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Report analyses how much US Ex-Im promotes US exports
Report analyses how much US Ex-Im promotes US exports
Max Thompson
7 September 2016

A recent report carried out by Nottingham University investigates the impact of the Export-Import Bank of the United States (US Ex-Im) on US exports particularly in the wake of international competition from foreign national export credit agencies (ECAs). TXF's Max Thompson reveals the report's findings.

ECAs look set for favourable treatment under leverage ratio
ECAs look set for favourable treatment under leverage ratio
Max Thompson
1 September 2016

Earlier this month, the European Banking Authority (EBA) released its report on the leverage ratio requirements under article 511 of the CRR. The report asserts that ECA risk is lower than other trade finance risk and as such, the EBA should leave open the possibility of more favourable treatment of ECAs under the leverage ratio.

China Exim wades into shipping with $18bn mega deal for Coscocs
China Exim wades into shipping with $18bn mega deal for Coscocs
Max Thompson
26 August 2016

Earlier this month, Chinese container shipping conglomerate Coscocs signed an $18 billion financing agreement with China Exim to fund the construction of more than 50 ships as well as overseas investments and mergers. The deal is the largest ECA supported loan to have ever been completed, according to market sources.

New mandate for Polish ECA under development programme
New mandate for Polish ECA under development programme
Max Thompson
22 August 2016

Earlier this year, Poland's government announced its Responsible Development Strategy in a bid to gear up the country's economy to reach new levels of growth. Under the plans, the Polish ECA, Kuke, has been allocated PLN $6 billion ($1.58 billion) which will play a key role in facilitating entrepreneurs' access to credit insurance as well as increasing financial support for exports through increased cooperation with banks.

TXF Data Update: Power sector dominates export finance in H1
TXF Data Update: Power sector dominates export finance in H1
Max Thompson
16 August 2016

Power is the export finance’s largest sector in H1 of 2016, accounting for 44.1% of the market, with significant growth in both coal-fired and conventional power.

Commerzbank expands export finance team to meet ‘growth’
Commerzbank expands export finance team to meet ‘growth’
Max Thompson
16 August 2016

Commerzbank has expanded and repositioned its export finance department in order to become an even bigger player in the ECA market, as Africa and Russia look set to become the bank's most active markets in the coming years.

TXF Data Update: Middle East tops export finance market in H1
TXF Data Update: Middle East tops export finance market in H1
Max Thompson
12 August 2016

The Middle East is the largest export finance borrower market in the first half of the year, with a 35.3% share of the global market; the export finance community cites power, oil and gas, and real estate as the driving factors behind the growth.

TXF Data Update: JBIC most active ECA in H1
TXF Data Update: JBIC most active ECA in H1
Max Thompson
12 August 2016

The Japanese ECA, JBIC, topped the table by covered volume with 25 transactions totalling $9.68 billion in H1 of 2016, with the German ECA Euler Hermes in second place with $3.14 billion in cover, followed closely by the Italian ECA SACE.

TXF Data Update: Export finance market plunges 22.5% in H1
TXF Data Update: Export finance market plunges 22.5% in H1
Max Thompson
11 August 2016

The total volume of ECA deals taking place in the first half of 2016 dropped by 22.5% compared to same period last year, while SMBC topped the lenders table with $2.19 billion in financing.

Angola power deal taps ECA support amidst non-payment crisis
Angola power deal taps ECA support amidst non-payment crisis
Max Thompson
5 August 2016

Even though Angola is facing a rollercoaster ride with a drop-off in oil revenues, and a non-payment crisis, three European ECAs have backed a $460.29 million loan to the MoF of Angola for the construction of the Lauca hydroelectric power plant.

Turk Eximbank seals MIGA deal weeks before downgrade
Turk Eximbank seals MIGA deal weeks before downgrade
Max Thompson
4 August 2016

At the end of June, Turk Eximbank signed a $746.82 million MIGA-backed loan with a syndicate of banks for on-lending to Turkish exporters. The deal closed just weeks before an attempted coup in Turkey which prompted Standard and Poor's to cut Turkey's credit rating.

Banks bypassed as exporters finance customers with ECA support
Banks bypassed as exporters finance customers with ECA support
Max Thompson
27 July 2016

Large exporters are increasingly bypassing the banks and providing direct loans to their smaller customers with the help ECA cover.

RCC replicates Coface facility for two edge-class vessels
RCC replicates Coface facility for two edge-class vessels
Max Thompson
25 July 2016

At the end of last month, the US' Royal Caribbean Cruises (RCC) signed a $1.43 billion Coface-backed buyer's credit agreement with a club of international banks to finance two edge-class cruise vessels for Celebrity Cruises, a premium subsidiary of RCC.

