TXF spoke with Robert Griljov, director of business operations in Eastern Europe and Central Asia at EXIM Hungary, to outline the role state intervention and foreign investment is playing in these markets with historically close economic ties to Russia.
The coronavirus pandemic has shone a spotlight on many things. But most importantly, the stronger focus on the energy transition from governments, financiers, and project sponsors has fuelled a race around the world towards the realisation of the UN’s SDGs.
The GNA II LNG-to-power project and its sole financier - BNDES - promised to incubate private sector investment in large-scale project financings in Brazil. However, the card of pure commercial bankability is still some way off for such schemes.
Export Credit Agencies (ECAs) have proved robust amid the economic bulldozer that is the Covid-19 pandemic, and the product has never been in greater use with applications for cover ballooning. But ECAs are also becoming more risk averse as the pandemic shows no clear end in sight.
While EXIM Hungary is not one of the largest ECAs globally in terms of portfolio size or capital capacity, the Hungarian ECA makes up for its lack of size with its variety of products, including its international activities, special operating framework and the significance and breadth of its role. EXIM Hungary is also active in the real economy and in terms of international financial policy. TXF spoke to the ECA's International Chief Officer, Gabor Szocs.
TXF sat down with Gergely Jakli, CEO and chairman of the board of directors at HEXIM, and Nikita Gusakov, CEO at EXIAR, to outline a landmark financing closed with Egyptian National Railways earlier this year, as well as what integrated ECAs have to offer as new one-stop-shops for export finance solutions.
TXF's Global Trade Virtual event - which will kick-off from 8-11 December - will be complemented by a bespoke report that delves into the most pertinent trends facing the trade finance community in the Covid-19 epoch. Register or download the report here.
TXF's Global Trade Virtual event - which will kick-off from 8-10 December - will be complemented by a bespoke report that delves into the most pertinent trends facing the trade finance community in the Covid-19 epoch. Register or download the report here.
The ICC Global Export Finance Committee’s Sustainability Working Group is out to market with an ambitious initiative: to engage the export finance community in a discourse on how the industry aims to fulfil the UN’s sustainable development agenda, in a bid to develop both ECA policy and product.
With Orsted’s potential equity partners in its Changhua 1 offshore wind project wanting to eye loan agreements before debt signing, the project financing is nearing close. The facility is similar to its Taiwanese offshore wind precursors in many ways – but is also expected to be another small evolution in tenor and pricing.
TXF’s Global Commodity Finance conference 2020 has kicked off via our brand new networking-first virtual platform from 4-6 November.
The TXF World Fair, our blockbuster virtual export finance event, has provided the ECA community with a new platform to discuss the most prevalent market trends, network via private meetings, and in turn, push a multitude of deals across the financial line. With over 2,500 delegates registered, the event is not to be missed with lending, borrowing and advisory opportunities galore.
The younger generation of the export finance community are yet to hold the keys to the ECA manor. And with much of the knowledge and talent in the industry (and deal origination) coming from practitioners with over 30 years’ experience, TXF’s Future of Export Finance (FEX) initiative is more paramount than ever in shifting the industry’s clout from the aging demographic to the next generation.
ECAs and export finance activity have been paramount to global trade and project success so far throughout the pandemic. Discussion on the key themes, topics, trends and essential detail are lined up for the TXF Export Finance Virtual World Fair later in October.
Rio Tinto via its ownership of Turquoise Hill Resources has finally inked an agreement for the additional financing of the long-dated Oyu Tolgoi mining project in Mongolia - albeit with significant construction risk.
Overall volumes of global export finance fell by roughly $7 billion compared to H1 2019 according to the TXF H1 2020 Export Finance report. However, the drop in volume is not significant given the Covid-19 pandemic interrupted the signing of several big ticket ECA-backed deals.
TXF is joined by Melanie Lawrence of Afreximbank, Gabriel Buck of GKB Ventures and Chris Mitman of Investec to discuss the challenges faced in providing export finance to Africa.
Japan will launch its first general round of offshore wind auctions to set feed-in-premium tariffs imminently. And with one precedent financing blueprint - the Akita project - proving there is ample domestic liquidity in this nascent sector, can international bank appetite stretch to backing the pipeline of projects about to hit the market?
TXF’s editor Max Thompson takes a look at how the export finance landscape - including the super low CIRR rate on offer - is faring amid the crisis, and what the market might look like going forward.
