Factoring & Forfaiting Case: Purchase of Shipping Documents

FACULTY OF BUSINESS AND ECONOMICS
2019-1
INTERNATIONAL TRADE FINANCE II
International Factoring & Forfaiting
Este material de apoyo académico se reproduce para uso exclusivo de los alumnos de la Universidad de Lima y en
concordancia con lo dispuesto por la legislación sobre los derechos de autor: Decreto Legislativo 822.
CASE: PURCHASE OF SHIPPING DOCUMENTS (1)
A local Bank receives a request to purchase shipping documents against an export done
through an Avalized Documentary Collection.
Following you will find a commitment letter from the exporter to assume the Exchange rate
risk if any. The Invoice number was 002-206 for Euros 39,312.00 from IG SAC to its buyer in
Spain: Pez SA. That Invoice was part of a documentary set sent for collection under registration
number 25401171.
Additionally, you receive the following documents:

1) Purchase of Shipping documents format with the following information:
a. Information from the L/C / Avalized Collection from the Bank Relationship
Manager responsible for the account.
b. Information from the operation provided by the Export Unit from the Local
Bank
c. Risk Approval for the Issuing / Negotiating / Avalizing Bank from
Correspondent Banking Unit from the Local Bank.
2) SWIFT Copy from of the Payment Commitment from the Issuing / Avalizing Bank.
Knowing that the Exchange rate Euro/Dollar is 1.190077 you are requested to calculate how
much would you have to credit your customers account, net, for the purchase of shipping
documents. Attached you will find a Liquidation format that might help you to do the
calculation. Deduct $500 from the value of documents as provision for future Correspondent
Bank expenses.
Besides from interest expenses add an administration commission of US$60.- and use as
purchase date 28.06.15
IG SAC
Date, 22/06/05
Messrs
LOCAL BANK
ATTN. Mr XXXXX
At your request, we present this letter to inform you that irrevocably we will assume any exchange
difference that might affect LOCAL BANK as a consequence of the purchase of shipping documents
which will be credited to our U.S. Dollar account and that are covered under Letters of Credit /
Avalized Documentary Collections. those documents were agreed with our buyer to be in Euros.
Following you will find the detail of the documents:
YOUR REF NR INVOICE NR. AMOUNT IN EUROS MATURITY

Coll 25401171 002-000206 € 39,312 29.08.15
If you require any additional information, please do not hesitate to contact us.
Yours faithfully,
xxxxxxxxxxxxx
General Manager
IG SAC
FACTORING / FORFAITING FORMAT
PURCHASE OF SHIPPING DOCUMENTS
I. LETTER OF CREDIT / AVALIZED COLLECTION (To be filled up by the
Relationship Officer)
US$
Letter of Credit / Value of Other
25401171 Currency(*) 39,312.00
Collection Number Documents
(*) Name
of Currency EUROS
Invoice Nr. 002-000206
Beneficiary Account Beneficiary IG SAC
Nr. xxxxxx
Nominal Effective Rate 5.80%
Rate Agreed Agreed
II. TRANSACTION INFORMATION (to be filled up by the Export
Unit)
Issuing Bank / Location
Avalizing Bank / Caixa D'Estalvis de Catalunya
Negotiating Bank Madrid, Spain
Applicant / Drawee Pez SA
Giant Squid Payment 90 days from
Goods: Rings Terms B/L
B/L or AWB Date 31.05.15 Maturity 29.08.15
Amount to be discounted: € 39,312.00
Comment: Avalized Collection. Swift with commitment to pay on 29.08.15
III. CORRESPONDENT BANKING APPROVAL /
REJECTION
Approved Yes Rejection no
Reason: Bank Line of Credit current to mature 31.07.16
--------------------Instance Type and Transmission -------------------------------------------------------
Original received from SWIFT
Priority: Normal
Message Output Reference: 1404 050624 BSUDPEPLAXXX5530702440
Correspondent Input Reference: 2103 050624CESCESEBA5095058551519
--------------------Message Header --------------------------------------------------------------------------
Swift Output: FIN 412 Advice of Acceptance
Sender: CESCESBB509
CAIXA D’ESTALVIS DE CATALUNYA
(FOREIGN DEPT CENTER 1212, MADRID, ES)
Receiver: BSUDPEPLXXX
BANCO WIESE SUDAMERIS
LIMA, PE
-------------------Message Text --------------------------------------------------------------------------------
20: Sending Bank’s – TRN
1212764021440301
21: Related Reference
553 25401171
32A: Mat Dt, Curr Code, Amt Accepted
Date : 29 August 2015
Currency : EUR (EURO)
Amount : #39,312.#
72: Sender to receiver Information
/HOLD/
ENVIAMOS VIA DHL (9978076570)
EFECTO ACEPTADO Y AVALADO
SALUDOS
-------------------Message Trailer ----------------------------------------------------------------------------
LIQUIDATION
Purchase date, Value Date / Disbursement:

