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Citi secures 100% Giek cover for ship deals
06 February 2012
Citi leads two ship financings for Seadrill and ENI originally intended for Eksportfinans funding, but which ultimately benefitted from an unusual 100% Giek guarantee.
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export credit agency
eca
Giek
Eksportfinans
Seadrill
ENI
Citi
100% guarantees
In the final months of 2011, Citi closed two major drill ship financings for Italy’s ENI and Norway’s SeaDrill which included sizable tranches 100% guaranteed by Norwegian export credit agency Giek.
The timing of the deals coincides with the withdrawal of Eksportfinans, a quasi-governmental export finance lender, which many feared would lead to a lack of capacity in the market.
Under the previous Norwegian ECA model, Eksportfinans would fund the loan, Giek would adopt 70% of the risk and banks would share the residual 30% of risk but would not...
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