TXF in depth

Smile Telecoms: ECA-DFI lenders face wipeout as liquidation looms
Smile Telecoms: ECA-DFI lenders face wipeout as liquidation looms
Max Thompson
23 March 2021

South Africa’s Public Investment Corporation is threatening to derail Smile Telecoms restructuring plan, potentially pushing the ailing pan-African telecom company into immediate liquidation and wiping out ECA and DFI lenders.

Time for more transparency in trade finance
Time for more transparency in trade finance
Dan Sheriff
17 March 2021

The Greensill bankruptcy is raising a host of questions about transparency and the role of the trade and supply chain finance industry, regulators, asset managers and investors over the financial engineering employed by Greensill in the trade fund market. But the root issue is what is the purpose of trade finance and how can that purpose be delivered in a simple, transparent form?

Greensill: SCF and insurance industry fallout
Greensill: SCF and insurance industry fallout
Katharine Morton
11 March 2021

How can - or should - the SCF industry distance itself from the fast evolving situation at Greensill Capital? Is more transparency needed? For sure. How should the credit insurance industry respond? What is the fallout? TXF discusses eggs in baskets and babies with bathwater and waking up and smelling coffee with senior industry players.

TXF Originals

Viterra out to banks for European RCF
12 April 2021

Viterra (previously known as Glencore Agri) is out to banks for its one-year annual European RCF, with financial close due in mid-May. Proceeds will b...

Adani's Rajasthan renewables hybrid debt out to syndication
8 April 2021

Adani Green Energy’s certified green project debt package, designed to initially fund its under-construction 1.69GW hybrid renewables portfolio ...

Finerge closes EDPR acquisition portfolio refinancing
8 April 2021

Finerge has closed on the refinancing of a 242MW onshore wind portfolio in Spain; assets it acquired for €450 million from EDPR in December 2020....

Danish Agro taps Schuldschein market with €125m issue
6 April 2021

Cooperative farming supply company Danish Agro has issued a €125 million ($148 million) Schuldschein placement, split into three, five and seven-...

Fabbrizzi named Americas renewables and infra head at DNB
6 April 2021

Emilio Fabbrizzi has been promoted to head of Americas renewables and infrastructure at DNB Bank. Fabbrizzi was officially elevated from his role as h...

TXF Data

Export & Agency Finance Lender 2020

Bank USDm No %
1 Sumitomo Mitsui Banking Corporation (SMBC) 4911m 31 6.6%
2 BNP Paribas 4261m 26 5.7%
3 Société Générale 4196m 27 5.6%
4 Mizuho 3897m 21 5.2%
5 Santander 3219m 29 4.3%
6 MUFG Bank 3183m 25 4.3%
7 KfW IPEX-Bank 3037m 17 4.1%
8 Industrial and Commercial Bank of China (ICBC) 3019m 10 4.1%
9 JP Morgan 2857m 16 3.8%
10 Standard Chartered 2595m 22 3.5%

Commodity Trade Finance Lender 2020

Bank USDm No %
1 ING Bank 6484m 72 5.6%
2 Société Générale 6018m 57 5.2%
3 BNP Paribas 5299m 44 4.6%
4 JP Morgan 5045m 15 4.4%
5 Sumitomo Mitsui Banking Corporation (SMBC) 4490m 29 3.9%
6 MUFG Bank 4456m 37 3.9%
7 Crédit Agricole CIB 4266m 37 3.7%
8 Mizuho 3745m 29 3.2%
9 Natixis 3579m 45 3.1%
10 Rabobank 3487m 47 3%

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