TXF in depth

US drives through to reach trade and investment positives
US drives through to reach trade and investment positives
Jonathan Bell
10 October 2018

With the new trade agreement between the US and Canada, a revised NAFTA, and the passing of the BUILD Act in the US, Jonathan Bell asks if we are finally beginning to see some positives on trade from the politicians?

Breathing new life into insuring trade with Toredo
Breathing new life into insuring trade with Toredo
Katharine Morton
8 October 2018

When it takes the same amount of time to underwrite the risks of a power station as a letter of credit, something had to give. Chris Hall, Senior Underwriter, Liberty Specialty Markets discusses Toredo, a web-based platform which moves trade credit insurance underwriting into the digital era

M25 refinancing: A choice decision?
M25 refinancing: A choice decision?
Max Thompson
5 October 2018

The M25 motorway refinancing earlier this year was the UK’s largest since the Intercity Express deal in 2015. However, was the public bond market the right route given the deal priced higher than hoped for earlier in the year when a sub-100bp level looked more likely?

TXF in brief

Entergy refinances RCF and ups tenor
16 October 2018

US integrated energy company Entergy has extended the maturity of its $4.15 billion revolving credit facility by one year – resetting with ...

Azerbaijan's Southern Gas Corridor to secure final $2bn of funding by end of year
16 October 2018

Azerbaijan's Southern Gas Corridor CJSC – rated Ba2 by Moody’s and 51% owned by the Ministry of Economy of Azerbaijan Republic with SO...

Salalah IWP reaches financial close
15 October 2018

On 18 September the $134 million Salalah independent water project (IWP) in Oman reached full financial close. Sponsored by ACWA Power (50%), Veoli...

Gunvor closes its first sustainability-linked RCF
15 October 2018

Gunvor has closed a $745 million one-year secured borrowing base facility that includes margins linked to meeting sustainability targets. Al...

Omar Al-Ali joins commodity finance team at Reed Smith
15 October 2018

Omar Al-Ali has been hired as a partner at Reed Smith and will join its Energy and Natural Resources Group in London. Al-Ali, who specialise...

TXF Data

Export & Agency Finance MLA Full year 2017

Bank USDm No %
1 BNP Paribas 5360m 34 9.2%
2 HSBC 5004m 40 8.6%
3 Santander 4916m 22 8.5%
4 Sumitomo Mitsui Banking Corporation (SMBC) 3920m 26 6.7%
5 Société Générale 3513m 21 6%
6 Credit Agricole CIB 3313m 21 5.7%
7 KfW IPEX-Bank 2630m 18 4.5%
8 Deutsche Bank 2164m 15 3.7%
9 Standard Chartered 2009m 18 3.5%
10 Citi 1973m 11 3.4%

Commodity Trade Finance MLA Full year 2017

Bank USDm No %
1 Natixis 11056m 52 10.3%
2 Société Générale 8209m 46 7.7%
3 ING Bank 7272m 75 6.8%
4 Deutsche Bank 4510m 24 4.2%
5 UniCredit 4334m 34 4%
6 Rabobank 3989m 43 3.7%
7 BNP Paribas 3669m 35 3.4%
8 MUFG Bank 3656m 31 3.4%
9 ABN AMRO 3608m 41 3.4%
10 Mizuho 3248m 26 3%

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