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Metals group AMG signs oversubscribed RCF
Metals group AMG signs oversubscribed RCF
Jonathan Bell
1 June 2015

Amsterdam-headquartered Advanced Metallurgical Group (AMG) has entered into a new $320 million multi-currency term loan and revolving credit facility (RCF). The facility was met with good bank market appetite resulting in a substantial oversubscription.

AfDB signs loans for Egypt’s Sharm el-Sheikh airport development
AfDB signs loans for Egypt’s Sharm el-Sheikh airport development
Jonathan Bell
1 June 2015

The African Development Bank (AfDB) has finally formally signed two loans and a letter of agreement for the development of Egypt’s Sharm el-Sheikh airport and to support the country’s tourist sector.

HSBC’s latest global report forecasts trade acceleration from 2017
HSBC’s latest global report forecasts trade acceleration from 2017
Jonathan Bell
29 May 2015

HSBC has just released its latest Trade Forecast report, which notes that advanced economies look set to sustain global commerce through 2016 before an emerging market recovery, and potentially from 2017 onwards a series of game-changing trade liberalisation agreements, accelerates growth back to levels last seen before the financial crisis.

Glencore signs $15.25 billion revolving credit facilities
Glencore signs $15.25 billion revolving credit facilities
Jonathan Bell
29 May 2015

Swiss-headquartered commodity trading company Glencore has signed its $15.25 billion revolving credit facilities (RCF). A total of 60 banks committed to the facilities, including 34 mandated lead arrangers and bookrunners.

GrainCorp: providing increased efficiencies in a tight market sector
GrainCorp: providing increased efficiencies in a tight market sector
Jonathan Bell
29 May 2015

BEST SOFT COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell reviews how Rabobank led the first structured inventory financing for Australia’s GrainCorp.

Glencore/SHT: a transformational deal for Chad
Glencore/SHT: a transformational deal for Chad
Jonathan Bell
29 May 2015

BEST AFRICAN COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell assesses the success of Glencore’s prepayment financing in the landmark deal with SHT and in Chad.

Eroton: a bespoke African deal to wow the market
Eroton: a bespoke African deal to wow the market
Jonathan Bell
29 May 2015

MOST INNOVATIVE COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell examines the innovations Afreximbank employed when it structured a reserve-based lending facility for Nigeria’s Eroton.

Biosev: ING stirs a sweet deal for the Brazilian sugar processor
Biosev: ING stirs a sweet deal for the Brazilian sugar processor
Jonathan Bell
29 May 2015

BEST AMERICAS COMMODITIES FINANCE DEAL OF THE YEAR Jonathan Bell reveals how ING structured a rarely seen syndicated ACC financing for Biosev and extended the term of financing to three years.

Traxys signs oversubscribed borrowing base facility
Traxys signs oversubscribed borrowing base facility
Jonathan Bell
28 May 2015

Luxembourg-headquartered commodity trading company, Traxys Sarl (Traxys) has signed and closed a $1 billion borrowing base facility. The funds will be used to refinance existing debt and for working capital purposes.

EIB and EBRD sign loans to support Poland’s Grupa Azoty industrial expansion
EIB and EBRD sign loans to support Poland’s Grupa Azoty industrial expansion
Jonathan Bell
28 May 2015

The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) are teaming up to support further expansion of Grupa Azoty, Poland’s leading chemical and fertiliser company. The loans will provide the Polish company with PLN700 million ($185 million) long-term financing facilities.

Gunvor Singapore secures $912 million revolver
Gunvor Singapore secures $912 million revolver
Jonathan Bell
27 May 2015

Commodity trading company Gunvor Singapore, a wholly-owned subsidiary of Gunvor Group, has signed a $911.7 million syndicated revolving credit facility (RCF). The facility was considerably oversubscribed attracting 31 banks in syndication.

JB's weekly round up - 27 May 2015
JB's weekly round up - 27 May 2015
Jonathan Bell
27 May 2015

As with any given seven-day period in the modern age of news reportage, last week was chock-a-block full of current affairs shockers, geopolitical wranglings, cyclical sporting accomplishments and surprisingly changeable weather patterns. However, the news on everyone’s lips was surely the long-anticipated launch of the TXF Chronicle…

Scotiabank strengthens European GTB team
Scotiabank strengthens European GTB team
Jonathan Bell
26 May 2015

Scotiabank has appointed Karl Klink as director trade finance sales to further strengthen its European global transaction banking (GTB) presence.

