TXF in depth

Solar revenue puts: De-risking to depress DSCRs
Solar revenue puts: De-risking to depress DSCRs
Tom Nelthorpe
9 February 2018

Coronal Energy’s hedge on a 30MW PV portfolio was not a textbook use of kWh Analytics’ new solar revenue put. But it might be having the desired effect on banks’ term sheets.

It's a wrap: InfraCredit debuts with Viathan bond
It's a wrap: InfraCredit debuts with Viathan bond
Tom Nelthorpe
7 February 2018

Donor-backed bond insurer InfraCredit has wrapped its first issue – a N10 billion local currency bond for a Nigerian captive power developer. What are the long-term project bond prospects for emerging markets monolines?

Russian PXFs: Flight to paper?
Russian PXFs: Flight to paper?
Callum Burroughs
6 February 2018

Russian corporates are continuing a re-evaluation of their funding mix following a spate of post-sanctions unsecured loan firsts in 2017. A number of commodities-linked borrowers are repricing existing structured trade facilities, but the unsecured trend is now spreading to the bond market.

TXF in brief

Levvel wins Afsluitdijk dam
23 February 2018

Rijkswaterstaat has appointed the Levvel consortium – comprising BAM PPP, PGGM, Van Oord, Aberdeen Infrastructure Partners and Rebel Group &ndas...

Almaty Ring Road PPP nearer to realisation
22 February 2018

The heavily DFI-backed Almaty Ring Road (BAKAD) PPP project in Kazakhstan has reached commercial close – 16 years since first being approved by ...

Cross River Rail PPP bidders shortlisted
22 February 2018

With three bidding groups shortlisted by the Cross River Rail Authority (CRRA) for the PPP portion of the A$5.4 billion ($4.23 billion) Cross River Ra...

Ziraat out to banks with refi
22 February 2018

Ziraat Bank has launched a $1 billion on-lending facility to the bank market via coordinators Standard Chartered and Emirates NBD. The new facility...

More details on A10/A24 motorway PPP
21 February 2018

Sponsors of the €650 million ($810 million) A10/A24 Neuruppin-Pankow A-Model motorway PPP –  BAM (70%) and Habau (30%) – reached...

TXF Data

Export & Agency Finance MLA Full year 2017

Bank USDm No %
1 BNP Paribas 5375m 35 9.5%
2 HSBC 4955m 41 8.7%
3 Santander Bank 4898m 23 8.6%
4 Sumitomo Mitsui Banking Corporation (SMBC) 3871m 27 6.8%
5 Société Générale 3464m 21 6.1%
6 Credit Agricole Corporate and Investment Bank 2975m 18 5.2%
7 KfW IPEX-Bank 2311m 16 4.1%
8 Deutsche Bank 2164m 15 3.8%
9 Standard Chartered 1971m 18 3.5%
10 Citi 1915m 11 3.4%

Commodity Trade Finance MLA Full year 2017

Bank USDm No %
1 Natixis 11170m 53 10.6%
2 Société Générale 8033m 45 7.6%
3 ING Bank 7386m 76 7%
4 Deutsche Bank 4510m 24 4.3%
5 UniCredit 4334m 34 4.1%
6 Rabobank 3989m 43 3.8%
7 BNP Paribas 3783m 36 3.6%
8 ABN AMRO 3608m 41 3.4%
9 Mitsubishi UFJ Financial Group (MUFG) 3479m 30 3.3%
10 Mizuho 3071m 25 2.9%

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