A New Delhi based coal importer with large high value import transactions. After the ban on LOUs, access to competitive FCY funding became scarce and cost of borrowings went up significantly.
Client explored alternate funding sources however the credit market for bank risk had shrunk as well post the recent events.
Myforexeye Value Addition
The client approached Myforexeye to syndicate a $2M import transaction. Our team suggested possible banks for LC issuance where best pricing could be sourced. However, the issuing bank choice was restricted to the availability of free limits and in this case, it was a bank where credit appetite was highly restricted.
Myforexeye team reached out to its network of over 100 banks across the globe for this transaction and successfully tabled very competitive quotes from two offshore banks. The transaction was closed under L+45bps for a 6-month tenor.
The client was very satisfied with our service and the ability to syndicate a difficult transaction at very competitive rates.
Date : 4-Oct-2018
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