BNDES is shifting its mandate, with project origination and structuring now higher on the corporate agenda, as Brazil’s DFI looks to attract other sources of financing to the country.
The first phase of the 800MW Al Kharsaah solar PV project in Qatar has reached financial close despite the Covid-19 crisis. The project is backed by a world record low tariff for a solar scheme to meet conditions precedent, after bids for the 2GW Al Dhafra solar PV in Abu Dhabi came in even lower last month.
TXF spoke with Anna Ponomareva, head of ECA and agency finance at VTB to discuss the challenges the Russian bank has faced in responding to the Covid-19 crisis, as banks and customers demand more strict trade loan requirements.
TXF’s co-founder Dominik Kloiber is joined by Ashley Mcdermott, a partner at Mayer Brown, and Aida Topcagic, VP for global export finance at JP Morgan to outline the complicated issues surrounding the Libor transition set for 2021, and to raise awareness around future Libor replacements.
The 11th edition of the ICC Global Survey on Trade Finance incorporates the views of 346 respondents in 85 countries - from international banks to regional and local banks. And this year, a supplementary survey helped to shed some light on the impact of the Covid-19 crisis on trade flows and trade finance.
A stack of Mexican government policies in the energy space - supposedly implemented in response to the Covid-19 pandemic by Lopez Obrador's government - has forced project sponsors to take government agencies to court in order to bring renewable projects online. But can DFIs help provide further comfort to investors and banks looking to exit the sector?
The $1.5 trillion trade finance gap is a heavy burden for SMEs in emerging markets, one which financial institutions have long sought to ease. In partnership with Comarch, TXF hosted a webinar to consider the extent to which technology can bridge this gap.
One of the world’s largest LNG projects - Ichthys LNG - has just refinanced the original 2012 ECA-backed project debt stapled to the scheme. But for a repricing exercise in the Covid-19 epoch, the margin savings on the ECA portion were better than expected.
Trading houses fundraising activities in the Covid-19 epoch have been few and far between, as record-low oil prices and an increase in the cost of trade debt impact the number of commodity finance transactions globally.
As the dust settles after last week’s TXF Global 2020 Export Finance: Virtual event, the findings from the bespoke survey put to e-delegates will continue to surprise and inform the ECA community as much as the conference itself.
TXF spoke to Kirstine Damkjær, CEO of EKF, to find out how the Danish ECA has ramped up its product offering in response to the Covid-19 crisis.
This year's winners of the TXF Perfect 10 Export Finance Deals of the Year beat a lot of worthy contenders...
CC Solution's has compiled a list of all the new tools and product offerings being rolled out by ECAs and DFIs in their bid to keep the world of trade spinning amid the Covid-19 crisis. Click on the article to download all that information in a palatable pdf.
To inaugurate TXF Global Virtual 2020, the team at TXF put together the top export finance trends which are expected to evolve globally over the course of the year.
Thursday 21 May | 11:00 BST | 14:00 GST When obligors in remote countries miss payments, speed and local knowledge are essential in recovering defaulted funds. In this webinar we will explore the avenues available for amicable, arbitrated and judicial recovery for export credit insured transactions in MENA
The Ibri II solar project financing in Oman, which signed electronically at the end March amid the global economic lockdown, was the second regional project to engage with Saudi Exim for financing. However, while not backed by the Saudi ECA in the end, the project shows the Saudi authorities want to strengthen their ECAs to support exports regionally and internationally – which bodes well for Saudi companies in the coming years.
TXF spoke with Hoda Moustafa, Africa regional head at MIGA to discuss the multilateral's internal response to the Covid-19 crisis on the continent, and how the pandemic has impacted its risk appetite and deal pipeline in 2020.
TXF spoke with Darrel Boyd, CEO at TM Geothermal Operations (TMGO) to outline the progress and challenges of procuring and financing the 150MW Tulu Moye geothermal power project in Ethiopia amid the coronavirus pandemic – the country's first independent power producer (IPP).
Thursday 14th May 2020 | 10:30 EST | 15:30 BST It is more essential than ever for the trade and export finance community to engage with institutional investors to optimise their ability to access capital. Join our live 1 hour webinar as experts discuss what a long term issuer/investor relationship can look like in trade finance
China’s president, Xi Jinping, pledged $60 billion in 2018 for African development over the next three years. But will the Covid-19 pandemic and global economic downturn light an early fuse on the time bomb of ‘addictive’ Chinese-style financings in Africa, especially for commodity-linked project debt as commodity prices tumble? Or are critics just out for China again.
