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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.

ECAs propel cruise-ship market boom
ECAs propel cruise-ship market boom
Max Thompson
14 April 2016

Last week, MSC Cruises signed a letter of intent with STX France for the construction of four LNG-powered ships with France's ECA, Coface, backing the $4.5 billion contract. The order is the latest example of ECAs supporting a booming cruise-ship market.

Satellite financing bounces back with $255m JSAT deal
Satellite financing bounces back with $255m JSAT deal
Max Thompson
8 April 2016

At the end of last month, JBIC signed a $63.75 million loan agreement with JSAT as part of $255 million facility with three Japanese banks for the financing of the Horizons 3e satellite − showing Japan's ECA appetite hasn't wavered since last year's bankruptcy of Australia's satellite company, NewSat.

MIGA boosts Eskom's CAPEX power plan
MIGA boosts Eskom's CAPEX power plan
Max Thompson
6 April 2016

At the end of last month, MIGA announced its backing of €698.9 million in loans from two international banks to develop Eskom's power transmission infrastructure in South Africa.

ECAs brighten Bangladesh's power plan
ECAs brighten Bangladesh's power plan
Max Thompson
1 April 2016

Earlier this month, Bangladesh sealed a $2 billion credit line from the Export-Import Bank of India for power development in a deal indicative of an exciting new trend for international ECA support in the country.

Coface closes Kurdistan deal despite two-year Isis delay
Coface closes Kurdistan deal despite two-year Isis delay
Max Thompson
23 March 2016

After two years of delays resulting from the war with Isis, French export credit agency (ECA) Coface last month provided its first ever guarantee in Iraqi Kurdistan to fund the purchase of turbines for the country’s Bazian power plant.

DOF Brasil swims against tide for Norwegian export credit
DOF Brasil swims against tide for Norwegian export credit
Max Thompson
22 March 2016

Despite the fall in crude oil prices having taken its toll on demand for offshore vessels over the past year, DOF Brasil recently signed a loan agreement with Norway’s export credit agencies (ECAs) to fund installations to a new pipelay support vessel (PLSV). The deal was labelled very much a "one-off" by one market source.

EDC rolls out new mentorship programme for SMEs
EDC rolls out new mentorship programme for SMEs
Max Thompson
17 March 2016

Canada's export credit agency, Export Development Canada (EDC), recently announced it will provide its global mentoring services to the 50 winners of Deloitte Canada's Best Managed Companies awards.

Iran signs first post-sanctions ECA deal with India Exim
Iran signs first post-sanctions ECA deal with India Exim
Max Thompson
9 March 2016

The Export-Import Bank of India (India Exim) last month signed a $150 million line of credit with Iran's Bank of Industry and Mine to finance rail upgrades in Iran. The deal, which will finance the supply of 150,000 tonnes of steel railway tracks from Indian exporter State Trading Corporation, is Iran's first post-sanctions export finance agreement.

Metalloinvest feels steel squeeze with new $400m PXF
Metalloinvest feels steel squeeze with new $400m PXF
Max Thompson
8 March 2016

In a sign that Russia’s Metalloinvest is finally feeling the chill of the current frosty steel market, the iron ore and metals company last week signed a new $400 million pre-export finance (PXF) agreement with a club of international banks – by far the producer’s smallest PXF in years.

ADB promises $10 billion for Indonesian projects
ADB promises $10 billion for Indonesian projects
Max Thompson
3 March 2016

ADB has earmarked $10 billion for Indonesia over the next five years in a bid to support the government's development priorities. TXF speaks with ADB's Steven Tabor to find out how the money will be spent.

TXF Export Finance Data: Coface is the most active ECA of 2015
TXF Export Finance Data: Coface is the most active ECA of 2015
Max Thompson
1 March 2016

Coface, the French export credit agency (ECA), was the single most active ECA in 2015 for medium and long-term debt supporting a total of $7.73 billion worth of transactions, according to TXF Data's 2015 Export Finance Report.

TXF Export Finance Report: HSBC tops 2015 ECA lenders table
TXF Export Finance Report: HSBC tops 2015 ECA lenders table
Max Thompson
26 February 2016

HSBC was the biggest lender of export credit agency (ECA) debt in 2015, according to TXF Data's Export Finance report, signing a total of $4.54 billion of ECA-supported debt to borrowers.

TXF Export Finance Report: ECA deal volumes drop by 29%
TXF Export Finance Report: ECA deal volumes drop by 29%
Max Thompson
24 February 2016

The global volume of export credit agency (ECA) deals has fallen by nearly a third compared to 2014, according to TXF Data's 2015 Export Finance Report.

