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Year in review: Export & agency finance
Year in review: Export & agency finance
Oliver Gordon
20 December 2016

Ollie Gordon, TXF's news & features editor, picks his favourite export & agency finance stories of 2016.

US Ex-Im strikes back with French lease financing for Sun Express
US Ex-Im strikes back with French lease financing for Sun Express
Connor Lovell
2 September 2016

In a deal that represents US Ex-Im's last approved aircraft guarantee before it shut down last summer, Turkish airline Sun Express closed in June five US Ex-Im-backed loans totalling $168 million, which were structured as French leases, for the acquisition of five Boeing 737-800 aircraft.

On the certainty of uncertainty
On the certainty of uncertainty
Connor Lovell
16 June 2016

TXF's Connor Lovell speaks to Derek Halpenny, MUFG's European head of global markets research, about the certainty of uncertainty in today's risk landscape including Brexit, Trump and Japan's QE programme.

Japanese megabanks swing behind controversial $3.42bn Batang power plant
Japanese megabanks swing behind controversial $3.42bn Batang power plant
Connor Lovell
8 June 2016

After four years of delay, the $4 billion Batang power project has been given the green light from Japanese financiers. But the environmental and social cost of Indonesia’s largest coal power station continues to rankle campaigners.

In conversation: Zurich’s Dave Anderson
In conversation: Zurich’s Dave Anderson
Connor Lovell
7 June 2016

Connor Lovell speaks to Dave Anderson, Zurich’s incoming global head of credit and political risk, about his new role and current political landscape. Anderson is a 14-year veteran of the international insurer and until recently was the global business development director for credit and political risk.

GIEK takes evasive action as offshore market tanks
GIEK takes evasive action as offshore market tanks
Connor Lovell
2 June 2016

The Norwegian ECA is heavily exposed to the offshore oil and gas market and has put and extra $580 million aside to deal with an increase in claims.

Brazilian government slims down BNDES to aid private lenders
Brazilian government slims down BNDES to aid private lenders
Connor Lovell
1 June 2016

Bloated state development bank BNDES is to be slimmed down by the government in order to boost commercial lenders in the Brazilian infrastructure market.

Kexim and KDB undercapitalised as Korean shipyards head for the rocks
Kexim and KDB undercapitalised as Korean shipyards head for the rocks
Connor Lovell
31 May 2016

Facing a liquidity drought, the state-owned lenders to Korea’s embattled shipyards are in need of recapitalisation if they are to support restructuring in the industry. But bailout plans have worried the IMF and may put Korea on the wrong side of WTO state aid rules.

Korean shipyards limp on with K-sure-backed $221 million loan to BW LPG
Korean shipyards limp on with K-sure-backed $221 million loan to BW LPG
Connor Lovell
26 May 2016

The order for four very large gas carriers from Hyundai Heavy Industries is riding on the coat tails of a decade of expansion for Korea’s shipbuilders. But concerns about overcapacity are hitting the order books.

Azerbaijan Railways closes two-year Silk Road deal for 50 freight trains
Azerbaijan Railways closes two-year Silk Road deal for 50 freight trains
Connor Lovell
25 May 2016

The $314 million deal is part of a strategy to get a slice of Eurasian trade along the new Silk Road as the country tries to wean itself off a dependence on shrinking oil revenues.

Commodity financiers find positives in turbulent market
Commodity financiers find positives in turbulent market
Connor Lovell
24 May 2016

In the week following the roaring success of TXF’s Commodity Finance Conference in Amsterdam, we look at the results of our delegate survey.

InterOil signs $400m PXF to develop Papua New Guinea gas project
InterOil signs $400m PXF to develop Papua New Guinea gas project
Connor Lovell
20 May 2016

The $400 million refinancing is an unusual bright spot in an otherwise moribund oil and gas market, but with no other comparable deals pricing and structuring was a challenge. Hot on its heels comes a $2.2 billion acquisition bid from rival Oil Search showing that this market has life in it yet.

NEXI doubles up with UK private insurer to provide export reinsurance
NEXI doubles up with UK private insurer to provide export reinsurance
Connor Lovell
18 May 2016

The Japanese ECA is expanding its cover in the UK with the Mitsui Sumitomo Insurance Company, its latest partnership with private sector insurers in Europe.

Norwegian Cruise Line closes $498m deal for ultra-luxury vessel
Norwegian Cruise Line closes $498m deal for ultra-luxury vessel
Connor Lovell
16 May 2016

Italian shipbuilding continues to boom with last month’s ECA-backed loan for a new vessel from Fincantieri.

JBIC continues push into private equity with US firm KKR
JBIC continues push into private equity with US firm KKR
Connor Lovell
12 May 2016

The Japanese policy bank has previous when it comes to private equity investments in Asia, but now appears to be targeting the US market with increased vigour.

