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ADM sells Crop Risk Services business to Validus
31 January 2017

Louis Dreyfus revives shelved euro bond plans
31 January 2017

Understanding the use of prepayments in commodity finance
Understanding the use of prepayments in commodity finance
Gianluca De Stefano
31 January 2017

For a producer, access to financing can result in the firm’s life or death. Financing comes in different shapes and forms depending on the company’s risk profile. Here, Gianluca De Stefano, energy origination at Noble Americas, examines the development and use of prepayment financing within commodity finance.

Predictions for 2017: TXF’s latest podcast is up
Predictions for 2017: TXF’s latest podcast is up
Lucy Palfreeman
27 January 2017

Come on in, put the kettle on and enjoy TXF’s new podcast where our panel discuss the ‘biggest shift, biggest change’ in trade over the past year, and give their predictions for 2017 to help us feel our way through the mist of uncertainty.

Kernel debuts in bond market
Kernel debuts in bond market
Callum Burroughs
27 January 2017

Ukraine-based sunflower oil producer and exporter Kernel has successfully debuted in the international bond market, a measure of growing lender confidence in the borrower. Next up – a longer tenor refinancing of its 2016 pre-export loan.

UC RUSAL prices $600 million debut Eurobond
27 January 2017

Margin call? Oil traders’ strong performances maintain cheap pricing
Margin call? Oil traders’ strong performances maintain cheap pricing
Callum Burroughs
25 January 2017

The world’s largest traders including Glencore, Trafigura and Gunvor are set to launch their refinancings for revolving credit facilities in the coming weeks having secured competitive pricing on their 2016 iterations. Will 2017 remain a competitive year of debt pricing for commodity traders?

Join TXF in supporting our Charity Partner
Join TXF in supporting our Charity Partner
Lucy Morris
25 January 2017

AbleChildAfrica launches its first Grand Football Raffle - a great way to support TXF’s incredible Partner charity while having fun at the same time. And who knows, you could be a winner!

Mercuria applies blockchain to oil trade with ING, SocGen
25 January 2017

Pacific Drilling reveals credit facilities amendment
25 January 2017

Oman deal flow set to rise – albeit on a staggered basis
Oman deal flow set to rise – albeit on a staggered basis
Max Thompson
24 January 2017

A number of state-owned Omani borrowers are already testing appetite for loans in 2017. But borrowers may have to stagger deal flow to avoid having to compete for lenders and causing an uptick in margins.

Gazprom mulls $6bn asset sales and dividend freeze
24 January 2017

Metinvest restructures debt following Ukraine conflict difficulties
Metinvest restructures debt following Ukraine conflict difficulties
Callum Burroughs
23 January 2017

Despite the conflict in eastern Ukraine and the crash in iron and steel prices, Metinvest has managed to restructure its debt and even lowered pricing on some of its outstanding pre-export loans.

Trafigura launches European RCF refinancing with flat pricing
Trafigura launches European RCF refinancing with flat pricing
Callum Burroughs
20 January 2017

Commodities trader Trafigura has launched the refinancing of part of its flagship 2015 European RCF with a group of international banks. The pricing on offer is said to be around the same as the previous loan, despite a drop in Trafigura’s 2016 profits.

Indonesia confounds mining industry with new export rule
20 January 2017

OCTP: Vitol uses pricing clout for a rare long-term borrowing
OCTP: Vitol uses pricing clout for a rare long-term borrowing
Sean Keating
19 January 2017

A key project for Ghana and a direct lending first for UKEF – Vitol’s OCTP is rumoured to be tightly priced and partially financed under a fixed rate CIRR.

Undermining: Funds making inroads into mid-level mining project debt market
Undermining: Funds making inroads into mid-level mining project debt market
Tom Nelthorpe
18 January 2017

Is the fund-backed debt package for Continental’s Buriticá gold mine project symptomatic of a growing alternative to traditional project lenders in the mid-level mining market?

Kernel to bring Ukrainian supply in from the cold
18 January 2017

Sofitex raises $224 million for cotton exports
Sofitex raises $224 million for cotton exports
Callum Burroughs
16 January 2017

Sofitex, one of Burkina Faso’s largest cotton exporters, is expected to finalise €90 million ($95.4 million) in financing from international banks for the 2016/2017 season. This is in addition to €122 million ($129 million) raised from domestic banks following a decision to move away from genetically modified crops.

Euronav seals oversubscribed RCF despite tanker industry slump
Euronav seals oversubscribed RCF despite tanker industry slump
Callum Burroughs
13 January 2017

Belgium-based oil tanker company Euronav has secured competitive pricing on its latest revolving credit. The deal was oversubscribed and pulled commitments from 10 banks.

Cofco Agri changes course?
Cofco Agri changes course?
Callum Burroughs
12 January 2017

Following the departure of its grains chief executive, Matt Jansen, Cofco Agri appears to have altered its plans to become a global agricultural trader. The shift could see a greater focus on the Chinese market as the state-owned company looks to rein in control.

Brazil's Petrobras breaks drought in LatAm market
10 January 2017

Tangguh LNG 3: The start of a major new BP gas strategy?
Tangguh LNG 3: The start of a major new BP gas strategy?
Sean Keating
9 January 2017

The Tangguh LNG 3 financing was the major deal in the Asian oil and gas market last year. But more significantly, it marked the return of a global sponsor to expansion mode.

