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