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The European Union has tabled reforms requiring traders and producers to assess commodity supply chains for deforestation risks, though campaigners have criticised the decision not to apply the new rules to banks. Draft legislation proposed by the European Commission last week introduces mandatory due diligence rules for companies selling commodities deemed high-risk – including soy, beef, ...
Seven European countries have pledged to promote reforms and encourage green incentives in the export credit sector, but dashed campaigners’ hopes that they would axe public finance for fossil fuels more quickly than the end of 2022 deadline set at the Cop26 conference. The Export Finance for Future (E3F) coalition, initially comprising Denmark, France, Germany, ...
The Japan Bank for International Co-operation (JBIC) has arranged a US$3bn loan in favour of Abu Dhabi’s state oil company, an exporter of crude oil to Japan. JBIC, a public finance institution, is providing US$2.1bn of the total financing sum, with the remainder being lent by commercial lenders SMBC, Mizuho, MUFG and HSBC’s Tokyo branch. ...
BNY Mellon has completed its first trade finance deal using CME Group’s secured overnight financing rate (SOFR), as global banks ramp up preparations for the phasing out of Libor-based transactions. The New York-headquartered lender announced last week it had issued a trade finance loan with Brazil’s Banco Bradesco using the SOFR reference rate, which was recommended ...
Investec Bank has closed a sustainability-linked term loan, securing a US$600mn facility from 22 banks. The South African lender will use the financing for corporate purposes and for refinancing a US$500mn syndicated term loan signed in November last year. This year’s facility was significantly oversubscribed, having been launched at US$300mn. It has a tenor of ...