Louis Dreyfus Commodities bolsters European RCF
Louis Dreyfus Commodities bolsters European RCF
Callum Burroughs
9 January 2017

Despite margin pressure in some of its key markets in 2016, Louis Dreyfus has added $200 million to its European RCF – pulling 38 banks into the facility with pricing designed to appeal.

Dreyfus' Biosev considers equity offering to trim debt
9 January 2017

Agri traders look to provide supply chain value
Agri traders look to provide supply chain value
Callum Burroughs
6 January 2017

Smithfield Foods, one of the US’s largest pork producers, is purchasing grains and grain elevators directly from farmers and steadily removing traders from parts of their supply chain. Agri traders have to demonstrate value to producers as companies look to minimise expenditure.

Cofco Agri chief Matt Jansen quits in blow to grain-trading plan
6 January 2017

Petrobras makes financial clean-up high priority
6 January 2017

Vitol and NIOC seal first Iran pre-payment deal since sanctions
Vitol and NIOC seal first Iran pre-payment deal since sanctions
Callum Burroughs
5 January 2017

Commodity trader Vitol has secured the first major contract between a trader and Iran since the easing of EU sanctions in early 2016. The agreement continues the trading house’s recent record of using pre-payments in politically challenging markets to guarantee long-term access to large volumes of oil.

SIMEC hires Rene Baars to help drive European operations
5 January 2017

Petrobras misses divestment target despite further asset sales
3 January 2017

Russian market returns to structured financing following downturn
Russian market returns to structured financing following downturn
Callum Burroughs
22 December 2016

Traditionally the world’s largest market for pre-export financing (PXF), Russia has seen an increase in the number of PXFs arranged for its companies in 2016. High levels of liquidity within Russian companies and banks has been a noted cause of this, particularly in the metals space.

Petrobras to sell $2.2bn worth of assets to Total
22 December 2016

Year in review: Commodity finance
Year in review: Commodity finance
Jonathan Bell
21 December 2016

Jonathan Bell, TXF’s editor-in-chief, picks his favourite commodity finance stories of 2016.

Commodity finance 2016: agri traders suffer, bankers prosper
Commodity finance 2016: agri traders suffer, bankers prosper
Callum Burroughs
20 December 2016

As we approach the end of a year that has made the headlines for a variety of reasons, many surprising, shocking and unexpected events have also played out in the commodity financing space. From shifts in commodity prices, new players within the industry and changes in trade flows, this year has surpassed many expectations, with 2017 set to continue the trend.

Export finance faces ‘uncertain’ 2017, says CC Solutions
Export finance faces ‘uncertain’ 2017, says CC Solutions
Lucy Palfreeman
19 December 2016

The forecast for 2017 is uncertain but, according to Francisco Anzola of CC Solutions, the export finance market cannot let speculation influence its direction.

Lenders retain Cofco confidence despite Nidera issues
Lenders retain Cofco confidence despite Nidera issues
Callum Burroughs
19 December 2016

Agricultural trader Nidera has had a string of problems in recent years as it continues its integration into Cofco Agri. However, lenders are still confident that Cofco Agri will be fully integrated in the new year and are positive about its future.

Nyrstar sells Contonga mine to Glencore subsidiaries
19 December 2016

Glencore surges past rivals to sign unexpected Rosneft deal
Glencore surges past rivals to sign unexpected Rosneft deal
Callum Burroughs
16 December 2016

Commodity trader Glencore has stolen a march on its rivals, securing an unexpected deal with state-owned Russian oil company Rosneft. The Switzerland-based trading house will gain crucial volumes of Russian oil rounding off a resurgent year for the previously ailing trader.

Russian Copper Company secures $300m PXF
16 December 2016

Petrobras to sell stake in Nova Fronteira ethanol venture
15 December 2016

Intesa, syndicate to provide €7bn for Rosneft deal
12 December 2016

Olam under fire over Africa deforestation
12 December 2016

Glencore, QIA conclude deals to form consortium to buy Rosneft stake
12 December 2016

Back to business as usual for Glencore
Back to business as usual for Glencore
Callum Burroughs
8 December 2016

Following a tough 2015 which saw the share price of commodity trader Glencore drop dramatically, signs of improvement have been evident in 2016. The resumption of dividend payments and a reduction of net debt have reaffirmed a belief that the commodity house has finally bounced back.

Glencore and Qatar buy $11bn stake in Russia's Rosneft
8 December 2016

Trafigura sees earnings slump from record 2015
7 December 2016

Sonangol debts risk contagion to Angola's banking sector
Sonangol debts risk contagion to Angola's banking sector
Dr. Robert Besseling
6 December 2016

As state oil company Sonangol faces a severe balance of payments crisis and foreign investors threaten to seize Sonangol’s revenues for their benefit, the ruling family is increasingly likely to exert its influence over the local banking sector to pressure lenders to bail out the distressed national champion.

Noble selling British assets to raise up to $125m
6 December 2016

Resurgent Glencore to resume dividend with $1bn payout
1 December 2016