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Plenty of options for LatAm corporates
04 October 2011
The global financial crisis caused a sharp uptake in the use of export credit financing in Latin America, led by Brazil. However, strong local market liquidity across most of the region provides borrowers with a number of attractive financing choices, reports Graeme Burton.
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Latin America capital equipment
export finance Latin America
Brazil capital equipment
When Petrobras discovered the Tupi oil field offshore Brazil in October 2006, it was the first in a trio of ‘mega’ discoveries of oil and gas that would soon lead to a bonanza for capital equipment suppliers around the world and, in turn, the export credit financing of those imports for Brazil. In order to exploit the discoveries, Brazil’s national oil company is planning a five-year investment programme that it estimates will cost $224.7 billion – and at least 10% of that total will be financed or underwritten by export credit agencies (ECAs) from around the world.
The company is securing preliminary commitments from ECAs across the world in order to finance the smooth delivery of critical items of equipment and associated services that it will need. This includes commitments from Italy’s Sace, Norway’s GIEK, the Export-Import Bank of the United States (US Ex-Im), Denmark’s EKF, and the UK’s...
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