Kernel signed a tightly priced $390 million PXF last month – a rare example of a Ukrainian corporate taking the structured trade finance route in 2019. And despite the political turmoil developing in Ukraine, the agri trader is out to the international bond/unsecured debt markets for future fundraising plans.

Before his retirement at the end of last month, after nearly 40 years in the commodity finance sector, TXF spoke with Deutsche Bank’s global head of structured commodity trade finance John MacNamara one last time.

For thousands of years, goods and services have been exchanged between different trading partners. But as supply chains have scaled, the $23 trillion world of global trade has only grown in complexity, writes DBS.

ESG-tied debt benefits go beyond a simple PR play for Louis Dreyfus Company, it's now a tightly priced option for the trader, as its latest Asian revolver mimics its debut in the sector earlier this year. However, lenders will up fees incrementally with each drawdown this time round.

Overall volumes of global commodity trade financing fell by almost 30% according to the TXF H1 2019 Commodity Report. Jonathan Bell reviews this drastic drop and assesses whether it is simply a portrait of volatile commodities and market trends or more far-reaching influences impacting global business.