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Hermes holds up
01 November 2002
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Hermes Kreditversicherung is experiencing an upward swing in demand
for project loan cover, as lenders become more conservative in
their risk assessment. Only a few years ago bankers were predicting
a gradual falling off in ECA support, with uncovered debt becoming
more usual, but now ECA support is once again viewed as crucial in
order to get many financings closed.
?The trend towards project finance has stepped up over the last
year, and quite a few large transactions have been brought to our
attention where we have been asked to provide cover, and we are now
working on them,? says a spokesman in the Export Credit Guarantee
Department at Hermes in Hamburg. ?We have already closed some
transactions during 2002, and deals that we are now working on
should close by the end of the year, or in 2003.?
Similarly, Hermes is now getting involved in a growing number...
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