The Standard Trade Terms that govern the Trade and Guarantee solutions we make available to our customers have recently been updated for clarity:
- Solutions previously known as “Packing Credits” and “Manufacturing Advances” are now referred to as “Trade Finance Loans”
- The clause regarding how HSBC calculates payments based on referenced benchmark rates has moved from the country conditions to the main terms at clause 16.11.
- Minor changes have been made to terminology to ensure it reflects current practice and/or is consistent throughout.
You do not need to take any action in respect of these changes which take effect from 1st October 2020. Any existing applications are unaffected by this update and will be processed in the normal way.