Serial bond issuer Verizon Communications closed two $2 billion ECA-backed deals in July to finance the purchase of telecoms equipment from Ericsson and Nokia. The deals, Verizon's second tapping of the ECA-backed market, proved cheaper and easier than the capital markets this time around.
We caught up with Alessandro Decio, CEO at Sace, to find out more about the Italian ECA’s record year so far with growth in the cruise, power, and oil and gas sectors across Africa, the Middle East, South America, and Asia.
Financing for the Deutsche Bucht project has neared Borkum II’s benchmark low for the cost of German offshore wind debt. Despite being the last deal structured under the old EEG regime, the low cost of debt is still good news for future borrowers as Germany begins the transition to zero subsidy offshore wind.
Sinosure appears to be following a more aggressive mandate, although policy details are sketchy and the agency claims it is natural progress. What is clear is that the enigmatic Chinese ECA is providing more support than ever before – and it’s cheaper too.
TXF caught up with Valerie Colville, co-founder of CC Solutions, to find out about more about her role at the Private Export Funding Corporation (PEFCO) and why she’s more positive than ever about the future of US-Exim.
Having just closed a $410 million DFI-backed wind portfolio financing in Chile, Aela Energia is talking to the same lenders about financing for the next stage of its pipeline of Chilean wind projects.
In the latest edition of law firm Sullivan and Worcester’s Trade Financing Breakfast Seminars, partner Simon Cook discusses how Bills of Exchanges are promissory notes used as instruments in cross-border transactions and trade financings.
TXF caught up with Paolo Munini, coordinator of the R&D task force at the European Investment Bank, to talk about his role in helping facilitate financing to corporates across Europe with a small portion going towards projects in Africa, Latin America and Asia.
Despite intense pressure on VLCC charter rates, in mid-June DHT Holdings sealed a $300 million loan to part finance the purchase of 11 VLCCs from the BW Group - and at a very reasonable cost of debt given the market risk.
TXF caught up with Keiko Honda, CEO at MIGA, to find out more about the global infrastructure gap. With an estimated $57 trillion required to meet global infrastructure demand over the next decade, there is a very large funding mismatch to bridge.
Mali’s debut independent power project financing, for a greenfield heavy fuel oil-fired power plant, features a blend of Islamic and DFI debt with tight pricing given the risk. The financing includes a debt service reserve account replenishment facility priced at nearly half the cost of the senior debt.
The second instalment of the TXF-ICC Global Export Finance Survey 2017 – which complemented the ICC’s 2017 Rethinking Trade & Finance report – incorporates the more general market trends witnessed by 100 senior export finance practitioners at leading banks, ECAs, and exporters and importers. Again, the results will surprise.
Four presidential decrees rifled Indonesia’s private power market this year as PLN was given more powers over developers when awarding IPP concessions. While there is still clarity needed over the provisions to avoid legal strife, the state-owned borrower’s busy IPP deal pipeline suggests investors’ interest is still strong.
Making export finance more accessible - a key debate from TXF Venice
TXF caught up with Dina Merkulova, head of trade and export finance at Alfa Bank, to discuss the current challenges the local bank faces in the Russian market, such as increased competition, a lack of liquidity, and working with sanctioned corporates.
TXF caught up with Nicolas Dufourcq, CEO at Bpifrance, to find out how France’s new ECA is simplifying its tool box for SMEs since the handling of state export credit guarantees was transferred from Coface at the start of the year.
The TXF-ICC Global Export Finance Survey 2017 – which complemented the ICC’s 2017 Rethinking Trade & Finance report – incorporates the pricing and liquidity views of 100 senior export finance practitioners at leading banks, ECAs, and exporters and importers. The results will surprise.
TXF caught up with Guy Morgan, treasurer at Export Finance & Insurance Corporation (Efic), to discuss the Australian ECA’s new product suites as well as raising low cost funding to support SMEs.
TXF caught up with Andreas Back, senior finance manager at Wartsila, a Finnish engine manufacturer to the marine and energy markets, to find out more about their deal pipeline, a move into solar PV projects, and future business opportunities in Iran and Iraq.
US telecoms conglomerate AT&T has raised a $1.5 billion EKN-covered loan – the borrower's first ECA facility and the largest ECA-backed technology, media and telecoms deal into the US to date.
Sponsors of the 216MW Northwind offshore wind farm in the Belgian North Sea closed a €525 million ($596 million) ECA-backed refinancing last month - more than halving the price of the original senior debt.
Sponsors of the 800MW third phase of the Dubai solar park closed a $700 million soft mini-perm earlier this month - the largest Middle East solar deal to date to go shariah-compliant.
Rock Rail's latest rolling stock financing is its largest to date. Priced competitively at just over 200bp, and over a very long tenor, the deal has proven popular with alternative lenders despite changes to UK rolling stock procurement regulation.
In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Geoffrey Wynne discusses the pros and cons of L/C's
With many of the issues that dogged Egypt's solar FiT Round 1 fixed, DFIs that were forced to pull out of the first round are back as serious lending prospects for Round 2.
We caught up with Rotimi Thomas, head of market development in sub-Saharan Africa for Gas 2 Power, to talk about how Siemens can work closer with ECAs and project developers to devise new tools to move deals beyond the current stalemate of ‘no sovereign guarantees, no ECA coverage’ in sub-Saharan Africa.
Changes that could be made to make ECA export finance more simple and accessible - as voiced by you the market
In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Joel Telpner discusses current developments involving fintech and blockchain initiatives.
Despite being a pathfinder project for Abu Dhabi and reliant for its cashflow on a PPA priced at one of the lowest ever tariffs for a utility-scale PV project, the financing for the Sweihan PV project did not need ECA support. Instead, the sponsors opted for a soft miniperm at a very competitive price.
