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What's New! Vol. 11, No.1
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AB Svensk Exportkredit secures long-term Chinese RMB financing for Swedish exporter
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What will money worries mean for ECA aircraft financing?
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Ex-Im Bank leads US government and private support for controversial energy projects
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Bribe in US Ex-Im Bank scam lands former Wells Fargo banker behind bars
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Report of the 6 Dec. 2011 meeting of the Export Credits Group of the Council of the European Union
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6) |
Turkish Eximbank to extend $750 mln in loans to Tunisia, Libya
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7) |
Australia and South Africa strike gold in UK
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8) |
Prolongation of Danish export credit financing scheme okayed
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View Back Issues of What's New |
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| 1. |
AB Svensk Exportkredit secures long-term Chinese RMB financing for Swedish exporter
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(Reuters,
Stockholm, 10 January 2012) The Swedish Export Credit Corporation (SEK)
has for the first time issued a bond in local Chinese currency (RMB)
for long-term financing of a Swedish exporters local operations in
China. The transaction is a milestone in the financing of Swedish
export companies. Going forward these companies will have access to
much more competitive financing in RMB than they have previously had.
"Until now, Swedish companies operating in China have been able to get
access to local currency funding from banks in China, but it has been
expensive and often not for longer periods than up to a year.
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| 2. |
What will money worries mean for ECA aircraft financing?
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(Flightglobal,
London, 24 January 2012) Airline finance officers need to brace for
some unpleasant surprises this year as the European sovereign debt
crisis and new regulations continue to cripple bank lending to the
sector, and could force more financiers to withdraw funding entirely,
amid fears of a fresh credit crunch... In a break from the past,
airlines will find less comfort in export credit agency financings, as
these dealings, becoming pricier under new regulations, also rely on
bank funding. Meanwhile, Norwegian Air Shuttle placed one of Europe's
biggest-ever aircraft orders in a gamble on Europe's economic recovery backed entirely by borrowings from the US Ex-Im Bank and European Export Credit Agencies.
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Ex-Im Bank leads US government and private support for controversial energy projects
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(New
York Times, Mother Jones, December 2011) In the United States, where
the water-intensive drilling technique of fracking was invented, the
government is taking a lead role in supporting the dissemination of the
technology abroad, as well as promoting other energy projects... The
Export-Import Bank of the United States has financed some of its
biggest gas projects over the last several years, including the largest
transaction in the bank’s history — $3 billion approved in 2009 for
hundreds of miles of gas pipeline and a liquid natural gas plant and terminal project led by Exxon Mobil in Papua New Guinea... A significant chunk of South African Kusile coal-fired power plant's
upfront financing - $805 million - came from a direct loan from the
Export-Import Bank of the United States to Eskom, South Africa's
state-owned electric power utility... Ex-Im is also considering financing the Braka 5,600MW Nuclear Power Plant in Western Abu Dhabi, UAE.
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Bribe in US Ex-Im Bank scam lands former Wells Fargo banker behind bars
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(San
Antonio Express, San Antonio, 27 January 2012) A former Wells Fargo
Bank loan officer was sentenced Friday to four months of jail and four
months of house arrest for taking a $50,000 bribe linked to the largest
fraud against the nation's official export credit agency. Gerardo
Uribe, 45, was involved in the scheme that San Antonio businessman
Andrew Maxwell Parker perpetrated on the Export-Import Bank of the
United States, which backs commercial high-risk loans to stimulate
exports of American-made goods to foreign companies.
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Report of the 6 Dec. 2011 meeting of the Export Credits Group of the Council of the European Union
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(Export
Credits Group, Brussels, 11 January 2012) This brief 8 page summary of
the issues covered at the 534th EU Group meeting also includes some
indication of issues covered at the 16-17 November 2011 OECD Export
Credit Working Group meeting in Paris. The last OECD ECWG meeting
"minutes" on their web site
are for the 28 April 2011 meeting. The last web site record of OECD ECA
meetings with stakeholders was for their 18 November 2008 meeting and
their last published correspondence with stakeholders was dated
December 2009. OECD ECA cash flow data to 2010 was made available on 8 December 2011.
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| 6. |
Turkish Eximbank to extend $750 mln in loans to Tunisia, Libya
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(Today's
Zaman, Istanbul, 24 January 2012) Turkey's state-owned export credit
agency Eximbank will provide loans totaling $750 million to Tunisia and
Libya in connection with efforts to support reconstruction studies in
these two civil war-torn countries.
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| 7. |
Australia and South Africa strike gold in UK
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(The
South African, London, 22 January 2012) In a significant reversal of
the colonial economic process, a new gold mine opening in the middle of
the United Kingdom is owned by an Australian company and the technology
and expertise to process the ore will be imported from South Africa.
The Director of the South African Capital Equipment Export Council
estimated that with severe underutilisation of the Export Credit
Insurance Corporation, if Consulmet Metals used the corporation’s
facilities in the past, the company could have been doing twice its
current R40-million a year by now.
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| 8. |
Prolongation of Danish export credit financing scheme okayed
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The
European Commission authorised, on 11 January, the prolongation of a
Danish export credit financing scheme until 31 December 2015. The
scheme was initially approved on 9 February 2010. Its prolongation is
due to the financial crisis, which led several banks to exit the export
credit business and the banks still active on that market to reduce
their activities. If banks’ tightened liquidity position restricts them
from financing a long-term export loan requested by a Danish exporter
and/or its client, the Danish scheme allows them to enter into an
agreement with the Danish state-owned export finance agency (EKF).
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