Oman’s ORPIC secures $910 million syndicated loan
Oman’s ORPIC secures $910 million syndicated loan
Jonathan Bell
26 May 2015

State-owned Oman Oil Refineries and Petroleum Industries Co (ORPIC) has secured an OMR350 million ($910 million) syndicated corporate loan facility from local and regional banks. The group says this is the first syndicated corporate debt raising activity conducted by the holding company.

Equinox Global appoints new head of UK and Ireland
Equinox Global appoints new head of UK and Ireland
Jonathan Bell
26 May 2015

Equinox Global, the Lloyd’s cover holder specialising in trade credit insurance, has appointed Nick King as head of UK and Ireland. He will join Equinox on 6 July 2015. Based in London, he will report to Mike Holley, chief executive of Equinox Global.

IFC and Ecobank arrange facility for SME financing in conflict-affected African states
IFC and Ecobank arrange facility for SME financing in conflict-affected African states
Jonathan Bell
26 May 2015

International Finance Corporation (IFC) and Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group have launched a $110 million risk-sharing facility that will increase access to finance for small and medium sized enterprises in fragile and conflict-affected states in West and Central Africa.

Nokia selects GTC’s multi-bank platform for managing trade documents
Nokia selects GTC’s multi-bank platform for managing trade documents
Jonathan Bell
26 May 2015

Nokia Corporation (Nokia) has selected GlobalTrade Corporation’s (GTC) @GlobalTrade multi-bank trade finance platform for managing export documentary credits and bank guarantees globally. Nokia has also selected SWIFT MT 798 messages as its preferred standard for communication with its financial institutions.

Romania’s OMV Petrom signs €1 billion RCF
Romania’s OMV Petrom signs €1 billion RCF
Jonathan Bell
25 May 2015

OMV Petrom, the largest oil and gas producer in South-Eastern Europe, has signed a revolving credit facility (RCF) amounting to €1 billion ($1.1 billion). The funding has been provided by a syndicate of 17 banks.

JB's weekly round up - 25 May 2015
JB's weekly round up - 25 May 2015
Jonathan Bell
25 May 2015

On the afternoon of 16th July in London, TXF will be hosting a complimentary event on CAPEX and Project Financing in Africa. The event will bring together corporates, banks and agencies with an interest in doing more business in Africa. The event will be followed by TXF summer drinks, where all are welcome.

Petrobras closes $5 billion funding deal with China Development Bank
Petrobras closes $5 billion funding deal with China Development Bank
Jonathan Bell
22 May 2015

Brazilian state-run oil company Petroleo Brasileiro (Petrobras) has signed and closed a $5 billion funding agreement with China Development Bank (CDB).

High Court rules on Qingdao case in favour of Mercuria against Citi
High Court rules on Qingdao case in favour of Mercuria against Citi
Jonathan Bell
22 May 2015

After months of legal wrangling in the UK courts, the High Court in London has finally ruled in favour of commodity trading company Mercuria, in the Mercuria Energy Trading Pte Ltd & Anr versus Citibank N.A & Anr, where Citi had been seeking payment of $270 million related to a metals financing warehouse receipt transaction in Qingdao port, China.

Trafigura places control of metals and minerals trading with Jeremy Weir
Trafigura places control of metals and minerals trading with Jeremy Weir
Jonathan Bell
22 May 2015

Commodity trading company Trafigura Beheer BV has announced that Jeremy Weir, chief executive officer, is assuming responsibility for the metals and minerals trading division of the company.

EBRD finances tram system in Pavlodar, Kazakhstan
EBRD finances tram system in Pavlodar, Kazakhstan
Jonathan Bell
22 May 2015

The European Bank for Reconstruction and Development (EBRD) is providing a KZT2.5 billion ($13.5 million) loan to help Pavlodar, a major city in the north-east of Kazakhstan, to modernise the tramway system that is crucial for public transportation in the city.

Noble Group closes $2.3 billion unsecured RCF
Noble Group closes $2.3 billion unsecured RCF
Jonathan Bell
21 May 2015

Hong Kong-headquartered commodity trading company Noble Group has closed its syndicated committed unsecured revolving loan facilities with a total size of $2.3 billion.

HSBC appoints Asia-Pacific head of large corporates for commercial banking
HSBC appoints Asia-Pacific head of large corporates for commercial banking
Jonathan Bell
21 May 2015

Matthew Kirkby has been appointed as regional head of large corporates for HSBC's commercial banking (CMB) business in Asia-Pacific, with effect from 6 July 2015.