In the second edition of TXF’s new Deal in Spotlight feature, TXF spoke with Thierry Gernigon, director of export finance EMEA at BNP Paribas to discuss a Bpifrance-backed deal the French bank closed at the end of 2019 to finance the rehabilitation of a university hospital centre in Ivory Coast.
Overall volumes of global commodity finance fell by 16% in 2019 compared to 2018, according to the full-year TXF 2019 Commodity Finance Report, while structured commodity finance plummeted to nearly half the volume of the previous year. Max Thompson reviews the drivers behind these low figures, as well as the most active regions and sectors across the commodity finance space.
In the first edition of TXF’s new Deal in Spotlight feature, we caught up with LBBW, the sole lender on the 33MW Huong Linh 1 onshore wind farm in Vietnam, to find out why this small-scale ECA-backed project financing was a landmark deal in a market where big ticket coverage always grabs the headlines.
Overall volumes of global export finance fell by almost 30% last year compared to 2018 according to the full-year TXF 2019 Export Finance Report. Max Thompson reviews the ECA league tables alongside the drivers behind the drastic drop in ECA-backed deal volume, with lower numbers across all major sectors other than oil and gas.
The Taiwanese offshore wind market is on course to emulate another bumper year of ECA-backed project finance prowess in 2020. But not all is as it seems on this nascent sector’s glimmering surface, with state-owned bank liquidity yet to emerge.
TXF spoke to Gautier Mangenot, VP of business development at Entrepose Group, a subsidiary of Vinci, about the challenges mid-sized EPCs face facilitating infrastructure throughout the energy value chain, and the growing role of multi-sourced ECA finance in wining bids in central and south-east Asia.
BNDES’ heavy involvement in the GNA II liquefied natural gas (LNG)-to-power project funding mix contrasts its bid to leave more room for private investors in large-scale project financings in Brazil. So when will such projects be dealt the card of pure commercial bankability?
Indonesia’s state-owned power utility PLN has yet to close a single power project financing in 2019 amid a year of economic slowdown and elections. However, Teguh Harsono, vice president of funding at PLN says 2020 will be a very different story.
The renaissance in North Sea oil field M&As is being driven by new flows of capital and RBL lenders backing mid-cap oil companies acquiring assets from majors’ divesting in the sector. But how much value can these often PE-backed independents and special operators squeeze from older oil assets before they look to offload — or even float them?
TXF has opened voting for its Perfect 10 Deal of the Year Awards 2019. Please cast your vote on tagmydeals.com to have your say on this year’s most landmark export and commodity finance deals.
TXF PRI: Trade, Commodity & Export Finance is taking place this February. Delve into the local market and make high-level contacts that might just lead to your next deal...
This virtual event will address those challenges head-on. We want to create an atmosphere that is inspiring and ideas led, that demonstrates the art of the possible for the export finance community.
Uniting the key players and deal makers across the Americas. This is your chance to stay connected and ahead of the curve!
Join us while we are looking into the commodity finance sector for the Asia Pacific region. Connect with key players and hear about current and future deals.
The destination for African export & project finance. Come together with deal makers across the region for virtual networking opportunities second to none .
TXF is introducing the 'Financing the Energy Transition' event, focusing on the latest updates and future plan of the energy transition.
We're proud to be bringing back TXF Global Commodity Finance, a must-attend event for the commodity finance community.
TXF invites you to join a dynamic group of export finance professionals to plot your ideas on where we're heading and how to get there
Fasten your seatbelt for the second leg of the ultimate export finance world tour, with stop-offs at Asia, Mena, Europe, Africa, and the Americas
This year's global trade virtual event will look into the impact of covid-19 to the market and explore new opportunities
Calling all changemakers in export finance! Join us to plot your ideas about diversity, sustainability and inclusion in the industry. If you are here to make a difference you are in the right place!
Your largest export, agency & project finance event returns to Madrid for 2021 after a 2020 virtual extravaganza! Industry renowned as the go-to for global export finance. Let the deal-making begin!
We are delighted to bring back this senior-level virtual event dedicated to the MENA region! Examine the regions' key trends and future opportunities whilst networking in a safe space.
A key event in the export, agency & project finance event calendar for senior and influential professionals working across the Asia-Pacific region. Networking and deal opportunities abound!