Maturity Date / Payment: Nr of Days
Name of Beneficiary:
N/Ref. L/C N°:
Invoice Nr. term of Payment L/C:
Issuing Bank/ Drawer:
Location Issuing Bank:
Currency: Exch. Rate Ccy / US$ US$
Retention / Protection / % to purchase
Value to be discounted:
Libor
Term LIBOR Spread
Pact rate/Dsct.: = +
Annual Nominal Rate (T.N.A.): %
Annual Effective Rate (T.E.A.): %
Period Effective Rate (T.E.P.): Spread Earned
Net Value before commissions:
Commissions
Net to credit clients account
through an Avalized Documentary Collection.
As usual in operations done with other currencies, the Exporter presented a commitment letter
to assume the Exchange rate risk for the exchange of Euros to U.S. Dollars, if any. The Invoice
number was 002-207 for Euros 32,136.00 from IG SAC to its buyer in Spain: Pez SA. That
Invoice was part of a documentary set sent for collection under registration number 25401226

Manager in charge of the account.
Bank
Correspondent Banking Unit from the Local Bank
2) SWIFT Copy from of the Payment Commitment from the Issuing / Avalizing Bank
Knowing that the Exchange rate Euro / Dollar is 1.1700 you are asked to calculate how much
would you have to credit your customers account, net, for the purchase of shipping documents.
Attached you will find a Liquidation format that might help you to do the calculation. Deduct
$500 from the value of documents as prevision for future Correspondent Bank expenses.
Besides from interest expenses add an administration commission of US$60.- and use as
purchase date 04.07.15

I. LETTER OF CREDIT / AVALIZED COLLECTION (To be filled up by the Relationship Officer)
US$
Letter of Credit / Collection Value of Other Currency(*) 32,136.00
25401226
Number Documents
(*) Name of
Currency EUROS
Beneficiary IG SAC
Beneficiary Account Nr. xxxxxx
Nominal Effective 5.80%
Rate Agreed Rate Agreed
II. TRANSACTION INFORMATION (to be filled up by the Export Unit)
Issuing Bank / Avalizing Caixa D'Estalvis de Catalunya Location
Bank / Negotiating Bank Madrid, Spain
Giant Squid
Goods: Rings Payment Terms 90 days from B/L
Amount to be discounted: € 32,196.00
Comment: Avalized Collection. Swift with commitment to pay on 01.09.15
REJECTION
Reason: Bank Line of Credit current
--------------------Instance Type and Transmisión ------------------------------------------------
-------
Priority: Normal
Message Output Reference: 0810 050630 BSUDPEPLAXXX5549703901
Correspondent Input Reference: 2105 050629CESCESEBA5095063558342
--------------------Message Header -----------------------------------------------------------------
---------
Swift Output: FIN 412 Advice of Acceptance
Sender: CESCESBB509
CAIXA D’ESTALVIS DE CATALUNYA
(FOREIGN DEPT CENTER 1212)
MADRID, ES
LIMA, PE
-------------------Message Text ---------------------------------------------------------------------
-----------
1212764021519801
553 25401226
32A: Mat Dt, Curr Code, Amt Accepted
Date : 01 September 2015
Currency : EUR (EURO)
Amount : #32,136.#
72: Sender to receiver Information
/HOLD/
ENVIAMOS VIA DHL (9978282683)
EFECTO ACEPTADO Y AVALADO
SALUDOS
-------------------Message Trailer ------------------------------------------------------------------
----------
LIQUIDATION

N/Ref. L/C N°:
Libor
Term LIBOR Spread
Commissions
through a Letter of Credit.
For this transaction, the customer presented:

 Factoring / Forfaiting format for US$ 107,000.00 corresponding to the invoice
000097 sent by the exporter GVS SRL to its buyer in China, Yantai Foods Ltd for the
sale of “Frozen Giant Squid Fillets”. That Invoice was part of the shipping documents
from the L/C number 23300541.

