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Saturday, 23 August 2014

Issue : PFI Issue 11

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  • Problems with coal

    Asia Pacific News | 30 October 1992

    By Roger Hogan The reputation of coal project financings as a problematic area for bankers looks set to be underlined by the outcome of talks between Australian miner MIM and its backers over a A$700m refinancing for the Newlands-Collinsville-Abbots Point project in Queensland. The company confirmed last week that the negotiations, which have been going on for more than a year, have made "no progress," and there are increasing signs that the 26 banks involved are losing patience and seeking a resolutio

  • Legal brief001813

    EMEA News | 30 October 1992

    Danger in UK energy review By Geoff Haley, Partner, Theodore Goddard The Uk government's U-turn on its policy to coal mine closures may have far-reaching effects on projects requiring private investment throughout the world. Many countries use industrial policy to encourage rationalisation of industry and to reduce excess capacity. Japan assists with the transfer of excess labour from declining to expanding industries in this way. In Japan there is no argument against the fact that segments of industy

  • People & Markets001814

    Features | 30 October 1992

    Bank of America reorganises Bank of America in London recently made several organisational changes, including the appointment of a new regional manager, and five group heads. Clive Adamson assumes responsibilities as regional manager for the Uk, Nordic and Eastern European countries. The specialised industries group is now headed by Noel Edison, previously head of the London energy team. The department's responsibilities have been expanded to include construction, real estate, shipping, energy, utilit

  • Exchange rates001815

    Features | 30 October 1992

    Units per US$ on October 23 Argentina Peso 0.99 Australia Dollar 1.39 Austria Shilling 10.56 Brazil Cruzeiro 7,510 Canada Dollar 1.25 Chile Peso 399.6 Colombia Peso 791.2 Czechoslovakia Koruna 27.8 Denmark Krone 5.78 France Franc 5.09 Germany Mark 1.50 Greece Drachma 194.7 Hong Kong Dollar 7.73 Hungary Forint 79.6 Indonesia Rupiah 2,044 Italy Lira 1,327 Korea Won 782.8 Malaysia Ringgit 2.50 Netherlands Guilder 1.69 New Zealand Dollar 1.85 Nigeria Naira 19.5 Norway Krone 6.1 Philippines Peso 24.6 Portug

  • China financings flood the market

    Asia Pacific News | 30 October 1992

    The amount of offshore finance being raised by mainland Chinese institutions to fund projects is reaching flood proportions. Nearly all mainland China transactions are, directly or indirectly, for project financing. In many instances bankers now want the Chinese borrowers to specify exactly which projects the funds are for. The People's Construction Bank of China, PCBC, is raising about US$145m for the Liao Yang Petro-Chemical Fibre Project in Lialing Province in northern China. US Import/Export Finan

  • VW plant financing details emerge

    Asia Pacific News | 30 October 1992

    Details of the eight year US$420m plant financing for Faw- Volkswagen Automotive have finally been concluded. The arrangers, CDFC and Commerzbank, are joined by BOC, Arab Bank, BNP, Credit Lyonnais, KEB Asia and Sumitomo, who all assume the title of lead manager. Although not a project financing (BOC is guaranteeing the deal) it is interesting for the tenor and size. The spreads are Libor plus 75bp for the first four years, and Libor plus 87.5bp for years five to eight. Commitment fees are 12.5bp. Lead

  • CIBC specifies uses for GITIC loans

    Asia Pacific News | 30 October 1992

    In releasing details of a US$20m, two-year club deal for Guandong International Trust and Investment Corporation (GITIC), the arranging bank, Canadian Imperial Bank of Commerce (CIBC), as with all loans to Chinese investment and trust companies, has specified the projects to which it wishes to lend support: in this case to a polyester plant in the Nahai municipality and a dishwashing machine factory in Shunde. The pricing structure is an interesting one. The front-end fee is 100bp, but if a lender deci

  • DKB/Hongkong Bank wins Yangpu Bridge

    Asia Pacific News | 30 October 1992

    The People's Bank of China has finally awarded the mandate for the construction of the Yangpu Bridge in Shanghai to the DKB/Hongkong Bank group. Another four banks are known to be in the group, including Hang Seng Bank, one US and two European banks. The arrangers are reluctant to disclose detaisl yet, but have confirmed that there will be three tranches: the first is a US$ tranche for 17 years, the second a Japanese yen tranche spanning 21 years, and the third is a US$ tax spread loan over 10 years. T

  • SocGen launches three deals

    Asia Pacific News | 30 October 1992

    Three deals launched by Societe Generale in the past two weeks are all related to project financing. The bank is arranging a five-year, US$20m loan for China Investment Bank (CIB), for which syndication is being finalised. Five or six banks are expected to form the underwriting group; a commitment of US$5m will earn a front-end fee of 40bp, and US3m gets 35bp. Repayment will be in three instalments, to begin 36 months after the drawdown (due mid-November). In the pipeline also is a four-year, US$15m `

  • Transportation/Infrastructure001821

    Asia Pacific News | 30 October 1992

    Standard Chartered has won mandates for both Beijing ITIC and Hainan ITIC and says it will be able to release more details soon.

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