TXF in depth

Ichthys LNG: More of a reprice than refi
Ichthys LNG: More of a reprice than refi
Max Thompson
18 June 2020

One of the world’s largest LNG projects - Ichthys LNG - has just refinanced the original 2012 ECA-backed project debt stapled to the scheme. But for a repricing exercise in the Covid-19 epoch, the margin savings on the ECA portion were better than expected.

Commodity traders feel pricing pinch
Commodity traders feel pricing pinch
Max Thompson
17 June 2020

Trading houses fundraising activities in the Covid-19 epoch have been few and far between, as record-low oil prices and an increase in the cost of trade debt impact the number of commodity finance transactions globally.

ECAs work to “fast track” airline restructuring requests
ECAs work to “fast track” airline restructuring requests
Dickon Harris
15 June 2020

European ECAs have engineered a standard approach to help “fast track” airline loan restructuring requests amid a turbulent time for the aviation industry. But the news comes with an uptick in the cost of ECA debt for airline carriers and lessors.

TXF Originals

Moody's upgrades PG&E suppliers
10 July 2020

The emergence of PG&E from bankruptcy has ended the uncertainty over whether it would honour PPAs signed with a range of power suppliers. Moody&rs...

Verizon adds to ECA-backed tally
10 July 2020

Verizon Communications has closed on two ECA-backed deals for telecoms equipment totalling $2 billion. The deals are Verizon’s fourth and fifth ...

Cocobod's annual revolver faces uptick in margin
9 July 2020

Ghana Cocoa Board (Cocobod) is in the market to refinance its annual revolving credit facility. The one-year $1.3 billion loan, which closed last Sept...

Eurofiber refinancing closed
9 July 2020

Netherlands-based fibre network developer Eurofiber – which is owned by Antin Infrastructure Partners – has closed on a €848 million ...

Windpark Pannonia Gols repowering loan signed
9 July 2020

Sponsors of Windpark Pannonia Gols – 4P Envest GmbH (58%) and private investors (42%) – have closed on €113.6 million of debt to fina...

TXF Data

Export & Agency Finance Lender H1 2020

Bank USDm No %
1 Intesa Sanpaolo 7322m 3 17.2%
2 Sumitomo Mitsui Banking Corporation (SMBC) 4437m 8 10.4%
3 BNP Paribas 2023m 11 4.8%
4 Industrial and Commercial Bank of China (ICBC) 1621m 2 3.8%
5 KfW IPEX-Bank 1507m 8 3.5%
6 China Construction Bank Corporation 1438m 2 3.4%
7 Bank of China 1349m 2 3.2%
8 Société Générale 1275m 7 3%
9 Deutsche Bank 1252m 5 2.9%
10 Mizuho 1246m 6 2.9%

Commodity Trade Finance Lender H1 2020

Bank USDm No %
1 TD Securities 6504m 1 11.5%
2 Société Générale 3493m 17 6.2%
3 BNP Paribas 2831m 16 5%
4 ING Bank 2633m 22 4.7%
5 MUFG Bank 2630m 15 4.7%
6 Sumitomo Mitsui Banking Corporation (SMBC) 2510m 12 4.4%
7 Credit Agricole CIB 2287m 13 4.1%
8 Mizuho 2091m 10 3.7%
9 Citi 1984m 9 3.5%
10 HSBC 1769m 11 3.1%

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