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Nedbank Capital Participates in US$1.2bn Ghana Cocoa Board Trade Finance Facility
07 October 2009
Nedbank Capital’s Global Structured Trade and Commodity Finance (GSTCF) team is proud to announce its role as Initial Mandated Lead Arranger (IMLA) for the 2009/10 cocoa syndicated pre-export facility to the Ghana Cocoa Board (Cocobod).
The Cocobod, a Ghanaian state owned company, annually requires a pre-export facility to finance the purchase of cocoa from local farmers. The extension of the facility is now in its 17th successive year. The facility amount for the 2009/10 season was set at USD1bn but was increased to USD1.2bn (following an oversubscription), making it one of the biggest soft commodity trade finance deals in the world.
Cocoa accounts for roughly 30% of Ghana’s export revenue and after gold it is the country’s second most important natural resource. As such the facility is extremely important to the country and its people. This significance is what renders participation in the transaction a prestigious honour for Nedbank Capital.
For the 2009/10 season 14 Initial Mandated Lead Arrangers (including Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, China Development Bank, Ghana International Bank, HSBC, Industrial & Commercial Bank of China, KfW, Natixis, Standard Bank, Standard Chartered Bank, Societe Generale and Sumitomo Mitsui Banking Corporation) fully underwrote the facility. The overwhelming interest shown in the facility for the 2009/10 year has seen an oversubscription by USD800m.
“The oversubscription is proof that credit risk appetite for trade and commodity financing, notwithstanding the deepening global economic crisis, hasn’t eased up and has seen global banks continuing to support credible obligors like the Cocobod,” commented Sekete Mokgehle – Head: Global Structured Trade & Commodity Finance.
ENDS| Issued by Nedbank Group Communications: | |
| Contact: | Kerri Savin Senior Communication Manager – Nedbank Capital Tel: +27 11 295 5672 Cell: +27 82 672 7571 E-mail: Kerris@nedbank.co.za |
| This page was updated on 13 October, 2009 |  Return to top |
