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Is the OECD Consensus still fit for purpose?
Is the OECD Consensus still fit for purpose?
Max Thompson
9 January 2019

OECD exporters and ECAs often cite the need to modernise the OECD Consensus on export credits. The International Working Group on Export Credits (IWG) is making progress – but will the IWG guidelines provide alternative rules to the OECD, or will it run alongside them?

Shop talk: GE China, spreading the ECA umbrella
Shop talk: GE China, spreading the ECA umbrella
Max Thompson
18 December 2018

TXF spoke with Charles Xu, managing director of commercial finance & capital markets at GE China, to discuss the benefits of directly sourcing Chinese financings in a global power market with only a handful of major players.

Risky Business: Africa terrorism, regime risks and corruption but still relative stability
Risky Business: Africa terrorism, regime risks and corruption but still relative stability
Max Thompson
17 December 2018

TXF and Coriolis Technologies’ country risk index investigates the trends in trade weaponization in Africa. Rebecca Harding, CEO of Coriolis Technologies points to increased terrorism, political risks and the double-edged sword of China’s BRI. This is the last in the series of seven insights.

Shop talk: How far away is mandatory ESG reporting in Asia?
Shop talk: How far away is mandatory ESG reporting in Asia?
Max Thompson
13 December 2018

TXF spoke with Juliette Macresy, head of Greater China and South-East Asia for ESG research and ratings firm Vigeo Eiris, to discuss tracking green loan proceeds against green projects as regulators try to move the market towards mandatory ESG reporting.

S&W breakfast briefing: Insurance and finance case law update
S&W breakfast briefing: Insurance and finance case law update
Max Thompson
3 December 2018

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partners Marian Boyle and Sam Fowler-Holmes highlight the importance of conditions precedent to an insurer’s liability, as well as the need to contextualise contract phrases against the policy.

Risky business: US exports populism, Canada and Mexico weaponize
Risky business: US exports populism, Canada and Mexico weaponize
Max Thompson
30 November 2018

The US’s most successful export at the moment seems to be populism, says Rebecca Harding, CEO of Coriolis Technologies. TXF and Coreolis Technologies’ country risk index investigates the trends in trade weaponization in the Americas. Here, Canada and Mexico export arms, Central America imports populism. This is the third in the series of seven insights.

Shop talk: Kexim raises risk appetite amid pricing squeeze
Shop talk: Kexim raises risk appetite amid pricing squeeze
Max Thompson
29 November 2018

From Asia to the US, Kexim has a number of large-scale oil and gas projects in the pipeline. But after years of cancelled projects, as the liquid Korean ECA flexes its muscles again and increases exposures, sponsors are squeezing the ECA and lenders on pricing.

Top takeaways from TXF Asia 2018
Top takeaways from TXF Asia 2018
Max Thompson
20 November 2018

From China’s open-ended Belt Road Initiative (BRI) to Asia’s $1.7 trillion infrastructure need per year by 2023, commercial and local banks, ECA/DFIs and institutional investors are more integral than ever to plugging the region’s $900 billion funding gap.

Sakaka: Cash in sand
Sakaka: Cash in sand
Max Thompson
19 November 2018

Saudi Arabia has reached financial close on its first solar utility-scale project – the 300MW Sakaka solar PV plant. The soft miniperm financing is being put forward as a template for pure commercial bank project funding under the Vision 2030 programme. But at the moment just one bank is underwriting the whole deal.

Shop talk: SMEs drive intra-African trade growth
Shop talk: SMEs drive intra-African trade growth
Max Thompson
6 November 2018

SMEs are the engine behind Africa’s trade growth – but funding is scarce. Kofi Adomakoh, head of bank guarantees and special finance at Afreximbank, outlines the bank’s mantra, Impact 2021: Africa Transformed, and explains how improving access to trade finance for SMEs is key to promoting intra-African trade.

S&W breakfast briefing: Leveraging fintech in trade finance
S&W breakfast briefing: Leveraging fintech in trade finance
Max Thompson
30 October 2018

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partners Joel Telpner and Geoffrey Wynne outline the benefits of blockchain as well as the resultant legal issues the fintech industry will be faced with in trade and trade finance.

Shop talk: Are ECAs stepping on the toes of the private market?
Shop talk: Are ECAs stepping on the toes of the private market?
Max Thompson
29 October 2018

TXF spoke with Rachael Anstock, head of UK credit & political risks at Zurich, to discuss the insurer’s product innovations, and to find out whether the private market is competing with ECAs for business, rather than collaborating.

