TXF in depth

The ebb and flow of North Sea upstream finance
The ebb and flow of North Sea upstream finance
Max Thompson
11 December 2019

The renaissance in North Sea oil field M&As is being driven by new flows of capital and RBL lenders backing mid-cap oil companies acquiring assets from majors’ divesting in the sector. But how much value can these often PE-backed independents and special operators squeeze from older oil assets before they look to offload — or even float them?

LNG: Cross-dressing commodity traders and portfolio players
LNG: Cross-dressing commodity traders and portfolio players
Aife Howse
2 December 2019

Commodity traders have always been customers to portfolio players in the LNG space. However, as traders up the signing of long-term offtake contracts, portfolio players are beginning to sell a large chunk of their LNG on the spot market as both parties compete for volume.

JTB: Gas finance with a twist
JTB: Gas finance with a twist
Sean Keating
19 November 2019

Pertamina EP Cepu's recent Jambaran-Tiung Biru project financing was a first on many levels for Indonesian oil and gas, setting benchmarks for multi-sourcing debt and bank appetite for domestic revenue risk. But will it be the first of many more similar deals?

TXF Originals

More details emerge on Glencore’s annual RCF
5 May 2020

In late March, Glencore announced its largest one-year RCF had been refinanced and extended, with effective from 22 May 2020. The commodities giant in...

Lundin Energy secures new $340m credit
15 April 2020

Nordic oil and gas producer Lundin Energy has raised a $340 million unsecured corporate credit facility with five, as yet unnamed, banks. The group sa...

Adani and Total close $600m loan for Dhamra LNG project
9 April 2020

Adani and Total have raised a $600 million five-year facility to back their $753 million Dhamra LNG regasification terminal project in Dhamra Port, Od...

Var Energi seals $300m RCF
6 April 2020

On 24 March, Norwegian upstream oil and gas company Var Energi closed a $300 million three-year bilateral RCF with UniCredit. Var, which formed in Dec...

Malampaya's RBL underwritten
25 March 2020

Although unconfirmed by the borrower, Udenna Corp’s subsidiary UC Malampaya Philippines is said to have signed a reserves-based loan (RBL) with ...

TXF Data

Commodity Trade Finance Lender H1 2020

Bank USDm No %
1 TD Securities 6504m 1 21.2%
2 ING Bank 1988m 13 6.5%
3 Société Générale 1560m 7 5.1%
4 UniCredit 1486m 8 4.8%
5 Deutsche Bank 1028m 5 3.3%
6 Rabobank 973m 7 3.2%
7 Sumitomo Mitsui Banking Corporation (SMBC) 909m 4 3%
8 Bank of China 846m 3 2.8%
9 BNP Paribas 828m 5 2.7%
10 MUFG Bank 716m 6 2.3%

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