SG launches Middle East structured finance hub
SG launches Middle East structured finance hub
Jonathan Bell
19 May 2015

Société Générale (SG) has strengthened its presence in the Middle East by establishing a structured finance platform at its hub in Dubai.

IADB closes green bond issuance to support Mexican energy financing
IADB closes green bond issuance to support Mexican energy financing
Jonathan Bell
19 May 2015

The Inter-American Development Bank (IDB) and the Clean Technology Fund (CTF) have closed the first phase of a $125 million financing for energy efficiency projects developed by Mexican energy service companies (ESCOs) through the issuance of green bonds in the local capital markets.

Romania’s BCR joins the IFC’s Global Trade Finance Programme
Romania’s BCR joins the IFC’s Global Trade Finance Programme
Jonathan Bell
19 May 2015

International Finance Corporation (IFC) and Banca Comercială Română (BCR) are joining forces to expand the availability of trade finance for importers and exporters in Romania to help spur economic growth and create jobs.

Puma Energy closes $1.25 billion facility oversubscribed
Puma Energy closes $1.25 billion facility oversubscribed
Jonathan Bell
19 May 2015

Singapore-headquartered Puma Energy, a global mid and downstream energy company, has closed its revolving credit (RCF) and term loan facilities amounting to $1.25 billion. The financing was substantially oversubscribed, and the company reports well ahead of initial expectations.

JB's weekly round up - 15 May 2015
JB's weekly round up - 15 May 2015
Jonathan Bell
18 May 2015

Next week is the start of a hectic period for TXF. We launch the inaugural “TXF Chronicle”, our latest industry special report. We’ll also be joined by 200 of the commodity finance world’s great and good in Amsterdam for our annual conference and industry dinner. I’m really looking forward to catching up with some good friends, and getting a proper sense of market activity. Click here to see who else will be there.

FIMBank appoints new chief risk officer
FIMBank appoints new chief risk officer
Jonathan Bell
18 May 2015

FIMBank has appointed Ronald Haverkorn as its new chief risk officer. The appointment comes following the bank’s financial results for 2014 report earlier this year in which it posted a pre-tax loss of $53.43 million.

UKEF creates interactive toolkit for insurance brokers
UKEF creates interactive toolkit for insurance brokers
Jonathan Bell
15 May 2015

The United Kingdom’s (UK) export credit agency, UK Export Finance (UKEF), has set-up an innovative, new online and interactive guide to help credit insurance brokers work with their clients to access government-backed export insurance.

HSBC appoints Asia-Pacific head of GTRF
HSBC appoints Asia-Pacific head of GTRF
Jonathan Bell
15 May 2015

HSBC has appointed Tan Siew Meng the newly created role of regional head global trade and receivables finance (GTRF) Asia-Pacific, with effect from 1 July 2015. This is a new role that brings together management responsibility for GTRF Asia-Pacific, including Hong Kong and Macau.

Reliance Infocomm signs $750 million K-sure backed loan
Reliance Infocomm signs $750 million K-sure backed loan
Jonathan Bell
14 May 2015

India’s Reliance Jio Infocomm (RJIL), a subsidiary of Reliance Industries (RIL), has signed a $750 million loan backed by Korea Trade Insurance Corporation (K-sure). This is the first loan ever between K-sure and RJIL. It is also K-sure’s largest deal yet in India.

EBRD announces TFP award winners
EBRD announces TFP award winners
Jonathan Bell
14 May 2015

The European Bank for Reconstruction and Development (EBRD) honoured the most successful participants in its Trade Facilitation Programme (TFP) 2014 in an award ceremony on the eve of the bank’s Annual Meeting and Business Forum in Tbilisi.

HSH Nordbank tie-up with Kexim strengthens bank’s focus on ship financing
HSH Nordbank tie-up with Kexim strengthens bank’s focus on ship financing
Jonathan Bell
13 May 2015

HSH Nordbank has today signed a cooperation agreement with the Export-Import Bank of Korea (Kexim) and Busan, Korea's second-largest city after the capital Seoul, which will allow the bank to shift its focus in the international shipping business more closely to the Asian market, collaborating with local players in the process.

SACE and Sinosure sign reinsurance agreement
SACE and Sinosure sign reinsurance agreement
Jonathan Bell
12 May 2015

The Italian export credit agency, SACE, and China Export & Credit Insurance Corporation (Sinosure), have today signed a reinsurance agreement aimed at facilitating the positive finalisation of multisource projects and deals involving Italian and Chinese companies.