Insurance underwriter perspective: Is the world becoming a riskier place?
Insurance underwriter perspective: Is the world becoming a riskier place?
Max Thompson
18 October 2018

Does an uptick in arms trade imports and exports and a rise in rhetorical weaponised language around trade point to a riskier trade credit insurance environment in 2018-19? In the latest episode of TXF’s Risky Business podcast series, a panel of insurance underwriters and risk experts outline their key global risk trends.

 Shop talk: Trade credit insurance where it's due, eventually
Shop talk: Trade credit insurance where it's due, eventually
Max Thompson
12 October 2018

Potential changes to PRA regulations, IFRS accounting standards and sovereign risk exposures, mean the trade credit insurance landscape will have to evolve. Gary Lowe, head of the credit insurance desk at Standard Chartered, gives his take on these regulatory constraints and what trade credit insurance in a post-Brexit world will look like.

M25 refinancing: A choice decision?
M25 refinancing: A choice decision?
Max Thompson
5 October 2018

The M25 motorway refinancing earlier this year was the UK’s largest since the Intercity Express deal in 2015. However, was the public bond market the right route given the deal priced higher than hoped for earlier in the year when a sub-100bp level looked more likely?

Global export finance H1 2018: Numbers crunched without the headache
Global export finance H1 2018: Numbers crunched without the headache
Max Thompson
10 September 2018

TXF has released its Global export finance results for H1 2018. From Bpifrance performing best in the first half of this year to Oil & Gas showing the largest volumes in export finance, the findings will continue to surprise..

UPDATE: Fonzi's weekly facts, figures and forecasts
UPDATE: Fonzi's weekly facts, figures and forecasts
Max Thompson
27 August 2018

TXF Data's top lending opportunities, latest Category A projects under consideration by ECAs, and provisional CIRR trends are here for this week.

Shop talk: SERVing up a more proactive ECA
Shop talk: SERVing up a more proactive ECA
Max Thompson
14 August 2018

Swiss ECA SERV has pulled off some major innovations in the bond markets - from guaranteeing a rouble bond refinancing to the Sergipe local currency bond deal earlier this year. And CEO Peter Gisler has plans for an even more proactive agency.

Risky business podcast: From east to west
Risky business podcast: From east to west
Max Thompson
14 August 2018

From the recent election in Pakistan to Trump’s tariffs, Dr. Rebecca Harding of Coreolis Technologies highlights the economic and political risk factors behind our latest Country Risk Ratings for Asia-Pacific and the Americas in the final two episodes of TXF’s Risky Business podcast series.

Risky business podcast: War and policy in trade
Risky business podcast: War and policy in trade
Max Thompson
9 August 2018

In the latest episodes of TXF’s Risky Business podcast series, Dr. Rebecca Harding of Coreolis Technologies outlines and analyses the economic and political risk factors behind our latest Country Risk Ratings for MENA, Russia, Eurasia, Europe and Turkey in Q2 2018.

TXF's latest CIRR trends tracking
TXF's latest CIRR trends tracking
Max Thompson
9 August 2018

TXF Data’s latest weekly tool tracks the yields of relevant sovereign bonds to forecast whether there will be a rise or fall in CIRR rates – the minimum interest rate an OECD ECA can charge for direct loans.

From London to Loubetsi: Global PRI coverage
From London to Loubetsi: Global PRI coverage
Max Thompson
9 August 2018

Three major hurricanes, Mexico’s earthquake and California’s fires were estimated to cost the private insurance industry $144 billion in 2017. Earlier this summer, TXF Global discussed how the robust industry has absorbed these losses with no impact to CPRI market prices across the trade, export and project finance spaces.

TXF’s top lending opportunities this week
TXF’s top lending opportunities this week
Max Thompson
7 August 2018

TXF Data's top lending opportunity across 70 of the world's most active ECA exporters have arrived for this week..

Risky business podcast: Navigating Africa's hot waters
Risky business podcast: Navigating Africa's hot waters
Max Thompson
6 August 2018

Dr. Rebecca Harding of Coreolis Technologies outlines and analyses the economic and political risk factors behind TXF's latest Country Risk Ratings for Sub Saharan Africa in Q2 2018.

 Super-Sinosure: Pushing the cover boundaries
Super-Sinosure: Pushing the cover boundaries
Max Thompson
3 August 2018

Sinosure wants to up its short and long-term export credit insurance exposures to over $450 billion by 2020 and is targeting international lenders for far more business. However, the brewing US-China trade war and concerns over how projects apply capital under the Belt & Road Initiative are casting shadows over the Chinese ECA’s ambitious target.

