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December
Multilateral financial institutions and development banks face a number of impossible tasks. Ensuring commercial trade finance lines remain open in times of crisis is one mission that puts them under pressure to strengthen links with the private sector. When times are good, commercial banks and insurers are only too happy to help. But can multilaterals really persuade the private market not to abandon markets in turmoil?
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November
There is no doubt that trade in capital equipment and machinery has picked up markedly through this year on a global basis. And this growth is providing a steady stream of business for those banks, other finance institutions, insurers and legal teams involved in this sphere of activity. Three years ago some casual observers were predicting doom and gloom for export finance. How wrong they were. Export/import finance is back ? and with a bang.
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As business increases between emerging markets, so in turn we are seeing a bigger requirement for ECA support for the exporting corporates in a number of those key countries. In the second part of our ECA review, we take a brief look at several important emerging ECAs.
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October
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Mining projects are back in vogue, and financing is being found for deposits in territories previously off-cover to the ECAs ? good news
for both project and commodity financiers. Jonathan Bell reports.
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Any export transaction carries an element of political risk. Deal with an emerging market and that risk increases, to the extent that many banks simply will not lend without political risk cover. So will increasing emphasis on risk assessment see demand grow? Or is third-party insurance under threat from sophisticated due diligence and compliance testing?
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After some lean times in certain industrial and export sectors, Italian exporters are beginning to see a healthier flow of business in key markets. And with strong support from Sace, Simest and the commercial banks they are hoping to once again be back in the fast lane of international trade. Michele Martensen reports from Milan and Rome.
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September
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Exporting companies in the US are seeing an increase in business to the emerging markets and alongside this US Ex-Im continues to play an invaluable and leading role. But it has always been the case that much more could be achieved on the US export profile if the commercial banks took a more pro-active and aggressive stance. Steve Garton explores the potential.
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There have been a handful of captivating transactions where international banks and export credit agencies have been able to use local currency financing to enhance trade deal structures in the emerging markets. But for all the talk that has taken place overall business has been slow going. Michele Martensen examines why this has been the case and assesses where the market may improve on this performance.
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With Brazilian raw material exports at record levels and China's ever-increasing production of manufactured goods it is little wonder that trade between these two countries is on a rapid expansion path. At the same time, there is a degree of political imperative to futher push these South-South trade links. Robin Raafat explores the growth taking place and assesses what financing techniques are most commonly used.
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July
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The Russian oil sector may be facing some particularly tough times, but as ever, strucutred trade business goes on as bankers find positive elements to deal with despite the problems surrounding Yukos. From Moscow, Simon Pirani gets the inside track on developments.
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With large oil reserves and immense natural gas deposits Iran is increasing its investment in the development of these resources and the value-added aspect is key. Consequently, both NIOC and NPC are forging an increasing number of export credit financing arrangements with European and Asian banks and ECAs. Nassir Shirkhani reviews the market.
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A combination of financing products is being called on by a number of the Gulf States as they look to bring stalled projects back into play. Nassir Shirkhani, reporting from Bahrain, examines the finance required.
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Liberalization in the finance sector and a greater need to look outward is bringing the South Asian markets, particularly India, into closer contact with the international trade finance banks. Opportunities are developing rapidly and financiers are trying to carve a niche while pricing remains favourable. Michele Martensen discusses the changes.
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May
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Demand for raw materials in Chinese production plants is fuelling selective growth for Australia's commodity exporters. Dominic Jones assesses what this means for the commodity trade finance specialists and what forms of financing are favoured.
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The refurbishment of industrial plants and beginnings of greater project flow in certain emerging markets is proving to be a real boost for equipment and machinery suppliers and financiers alike. But more so than ever, many of these deals show the true nature of internationalization through the multisourcing of the equipment and backing from several export credit agencies. Jonathan Bell examines some classic examples from the past year that have largely not been reported before.
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April
With Nato-membership in the bag and EU accession looming in the not too distant future, what will happen to trade flows in Romania and Bulgaria over the next few years? Michele Martensen assesses the outlook.
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For a number of sub-Saharan African countries the export of crude oil provides vital revenue. And like some other recent commodity financings the oil sector has seen both record and innovative deals.
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Every trade bank would like to consider itself a global player in the market place. But few can truly lay claim to executing deals with ease on a worldwide basis. Yet significantly French trade banks have developed an operational landscape that has a genuine global reach, writes Michele Martensen.
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Two years ago there was little demand for foreign structured and agency financing in the PRC where large corporates had easy access to clean loans from local banks. But times have changed and ?the workshop of the world' is now becoming a hot market, says Sophie Gale.
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Export credit agency-backed financings are developing rapidly as Russian industrial sectors revamp and replace plant and equipment. Most of the big deals are in the telecoms sector for now says Simon Pirani, but a much wider range of corporates are being introduced through the key role played by Russian banks.
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February
A year or so after many foreign investors were running scared, Brazil's local banks are making a good recovery and now have no shortage of funds for short-term transactions and longer-term uncovered pre-export finance. But better also means more competitive times, as margins are eroded and other sources of funding come on stream to support Brazil's rapidly expanding export profile. Sophie Gale assesses the upbeat mood.
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For many years Russian metals trading has been a focus of the international trading companies. But a sea change has been taking place as the producers take greater control of the marketing and related finance to move product directly to customers. Aluminium producer Rusal, which since early 2003 has become an integrated corporation, is one of the leading lights in this transforming international scene. Simon Pirani explores developments.
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Despite initial fears, trade financiers have been pleasantly surprised by Lula's competent handling of Brazil's macro-economic environment. But they are having to refine structures in the light of certain nationalistic measures to boost the home economy ? such as increased local content and industrial benefits related to oil equipment import procurement. Sophie Gale explores developments.
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With the consolidation of Ukrainian metals companies, together with a strong agricultural sector, trade financiers are turning to look closely at the needs of Ukrainian exporters.
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