1.
EM CREDIT RISK APAC
● The FT has a political bias against PAP-Singapore.
● Although Mr. Gunvor's boss is entitled to his opinions on Singapore; he is not
objective.
● In that context we see Törnqvist's harsh comments on Singapore as an
admission of his defeat:
● Trader lost the trust of the authorities and the transactional financing from ​BNP
Paribas and the many other institutions who in the silence severed their ties
with Gunvor Group.
● Contextually, Boss is frustrated to see Novatek ( his ex-partner Timchenko​)
trading business taking off and getting attention in Switzerland.
● At this point we would just be very cautious with any comments & numbers
emerging from Gunvor Group.
● There is always a catch 22 with a ​Gunvor’s model​ ​who relies on cheap bank
funding while pointing​ the finger at just that in the FT.
● The ​constructive ambiguity​ built around the group finance/Singapore traders
competition serves as a diversion.