Uralkali signs $1.2bn pre-export loan
Uralkali signs $1.2bn pre-export loan
Connor Lovell
5 May 2016

Russian potash producer Uralkali has completed a $1.2 billion pre-export financing with more than a dozen international banks, bucking the trend for Russian commodity producers caught between low prices and Western sanctions.

Latin America: the world’s leader in renewable energy?
Latin America: the world’s leader in renewable energy?
Connor Lovell
28 April 2016

Latin America is undergoing a rapid transition to renewable energy. According to tagmydeals, there was $831 million in ECA-backed renewable-energy deals last year as financiers get on board this industry boom.

JBIC: the outward face of Japan Inc?
JBIC: the outward face of Japan Inc?
Connor Lovell
27 April 2016

JBIC has been quick out of the starting blocks in 2016, supporting $5.6 billion in deals as the government swings its weight behind the policy bank. Connor Lovell looks at JBIC’s new powers and the battle for infrastructure contracts in Asia.

BEST ECA GREEN DEAL OF THE YEAR: Denmark’s EKF backs Chile’s biggest wind farm
BEST ECA GREEN DEAL OF THE YEAR: Denmark’s EKF backs Chile’s biggest wind farm
Connor Lovell
25 April 2016

In burgeoning market for renewable energy in Latin America, last year’s $306 million San Juan project promises to be Chile’s largest wind farm when complete.

BEST ECA AIRCRAFT FINANCING DEAL OF THE YEAR: UKEF and HSBC join for first ever renminbi financing
BEST ECA AIRCRAFT FINANCING DEAL OF THE YEAR: UKEF and HSBC join for first ever renminbi financing
Connor Lovell
25 April 2016

Last year’s pioneering deal from HSBC and UKEF to sign the first ever renminbi financing of an aircraft purchase is TXF’s best ECA Aircraft Financing Deal of the Year.

MOST INNOVATIVE ECA FINANCE DEAL OF THE YEAR: Peru’s Lima Metro taps ECA and PPP model
MOST INNOVATIVE ECA FINANCE DEAL OF THE YEAR: Peru’s Lima Metro taps ECA and PPP model
Connor Lovell
22 April 2016

In a pioneering $800 million deal to finance Peru’s Lima Metro, the borrowers successfully structured a joint ECA and Public Private Partnership, to be crowned as TXF’s Most Innovative ECA Deal of the Year 2015.

BEST AFRICAN ECA FINANCE DEAL OF THE YEAR: Italian lenders venture onto DFI turf with Kenyan dam financing
BEST AFRICAN ECA FINANCE DEAL OF THE YEAR: Italian lenders venture onto DFI turf with Kenyan dam financing
Connor Lovell
20 April 2016

In one of the first non-concessional foreign loans in Kenya, the Itare dam project is set to bring fresh water to 800,000 Kenyans and is our Best African ECA Deal of the Year 2015.

BEST ECA FINANCE DEAL OF THE YEAR: Benchmark Beni Suef deal reopens Egyptian ECA market
BEST ECA FINANCE DEAL OF THE YEAR: Benchmark Beni Suef deal reopens Egyptian ECA market
Connor Lovell
19 April 2016

Egypt's energy capacity is set to double following last year's $1.49 billion financing of the Beni Suef power plant as the government moves to end endemic blackouts.

BEST DFI/ECA-BACKED DEAL OF THE YEAR: Smile! $315m in financing for African broadband rollout
BEST DFI/ECA-BACKED DEAL OF THE YEAR: Smile! $315m in financing for African broadband rollout
Connor Lovell
15 April 2016

The financing of Smile's $315m 4G broadband rollout will hasten the economic development of no less than four African nations.

JBIC backs first South Atlantic telecoms cable
JBIC backs first South Atlantic telecoms cable
Connor Lovell
7 April 2016

The Angolan Development Bank has received a $109m from JBIC and SMBC to finance the construction of a submarine fibre optic cable connecting Angola with Brazil. It will the first undersea cable to link Africa and South America directly.

Germany courts India with ultra-cheap loan for Nagpur metro
Germany courts India with ultra-cheap loan for Nagpur metro
Connor Lovell
5 April 2016

KfW has signed a €500 million loan to part-finance the construction of the Nagpur Metro. The facility is the biggest promotional loan issued by the bank in a decade and will serve to fortify the growing trade ties between the two countries.

Atomic diplomacy: EXIAR backs $103m loan to fund Indian nuclear plant
Atomic diplomacy: EXIAR backs $103m loan to fund Indian nuclear plant
Connor Lovell
1 April 2016

EXIAR, Russia’s ECA, has backed a $130m loan to Atomstroyexport to build a nuclear power plant in India. TXF takes a closer look at the state-support behind the world-leading Russian nuclear industry.