Manager responsible for the account.
Bank
Correspondent Banking Unit from the Local Bank.
2) SWIFT Copy of the Payment Commitment from the Issuing / Avalizing Bank.
You are requested to calculate how much you would have to credit your customers account,
net, for the purchase of shipping documents. Attached you will find a Liquidation format that
might help you to do the calculation. Deduct $200 from the value of documents as prevision
for future Correspondent Bank expenses.
Besides from interest expenses at a Libor of 30 days of 1.14% plus a spread of 9.3%, add an
administration commission of US$60.- and use as purchase date 14.08.13.

US$ 107,000.00
Letter of Credit / Collection Value of Other Currency(*)
23300541
Number Documents
(*) Name of
Currency
Invoice Nr. 000097
Beneficiary GVS SRL
Nominal L + 9.3% Effective
Issuing Bank / Avalizing The Agricultural Bank of China Location
Bank / Negotiating Bank Jinan, China
Applicant / Drawee Yantai Foods Ltd
Goods: Frozen Giant Squid Fillets Payment Terms 60 days at sight
Amount to be discounted: US$ 52,900.80
Comment: Notified L/C. Clean Documents sent 16.07.13.
REJECTION
-------
--------------------Message Header -----------------------------------------------------------------
---------
Swift Output: FIN 799 Free Format Message
Sender: ABOCCNBJ150
AGRICULTURAL BANK OF CHINA, THE
(SHANDONG BRANCH), JINAN, CN
LIMA, PE
-------------------Message Text ---------------------------------------------------------------------
-----------
20: Transaction Reference Number
150PO036010101
553 23300641
79: Narrative
ATT: EXP L/C DEPT
WE SENT THE FOLLOWING MESSAGES TO YOU
DATED 20030731 THROUGH BANK CONTINENTAL, LIMA
QUOTE
RE YR DOCS WITH REF 553 23300541 AND OUR REF 150PO03610101 UNDER OUR
L/C 150LC036010049.
DRAFT AMOUNT USD52900.80 - TENOR 60 DAYS AFTER SIGHT
PLS BE ADVISED THAT THE A/M DOCS WAS ACCEPTED BY US TO MATURE
ON SEP 22,2003
PAYMENT WILL BE MADE ON DUE DATE AS PER YOUR INSTRUCTIONS AND
USD 50.00 WILL BE DEDUCTED AS OUR CABLE CHARGE
BEST REGARDS
UNQUOTE
-------------------Message Trailer ------------------------------------------------------------------
----------
LIQUIDATION
Name of Beneficiary: GVS SRL
N/Ref. L/C N°:
Issuing Bank/ Drawer: Agricultural Bank of China
Location Issuing Bank: China
Libor
Term LIBOR Spread RATE
Commissions
This time, the customer presented:

 Factoring / Forfaiting format for US$ 11,865.00 corresponding to the invoice
CO29513 sent by the exporter GF SAC to his buyer in China, Kangadis Foods INC for
the sale of “Balsamic Vinegar”.That Invoice was part of the shipping documents from
the L/C number 24301177

Bank
You are asked to calculate how much you would have to credit your customers account, net,
for the purchase of shipping documents. Attached you will find a Liquidation format that might
help you to do the calculation. Deduct $200 from the value of documents as prevision for
future Correspondent Bank expenses.
Besides from interest expenses at a Libor of 30 days of 2.4% plus a spread of 4.83%, add an
administration commission of US$60.- and use as purchase date 16.11.14

US$ 11,865.00
24301177
Number Documents
(*) Name of
Currency
Invoice Nr. CO29513
Beneficiary GF SAC
Nominal L + 4.83% Effective
Issuing Bank / Avalizing CITIBANK N.A. Location
Bank / Negotiating Bank New York, U.S.
Applicant / Drawee Kangadis Foods Inc.
Balsamic
Goods: Vinegar Payment Terms 60 days from B/L
Amount to be discounted: US$11,865.00
Comment: Notified LC. Documents accepted to mature 03.01.15
REJECTION
-------
--------------------Message Header -----------------------------------------------------------------
---------
Sender: CITIHKHKXXX
CITIBANK N.A.
HONG KONG, HK
LIMA, PE
-------------------Message Text ---------------------------------------------------------------------
-----------
20: Transaction Reference Number
981/6814316013
553 24301177
79: Narrative
ATT: EXP BILLS DEPT
PLS BE ADVISED THAT THE CAPTIONED BILLS IS ACCEPTED
TO MATURE ON JANUARY 03, 2015
UPON PAYMENT, WE WILL DEDUCT USD 26 FROM PROCEEDS

