TXF in depth

Shop talk: VTB on combating trade loan turbulence
Shop talk: VTB on combating trade loan turbulence
Max Thompson
28 July 2020

TXF spoke with Anna Ponomareva, head of ECA and agency finance at VTB to discuss the challenges the Russian bank has faced in responding to the Covid-19 crisis, as banks and customers demand more strict trade loan requirements.

Mercuria’s European refi: The end of costly 'Covid-19 premiums'?
Mercuria’s European refi: The end of costly 'Covid-19 premiums'?
Aife Howse
27 July 2020

Mercuria sealed tight pricing on its European RCF refinancing despite sounding out banks in the midst of the pandemic. The deal signed when other investment grade commodity-linked borrowers were hit with more hefty ‘Covid-19 premiums’.

NLNG 7: A hybrid progression
NLNG 7: A hybrid progression
Sean Keating
7 July 2020

Nigeria LNG's Train 7 hybrid debt raising is the first multi-sourced corporate financing for a project in the LNG sector. So how much of a progression is it beyond NLNG's other hybrid deal (the NLNG-Plus financing in 2003) and is it a feasible template for other established gas developers in emerging markets?

TXF Originals

Jizan acquisition financing price uptick due
12 October 2020

Sponsors of the $12 billion Jizan utilities acquisition financing in Saudi Arabia - Air Products (46%); Saudi Aramco (20%); ACWA Power (25%); and Visi...

World Bank invites EoIs for Libyan LNG import projects
8 October 2020

The World Bank is seeking prospective advisers for the planning of two LNG import facility projects in Libya. Responses to the DFI’s invite for ...

Jizan utilities deal progressing
8 September 2020

Saudi Aramco, Air Products & Chemicals and ACWA Power – sponsors on the $10.5 billion Jizan utilities acquisition financing – have rec...

CNOOC looking to refinance Curtis LNG stake
2 September 2020

CNOOC has received proposals from banks for the refinancing of around $1 billion of its debt on the Curtis LNG project in Australia. Operational since...

Petron sounds out banks for new loan with higher margin
12 August 2020

Philippines-based oil refiner Petron is sounding out banks for a self-arranged club loan in response to the impact of the Covid crisis.Petron and the ...

TXF Data

Commodity Trade Finance Lender H1 2020

Bank USDm No %
1 JP Morgan 4857m 11 7.4%
2 BNP Paribas 4734m 25 7.3%
3 Société Générale 3808m 24 5.8%
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 Crédit Agricole CIB 2451m 16 3.8%
9 HSBC 2019m 13 3.1%
10 Rabobank 2007m 23 3.1%

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The Hollies
He ain't heavy, he's my brother
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