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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 ...
Companies linked to Singapore trade finance platform Triterras have sought to take control of several insolvent traders in India, despite historic accusations of fraud against those firms, documents show. Corporate registry information and stock exchange filings show that two Hyderabad-based trading companies – Sujana Universal and Splendid Metals – have already been taken over by a Triterras-related company in recent ...
Deutsche Bank and global commodities trader Mercuria have settled a US$21mn dispute stemming from the Qingdao metals scandal exposed in 2014, court documents show. Mercuria filed a claim against the German lender in London’s High Court in November 2019, seeking damages, interest and costs over a 2014 deal in which Mercuria paid the bank for ...
Chinese banks have a “dismal” rate of engagement with concerns about the human rights impacts of their overseas investments, a new report says. The London-based Business and Human Rights Resource Centre (BHRC) says China’s banks, including private, state-owned and development banks, have responded to only one of 20 requests to answer to human rights concerns ...