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Commerzbank wins tenth consecutive EBRD award
Commerzbank wins tenth consecutive EBRD award
Hesham Zakai
19 May 2014

Commerzbank has claimed the prize for the most active confirming banking in the European Bank for Reconstruction and Development (EBRD) Trade Facilitation Programme (TFP) for 2013.

Northland secures record offshore wind farm financing
Northland secures record offshore wind farm financing
Hesham Zakai
19 May 2014

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.

Sahara Energy recruits Trafigura head of finance
Sahara Energy recruits Trafigura head of finance
Hesham Zakai
19 May 2014

Singapore-headquartered Sahara Energy International, the trading arm of Sahara Group, has appointed former Trafigura head of finance Alexander Peters as its new chief financial officer.

Mars UK revises supplier payment terms
Mars UK revises supplier payment terms
Hesham Zakai
19 May 2014

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.

Citi fires 12 staff over Mexican unit fraud
Citi fires 12 staff over Mexican unit fraud
Hesham Zakai
15 May 2014

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.

Commodities industry discusses challenges and opportunities ahead at TXF conference
Commodities industry discusses challenges and opportunities ahead at TXF conference
Hesham Zakai
12 May 2014

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.

Trafigura publishes whitepaper on economics of commodity traders
Trafigura publishes whitepaper on economics of commodity traders
Hesham Zakai
2 May 2014

Commodity trader Trafigura has published a whitepaper analysing the economics of commodity trading firms.

Finacity signs two ABL facilities
Finacity signs two ABL facilities
Hesham Zakai
2 May 2014

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.

TXF Natural Resources and Commodities Finance Special Report
TXF Natural Resources and Commodities Finance Special Report
Hesham Zakai
2 May 2014

As part of the TXF Commodity Finance Series, TXF is happy to present its May 2014 Natural Resources and Commodities Finance Special Report.

NBAD recruits CFO from ANZ
NBAD recruits CFO from ANZ
Hesham Zakai
30 April 2014

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.

Commodity traders survey
Commodity traders survey
Hesham Zakai
29 April 2014

Hesham Zakai provides an overview of the FImetrix survey on commodity trading companies' views on finance and regulation.

Solena and BA partner for innovative jet fuel project
Solena and BA partner for innovative jet fuel project
Hesham Zakai
17 April 2014

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.

EBRD provides debut loan in Tunisia leasing sector
EBRD provides debut loan in Tunisia leasing sector
Hesham Zakai
16 April 2014

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).

US Ex-Im promotes Annette Maresh to VP trade finance
US Ex-Im promotes Annette Maresh to VP trade finance
Hesham Zakai
14 April 2014

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.

Dentons extends presence in Africa
Dentons extends presence in Africa
Hesham Zakai
14 April 2014

Global law firm Dentons is extending its presence in Africa with a new office in Cape Town and plans to open further offices in Johannesburg and Francophone Africa later this year.

AfDB partners with Shelter Afrique to support housing projects
AfDB partners with Shelter Afrique to support housing projects
Hesham Zakai
14 April 2014

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.

Senate confirms Felton second term as Ex-Im VP
Senate confirms Felton second term as Ex-Im VP
Hesham Zakai
10 April 2014

The United States senate has voted to reappoint Wanda Felton as first vice president and vice chair of the Export-Import Bank of the United States (US Ex-Im).

EBRD steps up investment in Ukraine
EBRD steps up investment in Ukraine
Hesham Zakai
9 April 2014

The European Bank for Reconstruction and Development (EBRD), the largest financial investor in Ukraine, has approved financing for two projects in the crisis-hit country amounting to €350 million ($483 million).

BoE to accept UKEF-backed credit notes as collateral
BoE to accept UKEF-backed credit notes as collateral
Hesham Zakai
8 April 2014

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).

Commerzbank appoints Jörg Motel head of FI Asia
Commerzbank appoints Jörg Motel head of FI Asia
Hesham Zakai
8 April 2014

Commerzbank has appointed Jörg Motel as its new head of financial institutions (FI) for Asia, replacing Harald Lipkau.

JBIC & ADB lead Sarulla power project financing
JBIC & ADB lead Sarulla power project financing
Hesham Zakai
2 April 2014

The Japan Bank for International Cooperation (JBIC) and Asian Development Bank (ADB) have led the $1.17 billion project financing for the Sarulla geothermal power project in Indonesia, signed on 28 March 2014.

Kenya Airways lands first Boeing Dreamliner
Kenya Airways lands first Boeing Dreamliner
Hesham Zakai
1 April 2014

Kenya Airways has received its first Boeing 787-800 Dreamliner plane, marking the start of the second phase of its $1.9 billion aircraft purchase contract arranged by the African Export-Import Bank (Afreximbank).

US Ex-Im aviation stalwarts change position
US Ex-Im aviation stalwarts change position
Hesham Zakai
31 March 2014

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 closes oversubscribed cut-price RCF
Trafigura closes oversubscribed cut-price RCF
Hesham Zakai
31 March 2014

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.

IFC targets tourism in Myanmar
IFC targets tourism in Myanmar
Hesham Zakai
27 March 2014

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.

