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Structured Trade and Commodity Finance - Practical Applications in Complex Transactions
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Description: |
The new title from the range of best-selling self-study workbooks. It is no longer enough for financiers and other parties to be expert in only one component of a trade finance deal. A detailed understanding of all components is essential to protect you and your clients' interests.
This complete training course will ensure you have the breadth and depth of knowledge you need to do this effectively. Using case studies and role plays, the workbook teaches not only the theory but also the practical applications of what you learn.
In five comprehensive modules, the workbook examines topics including: Using irrevocable, confirmed and back-to-back letters of credit to best meet the objectives of the buyer and seller; Standby letters of credit and their applications, including how they differ from bank guarantees; How contemporary forfaiting is different from traditional forfaiting including explanations of the role of aval and pre-selling assets; Structural risk mitigation using pre-export finance and the changing role of countertrade; and Techniques for hedging against changes in a commodity's value. On completion of the course, whether you are a new entrant into trade finance or seeking to update your skills, you will be fully prepared to structure and understand complex trade and commodity finance deals.
Who should read this?
Financiers, professionals at all levels of trade finance, bankers, credit analysts, and legal advisors.
About the Author
Howard Palmer is the founding Director of Tradefinance Guru Com. Ltd and the author of Bank Risk Analysis in Emerging Markets (Euromoney Publications, 1998) and International trade and Pre-export Finance: A Practitioner’s Guide, 2nd edition (Euromoney Publications, 1999). He has over 20 years’ experience in the banking industry both as a practitioner, as Head of Trade and Lending and Assistant General Manager of RZB (Austria) in London, and as a consultant lecturer for Euromoney Training, globally.
Mr Palmer is frequently cited as an expert witness in the High Courts of England, Hong Kong and New York, specifically in the area of market practice relating to international trade finance, and is uniquely placed as a banking practitioner, trade financier, lecturer, lawyer and advisor to record global developments in all areas of international trade. |
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Contents: |
Module 1: Structured Letters of Credit
How letters of credit have evolved
- What is a letter of credit?
- How negotiation evolved
- Payment, deferred payment, acceptance and negotiation
- The financing implications of letters and credit
Irrevocable and confirmed letters of credit
- The meaning of irrevocable letters of credit
- The meaning of confirmed letters of credit
- Silent confirmations
Working with ICC 500: a case study
Back-to-back letters of credit
- The simple mechanism of a back-to-back structure
- Why traders use back-to-back letters of credit
- The hidden risks in back-to-backs
- Case study on back-to-backs: Russian bitumen to Myanmar
A typical letter of credit: a case study
Module 2: Contemporary Forfaiting
What is forfaiting?
- The simple mechanics
The principles of forfaiting
- The benefits of non-recourse financing
The aval
The original models
The secondary markets
- Pre-selling assets
Forfaiting deferred-payment letters of credit
The discount factor
- The given factors
- Pricing country risk and bank risk
Module 3: Standby Letters of Credit, Bonds and Guarantees
What is a standby?
- Standby letters of credit versus commercial letters of credit
Why use standbys?
- Standbys: a case study
The need for definition
- Half-standby, half-guarantee?
- Deferred-payment letter of credit or standby letter of credit
Guarantees: an overview
- On-demand, unconditional guarantees
- Bid bonds
- Performance bonds
- Advance payment guarantees, retention money bonds and maintenance bonds
- Unfair calls
- Performance bonds: a case study
- Comparative laws
Module 4:Pre-Export Finance
What is pre-export finance?
- Pre-export and pre-shipment finance
- Process finance
Structural risks
- Simple Red Clause letters of credit
- Red Clause letters of credit with non-operative clauses
- Green Clause letters of credit
Locating the risk entry point
- The new countertrades
- Trade finance or working capital
- An example: Romanian sugar refining
- Political risk
Risk mitigation
- Structure
- Timing
- Escrow accounts
- Pre-export finance in a high-risk area
- Trade finance: a case study
Module 5: Commodity Finance
Commodity prices: the final risk
- An example: hedging for the value of cobalt
- Options and price guarantees
Swaps and swaptions
- Swaps
- Swaptions
Derivatives
- Derivative risk
Warehouse financing: speculative positions
- Looking at futures
- Pricing futures
Margin call finance
- Physical versus non-physical trading
- Tripartite margin agreements
Capital markets and trade finance
Inside a futures market
- A producer’s hedge with prices falling
- A producer’s hedge with prices rising
- A consumer’s hedge with prices rising
- A consumer’s hedge with prices falling
- Basis risk
- Advantages and disadvantages of hedging
Answers to Exercises |
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