TXF Awards – get involved!
As we run up to year-end 2021 we are now open for nominations for the TXF Deals of the Year for 2021. In addition, we are currently surveying for the Export Finance Industry Report 2022 through which we will derive and announce the Industry Choice Awards.
Well, it is that time of year again where we go out asking you all to submit your nominations for the TXF Deals of the Year for 2021. Like me, you probably find it a bit weird that, after two very difficult years where we have not been able to have physical awards ceremonies, we once again come around to what is a great celebration of your successes over the course of the past year. Hopefully, in 2022 we will be able to hold physical awards functions (see below) and celebrate properly.
First – a word about the Deals of the Year awards. Nominations are now open and these will close on 24 January 2022. We are seeking to award 10 deals within trade and commodity finance – TXF Trade & Commodity Finance Perfect 10, and we are also seeking to award 10 deals within ECA-backed export finance – TXF Export Finance Perfect 10. These both make up our Deals of the Year Awards. All deals submitted should have reached financial close within calendar year 2021.
Providing we are able to hold physical events again – just as we did in the latter part of 2021, we will have Deal of the Year Awards ceremonies at our landmark Global events – namely: TXF Global Commodities Finance being held in Amsterdam on 9-10 May 2022, and TXF Export Finance Global in Lisbon on 7-8 June 2022.
The other section of awards that we produce annually are the TXF Industry Choice Awards. These are derived from industry surveys which we do for both the export finance sector and for the commodity trade sector. The results from the surveys decide which institutions win particular industry ‘best in class’ awards, thus these are peer driven.
Currently we have set up the TXF Export Finance Industry Survey 2022 which will be in the market for the first months of 2022. From this we will ultimately produce the Export Finance Industry Report 2022 and also the Export Finance Industry Choice Awards 2022. These awards will be presented in Lisbon in June 2022. The Commodity Industry Report and Commodity Industry Choice Awards 2022 will be undertaken later in 2022, and the resultant awards will be presented in Geneva in late 2022.
Deals of the Year take centre stage – act now!
Within editorial, we always look forward to what the market itself decides to nominate as a potential TXF Deal of the Year Perfect 10. Last year, we had a large volume of high-quality export finance deals submitted and competing for an award. Consequently, competition was super tough. Unfortunately, this was not the case with commodity trade submissions. Perhaps this is unsurprising as 2020 was something of an annus horribilis for the commodity finance sector. And, of course, many banks were in disarray and either restructuring deals or their own departments/structures!
So, for the commodity sector, we hope you are able to play a more active part in the Deals of the Year (DoY) process this time around. We realise that things are still tough in many quarters – but we really want to hear about your deals however small they may be. After all – this is not a competition about size, we are simply looking for innovation, uniqueness and/or deals that will make a significant difference in the market.
On the export finance front, again we want to hear about your best deals – so please dig deep. The export finance sector is changing massively as pressure is ramped up in order to come to grips with the energy transition. This of course also presents opportunities as new industries and technologies financing takes place, while at the same time more emphasis is also now being put on social sector transactions.
One thing that has now become very noticeable though in certain parts of the export finance sector is that MLA banks have become incredibly secretive over the past 18 months about details of commercial tranches on ECA-backed deals – both in terms of local banks which have come on board and the tenor. This has particularly been the case on ECA-backed African deals this year. I can understand that initially some confidentiality may exist or be required, but ultimately this game is pointless – as everybody pretty much knows who most of the players are anyway, and the detail does eventually filters out one way or another.
So please, ratchet up your teams – both commodity and export finance, and submit your deals. More detail on how to submit deals can be found in the link below – as can detail about the DoY process, but the basics that we require to consider DoY submissions are:
Name of the deal/project being nominated;
Details of all arranging banks and their roles;
Borrower and guarantors;
Amount (including tranches) and tenor;
What type of financing structure;
ECAs/MFIs/DFIs and their roles;
Other parties – law firms/financial advisors/brokers/insurers;
Corporates involved (exporter, importer, capital equipment providers, contractors, project sponsors etc);
Date of signing;
Purpose of funds;
And most importantly, a paragraph about why you think the deal should be considered as a DoY.
TXF Export Finance Industry Survey 2022 – now active!
As noted above, we are currently underway with the TXF Export Finance Industry Survey from where we will derive the Export Finance Industry Choice Awards. As such, TXF wants to hear from ECAs, banks, borrowers, importers, exporters, sponsors and others involved in the sector in a bid to paint an up-to-date picture of the ECA landscape and garner marker sentiment.
We started this research process in early December 2021 and it will run through the first months of 2022. For all respondents, the survey should take no more than 10 minutes. The survey is totally confidential and anonymous.
The survey has been designed specifically for corporates (exporters and importers), banks and ECAs with each of these organisational types responding only to questions that are relevant to them. All of the data will be collected and analysed in the final TXF Export Finance Industry Report, which aims to classify and measure market sentiment across all players in the export finance space.
Across the spectrum of the ECA landscape, we want to know how you feel about the current market, where you are active and in which sectors. Following the pledges and promises of COP 26, will you continue to support coal, oil & gas, aviation and shipping? We also want to know your thoughts on modernising the OECD Arrangement - how do you view recent rule changes and what changes would you like to see next?
Anyone exporting and using ECAs needs to be on top of the latest trends and know which institutions are the current leading lights in the sector for every discipline. That is why from exporters, borrowers and corporates we want to know what you think of the ability of ECAs and export finance banks to execute deals effectively, their appetite for sustainable deals, customer service, industry expertise, product offering, understanding of your business and pricing etc.
If you have any questions about the survey, please feel free to get in touch directly with my research colleague Jack Colyer: [email protected]
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