TXF in depth

A ballsy solution: Metinvest's borrowing bounceback
A ballsy solution: Metinvest's borrowing bounceback
Callum Burroughs
30 May 2018

Despite finalising a lengthy debt restructuring in 2017, vertically integrated metals producer Metinvest returned to the debt markets in April to close the largest refinancing by a Ukrainian corporate to date. Not only has the borrower managed to extend its debt maturities, the combined bond and PXF refinancing has significantly lowered the overall cost of debt.

 Trade risk: Venezuela has a future – but what?
Trade risk: Venezuela has a future – but what?
David H. Anderson
24 May 2018

In the wake of the illegitimate 20 May presidential elections, Venezuela is at an inflection point. The country faces an acute political and economic crisis, and the Maduro government’s long-term viability is low. For trade and export financiers, it is important to consider what comes next in Venezuela, and what signals will determine the country’s path.

Top takeaways from TXF Natural Resources & Commodity Finance 2018
Top takeaways from TXF Natural Resources & Commodity Finance 2018
Jonathan Bell
22 May 2018

From patterns in consolidation, competition and coal to local liquidity, legal issues and leveraging the power of sustainability, there were a number of content takeaways from two days of dynamic debate and discussion at TXF Amsterdam 2018.

TXF in brief

Cocobod closes senior phase of syndication
20 June 2018

Ghana Cocoa Board (Cocobod) has closed senior syndication of its annual pre-export receivables backed trade finance facility and will now go...

Sucden signs another extension to its RCF
7 June 2018

Independent soft commodities trader Sucres et Denrees (Sucden) has signed another one-year extension to its 2016 $400 million revolving credit fa...

Lundin Petroleum improves RBL terms
5 June 2018

Lundin Petroleum has improved flexibility and renegotiated the margin on its existing $5 billion reserve base lending facility (RBL) from 315bp t...

More details emerge for Dongying pre-payment
5 June 2018

Co-borrowers Dongying Fangyuan Nonferrous Metals Co. and Dongying Lufang Metals Material Co signed a $300 million one-year pre-payment facility i...

Loh joins ING Asian export finance team and Koning takes on new commodities role
1 June 2018

Maarten Koning, managing director and global head of Structured Metals & Energy Finance at ING Bank, is changing roles to become lead head of Stru...

TXF Data

Commodity Trade Finance MLA Full year 2017

Bank USDm No %
1 Natixis 11056m 52 10.3%
2 Société Générale 8209m 46 7.7%
3 ING Bank 7272m 75 6.8%
4 Deutsche Bank 4510m 24 4.2%
5 UniCredit 4334m 34 4%
6 Rabobank 3989m 43 3.7%
7 BNP Paribas 3669m 35 3.4%
8 MUFG Bank 3656m 31 3.4%
9 ABN AMRO 3608m 41 3.4%
10 Mizuho 3248m 26 3%

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