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2020 Deutsche Bank a Guide to Trade Finance

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2020 Deutsche Bank a Guide to Trade Finance Deutsche Bank Corporate Bank A Guide to Trade Finance Copyright© 2020 Deutsche Bank AG. All rights reserved //3 Contents Foreword 07 1 Introduction to trade finance 08 1.1 Background to trade 08 1.2 Financing trade 10 1.3 Risk mitigation 11 1.4 Contracts and role of the International Chamber of Commerce (ICC) 12 1.4.1 Conditions for a valid contract 12 1.4.2 ICC Banking Commission 13 2 Transactional trade finance 14 2.1 Basic principles of the risk ladder 14 2.2 Open account 15 2.3 Payment in advance 16 2.4 Documentary collections 17 2.4.1 How it works 17 2.4.2 Key considerations 18 2.4.3 Workflow 18 2.4.4 In practice 19 2.5 Documentary credits 20 2.5.1 Definition 20 2.5.2 Revocation and confirmation of credits 20 Contributing Editor 2.5.3 Key considerations 21 David Meynell (TradeFinance.Training) 2.5.4 Special types of documentary credit 22 2.5.5 Bank procedure 24 Deutsche Bank contributors 2.6 Demand guarantees 26 Russell Brown (Global Head of Trade Finance, Financial Institutions) 2.6.1 Definition 26 Clarissa Dann (Editorial Director, Corporate Bank Marketing, Trade Finance) 2.6.2 Essential basics 26 Sandra Primiero (Global Head of Structured Commodity Trade Finance) 2.6.3 Key considerations 27 Daniel Schmand (Global Head of Trade Finance and Lending) 2.6.4 Types of demand guarantee 28 Werner Schmidt (Global Head of Structured Export Finance) 2.6.5 Workflow 30 2.6.6 In practice 31 Published April 2020 4// A Guide to Trade Finance Copyright© 2020 Deutsche Bank AG. All rights reserved //5 2.7 Standby credits 32 4.3 Reserve-based lending (RBL) 54 2.7.1 Definition 32 4.4 Warehouse financing 55 2.7.2 Essential basics 32 5 Structured trade and export finance, and export credit insurance 56 2.7.3 Key considerations 32 2.7.4 Types of standby 33 5.1 Export Credit Agencies (ECAs) 57 2.7.5 Workflow 34 5.1.1 OECD ECAs 58 2.7.6 In practice 35 5.1.2 China’s export financing infrastructure 58 2.8 ICC Rules and standards 35 5.2 Export finance 59 2.8.1 UCP 600, URR 725, ISBP 745, eUCP 36 5.3 Export credit insurance 60 2.8.2 URDG 758 37 6 Development finance 61 2.8.3 ISP98 37 6.1 Role of multilateral development banks (MDBs) 61 2.8.4 URC 522 38 6.2 Trade finance/facilitation programmes 62 2.8.4 URF 800 38 2.8.5 URBPO 38 7 Other forms of trade finance 64 2.9 Dispute handling and arbitration 39 7.1 Islamic finance 64 3 Supply chain finance 40 7.2 Countertrade 65 7.2.1 Countertrade 65 3.1 Definition 40 7.2.2 Barter 65 3.2 Physical and financial supply chains 42 7.2.3 Counter-purchase 65 3.3 Moving towards standardisation 43 7.2.4 Buyback 65 3.4 Receivables discounting 44 7.2.5 Offset 65 3.5 Forfaiting 45 7.3 Smart Asset Financing (SAF) 66 3.6 Factoring 46 8 Foreign exchange (FX) 67 3.7 Payables finance 47 3.8 Loan or advance against receivables 48 8.1 Terminology 67 3.9 Distributor finance 48 8.2 Spot and forward rates 68 3.10 Loan or advance against inventory 48 8.3 Managing risk 68 3.11 Pre-shipment finance 48 9 Sustainable trade finance 69 3.12 Trade finance securitisation 49 9.1 Trade and the planet 69 4 Structured trade and commodity finance 50 9.2 Sustainability reporting and market performance 69 4.1 Pre-export finance/prepayment finance (PXF/ PPF) 50 9.3 Sustainability initiatives 72 4.1.1 PXF 50 9.3.1 ICC Banking Commission 72 4.1.2 PPF 51 9.3.2 International Finance Corporation (IFC) 72 4.2 Borrowing base finance (BBF) 52 9.3.3 Banking Environment Initiative (BEI) 72 6// A Guide to Trade Finance Copyright© 2020 Deutsche Bank AG. All rights reserved //7 10 Digitalisation 73 10.1 Move to digitalisation 73 Foreword 10.2 Industry 4.0 74 10.3 Big Data and Internet of Things (IoT) 78 Trade is at an inflection point and so, in turn, is the 10.4 Distributed ledger technology (DLT) including blockchain 79 finance that underpins it. Trade and geopolitics, noted the 10.5 Smart contracts 81 Organisation of Economic Co-operation and Development 10.6 Artificial intelligence (AI) and machine learning 81 (OECD) in 2019, are moving away from the multilateral 10.7 Multi-banking and SWIFT messages 83 order of the 1990s – and this is a structural change to the 10.8 ICC initiatives 84 ecosystem. Other ongoing themes include the sudden external shock of Covid-19 in 2020, as well climate 10.8.1 ICC eRules 84 change and digitalisation. Despite the increased focus on 10.8.2 Uniform Rules for Digital Trade Transactions 85 digitalisation, however, conversations have been affected 10.8.3 Electronic Bills of Lading (eBLs) 85 by the difficulty governments and corporates have had in Daniel Schmand, 11 Financial crime 86 achieving consensus at what this actually means in terms Global Head of Trade of skills upgrading and technology investment. 