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Shop talk: Ashurst keeps cool as corporate debt restructuring heats up
Shop talk: Ashurst keeps cool as corporate debt restructuring heats up
Aife Howse
17 March 2020

During a volatile time for global trade and the commodities market amid the coronavirus pandemic, TXF spoke to Jean Woo, partner at Ashurst in Singapore, to discuss how the law firm is staying abreast of the legal requirements facing its corporate clients as many of them look to restructure their debt.

Nornickel refi: More than a pricing play
Nornickel refi: More than a pricing play
Aife Howse
10 March 2020

Nornickel has sealed a $4.15 billion refinancing at time when Russian corporate borrowers and international lenders have found their cost of debt aspirations harmonising, according to sources, with the producer’s upsized and tightened deal a testament to this market sentiment.

Moma: Kenmare turns project debt vanilla
Moma: Kenmare turns project debt vanilla
Aife Howse
23 January 2020

Ireland-based Kenmare Resources returned to the debt markets in December to refinance the remaining debt backing its Moma titanium mine in Mozambique. But this time round, the deal has a new lender line-up, vanilla structure, looser covenants and cheaper pricing, which all reflect the strength of the mine’s cash flows and its expansion capacity.

TXF Originals

Suek sounds out banks
23 July 2020

Suek, the Siberian coal company, is out to market to raise funds for general corporate purposes, according to bankers. The news comes despite the high...

Novolipetsk Steel signs €600m facility
23 July 2020

Russia’s Novolipetsk Steel (NLMK) has tapped a four-year €600 million facility ($693 million). The loan includes an accordion option that a...

Gunvor SA closes on RCF refinancing
22 July 2020

Gunvor SA has signed a $680 million 364-day uncommitted off balance sheet instrument (OBSI) revolving credit on behalf of some of its subsidiaries. In...

Traxys secures $1.287 billion multi-currency facility
20 May 2020

Metals and natural resources trader Traxys has closed a $1.287 billion multi-tranche, multi-currency facility. Signed on 5 May, the facility was sligh...

Metalloinvest secures credit line from IBEC
20 May 2020

Russian metals producer Metalloinvest closed a €40 million ($43.4 million) credit line from International Bank for Economic Co-operation (IBEC) o...

TXF Data

Commodity Trade Finance Lender H1 2020

Bank USDm No %
1 JP Morgan 4857m 11 7.5%
2 BNP Paribas 4662m 24 7.2%
3 Société Générale 3808m 24 5.9%
4 ING Bank 3785m 35 5.8%
5 MUFG Bank 2992m 21 4.6%
6 Sumitomo Mitsui Banking Corporation (SMBC) 2594m 16 4%
7 Mizuho 2459m 16 3.8%
8 Credit Agricole CIB 2451m 16 3.8%
9 HSBC 2019m 13 3.1%
10 Rabobank 2007m 23 3.1%

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