UniCredit merges global syndications and capital markets businesses
UniCredit merges global syndications and capital markets businesses
Jonathan Bell
11 May 2015

UniCredit announced today that it has combined its global capital markets and loan syndication businesses to create a new global syndicate and capital markets platform to better serve client needs. The business will be headed by Marco Bales, previously head of global capital markets.

RDIF signs four deals increasing financing cooperation between Russia and China
RDIF signs four deals increasing financing cooperation between Russia and China
Jonathan Bell
8 May 2015

The Russian Direct Investment Fund (RDIF) has announced four major financing initiatives increasing Russia’s trade and economic cooperation with China. The development of these financing ties come as part of Chinese President Xi Jinping’s visit to Russia.

BHP Billiton selects essDOCS for harmonised documentation solution
BHP Billiton selects essDOCS for harmonised documentation solution
Jonathan Bell
8 May 2015

Following a global tender, essDOCS, a leading enabler of paperless trade, has has won the contract to develop and deliver a document preparation (Doc Prep) solution for major mining and trading conglomerate BHP Billiton’s marketing business.

ICBC London secures $1 billion dual-tranche loan
ICBC London secures $1 billion dual-tranche loan
Jonathan Bell
7 May 2015

ICBC (London) has signed a new dual-tranche $1 billion term loan agreement with an international bank syndicate. The funds will be used for general corporate purposes.

HFW expands oil and gas practice with partner hire
HFW expands oil and gas practice with partner hire
Jonathan Bell
7 May 2015

International law firm Holman Fenwick Willan (HFW) has expanded its energy practice with the recruitment of Jayson Marks. He joins the firm’s oil and gas group as a corporate partner.

JB's weekly round up - 7 May 2015
JB's weekly round up - 7 May 2015
Jonathan Bell
7 May 2015

For those of our readers in the UK, you will doubtless feel as lucky as I do to have been treated to an extended general election campaign. That’s right folks, more pointless infographics, more over-analysed opinion polls, more sensationalised 'leadership debates', more spin, and 'new and improved' ways politicians are finding to avoid answering even the most basic of questions.

Lack of trade finance impacting global development, says WTO director general
Lack of trade finance impacting global development, says WTO director general
Dalia Gebrial
7 May 2015

A lack of capacity in the financial sector is severely impacting the trading potential of poor countries, says Roberto Azevêdo, the sixth director general of the World Trade Organisation (WTO).

Citi appoints new supply chain head for EMEA
Citi appoints new supply chain head for EMEA
Jonathan Bell
6 May 2015

Citi Treasury and Trade Solutions has appointed Parvaiz Dalal as head of supply chain finance for Europe, Middle East and Africa (EMEA).

ADB signs $1 billion agreement with Azerbaijan to upgrade power grid
ADB signs $1 billion agreement with Azerbaijan to upgrade power grid
Jonathan Bell
5 May 2015

The Asian Development Bank (ADB) and the government of Azerbaijan have signed an agreement for a $1 billion investment programme to rehabilitate and expand the country’s power distribution network.

Topaz Energy and Marine secures $550 million facility
Topaz Energy and Marine secures $550 million facility
Jonathan Bell
5 May 2015

Dubai-headquartered Topaz Energy and Marine, a leading offshore support vessel company, has signed a new $550 million loan facility. The new facility is arranged over three tranches.

JB's weekly round up - 29 April 2015
JB's weekly round up - 29 April 2015
Jonathan Bell
5 May 2015

TXF was globetrotting across multiple continents last week, with the team spread to Singapore and the ICC Banking Commission meeting, as well as Washington DC for the Export-Import Bank of the United States’s (US Ex-Im’s) annual conference. You can read a write up on the event here, and an update on the reauthorisation saga here.

ADB signs first-ever PPP co-advisory agreement with global banks
ADB signs first-ever PPP co-advisory agreement with global banks
Jonathan Bell
4 May 2015

The Asian Development Bank (ADB) has signed a public-private partnership (PPP) co-advisory agreement with eight global commercial banks. The move is aimed at accelerating the flow of private funds into critical infrastructure projects in developing Asia.

Shell signs new $15 billion bridge loan for BG Group acquisition
Shell signs new $15 billion bridge loan for BG Group acquisition
Jonathan Bell
1 May 2015

Oil major Royal Dutch Shell has signed a new £10.07 billion ($15.24 billion) bridge credit facility with core relationship banks, as part of its financing related to the purchase of the UK’s gas production and distribution company BG Group.