US Ex-Im languishes in competitors' wake
US Ex-Im languishes in competitors' wake
Max Thompson
13 July 2016

At the end of last month, US Ex -Im unveiled its annual competitiveness report for 2015 to Congress. TXF's Max Thompson analyses the report’s findings.

$1.34 bn AfDB loan 'a very good story' for Eskom
$1.34 bn AfDB loan 'a very good story' for Eskom
Max Thompson
8 July 2016

Earlier this week, South Africa's state-operated power electricity firm, Eskom, signed a $1.34 billion loan with the African Development Bank (AfDB). The funds will be used for the company's general capital expansion, which includes new power plants, maintenance and refurbishment of generation, transmission and distribution facilities.

Saipem taps GIEK for innovative multi-tranche facility
Saipem taps GIEK for innovative multi-tranche facility
Max Thompson
7 July 2016

Earlier this month, the Italian drilling company Saipem closed a €667 ($740 million) million GIEK-backed buyer's credit facility to finance the purchase of equipment and services from Norwegian exporters within the offshore oil & gas technology sector.

Back in business: Argentina's trade revival
Back in business: Argentina's trade revival
Max Thompson
6 July 2016

Despite foreign investors’ and ECAs’ concerns over the risk of doing business in Argentina, the export community remains excited by the country’s trade prospects , TXF's Max Thompson discovers. The country's newly -elected president has recently put Latin America's second largest economy back in the international trade arena in a bid to boost investor confidence and spark an economic resurgence.

STX: Investing in the future of cruise ships
STX: Investing in the future of cruise ships
Max Thompson
1 July 2016

On the sidelines of TXF's Export & Agency Finance conference in Rome, Max Thompson caught up with STX France's head of financing and treasury, Jean-Philippe Neau, to find out more about the shipbuilders multi-billion, multi-year debt plan. The interview ranges from the growing shipping market, the Harmony of the Seas's maiden voyage, and how the shipyard leverages its cash flow with such a busy order book.

Hornsdale's $173.5m project financing propels Australia towards renewables target
Hornsdale's $173.5m project financing propels Australia towards renewables target
Max Thompson
30 June 2016

Australia's Hornsdale Wind Farm secured financing with a club loan of A$173.5 million from KfW IPEX-Bank and Société Générale for the project’s second stage of construction. The expansion will double the capacity of the wind farm from 100 to 200MW, as pressure builds from the Australia Capital Territory (ACT) to reach the state’s target of deriving100% of its power needs from renewable energy sources by 2020.

Lenders not 'nervous' as Gunvor taps $400m borrowing base
Lenders not 'nervous' as Gunvor taps $400m borrowing base
Max Thompson
28 June 2016

Despite the downturn in commodities markets, one of the world's biggest oil traders - Gunvor - is currently enjoying its 'best trading years'. The company closed a $400 million borrowing base facility this month.

Is Asia really falling off in the ECA market?
Is Asia really falling off in the ECA market?
Max Thompson
24 June 2016

Despite TXF's figures showing over half the amount of ECA-backed deals in Asia in H1 of 2016 compared to H1 2015, one Asian export finance specialist tells TXF how the data actually flatters to deceive.

ED&F Man closes $1.88bn RCF
ED&F Man closes $1.88bn RCF
Max Thompson
23 June 2016

At the end of last month, UK agricultural commodities trader ED&F Man closed a two-year $1.88 billion revolving credit facility with a syndicate of 45 international banks.

Seaborn CEO: Laying the foundations for subsea ECA support
Seaborn CEO: Laying the foundations for subsea ECA support
Max Thompson
20 June 2016

On the sidelines of TXF's Export, Agency and Project Finance conference in Rome, Max Thompson caught up with the CEO of Seaborn Network, Larry Schwartz, to find out more about the first ever ECA-backed subsea cable.

Year of risk takes its toll on export finance, survey reveals
Year of risk takes its toll on export finance, survey reveals
Max Thompson
15 June 2016

At the beginning of 2016, the TXF-ICC Global Survey on Export Finance was carried out among more than 100 export financiers, ECAs, exporters and borrowers. TXF digest the data and analyse how challenges posed in 2015 have affected the export finance community.

India’s Reliance on ECAs
India’s Reliance on ECAs
Max Thompson
13 June 2016

During TXF’s Export, Agency and Project Finance conference in Rome last week, Max Thompson caught up with senior vice president of Reliance Industries Vineyesh Sawhney to find out how important ECA support is to India’s largest conglomerate.

