The Sadara Chemical Company (a joint venture of Dow Chemical and Saudi Aramco) has closed USD 10.5 billion financing for its USD 20 billion project. This complements the USD 2 billion sukuk bond issued in April 2013, making it the largest project financing in the Middle East. ECAs have provided direct lending for USD 5.25 billion.
US Ex-Im Bank has been named the “Best Global Export Credit Agency” by Trade Finance Magazine. It also won the award for best ECA in the Americas.
A U.S. federal appeals court rejected an effort to block US Ex-Im Bank’s support for the USD 3.4 billion financing of 30 new long-range Boeing jets. However, the court asked the ECA to refine its jet review process. Specifically, the court questioned why the ECA excludes aircraft deals from economic impact reviews.
Saudi Arabia’s Mobily KSA has announced an investment to modernize and expand its 2G, 3G, and 4G networks. The project will last until 2015. Mobily signed a memorandum of understanding with Nokia Siemens Networks, who will undertake the work. The company will facilitate a USD 325 million credit with Finnvera, Finnish Export Credit, and Credit Agricole and Deutsche Bank.
Wind Power LLC, a unit of Ukraine’s DTEK Holdings, has closed on a 10-year, USD 182 million loan from Landesbank Berlin AG, backed by Denmark’s EKF. The Danish company Vestas is supplying the wind turbines for a 105 MW expansion of the Botievo wind farm in southern Ukraine.
O3b, a satellite operator has launched its first four satellites. The debt facility was financed by HSBC, ING, Credit Agricole, and Dexia, with support from France’s Coface. The company aims to provide broadband service by satellite, targeting parts of the world that are underserved by optic fiber connections.
The aircraft financing market continues to change. A Reuters article describes how low interst rates in the broad economy are luring new categories of lenders, such as private equity firms and Asian banks, to the aircraft finance sector.
Emirates Aluminum has picked six international banks, including HSBC and Citigroup, for a possible bond sale this year.
Canada’s EDC has sold the nation’s first “Dim Sum bonds”. These are Chinese yuan-denominated bonds. The transaction was for USD 16.3 million, with 2.1% notes due in July 2014.
UK Export Finance provided GBP 4.3 billion of export credit guarantees and insurance in 2012-2013. This is the highest level of support in 12 years, and a significant increase from the GBP 2.3 billion achieved in the previous reporting period.
MIGA has launched a new facility for conflict-affected and fragile economies.
Sberbank Rossii OAO has signed trade financing agreements with Japan’s NEXI and Mizuho Corporate Bank
ANZ Bank has made senior appointments to its structured export finance teas in Europe and Asia.