Global Transaction Banking (GTB) has won its first mandate from Japan’s leading engineering company, Mitsubishi Heavy Industries (MHI), after months of intensive pitching.

MHI is a leading manufacturer in the energy, environment and aerospace sectors and one of the world’s top wind turbine providers. As one of the core companies of Mitsubishi Group, MHI generates USD 33bn sales with 70,000 employees.

The deal, awarded to Deutsche Bank for its innovative and customised solution, involves providing MHI with non-recourse discounting of Bills of Exchange in connection with MHI’s sale of 125 wind turbines to Spanish corporation, Iberdrola Renewables Inc.

The transaction worth EUR 358m, involving jurisdictions in Asia and Europe, is a strong testament to the Bank’s leading market capabilities and expertise in complex cross-border transactions. Utilising a simple yet effective negotiable instrument, the Bank’s solution will enable the client to improve its balance sheet as well as enhance its liquidity.

Commenting on the win, Roger Packham, Regional Trade Finance Head, Asia-Pacific, said: “Deutsche Bank’s ability to structure a high volume credit solution for the renewable energy market, in spite of the volatile market conditions, underscores our standing as a leading trade finance bank in the region. The win marks a breakthrough in our relationship with MHI and will pave the way for additional trade finance and FX business for the Bank.”

Yasukazu Aiuchi, Head of GTB, Japan added: “Deutsche Bank’s success in this deal can be largely attributed to the collaborative efforts between the GTB teams in Europe and Asia and Corporate Banking Coverage in Japan. The client was impressed with our ability to provide a simple and straightforward solution to an otherwise complex deal involving multiple jurisdictions.”