Upbeat London reception

Almost 100 people attended the event that took place at Accountants Hall in the City of London on Thursday evening 5th February.

Those invited had been drawn from around the Northern European region and represented a good cross section of the market.

“Even if funding is presenting difficulties to finalising transactions, the strong turn out indicates that ITFA members are keen to get back to do doing deals,” commented ITFA Chairman, Lucio Matassoni. “They remain positive in the knowledge that international trade in goods and services has to continue, whatever the problems confronting the financial markets. Moreover amid worries over corporate credit, there is definite trend towards trade finance. The move towards letters of credit and other structures means that banks in general and forfaiters in particular have a valuable role to play going forward.”

Everyone attending the event agreed that market conditions are tough and look like remaining challenging for some time yet, as one forfaiter commented, “…this means that spreads are high and are likely to stay high for some time to come, even for first class names…”

Generally there was a can-do attitude among those present and a readiness to snap up deal-making opportunities when they arise. “The good news,” adds ITFA’s Head of Regions, David Lilley, “is that deals are being done; if not yet in the volumes that everyone would like to see.”