Premium in brief

WestConnex sale officially launched
22 September 2017

The sale of the New South Wales government’s 51% share in the Sydney Motorway Corp, which owns the $16.8 billion WestConnex road project, has officially launched. Proceeds from the sale (expected to raise around $10 billion) will fund the state government’s contribution to WestConnex's third and final phase - a 9.2km tu...

JERA signs Hitachinaka coal-fired loan
22 September 2017

JERA – a joint venture established in 2013 between TEPCO and Chubu Electric – has signed an 18-year facility to fund construction of the J...

IFC signs $1bn credit agreement with insurers
22 September 2017

The IFC has signed a $1 billion credit agreement with insurers Munich Re and Liberty Speciality Markets to back an emerging market lending platform de...

Energean sounding out banks for Karish and Tanin
21 September 2017

Energean is sounding out banks for financing to back its $1.3-$1.5 billion development of the Karish and Tanin offshore gas fields. Recently approved ...

Nam Ngum 2 Power bond refinancing nears launch
21 September 2017

Nam Ngum 2 Power – a joint venture between Ch Karnchang (50%), Ratchaburi Electricity Generating Holding (25%) and EDL-Generation (25%) ­&sh...

In depth

Inside Tajikistan’s baffling Rogun bond issue
TXF Premium
Inside Tajikistan’s baffling Rogun bond issue
Tom Nelthorpe
15 September 2017

Tajikistan has startled bond investors with its debut Eurodollar issue – a deal designed to finance construction of the 3600MW Rogun hydroelectric power project. But the bigger mystery is why it came to market at all.

Reputational risk: A growing issue for commodity traders?
TXF Premium
Reputational risk: A growing issue for commodity traders?
Callum Burroughs
14 September 2017

Concurrent with the imminent launch of a refinancing of Gunvor’s $1.67 billion revolving credit facility (RCF), the borrower is at the centre of a storm of allegations regarding its past conduct in Congo-Brazzaville. While the legal battle is unlikely to deter lenders, reputational risk could begin to impact debt pricing in commodity finance.

Opinion

Song of the day

The Wake
Here Comes Everybody
Listen on TXFunky

TXF Podcast