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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.

Global commodity finance 2017: A shift in structure
Global commodity finance 2017: A shift in structure
Max Thompson
13 March 2018

The TXF commodity finance report has revealed a year-on-year rise in global volumes from 2016. With Middle Eastern traders turning up the heat, Russian producers looking beyond structured trade, and a decline in the usage of PXFs, the findings will surprise.

Almaty Ring Road PPP: A knotty template
Almaty Ring Road PPP: A knotty template
Max Thompson
6 March 2018

The DFI-backed Almaty ring road PPP is being promoted as the financing template that will kick-start the Kazakh PPP market. But it comes with a knot of heavy sovereign guarantees that the Kazakh government may not be willing to provide for future projects.

Nigerian solar: Developers, DFIs and delays
Nigerian solar: Developers, DFIs and delays
Max Thompson
26 February 2018

Nigeria’s plan to finance 14 utility-scale solar IPP projects by the end of June 2018 is looking uncertain. Potential DFI appetite is waning as state-owned offtaker Nigerian Bulk Electricity Trading attempts to renegotiate tariffs on the 20-year offtake agreements it signed in 2016.

Zero-subsidy offshore wind: Too little too soon?
Zero-subsidy offshore wind: Too little too soon?
Max Thompson
19 February 2018

The cost of generating offshore wind power in Europe is finally being driven by the economics of the industry rather than the government subsides that founded it. But has zero-subsidy offshore wind come a little too early for both the technology and lenders?

Does Canada really need to launch a new infra bank?
Does Canada really need to launch a new infra bank?
Max Thompson
30 January 2018

The PPP Canada fund is expected to be replaced by the C$35 billion Canadian Infrastructure Bank in 2018. While the new bank will have a wider mandate and larger budget, some in the project lending community remain sceptical that it will not compete with commercial lenders.

Electrogas Malta: An integrated approach
Electrogas Malta: An integrated approach
Max Thompson
22 January 2018

Electrogas Malta closed a tightly priced refinancing for its 215MW LNG-to-power scheme last month. The 17-year deal is the first ever integrated LNG-to-power project financing in the world, according to its participants.

TXF Private Insurance talk: Atradius on tailoring insurance for trade
TXF Private Insurance talk: Atradius on tailoring insurance for trade
Max Thompson
19 January 2018

TXF caught up with Olivier David, head of special products at Atradius, to find out more about their tailored credit and political risk insurance products and why data sharing initiatives are key to making trade finance more visible.

TXF Private Insurance talk: Why do ECAs reinsure loans?
TXF Private Insurance talk: Why do ECAs reinsure loans?
Max Thompson
12 January 2018

TXF caught up with Vincenzo Pedicini, head of reinsurance at Sace, to find out why reinsuring an ECA loan via the private market is such an important tool for risk management. While reinsurance is concerned with the use of capital and exposures, it also enables an ECA to free up capacity for new deals as well as the requests of their exporters.

US telco financing: The inside scoop
US telco financing: The inside scoop
Max Thompson
11 January 2018

The hottest ticket in town, TXF Americas 2018, just got more exciting, welcoming an exclusive case study on the recent Verizon ECA-backed transactions, with in depth analysis on why telco borrowers are opting for this asset class.

Gulf of Suez: ECA umbrella breezes into Egyptian wind
Gulf of Suez: ECA umbrella breezes into Egyptian wind
Max Thompson
11 January 2018

The JBIC/NEXI deal for Gulf of Suez Wind IPP (Ras Ghareb) – a rare ECA-backed deal in an Egyptian renewables market fuelled by DFI debt – is both reasonably priced and over a long tenor. Good news for EETC as it prepares to launch a competitive tender for 500MW of wind capacity.

TXF Private Insurance talk: What's driving East Africa's growth?
TXF Private Insurance talk: What's driving East Africa's growth?
Max Thompson
5 January 2018

TXF caught up with Robert Besseling, executive director at EXX Africa, to find out more about the current challenges private insurers face doing business in Africa, as well as some of the driving factors behind East Africa’s economic growth.

Basel III: The impact of sovereign risk debts on banks and ECAs
Basel III: The impact of sovereign risk debts on banks and ECAs
Max Thompson
4 January 2018

The Basel Committee published a discussion paper earlier this month on the regulatory treatment of sovereign exposures. The review raises some very important questions for banks and the wider export finance community.

Institutional investors lining up for offshore wind
Institutional investors lining up for offshore wind
Max Thompson
22 December 2017

Institutional debt is becoming increasingly viable for sponsors of European offshore wind as investors become more comfortable with the asset class.

TXF Private Insurance talk: Why do banks buy credit insurance?
TXF Private Insurance talk: Why do banks buy credit insurance?
Max Thompson
14 December 2017

TXF caught up with Gary Lowe, head of credit insurance and corporate finance at Standard Chartered, to find out more about why banks buy insurance, how the claims process works, and whether a standardised product is nearing the market?

TXF Private Insurance talk: IBM on the future of Blockchain
TXF Private Insurance talk: IBM on the future of Blockchain
Max Thompson
11 December 2017

TXF caught up with Mike Hope, a UKI insurance technical leader at IBM, to find out more about how blockchain technology is driving the trade finance industry forward as it opens up new markets and begins to deliver real projects with increased supply chains.

