Hermes covers Romanian wind farm

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03 July 2009

Euler Hermes has agreed to cover a financing to Czech energy firm CEZ to help build Europe’s biggest coastal wind park in Romania.

Banks have closed a Eu262.3 million financing to Czech energy group CEZ to build a 347.5...

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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?

11%

No - are you crazy? These prices are ridiculous. What were these banks thinking?

32%

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.

58%

Quote

Some [credit] sanctioners might even start to learn about trade financing mechanisms and the difference between a bill of exchange and a bill of lading – who knows they may even realise that commodity financiers have a pretty good understanding of what risk and mitigation is all about!

Aidan Applegarth, independent banking consultant - Commodity banks bounce back - December 2009