Trade Commodity Finance, Structured Commodity Trade Finance and Structured Trade and Export Finance teams scoop 2019 GTR industry Awards
Global Trade Review (GTR) hosted a return of its annual Charity Awards Dinner on 2 May to celebrate the achievements of the world’s leading trade finance service providers.
The bank’s Global Transaction Banking’s Trade Finance Commodities teams, Structured Commodity Trade Finance and Trade Commodity Finance stepped up to collect the much coveted ‘GTR Leaders in Trade’ award for Best Commodity Trade Finance Bank. “We’re very grateful for everyone who voted for us this year! I think this marks a return to form for Deutsche Bank on the structured side of commodity trade finance market, but it’s also recognition that in the last years we have made significant progress in building up on the Flow side as well,” said John MacNamara, who handed over leadership to Sandra Hack on 1 April 2019.
He explained, “Where many commodity trade finance banks have a business mix of around 90% Flow Commodities Trade Finance and maybe 10% Structured Commodity Trade Finance, Deutsche Bank was for 20 years precisely the other way around. This always had a certain prominence, not least because almost all these structured deals were big and syndicated and thus highly visible, at the cost of perhaps looking like something of a niche player in just one part of the Commodities Finance spectrum, but the fact is that we are one of the few genuinely to be active all around the world, and in the last 12 months they’ve seen us both return to form in leading syndicated structured deals in developed and emerging markets, and really pushing out our Flow commodity trade finance offering, not just to the big boys of the commodity trader world, but also to an increasingly large universe of the top niche commodity traders and producer-subsidiary traders.
So this award is particularly special to us.”
Sandra Hack added, “I’m absolutely thrilled that our commodity trade finance teams have reclaimed this much-deserved award and I’m really looking forward to building on this success to grow this business.”
GTR’s Best Deals
Out of hundreds of submissions from across the globe, Deutsche Bank’s Structured Trade and Export Finance team (pictured above with other participants in the deal) managed to win a ‘GTR Best Deal’ award with a partial financing solution for the modernisation of Peru’s Talara refinery, owned by the Peruvian national oil company, Petróleos del Perú (PetroPerú).
At 1.3 billion US dollars, this was the largest financing arranged by Spain’s Compañía Española de Seguros de Crédito a la Exportación (CESCE) ever, where the Spanish government has supported the export credit agency to underwrite such a large facility. It is also the largest Export Credit Agency (ECA) financing arranged in Peru.
Upgrading the refinery is a critical project. It helps increase production capacity, and will allow the environmentally cleaner fuels to be produced through the installation of conversion units.. Overall costs are around 5 billion US dollars and works are expected to be completed in September 2020.
Eduardo Mas, Director, Structured Trade and Export Finance, said: “: I am thrilled for the STEF Madrid team to have received this prize. Latin America is probably one of the most sophisticated and competitive emerging markets in the world, which makes the recognition even more rewarding. Our proposal properly balanced risks and rewards, and required great discipline from multiple teams involved, from compliance to administration, both during the origination and execution periods.”
Simon Sayer, STEF Global Head added, “I am delighted for our client Petro Peru to see their landmark transaction recognised in this way, and also delighted for my STEF Madrid team who have been consistently excellent in Latin America over the years, in a variety of sectors and countries across the whole Continent.”
Legend in Trade
One rather touching surprise at the end of the evening was GTR’s decision to make a special award to John MacNamara of Honorary GTR Legend in Trade. GTR founder and host Peter Gubbins explained, “Given that we have recently seen a handover at the leadership of one major institution in the commodities Trade Finance business, we though it is the right time to honour someone who over the course of close to four decades shaped the industry and its dialogue.” Uncharacteristically Mac was lost for words.
The GTR Awards are made on the basis of written submissions sent to GTR which are assessed by a panel of experts. Best Deals signed in 2018 are also taken into account.
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