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Metals: Commodity financing claws back
19 May 2010
Metals financiers are clawing back, but it is a slow road. Jonathan Bell, speaks to some of the players.
Read more:
[metals commodity finance]
[mining commodity finance]
[metals restructuring]
[Rusal restructuring]
[Ferrexpo]
[Ambrian]
[Endeavour Financial]
This article appears in the print edition of Trade Finance under the headline By the boot straps.
The metals sector took a major hit through 2009 as demand fell and prices dropped accordingly. Many banks have been involved in restructurings with producers, and some still are. There are a limited number of deals in the market, and the structure of these has, in some cases, changed – both for metals producers and miners. So, where is the metals trade financing market now, and what direction is it taking?
“We see the market gradually coming back, with the main focus on refinancing and where it comes to new money, with small to medium-sized bilaterals and club deals. Structures for the time being are on the conservative side for names that have undergone restructuring; for the smaller group of lucky ones that have not, terms tend to be more attractive as the major...
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