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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?

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?

Shop Talk: Egypt's petrochemical promise
Shop Talk: Egypt's petrochemical promise
Max Thompson
18 May 2018

A serial user of ECA and DFI debt, Carbon Holdings CEO Basil El-Baz expects to reach financial close on the $10.8 billion Tahrir Petrochemicals project by the end of the year – and with an oversubscription.

Pricing dip: TXF-ICC Global Export Finance Survey 2018
Pricing dip: TXF-ICC Global Export Finance Survey 2018
Max Thompson
11 May 2018

The TXF-ICC Global Export Finance Survey 2018 incorporates the pricing and liquidity views of 65 senior export finance practitioners at leading banks, ECAs, exporters and importers. The findings are familiar.

Why is data sharing important in the insurance market?
Why is data sharing important in the insurance market?
Max Thompson
10 May 2018

TXF caught up with Audrey Zuck, director at A2Z Risk Services, to find out more about the importants of data sharing initiatives in the private insurance market. Zuck says given the scepticism around insurance payouts, sharing claims data can help provide corporates with the evidence that the product works.

Perfect 10: Neptune’s RBL gives rise to new oil & gas giant
Perfect 10: Neptune’s RBL gives rise to new oil & gas giant
Max Thompson
10 May 2018

Winning TXF’s Energy Finance Deal of the Year, Neptune's $2 billion transaction represented the largest reserve-based lending facility raised for an acquisition in the EMEA region. The acquisition loan also stands as one of the region’s largest private equity-backed deals.

Perfect 10: Aluminium Dunkerque, the shape of deals to come?
Perfect 10: Aluminium Dunkerque, the shape of deals to come?
Max Thompson
9 May 2018

In a unique deal that fused acquisition financing, commodity finance and commodity price hedging, Liberty House closed a $350 million facility in 2018 to back the acquisition of Europe’s largest aluminium smelter – Aluminium Dunkerque, a deserved winner of TXF’s Commodities Acquisition Deal of the Year.

Perfect 10: Metinvest’s borrowing bounceback
Perfect 10: Metinvest’s borrowing bounceback
Max Thompson
9 May 2018

Despite finalising a lengthy debt restructuring in 2017, Metinvest returned to the debt markets in 2018 to close a $2.36 billion PXF/bond facility, the largest refinancing by a Ukrainian corporate to date, taking home European Commodities Finance Deal of the Year.

Perfect 10: Addax Energy’s slick new borrowing base
Perfect 10: Addax Energy’s slick new borrowing base
Max Thompson
9 May 2018

Oil trader Addax Energy closed a rare IFC-backed borrowing base in Mauritania in 2018, to take home TXF's African Commodities Finance Deal of the Year Award. And the financing has multi-jurisdictional legal lessons for independent traders looking to close hybrid corporate and structured trade finance deals in high-risk profile African countries.

Perfect 10: Trafigura’s prepay complexity
Perfect 10: Trafigura’s prepay complexity
Max Thompson
7 May 2018

Winning TXF’s Best Commodity Trader Finance Deal of the Year, Trafigura sealed a complex $250 million two-step pre-payment loan in 2018 to finance the procurement of copper cathodes from Russia’s Norilsk Nickel, despite a stressed deal timeline.

Perfect 10: Shandong, moving funding offshore
Perfect 10: Shandong, moving funding offshore
Max Thompson
7 May 2018

China’s Shandong Qingyuan closed three offshore pre-delivery finance facilities against future crude oil deliveries, totalling nearly $1 billion, to take home TXF’s Best Overall Commodities Finance Deal of the Year 2018.

Perfect 10: Gunvor’s sustainability-linked loan debut
Perfect 10: Gunvor’s sustainability-linked loan debut
Max Thompson
7 May 2018

Taking home TXF’s Sustainable Commodity Finance Deal of the Year Award, Gunvor sealed a $770 million sustainability-linked borrowing base facility in 2018 – the first for an energy trading company.

Perfect 10: Yibal extends borrowing options in the Middle East
Perfect 10: Yibal extends borrowing options in the Middle East
Max Thompson
7 May 2018

In an amend-and-extend of a previous PXF for crude oil exports, the government of Oman was able to secure the same cost of funding despite a dramatic deterioration of its credit quality, winning TXF's Middle East Commodity Finance Deal of the Year 2018.

S&W Breakfast briefing: How to boost your chances of insurance claim payment?
S&W Breakfast briefing: How to boost your chances of insurance claim payment?
Max Thompson
2 May 2018

In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Marian Boyle discusses the role of insurance in bank’s credit support packages and asks what strategies can be employed to maximise chances of successful claim payment?

Download The TXF Chronicle, Vol 1 2018
Download The TXF Chronicle, Vol 1 2018
Max Thompson
30 April 2018

It’s that time of year again… Everyone here at TXF is very proud to present to you 2018’s first edition of our biannual magazine, The TXF Chronicle Vol 1 – the best of TXF News from the past six months alongside the full TXF Perfect 10 deal of the year write-ups.

DEWA IV: CSP on a new scale
DEWA IV: CSP on a new scale
Max Thompson
25 April 2018

Sponsors of the $3.9 billion 700MW CSP solar project in Dubai – Acwa Power and Shanghai Electric – are near to signing the project debt backing the world’s largest thermal solar farm to date.

Kia Motors: Low gear – low ECA margin
Kia Motors: Low gear – low ECA margin
Max Thompson
20 April 2018

Kia Motors’ ECA-backed facility to finance the construction a new manufacturing plant in India – its first project financing in India and only its third ever ECA-backed borrowing – produced one of the lowest K-Sure covered margins in 2017.

Nam Theun 1: Built in Laos – banked in Thailand
Nam Theun 1: Built in Laos – banked in Thailand
Max Thompson
19 April 2018

Sponsors of the Nam Theun 1 hydro project in Laos closed a tightly priced ECA-backed facility last month. The deal, which took three years from start to finish, has lessons for participants on how to achieve a pure Thai bank financing with a Laos-based project.

Perfect 10 Winners 2017: The big, the bold and the brainy
Perfect 10 Winners 2017: The big, the bold and the brainy
Max Thompson
19 April 2018

Size matters - but innovation, strong marketing and a willingness to take on risk are the key traits that this year's winners of the TXF Perfect 10 Deals of the Year all share.

S&W Breakfast briefing: Regulatory headwinds
S&W Breakfast briefing: Regulatory headwinds
Max Thompson
6 April 2018

Amongst the coffee and croissants, Sullivan and Worcester’s breakfast seminar discusses the importance of financial and cyber resilience for firms regulated by the Prudential Regulation Authority (PRA) in the UK. And given the PRA’s recent supervisory statement on credit risk mitigation, the findings are particularly pertinent.

What lies ahead for ECAs in 2018? New TXF podcast released
What lies ahead for ECAs in 2018? New TXF podcast released
Max Thompson
14 March 2018

Three ECA practitioners highlight their predictions for the industry in 2018. From the fate of US Ex-Im to the UK government rescinding on Brexit, there is something for all in TXF’s first podcast of the year.