Myingyan: Plugging Myanmar's power gap
Myingyan: Plugging Myanmar's power gap
Max Thompson
7 December 2017

The Myingyan IPP financing – Myanmar’s debut in the project finance market – has set the blueprint for future deals. But considerable regulatory change is still needed to move the market from DFI-backed projects to pure commercial bankability.

Foreign investors eye Russian infra market
Foreign investors eye Russian infra market
Max Thompson
5 December 2017

With Russia’s economic climate improving in 2017, the country has seen an injection of investment commitments into infrastructure from Asia and the Middle East. Some argue Russia’s burgeoning M&A deal pipeline will spur further projects across the energy and transport sector in 2018.

Walney Extension: More acquisition than project bond
Walney Extension: More acquisition than project bond
Max Thompson
23 November 2017

The first non-recourse investment-grade bond to be used on a construction-stage offshore wind farm in the UK, the Walney Extension financing introduces a new UK asset class to institutional investors – albeit with very little construction risk.

Turkish hospital PPPs: Diversifying the DFI funding mix
Turkish hospital PPPs: Diversifying the DFI funding mix
Max Thompson
16 November 2017

Turkey’s Bilkent Laboratory PPP is nearing financial close and will be the fourth hospital financing in 2017 under the country’s €12 billion hospital PPP programme. However, with sponsors relying increasingly heavily on DFIs, some claim support for upcoming projects may have to come from the capital markets.

S&W Breakfast Briefing: The Equator Principles
S&W Breakfast Briefing: The Equator Principles
Max Thompson
16 November 2017

Among the coffee and croissants, Sullivan & Worcester’s breakfast seminar discussed the importance of the Equator Principles and how they create a common playing field for determining, assessing, and managing environmental and social risks in projects.

Markbygden ETT: Winding up European ECA and DFI cooperation
Markbygden ETT: Winding up European ECA and DFI cooperation
Max Thompson
10 November 2017

GE Energy Financial Services and Green Investment Group’s €800 million financing for the 650MW onshore Markbygden ETT wind project in Sweden incorporates a number of standout features – the largest volume corporate PPA in the renewables sector to date, and a rare example of the EIB tapping ECA cover.

Egypt FiT Round 2: Will DFIs open doors for commercial banks?
Egypt FiT Round 2: Will DFIs open doors for commercial banks?
Max Thompson
7 November 2017

Thirty developers achieved financial close under Egypt’s solar Feed-In-Tariff (FiT) Round 2. However, with no commercial bank presence and heavy DFI funding this time round, will multilaterals serve as a seedbed for commercial banks under next year's competitive tender process?

LNG: It's a regas
LNG: It's a regas
Max Thompson
2 November 2017

As more governments explore the potential for LNG as part of their fuel mix, an increasing number of LNG regasification terminals are under construction around the world. And with China’s coal to gas transition underway, a new round of development is on the horizon.

Java 3: PLN looks for partners
Java 3: PLN looks for partners
Max Thompson
27 October 2017

PLN has issued a RFP for a minority partner on the Java 3 IPP concession. According to Teguh Harsono, treasury manager at PLN, the deal will be a test case under the new MEMR regulation introduced earlier this year.

GE EFS: Green-lighting Asian renewables
GE EFS: Green-lighting Asian renewables
Max Thompson
20 October 2017

GE Energy Financial Services (GE EFS) is playing a more active role in arranging financings alongside its equity in renewable projects in Asia. Sushil Verma, GE EFS managing director and head of Asia Pacific, outlines GE EFS' Asian renewables investment strategy and plans for its Japanese solar fund.

Power politics
Power politics
Max Thompson
13 October 2017

With construction of Bangladesh’s Maitree power project well underway despite Unesco objections, developers are now awaiting the Bangladesh government’s Strategic Environmental Assessment (SEA) report before associated projects near the world heritage-listed Sundarbans mangrove forest move forward.

Making the money go round
Making the money go round
Max Thompson
10 October 2017

ECAs and DFIs active in the emerging markets are getting increasingly capital markets savvy and matching support rhetoric with some very tightly priced borrowing of their own that can be on-lent cheaper - and for longer.

Getting FiTter and faster
Getting FiTter and faster
Max Thompson
3 October 2017

Developers under Egypt’s Feed-in-Tariff (FiT) Round 2 programme are racing to close financings with DFIs and other lenders to make the scheme's 28 October deadline.

Development banks answer FRV's call
Development banks answer FRV's call
Max Thompson
19 September 2017

Solar developer FRV closed a $65 million DFI-backed loan this week to finance the development of the $93.3 million 51MW Al-Safawi solar plant in Jordan. Won with a highly competitive Round 2 tariff, DFI-backing was a must to get the project financed.

TIM pushes on tenor and timing
TIM pushes on tenor and timing
Max Thompson
18 September 2017

Telecom Italia’s largest and longest tenor export finance deal to date – an 11.5-year €279 million ($334 million) EKN-backed loan to finance the purchase of telecoms equipment from Ericsson – proved cheaper and more flexible than capital markets options.

Sirajganj IPP: How long can Bangladesh tenors go?
Sirajganj IPP: How long can Bangladesh tenors go?
Max Thompson
8 September 2017

Sembcorp has reached full financial close on a $309 million DFI-backed loan to finance the 414MW Sirajganj IPP. The deal is the longest tenor power financing in Bangladesh to date and includes a spate of firsts by the IFC.