SMEs help EKN double number of guarantees in Q1
SMEs help EKN double number of guarantees in Q1
Max Thompson
7 June 2016

Increased demand from SMEs has Swedish ECA EKN double its number of guarantees in Q1 of 2016 compared to the first quarter of 2015.

DFIs warn Egypt rule change will delay all renewable deals
DFIs warn Egypt rule change will delay all renewable deals
Max Thompson
3 June 2016

Earlier last month, the Egyptian government tweaked its contract terms to exclude the option of international arbitration for financiers of renewable energy deals. Development banks, major lenders for these types of deals, met with officials last week to discuss the issue which is delaying funding to a large scale wind farm and solar energy projects in the North African country.

Egypt signs consortium financing for new wind farm
Egypt signs consortium financing for new wind farm
Max Thompson
2 June 2016

Egypt has partnered with GDF Suez, Toyota and Orascom to build a 250 MW wind farm, the project is part of a government push to hit 4.3 giga watt (GW) of wind and solar projects by the end of next year.

SACE reveals 91% rise in claims for Q1
SACE reveals 91% rise in claims for Q1
Max Thompson
1 June 2016

Italian ECA SACE this week announced the value of claims hit €130.8 million in the first quarter results of 2016 - up 91% on the same period last year. SACE says the significant increase reflects compensations paid for Italian supplies in the shipping and the metallurgy sector.

Development agencies pledge $149m for Costa Rican wind projects
Development agencies pledge $149m for Costa Rican wind projects
Max Thompson
31 May 2016

GME, Central America's leading wind energy company, has tapped three international development agencies, FMO, Proparco, and OeEB for $149 million in long-term financing to build four 20-MW wind farms in Costa Rica.

SACE boosts trade ties with Argentina announcing €700m in guarantees
SACE boosts trade ties with Argentina announcing €700m in guarantees
Max Thompson
30 May 2016

Italian ECA SACE reopened its support of transactions with Argentina after the Italian undersecretary for development Ivan Scalfarotto last week announced guarantees for €700 million credit lines during his visit to the newly-liberalised Latin American country.

Investors flock to Afreximbank's $750m record bond issue
Investors flock to Afreximbank's $750m record bond issue
Max Thompson
26 May 2016

Afreximbank closed a $750 million five-year bond last week after achieving an order book of $3.4 billion from 290 investors - the biggest ever book and largest trade the bank has ever completed.

TXF Data Update: 59% drop in number of ECA deals in Q1 2016
TXF Data Update: 59% drop in number of ECA deals in Q1 2016
Max Thompson
25 May 2016

The total number of ECA deals taking place in the first quarter of 2016 has more than halved compared to Q1 of 2015, while deal volume is down 12%. TXF's Q1 data clearly reveals larger but fewer deals are taking place, but the question on everyone's mind is what's driving this dramatic drop in the number of deals in the market?

ICIEC set to invest in Indonesia
ICIEC set to invest in Indonesia
Max Thompson
20 May 2016

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), part of the Islamic Development Bank Group (IsDB), is ready to invest in projects in Indonesia after it signed an agency agreement yesterday with PT AsuransiAsei Indonesia at the IsDB's 41st annual meeting in Jakarta, Indonesia.

Aperam agrees $400m 'backup' borrowing base facility
Aperam agrees $400m 'backup' borrowing base facility
Max Thompson
19 May 2016

The Luxembourg-based stainless-steel producer closed a $400 million borrowing base revolving credit facility in March, a month after Moody's upgraded the company to Ba1. The 'backup' deal is indicative of a 'cash rich' company thriving in a struggling metals market.

Fitch downgrades struggling Noble
Fitch downgrades struggling Noble
Max Thompson
18 May 2016

Fitch yesterday joined Moody's and Standard & Poor's in cutting Noble to "junk" status, as the commodities trader battles for liquidity.

Petroleum Development Oman seeks $3bn PXF
Petroleum Development Oman seeks $3bn PXF
Max Thompson
17 May 2016

Petroleum Development Oman, who traditionally rely on state funding, has turned to commercial banks for finance in the wake of lower oil prices, as the oil company seeks a $3 billion pre-export finance facility.

İşbank breaks record for $1.4bn trade revolver
İşbank breaks record for $1.4bn trade revolver
Max Thompson
16 May 2016

Turkey's largest private bank, İşbank, has increased the size of its annual revolving credit facility last week - a $1.4 billion syndicated loan with a record 47 international banks.

IFC's Scaling Solar initiative set to brighten sub-Saharan Africa
IFC's Scaling Solar initiative set to brighten sub-Saharan Africa
Max Thompson
13 May 2016

Two out of three people lack access to electricity in sub-Saharan Africa, but a new initiative, Scaling Solar, rolled out this week by the World Bank group aims to bridge this gap by supporting investments to build low cost, large-scale solar plants throughout the region.