11.1 Definition and overview 86 Finance and Lending, Deutsche Bank 11.2 Money laundering 87 While the trade war between the US and China is of course 11.3 Terrorist financing 88 bad for trade – with Covid-19 wreaking a different sort of 11.4 Proliferation financing 89 damage of its own – uncertainty and volatility helps trade 11.5 Dual-use items 89 finance demand. I see a massive opportunity. Doing cross- border business, particularly in emerging markets, is a risk 11.6 Sanctions 90 for which there is risk premium. So it is a good time to be 11.7 Fraud 91 in the business, provided you are efficient. 11.8 Red flags 92 11.9 Industry groups 93 As the bank starts a new decade and celebrates its 150th 11.9.1 The Financial Action Task Force (FATF) 93 anniversary – our foundation having been fostered on 11.9.2 The Wolfsberg Group 93 international trade finance – it remains at the heart of trade finance evolution and education. And it is for this reason 12 Future of trade finance 94 we present this Guide to Trade Finance to the industry as 12.1 Digitalisation and fintech industry participation 94 an anniversary gift. Put together by seasoned trade finance 12.2 The Fourth Industrial Revolution (4IR) 94 experts, it explains the fundamentals of financing cross- border trade in practice, so is ideal for discussions when 12.3 Sustainable trade 94 some parties may not be familiar with this technique and 12.4 Convergence of sources of finance 94 all its many variations. 12.5 Data and privacy 94 12.6 Covid-19 94 Enjoy the journey References 96 Daniel Schmand Glossary of terms 99 8// A Guide to Trade Finance Copyright© 2020 Deutsche Bank AG. All rights reserved //9 1 Introduction to trade finance Figure 1: World’s leading traders of goods and services 2008 and 2018 2008 Top 20 2018 1.1 Background to trade United States United States Trade has a daily impact on the lives of all the world’s population and Germany China encompasses the trading of goods and the provision of services across international borders, with a view to securing payment and/or financing China Germany with minimal risk. Japan Japan France France Global economic growth depends on trade. The ability of one economy to export what it is good at and generate revenues for what it cannot produce United Kingdom United Kingdom itself has been going on for thousands of years. As academics Lipsey and Netherlands Netherlands Chrystal put it, “With trade, each region can specialise in producing goods or services for which it has some natural or acquired advantage. Plains Italy Hong Kong, China regions can specialise in growing grain, mountain regions can specialise Korea, Republic of Korea, Republic of in mining and forest products, and regions with abundant power can Canada Italy specialise in manufacturing.”1 Spain India According to the World Trade Organization, in 2018 the value of world Russian Federation Singapore merchandise trade stood at US$19.67trn, having grown at 3% on the Singapore Canada previous year. Commercial services hit US$US5.63trn, having grown at 8% with the United States (US) at the top of the leader board as the world’s Belgium Mexico leading overall trader of merchandise and services, but with China at the Hong Kong, China Spain top when it comes to exports.2 However, from 2020, the WTO predicts significant contractions as Covid-19 demand and supply shocks bite India Belgium around the world. Mexico Russian Federation Switzerland Switzerland Developing economies outperformed or equalled the performance of developed economies in world trade in most of the past 10 years, and the Chinese Taipei Ireland world trade order continuously shifts as developing economies become Chinese Taipei developed (for example China), and geopolitics, such as the US/China trade wars and the emergence of the Belt and Road Initiative reroute and evolve trade corridors.3 However, when carrying out cross-border business, importers and Ireland exporters are exposed to specific risks, such as exchange and currency risks, non-payment, damage to goods in transit and fraud, etc. These risks and how to mitigate them are explained in Section 1.3. Source: WTO-UNCTAD-ITC estimates 10// A Guide to Trade Finance Copyright© 2020 Deutsche Bank AG.
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