A fishy business: global trade’s unreported $2 trillion
A fishy business: global trade’s unreported $2 trillion
Max Thompson
19 February 2016

Equant Analytics has calculated that global trade is $2.1 trillion higher than the World Trade Organisation's (WTO) official figures. TXF speaks with Equant's co-founders CEO Dr. Rebecca Harding and CIO Thanos Papasavvas to find out more.

Japan diversifies energy sources with US LNG investment
Japan diversifies energy sources with US LNG investment
Max Thompson
17 February 2016

Japan has become the world's largest liquefied natural gas (LNG) importer as it diversifies away from nuclear power. A recent deal between Japanese export credit agency (ECA) JBIC and Diamond LNG Shipping (DLS) highlights the country's increased financing and support of US LNG projects.

NPT taps NEXI to meet Vietnam's capex splurge
NPT taps NEXI to meet Vietnam's capex splurge
Max Thompson
15 February 2016

Vietnam's state-owned National Power Transmission Corporation (NPT) has signed a $200 million loan facility for a coal-fired power plant, backed by Japanese export credit agency (ECA) Nippon Export Investment Insurance (NEXI).

Reliance’s new ‘shopping line’ deal takes petchem spree to $17bn
Reliance’s new ‘shopping line’ deal takes petchem spree to $17bn
Max Thompson
9 February 2016

Reliance Industries’ latest €950 million ($1.04 billion) export credit agency (ECA)-backed deal is expected to push its capital expenditure spree in refinery and petrochemical expansion projects to approximately $17 billion.

 How new French ECA Bpifrance will differ from Coface
How new French ECA Bpifrance will differ from Coface
Max Thompson
29 January 2016

After nearly 70 years as France's ECA Coface is set to transfer the handling of state export credit guarantees to French public investment bank, Bpifrance. The move will have a wider impact than merely a name change, and could even ensure cheaper pricing on French ECA deals. TXF caught up with HDA conseil's Henri D'Ambrieres to find out more.

Telefonica feeds multinational procurement plans with catch-all ECA deal
Telefonica feeds multinational procurement plans with catch-all ECA deal
Max Thompson
28 January 2016

Telefonica has tapped the export finance market for an innovative, catch-all facility to finance the mass procurement plans of its global subsidiaries. The Spanish telecoms titan recently closed a $545 million Finnvera-backed buyer’s credit facility to fund the purchase of Nokia equipment and services.

EDC signs first Turkish loan guarantee
EDC signs first Turkish loan guarantee
Max Thompson
22 January 2016

Canada's export credit agency Export Development Canada (EDC) has provided its first guarantee for a loan from international banks to a Turkish corporate last month.

RCC taps Germany’s shipping CIRR for $1.54bn ECA deal
RCC taps Germany’s shipping CIRR for $1.54bn ECA deal
Max Thompson
21 January 2016

Germany is one of the world's top five shipbuilders, and in recent years Angela Merkel’s government has been looking at a number of ways to push the nation up that table.

UKEF debuts GE agreement with $500m Petrobras deal
UKEF debuts GE agreement with $500m Petrobras deal
Max Thompson
19 January 2016

Inaugurating its recent financing agreement with US multinational industrial conglomerate General Electric (GE), Britain's export credit agency UK Export Finance (UKEF) has backed a buyer's credit facility for Brazil's state-owned oil company, Pertrobras, to fund the purchase of UK-manufactured oil and gas services equipment.

Bank club signs ONDD-backed Ghana port deal
Bank club signs ONDD-backed Ghana port deal
Max Thompson
15 January 2016

Five European banks have teamed together to fund a ‎€174.4 million ECA-backed loan agreement with Ghana Ports and Harbours Authority (GPHA) to fund the second, and final, expansion of the Takoradi port.

Emerging markets to feel further pain from waning oil price
Emerging markets to feel further pain from waning oil price
Max Thompson
14 January 2016

Developing markets are likely to experience further economic backlashes this year from the floundering price of oil. Severe energy price shock was named as one of top five risks with the greatest potential impact in 2016 by the World Economic Forum's (WEC) annual Global Risks Report, which was released today ahead of the WEC’s renowned Davos conference later this month.

Japanese ECAs break the Ice with geothermal financing
Japanese ECAs break the Ice with geothermal financing
Max Thompson
12 January 2016

Japan has historically been a major manufacturer of geothermal turbines, boasting a 70% global market share. But an export credit agency (ECA)-backed deal closed last month has allowed Iceland access to this famous Japanese expertise for the first time in its history.