TXF Global: Bpifrance's one-stop-shop SME success
TXF Global: Bpifrance's one-stop-shop SME success
Max Thompson
3 August 2018

TXF spoke with Bpifrance's global head and head of export finance, Pedro Novo and Maelia Dufour, to find how successful the Coface-Bpifrance transfer has been and whether its one-stop-shop has really simplified export finance for SMEs.

Back of the net: The stated goals of export finance
Back of the net: The stated goals of export finance
Max Thompson
26 July 2018

TXF's third export finance podcast of 2018 discusses the industry goals of five export finance practitioners over the coming years.

TXF Global: Royal IHC on the ECA
TXF Global: Royal IHC on the ECA
Max Thompson
23 July 2018

TXF caught up with Robbert Zappeij, director of customer finance solutions at Royal IHC, to discuss which sections of the OECD guidelines need modernising, and why working with cheaper Chinese ECAs can help the Dutch dredging company improve their domestic ECA.

Trade moves: TXF Data Country Risk Review Q2 2018
Trade moves: TXF Data Country Risk Review Q2 2018
Max Thompson
20 July 2018

As North American risks continue to rise as President Donald Trump undermines NAFTA members with tariffs on iron and steel, the EU remains divided over the issue of migration, and China flexes its military muscles, TXF’s Country Risk Review reveals the latest country profiles in Q2 2018.

US-China get electric on the auto front
US-China get electric on the auto front
Jonathan Bell
19 July 2018

Jonathan Bell, Editor-in-Chief at TXF gives us his take on news that Tesla is to build an EV Gigafactory in Shanghai, as well as a review of TXF's market coverage from the last 7 days

Blockchain: Streamlining trade finance
Blockchain: Streamlining trade finance
Max Thompson
18 July 2018

Blockchain solution provider Arkratos has developed a commodity ecosystem which is based on blockchain and smart contract technology. And, Ashish Srivastava, vice president at Arkratos, claims early adopters of their platform are already starting to reap the benefits

TXF Global: UKEF chief on simplifying ECA finance
TXF Global: UKEF chief on simplifying ECA finance
Max Thompson
18 July 2018

UKEF has promised to improve access to export finance for UK SMEs. Louis Taylor, UKEF CEO, outlines the substance behind the rhetoric.

TXF Global: Oman’s push for infra projects
TXF Global: Oman’s push for infra projects
Max Thompson
13 July 2018

TXF caught up with Fatick Hussain, finance director at Salalah Methanol, to discuss the Omani government’s push for infra projects, how the sultanate’s oil and gas sector is set for significant growth, and why ECAs need to take a more collaborative approach to large-scale project financings.

Shop talk: IFC wants more DFI-ECA collaboration
Shop talk: IFC wants more DFI-ECA collaboration
Max Thompson
12 July 2018

For many borrowers ECAs and DFIs can both be ill-fitting pegs in a very deep infrastructure hole, particularly on multi-sourced financings. According to Arun Kumar Sharma, CIO of Global Financial Markets at the IFC, the way forward is better ECA and DFI collaboration – but how?

TXF Global: ECIC takes a shine to renewables
TXF Global: ECIC takes a shine to renewables
Max Thompson
11 July 2018

With a number of green energy proposals in the pipeline, TXF caught up with Kutoane Kutoane, CEO at ECIC, to discuss the South African ECA’s plan to catch the renewables train and how ECA-DFI cooperation is laying a seedbed for commercial banks, and key to getting complex, multi-billion deals across the line on the continent.

TXF Global: UniCredit sees growth in Turkey and Russia
TXF Global: UniCredit sees growth in Turkey and Russia
Max Thompson
9 July 2018

TXF caught up with Eriks Atvars, global head of trade and export finance at UniCredit, to discuss the bank's growth of ECA business in Russia and Turkey. Atvars' also highlights the current challenges in the market from extreme pricing pressure resulting from excess liquidity to increasingly volatile risk appetites amid a changing geopolitical landscape .

TXF Global talk: ECGC on educating SMEs
TXF Global talk: ECGC on educating SMEs
Max Thompson
6 July 2018

TXF caught up with Geetha Muralidhar, chairman and managing director at ECGG, to discuss how ECGC are supporting SMEs and what educational processes need to take place to provide Indian exporters with better access to short-term trade finance.