Japanese steel forges ahead with double JBIC deal
Japanese steel forges ahead with double JBIC deal
Connor Lovell
30 March 2016

The ailing Japanese steel sector — the second largest in the world — has received $405 million in financing, in favour of two overseas subsidiaries, from the Japan Bank for International Cooperation (JBIC) and a set of commercial Japanese lenders.

EDC goes out on the pull
EDC goes out on the pull
Connor Lovell
23 March 2016

TXF looks at Export Development Canada's unique and controversial 'pull strategy,' of untied financing to foreign companies like BMW.

Indonesia taps Japan for clean coal technology
Indonesia taps Japan for clean coal technology
Connor Lovell
22 March 2016

Japan continues to dominate the clean coal energy market with a $326.6 million co-financing of the Lontar thermal power station run by Indonesia’s state-owned energy giant PT PLN (Persero).

JBIC rides wave of North Sea wind projects
JBIC rides wave of North Sea wind projects
Connor Lovell
21 March 2016

In an industry braced for change, JBIC continues a move into offshore wind with a joint €443 million refinancing on Holland's Luchterduinen wind farm.

IADB disburses $200m tranche for Brazilian pulp plant
IADB disburses $200m tranche for Brazilian pulp plant
Connor Lovell
11 March 2016

Brazil’s largest paper producer, Klabin, received the first tranche of a $300 million A/B structured loan last week via the Inter-American Development Bank to fund a state-of-the-art pulp production mill.

Brick by BRIC: the New Development ethos
Brick by BRIC: the New Development ethos
Connor Lovell
9 March 2016

With the long-awaited BRICS Bank due to begin lending next month, TXF looks at how the institution is breaking away from the western model of development finance to meet the needs of emerging markets.

Costa Rican airport operator seals $127m bond for OPIC repayment
Costa Rican airport operator seals $127m bond for OPIC repayment
Connor Lovell
8 March 2016

Aeris Holdings, the operator of Costa Rica’s Juan Santamaria International Airport, completes a $127 million refinancing of a loan that will double the airport’s capacity.

 Will international lenders embrace Ghana’s new ECA?
Will international lenders embrace Ghana’s new ECA?
Connor Lovell
4 March 2016

Ghana has approved its new Export-Import Bank after months of political wrangling. But will export financiers be prepared to engage with Africa’s latest export credit agency given the parlous state of the country’s finances?

Beni Suef continues Egyptian energy boom
Beni Suef continues Egyptian energy boom
Connor Lovell
1 March 2016

Egypt's $1.49 billion December loan, backed by export credit agencies (ECAs), to build the Beni Suef power station – is just the latest example of the country's continued investment in its energy sector.

Lenders beware: capital controls are making a comeback
Lenders beware: capital controls are making a comeback
Connor Lovell
29 February 2016

Export, commodity and project finance lenders face an increased risk of non-repayment as more emerging market countries turn to capital controls to protect their currencies from collapse.

TXF Export Finance Report:  Euro ECA deals surge in 2015
TXF Export Finance Report: Euro ECA deals surge in 2015
Connor Lovell
24 February 2016

The volume of euro denominated export credit agency (ECA) deals increased by 15.1% to 27.8% last year, according to TXF Data’s Export Finance Report 2015.

What can EDC’s SME programme teach other ECAs?
What can EDC’s SME programme teach other ECAs?
Connor Lovell
18 February 2016

EDC has seen a 20% increase in the take up of its small and medium sized enterprises (SME) export programme following a recent rule change allowing the Canadian export credit agency (ECA) to offer 100% guarantees to SMEs. TXF examines what lessons EDC’s new SME programme could offer other ECAs.

‘Disappointing’ trade figures cast doubt on UK export strategy
‘Disappointing’ trade figures cast doubt on UK export strategy
Connor Lovell
17 February 2016

Despite offering new products and services to exporters, the British government is struggling to combat the country’s record £125 billion trade gap.

Nokia leans on Finnvera for global expansion plans
Nokia leans on Finnvera for global expansion plans
Connor Lovell
16 February 2016

Nokia — Finland’s premier telecoms company — is in the process of finalising its takeover of France’s Alcatel-Lucent in a $16.6 billion deal that will propel the ailing giant ahead of its rivals once more. And the firm’s growing international ambition being is facilitated by almost $1 billion in support from Finland’s export credit agency (ECA), Finnvera.

ECAs shy away from ‘dirty’ coal deals
ECAs shy away from ‘dirty’ coal deals
Connor Lovell
8 February 2016

Low prices and dwindling sources of finance are forcing coal producers to turn to export credit agencies (ECAs) to support their capital needs. But ECAs and their governments, increasingly driven by environmental concerns, show little or no appetite for coal projects.