we cannot stress often enough, will be entirely decided by your votes alone and nothing else. Good luck to the participants, and may the best banks – and law firms, boutiques and insurers – win.

Graeme Burton
Managing editor

Features

Global commodities review This article is for subscribers only
This time last year, the only way was up. Since then, prices in most commodity sectors have crashed, before recovering. Trade & Forfaiting Review has talked to a range of top professionals in the market to find out what is going on.

Legal review: Half time Free
Geoffrey Wynne surveys the events of the past year and argues that events have proven the need for robust structures in trade finance.

Feature: Soft commodities This article is for subscribers only
Dominic Tonner examines soft commodities and asks whether prices are finally firming up after a rollercoaster year for producers.

First person: All quiet on the Eastern Front? This article is for subscribers only
Those of us who read the Western press, especially the stories on those pink pages in which we all have such touching faith, could be forgiven for thinking that the Cold War was still on.

Omni Bridgeway: Can’t pay or won’t pay? This article is for subscribers only
Ecuador is in trouble again with its creditors. Arjen Thiescheffer examines the country’s payment history and looks at the prospects of avoiding another sovereign debt crisis.

Regulars

Letter from... This article is for subscribers only
Duane Wright looks at how the global recession has affected commodities in Jamaica and across the Caribbean.

The art of forfaiting: A little light reading Free
With summer already here, Richard Willsher examines the key reading that will help forfaiters make the most of their holidays.

Omni Bridgway: Emerging market debt pricing This article is for subscribers only
Emerging market debt pricing figures for June 2009 from Omni Bridgway.

Marsh: Credit Risk Appetite for Emerging Markets – June 2009 Free
Analysis from the Political Risk & Structured Credit Practice of Marsh Ltd, by James Cunningham.

Market view: Due credit This article is for subscribers only
Irena Asmundson, Economist at the International Monetary Fund, surveys the availability of trade finance.

60-second interview: Kimberly Wiehl This article is for subscribers only
Kimberly Wiehl discusses the responses of Berne Union members to the credit crunch and recession.