BEEING COST OF THIS CABLE
REGARDS
WEI / YEE HONG
CFSL HK (SWIFT CITIHKHKTRD / TLX: 73243 FNCB)
-------------------Message Trailer ------------------------------------------------------------------
----------
LIQUIDATION
N/Ref. L/C N°:
Libor
Period Effective Rate (T.E.P.): Spread Earned 0.00
Commissions
This time, the customer presented:

 Factoring / Forfaiting format for US$ 121,500.00 corresponding to the invoice 002-
000615 sent by the exporter AGRO SAC to his buyer in Italy, Lo Monaco Li Castri and
C. SAS for the sale of bottled asparagus. That Invoice was part of the shipping
documents from the L/C number 25300258

Bank
Besides from interest expenses at a Libor + 3 (use Libor = 4.7), add an administration
commission of US$60.- and use as purchase date 11.05.15

US$ 121,500.00
25300258
Number Documents
(*) Name of
Currency
Beneficiary AGRO SAC
Nominal L + 3% Effective
Issuing Bank / Avalizing Banco Di Sicilia Spa / Negotiating Bank BCP Location
Bank / Negotiating Bank Lima, Peru
Goods: Peruvian Natural Black Olives Payment Terms 60 days
Amount to be discounted: 121,500
Comment: Notified L/C. Swift with commitment to pay on 24.05.15
REJECTION
-------
Priority: Normal
Message Output Reference: 1649 050429 BPERPEPLXXX5530702440
Correspondent Input Reference: 2648 050429 PCPLPEPL5095058551519
--------------------Message Header -----------------------------------------------------------------
---------
Sender: BCPLPEPLXXX
BANCO DE CREDITO DEL PERU
LIMA, PE
Receiver: BPERPEPLXXX
BANCO PERUVIANO
LIMA, PE
-------------------Message Text ---------------------------------------------------------------------
-----------
E249152
553 25300258
79: Narrative
ATT DPTO DE EXPORTACIONES
DOCUMENTOS POR US$121,500.-
LES INFORMAMOS QUE AL RESPECTIVO VENCIMIENTO
24/05/2015 LES PAGAREMOS DE ACUERDO A SUS
INSTRUCCIONES
SALUDOS
-------------------Message Trailer ------------------------------------------------------------------
----------
LIQUIDATION
N/Ref. L/C N°:
Libor
Commissions
A local Bank receives a request to purchase documents from 2 shipments against an export
done through a Letter of Credit.
On the occasion, the customer presented:

 Factoring / Forfaiting format for US$ 88,405.00 corresponding to the invoices 116-
3622 and 116-3621 sent by the exporter PESQUERA GRANDE SAC to his buyer in
Great Britain GLENRYCK FOODS for the sale of canned Peruvian Anchovies. That
Invoice was part of the shipping documents from the L/C number 25300847
Additionally you receive the following documents:

Bank
Besides from interest expenses at a Libor+2.5 (LIBOR60=3.8), add an administration
commission of US$60.- and use as purchase date 29.08.15

US$ 88,405.00
25300847
Number Documents
(*) Name of
Currency
116-3622
$41,515
116-3621 Beneficiary Pesquera Grande SAC
Invoice Nr. $46,890
Nominal Effective 5.80%
Issuing Bank / Avalizing Nedbank Ltd Location
Bank / Negotiating Bank London, UK
Applicant / Drawee Glenryck Foods Ltd
Goods: Tuna Chunks in Brine Payment Terms 90 days from B/L
Amount to be discounted:
Comment: Notified LC. Swift commitment to pay 12.10.15
REJECTION
-------
Priority: Normal
Message Output Reference: 0805 050826 BPERPEPLXXX5743724400
Correspondent Input Reference: 2648 050826 SNEDSGB2LAXXX6265117609
--------------------Message Header -----------------------------------------------------------------
---------
Sender: NEDSGB2LXXX
NEDBANK LTD
LONDON, GB
Receiver: BPERPEPLXXX
BANCO PERUVIANO
LIMA, PE
-------------------Message Text ---------------------------------------------------------------------
-----------
EMB06799238
553 25300847
79: Narrative
ATT DPTO DE EXPORTACIONES
WE CONFIRM ACCEPTANCE AND DUE DATE 12/10/2005
REGARDS
-------------------Message Trailer ------------------------------------------------------------------
----------
LIQUIDATION
N/Ref. L/C N°:
Libor
Commissions
CASO: FACTORING INTERNACIONAL
Un Banco Local recibe una solicitud de comprar Facturas al Descuento bajo la modalidad de
Factoring Internacional contra una exportación en Cobranza Documentaria.
Para la solución del caso se sabe que el cliente presentó Planilla de Factoring por US$ 88,405.-
correspondiente a las Facturas 116-3622 y 116-3621 que envía el cliente PESQUERA GRANDE
SAC a su comprador en Gran Bretaña: GLENRYCK FOODS. Dichas facturas formaron parte de
dos juegos Documentarios enviados en Cobranza Documentaria con número de registro N°
25300847 por los importes $41,515 y $46,890 y cuyo vencimiento fue el 12.10.05.
Prepare la liquidación correspondiente al caso hallando los gastos totales pagados por el
exportador, así como la TCEA por la operación. Deduzca $500 del Valor de Documentos como
previsión para futuros gastos de corresponsal.
Además de los intereses que son Libor+2.5 (LIBOR60=3.8) considere una Comisión de
Negociación de 0.35% Flat. Adicionalmente, se sabe que el Exportador asumirá los gastos que
cobra el banco corresponsal por asumir el riesgo importador, equivalente a un aval e igual al
0.5% flat.
Use como fecha de Descuento de los documentos el 29.08.05
CASO: FACTORING INTERNACIONAL (2)

