The onset of the global pandemic in March 2020 necessitated immediate and sometimes drastic changes in how banks and other parties engaged in standby letter of credit business. Some of these abrupt alterations in practice norms were explained in a survey conducted by DCW in the early days of the virus. As time went on, certain adjustments proved fleeting and temporary while others caused the industry to reassess pre-pandemic practice habits. Presented here are observed trends that have captured the attention of some experienced standby LC specialists, as well as a few recommendations.
Trend A:
As a result of, or accelerated by the pandemic, we have increasingly seen:
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