Market predicts Ghana Cocobod price drop

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08 February 2010

Pricing for Ghana Cocobod’s annual pre-export financing looks likely to drop by at least 100 basis points according to a poll conducted by Trade Finance Magazine.

Pricing for Ghana Cocobod’s annual pre-export financing (PXF) looks likely to drop by at least 100 basis points over Libor according to a poll conducted by Trade Finance Magazine.

Cocobod enjoyed considerable success in the syndications...

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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%