Dealogic Trade Finance Review 2009

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12 January 2010

Dealogic league tables for 2009 show global trade finance volume up 3% to $155.1 billion and 4Q 2009 reached a record of $45.9 billion.

Global trade finance deal count stood at 804 in 2009, down from 922 during 2008 to become the lowest annual deal count since 2004.

Trade finance volume reached $155.1 billion in 2009, down just 3% on 2008. A large proportion (23%) of volume was from three bilateral transactions – Rosneft ($15 billion), Transneft ($10 billion) and Petrobras ($10 billion). Excluding these facilities, 2009 volume fell 21% to $120.1 billion.

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Poll

Gazpromneft stunned the market this week when it was revealed pricing for their five-year $1 billion pre-export financing was rumoured to be just above 300 basis points over Libor. Is the deal likely to be a syndication success?

Yes - this seems like a sensible pricing benchmark, why not?

No - are you crazy? These prices are ridiculous. What were these banks thinking?

27%

Yes - but for all the wrong reasons. A lack of other deals in the market, and the promise of future business with Gazpromneft will make it hard to ignore but don’t expect many to take up big tickets with this deal. There are much better deals out there.

64%