TXF in depth

Anglo American: The light at the end of Sirius’ funding pit?
Anglo American: The light at the end of Sirius’ funding pit?
Oliver Gordon
20 January 2020

Anglo American agreed a £405 million ($527 million) rescue deal with Sirius Minerals this week. The takeover is a lifeline for Sirius which faced collapse if it could not find alternative funding for its struggling Woodsmith polyhalite mining project in the UK. But what is the benefit for Anglo?’

Rusal: Going green or a tinge of greenwash?
Rusal: Going green or a tinge of greenwash?
Aife Howse
5 November 2019

Given its status as the world's second largest aluminium producer, Rusal's sustainability-linked loan debut is good news for the growing ESG movement. But like other deals in the commodity sector that have closed before it, the financial structure in Rusal's deal lacks the teeth to leave no doubt that it is not tinged with a bit of greenwash.

Russian corporate borrowing: Is de-dollarisation the answer to sanctions?
Russian corporate borrowing: Is de-dollarisation the answer to sanctions?
Aife Howse
25 October 2019

De-dollarisation in Russia is on the rise. And with already limited access to the international syndicated loan markets in the face of US sanctions, euro-denominated funding is providing a lower cost of debt for commodity-linked Russian borrowers.

TXF Originals

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...

ResGen shareholders approve Boikarabelo funding package
9 April 2020

Shareholders of Resource Generation (ResGen) have voted to approve a ZAR4.2 billion ($230.6 million) debt and equity funding package for the Boikarabe...

Ma'aden appoints new CEO
2 April 2020

Mosaed Al-Ohali has been appointed CEO of Saudi Arabian mining company Ma’aden. He joins Ma’aden after working for over 34 years at SABIC,...

Evraz closes $750 million term loan
2 April 2020

Russian steel, mining and vanadium producer Evraz has closed a five-year $750 million unsecured term loan. Signed on 18 March, the deal was led by MLA...

TXF Data

Commodity Trade Finance Lender H1 2020

Bank USDm No %
1 TD Securities 6504m 1 11.5%
2 Société Générale 3493m 17 6.2%
3 BNP Paribas 2831m 16 5%
4 ING Bank 2633m 22 4.7%
5 MUFG Bank 2630m 15 4.7%
6 Sumitomo Mitsui Banking Corporation (SMBC) 2510m 12 4.4%
7 Credit Agricole CIB 2287m 13 4.1%
8 Mizuho 2091m 10 3.7%
9 Citi 1984m 9 3.5%
10 HSBC 1769m 11 3.1%

TXF Podcast

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The Magic Numbers
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