Liberty House’s recent Aluminium Dunkerque deal is both its first syndicated bank acquisition financing and a novel de-risked structure that includes a syndicated commodity price hedging agreement for the smelter. Given Liberty's expansion plans, it is unlikely to be a one-off,

South Africa's President Ramaphosa has an opportunity to demonstrate his anti-corruption credentials ahead of this year’s elections by appointing a new board at the state pension fund. However, a dilution of political control over the money manager is unlikely, as the fund needs to act as a ‘last line of defence’ against any massive asset sell-offs in case of a much-vaunted triple-junk credit rating downgrade.

With further US sanctions looming over Russia, and uncertainty over what form they will take, a backlog of commodity-linked deals is growing. But Russian borrowers and traders have become increasingly adept at sanctions compliance and are continuing to develop new protective measures.

In this episode, resident TXF podders discuss trade wars, a tightening of the credit cycle, the future of Saudi Arabia as a borrower market, and the implications of a potential $65 oil price.

Two historical deals have cast a long shadow in capital markets financing for infrastructure in Latin America, but governments are starting to look beyond them. Is the Latin infra space ready for a shake-up in what has become the norm for balance of risk between investors, lenders, sponsors and governments?