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RFQ Description

I need information about a BG F/C, the client wants:DESCRIPTIONOF INSTRUMENTInstrument: BANKGUARANTEE, Cash-BackedTerm: 1 YEAR AND 1 DAY Issuing Banks: HSBC or BarclaysAge: Fresh CutCurrency: European Union Currency (EURO)ContractAmount: EURO 500Mto 50 BILLION (š¬50,000,000,000.00)Invoice Price: 50% OFFACE VALUE Coupon Rate: ZERO COUPONSCommission: Two Percent (2%)of Face ValueFirst Tranche: FiveHundred Million EurosSubsequent Tranches: To be mutually agreeduponSettlement: Paymentby Screen Block Payment (SBP)Delivery: Hardcopy to be deliveredviaBank-bondedcourier within seven (7) banking days TRANSACTIONPROCEDURES:1. Buyer sends letter of intent (LOI)to the Seller. The LOI should contain copies of l buyer„s passport, Company„sresolution and Client„s Information Sheet (CIS). 2.Within (2) international banking days Seller countersigns LOI and returns tobuyer with Details of Issuing bank, passport copy ETC. This LOI automaticallybecomes a full commercial recourse contract. Both parties shall lodge theexecuted contract with their respective banks. At the same time, Seller willissue an invoice to buyer„s bank including the Title page, BrusselsEuroclear Access & Blocking Codes and Bond Power for the first tranche. 3.Buyer within (8) international banking hours instruct his bank to screen, blockand pay by FED Wire/MT103.4. Within (7) banking days afterreceiving Payment and broker„s fees, Hard copy will be sent to buyer„s bank bybank-bonded courier.5. Any unauthorized calls by any partyor its representative lawyers to probes or communication in an improper way tobank(s) in this transaction shall be prohibited and contract terminated6. This Letter of Intent is a fullrecourse commercial commitment governed by the Law of the jurisdiction thatboth parties reside and standards under ICC Regulation