US Ex-Im issues capital markets funded bond for Brazil’s GOL
US Ex-Im issues capital markets funded bond for Brazil’s GOL
Hesham Zakai
26 March 2014

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.

Deutsche creates head of RMB services position
Deutsche creates head of RMB services position
Hesham Zakai
26 March 2014

Deutsche Bank has created a new role for the management of renminbi (RMB)-related activity across its global operations, the global head of RMB services, and appointed Evan Goldstein to the position.

Trafigura revamps management team
Trafigura revamps management team
Hesham Zakai
26 March 2014

Global commodities trader Trafigura has announced that company co-founder and chairman Claude Dauphin has stepped down from his role as chief executive officer, with former head of mining and market risk Jeremy Weir replacing him.

Trafigura secures first significant yen loan
Trafigura secures first significant yen loan
Hesham Zakai
26 March 2014

Trafigura has negotiated its first significant loan in the Japanese currency, with the close of a JPY25.5 billion ($250 million) loan.

Pine sustainability drive supported by IADB and Commerzbank
Pine sustainability drive supported by IADB and Commerzbank
Hesham Zakai
25 March 2014

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 recruited to help shape BPL strategy
Sian Aspinall recruited to help shape BPL strategy
Hesham Zakai
25 March 2014

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 boosted by new credit facility
Stemcor boosted by new credit facility
Hesham Zakai
24 March 2014

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.

Roy Hill secures record mine project financing
Roy Hill secures record mine project financing
Hesham Zakai
24 March 2014

The Roy Hill iron ore mining project has secured funding for $7.2 billion from a consortium of five export credit agencies (ECAs) and 19 international banks – the largest ever project financing for a mining project.

US Ex-Im signs major MoU with Philippines for energy projects
US Ex-Im signs major MoU with Philippines for energy projects
Hesham Zakai
21 March 2014

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.

Vitol turns to former UK energy minister Charles Hendry
Vitol turns to former UK energy minister Charles Hendry
Hesham Zakai
20 March 2014

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.

Metalloinvest signs PXF facility
Metalloinvest signs PXF facility
Hesham Zakai
20 March 2014

Russian iron ore producer Metalloinvest has signed a $1.15 billion pre-export facility with a number of international banks.

UK budget outlines key role for UK Export Finance
UK budget outlines key role for UK Export Finance
Hesham Zakai
20 March 2014

UK businesses exporting products and services abroad have received a boost in the Chancellor’s budget, after the Direct Lending Scheme was doubled to £3 billion ($5 billion).

Cosmos inks deal with GTAT to build polysilicon plant
Cosmos inks deal with GTAT to build polysilicon plant
Hesham Zakai
19 March 2014

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 targets Asia Pacific with new Singapore office
essDOCS targets Asia Pacific with new Singapore office
Hesham Zakai
19 March 2014

essDOCS has opened a new office in Singapore, allowing the shipping and trading eDocs provider to expand its presence in the Asia Pacific region.

Nordgold agrees Sberbank facility for refinancing
Nordgold agrees Sberbank facility for refinancing
Hesham Zakai
18 March 2014

Russian gold producer Nordgold has agreed a five-year $500 million loan facility with Sberbank which it will use to repay its existing debt facilities of $465.5 million.

Escondida copper mine receives EFIC support
Escondida copper mine receives EFIC support
Hesham Zakai
18 March 2014

Minera Escondida Limitada (MEL), the owner of the Escondida copper mine in Chile, has received a $100 million loan from Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency.

Investec closes Air India financing
Investec closes Air India financing
Hesham Zakai
17 March 2014

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.

Wilmar signs upsized RCF
Wilmar signs upsized RCF
Hesham Zakai
17 March 2014

Asia’s leading agribusiness group Wilmar has closed a $2.49 billion revolving credit facility (RCF) with a club of international banks.

JB's weekly round-up - 17 March 2014
JB's weekly round-up - 17 March 2014
Jonathan Bell
17 March 2014

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.

Norway's PGS to acquire Japanese vessels with ECA finance
Norway's PGS to acquire Japanese vessels with ECA finance
Hesham Zakai
14 March 2014

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.

Equinox Global strengthens London team
Equinox Global strengthens London team
Hesham Zakai
11 March 2014

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 appoint Anthony Lin China head of corporate bank
Deutsche appoint Anthony Lin China head of corporate bank
Hesham Zakai
11 March 2014

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.

Major banks to take SWIFT action on KYC compliance
Major banks to take SWIFT action on KYC compliance
Hesham Zakai
7 March 2014

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.

JB's weekly round-up - 3 March 2014
JB's weekly round-up - 3 March 2014
Jonathan Bell
6 March 2014

Spread the word…..tell your team…. Many of you who receive our Weekly News are also registered on the TXF News website. It is a free, regularly updated service. So, do also tell your colleagues about this free access.

EBRD pledges huge financial support for Ukraine
EBRD pledges huge financial support for Ukraine
Hesham Zakai
5 March 2014

The European Bank for Reconstruction and Development (EBRD) has demonstrated its support for crisis-hit Ukraine with a pledge to invest at least €5 billion in the country between now and 2020.