Navig8 seals $130m K-sure-backed facility
Navig8 seals $130m K-sure-backed facility
Max Thompson
11 May 2016

The deal is indicative of how shipyards and shipbuilders are increasingly reliant on their buyers obtaining ECA-support to fill their order capacity while also encouraging commercial banks to lend in the shipping space.

Euler Hermes backs Canada's wind revolution
Euler Hermes backs Canada's wind revolution
Max Thompson
10 May 2016

Wind energy is the fastest growing source of electricity in Canada and is set to play a major role in the action plans of Québec's 2030 energy policy. The government-backed policy came exactly a month before last week's announcement that one of Canada's largest wind power projects closed a $617.5 million refinancing– in a deal backed by German ECA Euler Hermes.

India's Exim Bank uses LoCs to boost government 'vision'
India's Exim Bank uses LoCs to boost government 'vision'
Max Thompson
9 May 2016

In a bid to create new channels of future growth and provide new roadmaps for Indian exporters, India's Exim Bank has increased the amount of lines of credits it has issued over the past six months - as part of a government push to establish new trade relationships with its neighbouring countries and other emerging markets.

Sace takes the lead in Iran
Sace takes the lead in Iran
Max Thompson
4 May 2016

In late April, only four months after the trade embargo on Iran was lifted, Italy's Sace took the lead in the ECA space, guaranteeing €4 billion in credit lines to support trade between the two nations.

BEST EUROPEAN COMMODITY DEAL OF THE YEAR: Varo Energy secures $460m borrowing base facility
BEST EUROPEAN COMMODITY DEAL OF THE YEAR: Varo Energy secures $460m borrowing base facility
Max Thompson
2 May 2016

Varo Energy's $460m borrowing base formed part of the oil suppliers merger with Argos Downstream Europe, in a deal which will turn Varo into the largest independent Western European downstream player.

Update: Noble set to close $1bn RCF
Update: Noble set to close $1bn RCF
Max Thompson
28 April 2016

Earlier this month, Noble launched a $1 billion debt refinancing. With the facility due to close next week, the struggling commodities titan is eagerly awaiting Fitch’s verdict on the deal.

BEST AFRICAN COMMODITY FINANCE DEAL OF THE YEAR: Columbus Stainless seals South Africa’s largest ever syndicated commodities deal
BEST AFRICAN COMMODITY FINANCE DEAL OF THE YEAR: Columbus Stainless seals South Africa’s largest ever syndicated commodities deal
Max Thompson
26 April 2016

Winning TXF's Best African Commodity Finance Deal of the Year 2015, Columbus Stainless's $291.2 million borrowing base was the South African company's maiden syndicated commodity trade finance transaction.

BEST ASIA-PACIFIC ECA FINANCE DEAL OF THE YEAR: Reliance closes K-sure-backed loan for 'visionary' telecoms deal
BEST ASIA-PACIFIC ECA FINANCE DEAL OF THE YEAR: Reliance closes K-sure-backed loan for 'visionary' telecoms deal
Max Thompson
26 April 2016

K-sure's support of a $750 million loan to Reliance Jio Infocomm is the Korean ECA’s largest deal both in India and in the telecoms sector, with the transaction also boasting the longest tenor ever achieved in a telecoms deal.

BEST ECA-BACKED SHIPPING FINANCING: RCC taps pathfinder structure for Oasis IV
BEST ECA-BACKED SHIPPING FINANCING: RCC taps pathfinder structure for Oasis IV
Max Thompson
21 April 2016

In a deal that could set a precedent for future cruise ship deals, RCC tapped a innovative financing structure for the construction of Oasis IV by STX France.

BEST AMERICAS COMMODITY FINANCE DEAL OF THE YEAR: Vicentin closes PXF amid Argentinian election uncertainty
BEST AMERICAS COMMODITY FINANCE DEAL OF THE YEAR: Vicentin closes PXF amid Argentinian election uncertainty
Max Thompson
19 April 2016

In the face of precarious politics and a troubled economy, Argentina's largest soy bean producer Vicentin closed a $135.3 million PXF in the country's largest agribusiness deal of 2015.

BEST AMERICAS ECA FINANCE DEAL OF THE YEAR: Seaborn Networks closes first ECA-backed subsea fibre optic cable deal
BEST AMERICAS ECA FINANCE DEAL OF THE YEAR: Seaborn Networks closes first ECA-backed subsea fibre optic cable deal
Max Thompson
15 April 2016

Seaborn Networks secured an innovative project financing to fund the establishment of high-speed telecommunications infrastructure between US and Brazil.