US investment bank BNY Mellon has become the first bank to complete a trade finance deal using the CME’s new Secured Overnight Financing Rate (SOFR). In a trade finance loan transaction with Brazilian bank Banco Bradesco, BNY Mellon successfully used the CME SOFR as its reference interest rate. The SOFR is one of several alternatives… Continue reading BNY Mellon becomes first bank to complete trade finance deal using CME’s new Secured Overnight Financing Rate (SOFR)
Month: November 2021
UK Export Finance (UKEF) issues largest-ever guarantee for Turkish solar plant made in Britain
UK Export Finance (UKEF), the export credit agency of the British government, has issued its largest-ever financing guarantee to help build Turkey’s largest solar power plant. Backed by US-based GE Energy Financial Services, UKEF will provide £217 million for the construction of a 1.35GW solar plant for Kalyon Enerji in Turkey’s Central Anatolia region. The… Continue reading UK Export Finance (UKEF) issues largest-ever guarantee for Turkish solar plant made in Britain
COP26 wrap-up: UK vows to become world’s first ‘net zero-aligned financial centre’
Over the last two weeks, the UK has been at the forefront of some of the biggest announcements to come out of COP26.
Launched: The TFG Sustainable Trade Finance Hub
Trade Finance Global (TFG) has today launched the Sustainable Trade Finance Hub during COP26.
BREAKING: New ICC report proposes first global framework for sustainable trade and trade finance definitions
The International Chamber of Commerce (ICC) has published a new report setting out proposals to tackle the challenge of defining and setting common standards for sustainable trade and trade finance.
Standard Chartered launches new Sustainable Account solution in UK, UAE
British multinational bank Standard Chartered has announced the launch of Sustainable Account, a new solution that enables corporate clients to contribute to sustainable development while maintaining daily access to their cash. After an initial launch in the UK and the United Arab Emirates (UAE), the Sustainable Account solution will be rolled out to other markets… Continue reading Standard Chartered launches new Sustainable Account solution in UK, UAE
UK Export Finance secures 20% budget hike, expands support for British exporters
UK Export Finance (UKEF), the export credit agency of the British government, has secured a 20% budget hike as part of new spending plans designed to boost support for UK exporters. As outlined in the government’s 2021 Autumn Budget and Spending Review, the budget increase signals the continued expansion of UKEF’s role in UK government… Continue reading UK Export Finance secures 20% budget hike, expands support for British exporters
VIDEO: Time to engage – Bank of England’s Alastair Hughes offers advice on preparing for LIBOR transition
The cessation of the London Interbank Offered Rate, or LIBOR, will be one of the most important events affecting trade finance this year.
VIDEO: Post-mortem analysis on Greensill and other cases studies
Our editor Deepesh Patel had the pleasure of moderating a panel on Greensill at FCI’s 53rd Virtual Annual Meeting 2021.
SWIFT Standards Release 2021 goes live on Nov 21: What you need to know
It’s around two weeks until the SWIFT Standards Release 2021, which is one of the items seemingly on everyone’s lips.
Gunvor USA closes $1.33bn borrowing base facility
Gunvor USA, a subsidiary of Swiss commodities trader Gunvor Group, has closed the syndication of its $1.33 billion borrowing base credit facility. The facility includes a $500 million accordion feature, which remains available to support future growth. The proceeds of the facility will refinance Gunvor USA’s existing borrowing base facility signed in October 2020, provide… Continue reading Gunvor USA closes $1.33bn borrowing base facility
COP26: Bank of England Gov Andrew Bailey hints at emissions disclosure regime on path to net zero
Bank of England (BoE) Governor Andrew Bailey has hinted that UK companies may soon be made to disclose carbon emissions data as part of the country’s push to reach net zero by 2050.
Bank of England surprises by leaving rates at all-time low, warns of 5% inflation
The Bank of England has surprised investors today by voting against a rise in its benchmark interest rate, which would have been its first since August 2018.
UK economy ‘trapped by policy choices’ amid rising inflation, says new Euler Hermes report
A new report by Euler Hermes has found that the UK economy is “trapped by policy choices” going into the end of 2021 and beginning of 2022.
COP26: UK government launches call to action for SME exporters to go green
UK Export Finance (UKEF), the UK’s export credit agency, has launched a call to action for British SMEs to “go green” and take advantage of renewable export opportunities. With expectations that green trade will be worth £1.8 trillion by 2030, UKEF wants to connect British suppliers with international projects in sectors such offshore wind, solar,… Continue reading COP26: UK government launches call to action for SME exporters to go green