La Empresa Platanitos Orgánicos SAC consiguió un comprador en Holanda que le ofrece
comprarle importantes volúmenes durante toda la campaña.
Esto ha representado una gran noticia para el exportador sin embargo, a pesar de haber
acordado buenos precios y buenos volúmenes, está preocupado porque el comprador ofrece
pagarle en plazos de 30 días a ser contados desde la fecha de cada embarque. La razón de su
preocupación se debe básicamente a que aunque su empresa está saludable desde el punto
de vista financiero, no cuenta con la liquidez necesaria para poder otorgar créditos al
comprador.
Se sabe que el pedido del holandés es de un contenedor por mes a ser despachado los días 15
de los meses de Enero, Febrero y Marzo del 2012. El valor total por contenedor es de €27,500.
(€/$ = 1.1111)
Aunque la venta de la exportación se realizará en Open Account, este no es un motivo de

preocupación para el comprador ya que se ha tomado el tiempo de revisar un Informe
Comercial y Financiero que preparó la empresa Dun & Bradstreet en donde se puede apreciar
que la empresa compradora es buena y que goza de una buena reputación por sus pagos
puntuales.
Sabiendo que Ud. es una persona conocedora, la empresa lo busca y le pide consejo respecto
a recurrir a la banca en busca de un financiamiento de ventas vía factoraje o la alternativa de
aceptar la propuesta del comprador de obtener de parte de él un pronto pago siempre y cuando
Platanitos le dé un descuento del 5%.
Prepare la liquidación para ambas alternativas del caso considerando la siguiente información:
Tasa de Descuento: Libor + 2.5%
A continuación se le ofrece la hoja de REUTERS correspondiente a la fecha de la liquidación:
El banco compraría solo el 95% del valor de los documentos y cobraría una comisión de
Negociación de 0.35% Flat. Adicionalmente, se sabe que el Exportador asumirá los gastos que
cobra el banco corresponsal por asumir el riesgo importador, equivalente a un aval e igual al
0.5% flat.

Factoring & Forfaiting Case: Purchase of Shipping Documents

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Factoring & Forfaiting Case: Purchase of Shipping Documents

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FACULTY OF BUSINESS AND ECONOMICS

INTERNATIONAL TRADE FINANCE II

International Factoring & Forfaiting

Additionally, you receive the following documents:

YOUR REF NR INVOICE NR. AMOUNT IN EUROS MATURITY

Purchase date, Value Date / Disbursement:

Additionally, you receive the following documents:

FACTORING / FORFAITING FORMAT

Purchase date, Value Date / Disbursement:

For this transaction, the customer presented:

Additionally, you receive the following documents:

FACTORING / FORFAITING FORMAT

This time, the customer presented:

Additionally, you receive the following documents:

FACTORING / FORFAITING FORMAT

UPON PAYMENT, WE WILL DEDUCT USD 26 FROM PROCEEDS

This time, the customer presented:

Additionally, you receive the following documents:

FACTORING / FORFAITING FORMAT

On the occasion, the customer presented:

Additionally you receive the following documents:

FACTORING / FORFAITING FORMAT

CASO: FACTORING INTERNACIONAL (2)

Aunque la venta de la exportación se realizará en Open Account, este no es un motivo de

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