Why Execution Certainty Matters More Than Low-cost Capital 1 In theory, cheaper capital boosts margins. In practice, failed execution destroys them. 2 Global trade breaks down not because funding is expensive—but because deliveries slip, milestones fail, or counterparties underperform. 3 Loans optimise leverage; trade finance optimises execution. 4 Letters of Credit (LCs) ensure payment only against compliant delivery—aligning capital release with performance. 5 Standby Letters of Credit (SBLCs)