Find out about the Bond Support Scheme - how it works, its benefits and how to apply.
Under the Bond Support Scheme we provide partial guarantees to banks in support of UK exports. Where a bank issues a contract bond or indemnifies an overseas bank providing the bond in respect of a UK export contract, we can guarantee up to 80% of the value of the bond.
This means that the bank receives a guarantee from UKEF to cover an agreed percentage of the amount of the bond if the exporter fails to reimburse the bank. The bank can also, for the duration of our guarantee, increase its risk appetite for the exporter.
There is no maximum value for each bond, and no maximum or minimum term for a guarantee.
To be eligible for support under the Bond Support Scheme as an exporter, you must:
be carrying on business in the UK, the Isle of Man or the Channel Islands
have signed, or be intending to sign, a contract for the supply of goods and/or services with a company or other organisation that carries on business outside the UK, the Isle of Man or the Channel Islands
show that at least 20% of the value of your contract represents UK content, defined below1.
How to apply
Exporters should not contact us directly. The scheme can only be accessed through banks that have signed up to participate in the scheme. A full list of UK participating banks is available below.
Support can be accessed for:
a single export contract. You should complete the standalone guarantee application form (PDF, 1.2MB) to receive this support.
multiple export contracts with nominated buyers. You should complete the facility line application form (PDF, 1.41MB) to receive this support.
Once a UKEF guarantee facility has been agreed and a facility letter issued, individual guarantees can be requested by completing the application form for a drawing under a facility line for the Bond Support Scheme (PDF, 1.44MB, 1 page) .
How the Bond Support Scheme works
How the Bond Support Scheme works if a local bank is required to issue bonds
The guaranteed bank is protected against the failure of the exporter to reimburse it under its counter-indemnity if a bond is called and the bank is obliged to pay the beneficiary.
The guaranteed bank pays us a guarantee fee. The guarantee fee is a proportion of the fee which the bank receives from the exporter for issuing (or indemnifying the issue of) the bond in question.
Our export finance managers and underwriting staff work with exporters to help structure transactions and prepare applications that have a good chance of being approved. However, on occasion we are unable to progress applications (for example if a case doesn’t meet our minimum risk standards). On these occasions we will explain our reasons for declining the application to the exporter.
The exporter has the right to appeal such a decision, which will involve a review of the application by UKEF officials not directly involved in the initial decision. The exporter will be informed of the outcome and how it was decided. The appeal outcome will be final.
- Appeal a decision made by UKEF (PDF, 122KB, 1 page)
Find out how we make decisions on applications by reading our Read the Guide for applicants on business processes and factors.
|Australia and New Zealand Banking Group Ltd||Craig Jones, Head of Specialised Finance, Europe & America||020 3229 firstname.lastname@example.org|
|Bank of Ireland||Willie McCoy, Senior Manager, Trade Finance Business Development||028 90 email@example.com|
|Bank of Scotland Plc||Dale Woodman, Product Manager, Trade Product||020 8936 firstname.lastname@example.org|
|Barclays Bank Plc||Mathew Enright, Vice President, Trade and Working Capital||020 7116 email@example.com|
|BNP Paribas||Alexandre de Vathaire||+33 (0) 1 42 98 00 firstname.lastname@example.org|
|Clydesdale Bank Plc||John Brown, Head of Trade Finance||07464 494844||john.brown@CYBG.com|
|Danske Bank Northern Ireland||Ruth Graham, Head of Trade and Export Finance||028 9004 email@example.com|
|Deutsche Bank||John Griffith, Vice President – Trade Finance Sales||020 7545 firstname.lastname@example.org|
|DNB Bank ASA||Alex Collingwood, First Vice President – Trade Finance Sales||020 7621 email@example.com|
|Gulf International Bank (exports to Gulf Cooperation Council States only)||Charbel Khazen, Senior Vice President & London Branch Manager||020 7393 firstname.lastname@example.org|
|HSBC Bank Plc||Kamo Margaryan, Senior Trade Product Manageremail@example.com|
|ICICI Bank||Nishant Kumar, International Financial Institutions Group||020 7375 firstname.lastname@example.org|
|Lloyds Bank Plc||Dale Woodman, Product Manager, Trade Product||020 8936 email@example.com|
|London Forfaiting Company||Ian Lucas, Head of UK Marketing||020 7397 firstname.lastname@example.org|
|National Bank of Abu Dhabi||Steve Barlow, Head of Client Relationships UK||020 7201 email@example.com|
|National Westminster Bank Plc||Chris Duggan, SolutionsLine Team||0800 firstname.lastname@example.org|
|The Royal Bank of Scotland Plc||Chris Duggan, SolutionsLine Team||0800 email@example.com|
|Santander UK Plc||Martin Hodges, Head of Trade||020 7029 firstname.lastname@example.org|
|Societe Generale||Yasmine Djeddai, Director, Export Finance||020 7676 email@example.com|
|Standard Chartered Bank||Amit Garg/ Katharine Steger/Ramsha Cheema/Claudia Lopes/Clint Eastwood||020 7885 8888||ECAProgrammes@sc.com|
|State Bank of India UK||Paul Tromans, Area Branch Manager||01902 firstname.lastname@example.org|
|Ulster Bank||Gavin Murphy, Global Trade Finance||028 9027 email@example.com|
|Yorkshire Bank||John Brown, Head of Trade Finance||07464 494844||john.brown@CYBG.com|
This information is not intended to be a comprehensive description of our Bond Support Scheme and many details which are relevant to particular circumstances may have been omitted. When considering applications from participating banks, UKEF will look at each case on its merits.
This information was last updated in August 2017.
1: UK content is the export or UK supply contract’s value less the cost to you of buying any goods and/or services from suppliers outside the UK, the Isle of Man or the Channel Islands, to be supplied directly to the buyer or otherwise “as is”. Materials and components in goods manufactured or assembled in the UK, the Isle of Man or the Channel Islands, which would be eligible for a certificate of UK origin from a British Chamber of Commerce are treated as UK content.