TXF in depth

UK-EU TCA: The Brexit divorce papers continued
UK-EU TCA: The Brexit divorce papers continued
Max Thompson
10 February 2021

The signing of the EU-UK Trade and Cooperation Agreement (TCA) marks the first major deal for the UK with a regional trade bloc since its withdrawal from the European Union. But both UK and EU exporters need to brush up on their new obligations under the latest Brexit divorce documents.

Commodities supercycle or surge?
Commodities supercycle or surge?
Aife Howse
8 February 2021

Commodity prices reaching bullish levels as the world prepares to move out of the Covid crisis and into a green industrial revolution has sparked some excitement around the possibility of the next supercycle. But with bank funding growing increasingly sparse, there is a mismatch between demand and supply of capital - a sure problem for traders if the supercycle is here to stay.

Hydrogen: A matter of scale
Hydrogen: A matter of scale
Thomas Hopkins
4 February 2021

Green hydrogen projects are on the increase – but they are also in the earliest stages of development and consequently banks are still treating the sector with caution. Will this emergent sector come into its own in the next decade? And what will it take to change lender angst to appetite?

TXF Originals

Kernel extends $300m PXF
26 February 2021

Ukrainian sunflower seed and oil exporter Kernel has secured an extension on its $300 million PXF, which now has tranches maturing in August 2022 and ...

DRUM Advisory launches to fill market gap
18 February 2021

Commodity and trade collateral management specialist Drum Risk is launching DRUM Advisory to fill the gap in the market for specialised borrowing base...

Mercuria branches out into US PP market
17 February 2021

Swiss-based trading house Mercuria is diversifying its funding mix by launching a US private placement, which will be split into three tranches of fiv...

Egypt's $1.9bn Assiut oil refinery debt signing nears
15 February 2021

Assiut National Oil Processing Company (ANOPC), a project vehicle established in 2018 by state-owned Egyptian General Petroleum Corp's subsidiary ...

PGS restructures $300m ECA-backed loan
11 February 2021

Norwegian marine services provider Petroleum Geo-Services (PGS) has undergone a restructuring of its $305 million ECA-backed facility from 2014. The t...

TXF Data

Commodity Trade Finance Lender 2020

Bank USDm No %
1 ING Bank 5882m 65 6.1%
2 Société Générale 5516m 52 5.7%
3 JP Morgan 5019m 14 5.2%
4 BNP Paribas 4871m 41 5%
5 Sumitomo Mitsui Banking Corporation (SMBC) 4152m 27 4.3%
6 MUFG Bank 4003m 34 4.1%
7 Crédit Agricole CIB 3703m 32 3.8%
8 Natixis 3456m 42 3.6%
9 Mizuho 3205m 25 3.3%
10 UniCredit 3008m 27 3.1%

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