TXF Political Risk & Trade Credit Insurance 2019
Join the movers and shakers of the political risk and trade credit insurance market for a day of networking, education and collaborative discussion
Canadian power-producer Northland Power has reached financial close for its Project Gemini wind farm at €2.8 billion ($3.8 billion), making it the largest project financing for an offshore wind farm to date.
Mars UK is changing its business payment terms, doubling the length of time it can take to pay suppliers to 120 days from 60 days.
Citigroup has sacked 12 members of staff in relation to the suspected fraud at its Mexican banking unit that led the group to revise its 2013 income down by $235 million.
Commodity producers, traders and financiers gathered in Amsterdam last week for TXF's inaugural Natural Resources & Commodities Finance conference. Held at the Beurs van Berlage, the country's former agri-commodity exchange, the event featured constructive debate on some of the key themes in the industry today, from risk in Russia to the ramifications of regulation.
Commodity trader Trafigura has published a whitepaper analysing the economics of commodity trading firms.
Accounts receivables securitisation specialist Finacity has closed two loan facilities for US-based affiliates of international corporate clients. Both the facilities are asset-based loans (ABLs) and amount to $20 million in total.
As part of the TXF Commodity Finance Series, TXF is happy to present its May 2014 Natural Resources and Commodities Finance Special Report.
The National Bank of Abu Dhabi (NBAD) has recruited James Burdett as its group’s new chief financial officer (CFO). Burdett joins the Emirates bank from Australia and New Zealand Banking Group (ANZ), where he held roles as CFO for international & institution banking and, before that, CFO for the bank’s Asia, Pacific, Europe and Americas operations.
Solena Fuels is to construct a new facility that transforms landfill waste into jet fuel with the support of British Airways. The facility, which will be the first of its kind in the world, will be built in the Thames Enterprise Park in Essex, UK.
The European Bank for Reconstruction and Development (EBRD) has made its debut in Tunisia’s leasing sector with a €15 million ($20.8 million) senior unsecured loan to local leasing company Compagnie Internationale de Leasing (CIL).
Annette Maresh has been promoted to vice president for trade finance, a position she has already been filling, at the Export-Import Bank of the United States (US Ex-Im). She will be responsible for an annual transaction portfolio of $5 billion and oversee a staff of more than 50.
The African Development Bank (AfDB) is providing Shelter Afrique (Shaf), a pan-African financing institution for affordable housing, with a $20 million trade finance loan to enhance access to finance for small- and medium-sized businesses (SMEs) engaged in construction or real estate operations in Africa.
The Bank of England (BoE) has announced that UK Export Finance-guaranteed debt capital market notes will be eligible as collateral against which banks can borrow from the BoE under the bank’s Sterling Monetary Framework (SMF).
The Export-Import Bank of the United States (US Ex-Im) has strengthened its leadership team with the appointment of Robert Morin as senior vice president for business and development, while Robert Roy has been promoted to vice president for the transportation division.
Trafigura has successfully closed its key European revolving credit facility (RCF) at $4.735 billion – an increase from the $4 billion the facility was launched at despite the significant reduction in pricing the global commodities trader managed to secure.
The tourism industry in Myanmar is receiving a boost from the IFC, which is lending $80 million to Shangri-La subsidiaries to develop its hospitality business in the country. The financing continues the IFC’s support for Myanmar, where it hopes to strengthen the private sector through investments and reforms.
The Export-Import Bank of the United States (US Ex-Im) has issued a capital markets funded guaranteed bond for $40.7 million for VRG Linhas Aéreas (GOL), the Brazilian airline.
Brazil’s Banco Pine will benefit from a $115 million loan from Commerzbank and the Inter-American Development Bank (IADB), which it will use for onlending to support environmentally sustainable projects in the South American country.
Sian Aspinall, formerly of AIG and Zurich, has joined Berry Palmer & Lyle (BPL Global) as development and technical director, where she been tasked with shaping and implementing the company’s future strategy.
Stemcor has secured a $1.15 billion syndicated loan from five lenders in what could be a major boost for the British steel trader. The facility follows a high court ruling last month that allowed Stemcor to restructure its $1.3 billion debt – despite a court challenge from one of its creditors.
The Export-Import Bank of the United States (US Ex-Im) has signed a $1 billion Memorandum of Understanding (MoU) with the Philippine Department of Energy (DOE) that will facilitate the sale of US goods and services to energy projects in the Philippines.
Swiss energy-trader Vitol has appointed Charles Hendry, Conservative MP for Wealden and a former energy minister, as a consultant on a part time basis. Hendry will provide advisory services on UK and EU energy policies.
Kuala Lumpur-headquartered ~Cosmos Chemicals Berhad^ has signed a $336 million technology and equipment deal with US-based GT Advanced Technologies (GTAT) for a polysilicon facility being built in Samalaju Industrial Park in Sarawak, Malaysia.
essDOCS has opened a new office in Singapore, allowing the shipping and trading eDocs provider to expand its presence in the Asia Pacific region.
South African headquartered bank Investec has closed a major financing, including senior debt guaranteed by the Export-Import Bank of the United States (US Ex-Im), to Air India for the lease of four Boeing 787 Dreamliner jets, TXF has learnt from industry sources.
We are delighted to announce the results of our “Perfect 10” – the 2013 Deals of the Year. We received in excess of 150 submissions and so whittling so many fantastic deals down to just 10 was a real challenge. Of our winners, 4 were commodity finance transactions, and 6 were export finance or at least had a significant ECA component.
One of Norway’s leading marine services providers, Petroleum Geo-Services (PGS), has secured export finance from Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) for two Ramform Titan-class vessels scheduled for delivery in 2015.
Trade credit insurance specialists ~Equinox^ Global have expanded their London team, hiring John Joseph as a senior credit analyst with immediate effect. Equinox reported a 43 per cent growth in written premiums last month as compared with January 2013 and they will be hoping Joseph can help to accelerate their growth strategy.
Deutsche Bank has appointed Anthony Lin as China head of corporate banking and head of trade finance & cash management for corporates (TF/CMC). Lin, who takes up the new role this month, will be based in Shanghai and is tasked with driving Deutsche’s corporate banking division in the country.
A group of major banks have joined forces with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to collaborate on the development and use of a new Know Your Customer (KYC) Registry to be launched in late-2014.