TXF-A&O Shipping ECA finance report 2018
TXF-A&O Shipping ECA finance report 2018
Max Thompson
5 July 2018

TXF Data has released its Shipping ECA finance report for 2018 with the support of Allen & Overy – and the findings will surprise.

TXF Global talk: Investors warm to Africa
TXF Global talk: Investors warm to Africa
Max Thompson
4 July 2018

TXF caught up with Robert Besseling, executive director at EXX Africa, to discuss the ever-changing political risk outlook for Africa. With the IMF bailing out several central African countries, the rise in commodity prices benefiting the larger economies, and East Africa showing significant infra growth, international investors are showing a new found interest in the continent.

TXF Global talk: PLN on plugging its $5bn funding gap
TXF Global talk: PLN on plugging its $5bn funding gap
Max Thompson
3 July 2018

TXF caught up with Teguh Harsono, senior fundraising manager at PLN, to find out how Indonesia’s state-owned power utility plans to plug this year’s $5 billion funding gap with alternative fundraising techniques such as equity financing, ECA debt, and Komodo bonds to support its busy IPP deal pipeline.

Global project finance trends in 2018
Global project finance trends in 2018
Max Thompson
25 June 2018

TXF’s Global Project Finance Day in Prague at the start of this month threw out some big numbers on global infrastructure needs as well as some strong predictions on the financing trends for energy and infra projects as we move into an era of sustainable infrastructure. Here are the top 10 takeaways..

TXF Global: 15 trends in export finance
TXF Global: 15 trends in export finance
Max Thompson
11 June 2018

Now the dust has settled after the roaring success of TXF Global in Prague last week, the world’s leading export and agency finance conference, we highlight 15 of the most significant trends in the market over the past year.

Perfect 10: Ivory Coast taps first sustainability-linked ECA deal
Perfect 10: Ivory Coast taps first sustainability-linked ECA deal
Max Thompson
2 June 2018

Winning TXF’s Best Sustainable ECA-backed deal of the year award, the Ministry of Economy and Finance of the Republic of Ivory Coast sealed a sustainability-linked DFI/ECA-backed facility for a water supply plant in Abidjan, the first such deal in the West African country.

Vesteri to be presented with TXF Industry Fellowship Award
Vesteri to be presented with TXF Industry Fellowship Award
Max Thompson
31 May 2018

Topi Vesteri, Deputy CEO, Group CCO at Finnvera and President at the International Union of Credit & Investment Insurers (Berne Union) is to be honoured with the TXF Industry Fellowship Award in recognition for his exceptional service to the international export finance sector.

Perfect 10: Lukoil taps K-Sure debut
Perfect 10: Lukoil taps K-Sure debut
Max Thompson
31 May 2018

Taking home TXF’s Best Eurasian ECA-backed deal of 2018, Lukoil Overseas Uzbekistan's debut K-sure-backed loan was the first for the Korean ECA with a Russian sponsor.

Perfect 10: Hornsea 1, multisourcing offshore wind
Perfect 10: Hornsea 1, multisourcing offshore wind
Max Thompson
30 May 2018

TXF’s Best ECA-backed renewables deal of the year, Global Infrastructure Partners' (GIP) EKF-backed acquisition loan for a stake in the Hornsea 1 offshore wind project in the UK, has introduced a new asset class to institutional investors – with significant construction risk.

Perfect 10: Reliance’s ECA attraction
Perfect 10: Reliance’s ECA attraction
Max Thompson
30 May 2018

Reliance Jio Infocomm drew on its strong relationship with K-sure to close a tightly priced $1 billion ECA-backed loan in under three months to fund its expansion of a pan-India 4G network.

Perfect 10: Senelec’s ECA first
Perfect 10: Senelec’s ECA first
Max Thompson
30 May 2018

Winning TXF’s Best ECA-backed African deal of the year, Senegal’s state-owned power utility Senelec closed its first ECA-backed loan to finance an electricity system expansion project.

Perfect 10: Vinfast, ‘Made in Vietnam’
Perfect 10: Vinfast, ‘Made in Vietnam’
Max Thompson
30 May 2018

Vietnam witnessed its inaugural ECA-backed corporate deal in 2018 after automotive start-up, VinFast, made a strongly priced debut in the ECA market.

Reversing the brain drain in export finance
Reversing the brain drain in export finance
Max Thompson
29 May 2018

The export finance industry has an ageing demographic. Much of the knowledge and talent in the industry comes from practitioners with over 30 years’ experience. However, with retirement just around the corner for many, it has never been more important to educate and attract young people to the community. But where will the talent come from, and who will teach the new generation?