(From the Mandate:) As you are aware, I’m direct to the Provider for new issue SBLC’s & BG’s. I’m actually the one who works directly with the buyer and prepares the paperwork for them accordingly. If this is something a client is interested in, please have him contact me at my number below to further explore matters. My number also works on What’s App, Telegram Messenger, Signal, Wire. (Contact to mandate will be sent based upon request from the signatory or his direct agent.)

From the Mandate’s Principal: 

You know the Principal’s procedure well, after many bad experiences with Asian banks (which only use a Pre-advice to activate the credit line and then did not issue 799-BPU (no one can force them) because they have already achieved their goal), Principal will not issue a pre-advice (because it has no restrictive effect on the beneficiary), instead we suggest issuing MT 760 after a small prepayment of 0.5% of the first tranche from a general invoice, remain amount must be paid within 5 days after delivery and verification.

For the transaction the Principal is responsible (contract concluded with the Provider, RWA and invoice), so the beneficiary is safe to make a partial payment because the acting Principal cannot afford any problems because the consequences will be dire for a company that is recognizable on the London Stock Exchange under FTSE- 100.

But in fact, we should worry whether the beneficiary will pay for the received instrument according to the procedure.

The above procedure guarantees the acceptance of the transaction by the Provider, while the proposed procedure below gives a 50% guarantee of the procedure because the Provider will make a decision after the compliance result, which means that after the received complete submissions file, the Principal will make a decision whether to join this transaction.

A fully completed and signed Bank letter by two senior bank officers is absolutely 100% mandatory.

In my experience, if the client is realistic, he should choose the Partial payment procedure or use another bank (but not Asian), the instrument is transferable, so after purchasing SBLC, the Beneficiary can send it to himself wherever he wants.

From the Mandate:

David, I’m going to add one more thing you’re probably unaware of, and that is there are no instruments around to be found. As a matter of fact, ALL Major Trades have been suspended because of it. The Traders are not even answering their client’s calls because of it. The traders have not been allowed into the bank and the banks quite frankly such as HSBC London have just reopened last Monday allowing some of their bankers to return for doing some of their operations. Trading, I have been told right now as it stands has been pushed back into March. So I need for everyone to think for a moment here. We have such a significant allocation of this paper. What I find to be the case is everyone thinks they know how the transaction should be done, meanwhile they haven’t a clue. It never penetrates through their brain this is NOT a Financial Institution to Financial Institution Transaction, “THIS IS A COMMERCIAL TRANSACTION!” What this means in layman’s terms is the allotment of paper has already been purchased and we are reselling. The, “Issuing Bank” and the, “Acting Principal”, are acting merely as facilitators to the transaction nothing more, and the funder will NOT TOLERATE anyone trying to change their rules. Most who ask for what is being requested is because they have no money and are trying to ignite their credit line. They may not say this to you, but rest assured this is the case. The problem here is exactly what my friend in the funding group said, that allowance for this lets the banker and the beneficiary play games and games cost money, a lot of money and this will not be accepted.

I will make one suggestion for any buyer trying to purchase an instrument, if they are not in the position to tell their bank what to do or if they are unaccepting of our BPU procedure, we offer the Euroclear process, which is a very safe procedure (safer for us too). It will cost them an additional 2%, but why should he or they care if holding paper until maturity (which is 1 year 1 day), as it is a safe procedure for all. I would gather any buyer should be familiar with the process, otherwise they can contact Euroclear and apply for a Euroclear account if they don’t already have one.

David, rest assured transactions are going on as I write this to you, but it is with my funding group.

I’m direct to Providers of new issue SBLC’s and BG’s, from some of the banks you have mentioned. Our transactions are not Financial Institution to Financial Institution, they are Commercial Transactions as our Provider has bought out the majority of allocation from Major European banks like HSBC London and reselling them discounted. I’m not sure if you’re aware, Traders are not allowed to come into the London banks such as HSBC London because of the Covid and the lockdown. Reason why I know is because I directly represent a Fed Foundation, which has been hung up on obtaining paper for the Fed cannot approve for their projects because they can’t get their hands on it. Fortunately, I represent a solution as our paper is already accounted for in allocation, so I’m in the process of assisting them. Most of the bankers work by remote. Three Mondays ago was the first time that HSBC London allowed some bankers to come in to perform some limited operations.


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