Trade finance: Troubled waters

Trade finance: Troubled waters

Bonds Structured Finance Economy & Policy Corporate & Sovereign Strategy

By Oliver O’Connell European banks have a long history in Latin America, closely related to international trade. The 2008/09 global financial crisis placed many of them in a strong position as US banks backed off from trade finance lending. But the eurozone crisis of 2011 triggered a reversal of fortunes, with a large-scale retrenchment of trade finance lending by European banks, which had been an essential part of the market. Gaps emerged – and were often exacerbated – in the provision of trade finance both direct to corporate clients and to financial institutions. Today, a renewed European recession, a lackluster recovery in the US, and a slowdown in China, have compelled Latin Ameri

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