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To get a letter of credit confirmed, ask a bank with appetite for the issuing bank and its country to add its own undertaking. If that bank refuses, approach another confirming bank, request silent confirmation, or have the risk shared through risk participation or credit insurance.
Confirmation is what turns an LC from an unknown foreign bank into a promise you can rely on at home. A refusal is common and rarely the end of the deal, provided you know why it happened.
Under UCP 600, a confirming bank takes on its own undertaking to honour or negotiate a complying presentation, in addition to the issuing bank's. You then carry the risk of a bank you know rather than one you do not. You need it when the issuing bank is small, unrated or unknown to you, when the issuing country has transfer or political risk, or when the amount is too large to leave unsecured. Our guide to confirmed versus unconfirmed LCs covers the trade-offs.
Why was your confirmation refused?
Banks usually price confirmation as a percentage of the LC amount per period, set by the issuing bank's credit and the country risk. A strong issuer in a stable market costs little, while a weak issuer in a high-risk market can cost several times more, if a bank will price it at all. See confirmed LC pricing and timelines by issuing country. Who pays depends on the LC's charges clause and the sales contract. Confirmation charges usually fall on the beneficiary, so agree them in the contract before the LC is opened.
Send the LC, issuing bank, amount, tenor and the refusal reason. Financely is an advisor and arranger, not a bank, and we will place the confirmation with banks that have appetite for the issuer and country. See also our documentary letter of credit services.
Ask the issuing bank to add a confirmation instruction (field 49 in the MT700), then request confirmation from a bank with appetite for the issuing bank and country. Send the LC, the sales contract and KYC on all parties so the bank can price and approve it.
It depends on the LC's charges clause and the sales contract. Confirmation is usually charged to the beneficiary unless the parties agree that the applicant pays.
A confirmation agreed only between the exporter and a bank, without the issuing bank's request or authorisation. It is outside UCP 600's confirmation rules, so the bank's position rests on its agreement with the exporter and usually an assignment of LC proceeds.
Ask other banks with limits on the issuing bank, request silent confirmation, ask the bank to use risk participation, or insure the risk and present the insured receivable.
No. Financely is an advisor and arranger, not a bank. We prepare confirmation requests and place them with banks that have appetite for the issuing bank and country.
This article is for general information only and does not constitute legal, tax or investment advice. Financely is an advisory and arranging firm, not a bank, lender or broker-dealer. Any financing is subject to the financing counterparty's underwriting, due diligence, credit approval and documentation.
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