A partially ECA-covered buyers credit and vendor loan, the Qaiwan deal is an example of ECA financing doing exactly what it says on the label – giving lenders comfort to offer debt to a borrower in a very high risk geographic market.
TXF caught up with Matilda Arhin, international business development consultant at the Ghana International Chamber of Commerce, to find out more about promoting SMEs, the difficulties in accessing local bank financing, and working with the Young African Leaders Initiative (YALI).
TXF caught up with Catherine-Candice Koffman, head of infrastructure & telecommunications at Nedbank, to talk about addressing the infrastructure backlog in Africa and the increasing importance of working with multilateral and international banking partners.
An untied ECA-backed facility and not a US lender in sight, Lotte Chemical leveraged its existing lender relationships and pulled off a competitively priced project facility despite unforeseen hurdles.
Financial close on Trianel Windpark Borkum II has set a new benchmark low for the cost of German offshore wind debt. Although structured under the old EEG regime, the deal is still good news for future borrowers as Germany begins the transition to zero subsidy offshore wind.
TXF caught up with Denis Denya, executive vice-president of finance treasury & banking services at Afreximbank, to find out more about achieving the policy bank’s $40 billion deal pipeline.
A debut ECA-covered facility for National Grid and a rare example of an ECA financing adding value for a sophisticated investment grade credit, the North Sea Link financing is almost certain to become the template for future European interconnector projects.
Despite a low oil price environment and ratings pressure on the sovereign, state-owned Oman Oil Refineries and Petroleum Industries Company (Orpic) closed the largest ECA-backed project financing into the country to date – and under an accelerated timetable.
A first for Reliance in terms of debt volume and vessel type, its partially ECA-covered VLEC post-delivery financing ticked all the lender and borrower boxes.
India Exim has extended a $1.6 billion loan to the Bangladesh India Friendship Power Company for the $2 billion 2x600MW coal-fired super critical Maitree power project in Bangladesh.
Petroleum Development Oman (PDO) debuted in the pre-export finance market last year with a $4 billion five-year facility – the biggest financing into Oman to date and the first pre-export loan in the Middle East to be backed by a Ministry of Finance guarantee.
In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Mark Norris discusses what the impact of Brexit means for the terms of trade in and outside the EU.
Despite Angola and most of Angola LNG’s sponsors being downgraded during negotiation of a five-year $1.79 billion loan, the structured medium term corporate borrowing closed in April 2016. The deal is one of the largest energy loans into Africa to date and one of the largest in oil and gas in 2016.
Saudi Arabia has finally made its first major step to reach its renewable procurement target of 9.5GW by 2023 as the names of pre-qualified project bidders under Round 1 of the MEINR renewables programme emerge.
In September 2016, despite a BB- rating Russo-Swiss agrochemical producer EuroChem closed a tightly priced $800 million pre-export finance (PXF) facility, slicing 50bp off its cost of PXF debt and setting a new benchmark for similarly rated Russian borrowers in the same sector.
Led by domestic banks and with no DFI support, the Old Harbour power project financing in Jamaica is testament to the ingenuity of local lenders.
In the past three months’ terror attacks in France, Britain and Russia have continued to put the world on high alert. Coupled with last year’s election of US President Donald Trump and the United Kingdom’s Brexit referendum vote, country risk ratings have been faced with significant changes around the world. TXF Data’s Country Risk Review reveals the latest country risk profile updates in 2017 so far.
Alba has secured commitments for an additional $700 million ECA-backed loan to part finance its Line 6 expansion project. The deal complements a $1.5 billion syndicated term loan closed last year.
The joint handling of Germany's guarantee scheme by Euler Hermes and PwC is over. In future, investment guarantees will be managed by PwC, with Euler Hermes taking sole responsibility for the export credit and united loan guarantee scheme.
Indonesia's 35GW power procurement plan was always ambitious. But PLN is much closer to delivery in 2019 than many were predicting. Teguh Harsono, senior manager of fund raising at PLN, outlines the deal pipeline for the coming year and the likely completion date for the full 35GWs.
The EIB rolled out its Trade Finance Facility 2 (TFF2) Greek SME support mechanism on Monday. TXF caught up with Guido Clary - senior banker, lending operations, South East Europe at the EIB - to find out how the new programme differs from TFF1 and whether Greek SME borrowers can expect additional support.
TXF's stages for change initiative is a space to celebrate the diverse experts in our industry. We shine a light on the underrepresented communities that make the market stand out.
The ultimate guide to Export Finance in Germany. Senior attendees from banks and exporters gather every year to make new connections and plan ahead...could you be one of them?
Roll up, roll up for the latest updates on Spanish Export Finance. This annual gathering will take you to the heart of the market and introduce you to senior decision-makers who make deals happen.
4 conferences in 1 - TXF will be coming to Paris, Frankfurt, Madrid and London for 4, 1 day events covering all the latest updates in the local export market. Pick your favourite and join us!
We're reuniting the French Export Finance industry to discuss trends in the market and make new valuable connections. Join us in Paris to get ahead of next year's deals.
Our first UK Export Finance event is coming to town this September. Delve into the local market and make high-level contacts that might just lead to your next deal...
A gathering of all the key players in MENA - a chance to shake hands, exchange business cards and plan ahead for another year of successful deal-making!
TXF Global Commodity Finance 2020 conference goes back to the future . Join deal makers from across the globe for an unmissable virtual event in May and physical event in Geneva later on in the year
Join the crowds of exporters, ECAs, banks and insurers gathering to share their expertise and predictions for Asian project and export finance.
The only dedicated forum for the APAC trade and commodity finance community. Join dealmakers from across Asia-Pacific as we tackle key industry issues and analyse the latest deals in the market.