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Deutsche arranges largest Chinese structured commodity deal to date
Deutsche arranges largest Chinese structured commodity deal to date
Jonathan Bell
9 December 2014

Deutsche Bank has arranged a $1.5 billion pre-payment loan for China’s Tangshan Iron & Steel Group (Tangsteel), in a transaction which is the largest structured commodity finance deal in the country to date.

Gunvor finally closes oversubscribed global RCF
Gunvor finally closes oversubscribed global RCF
Jonathan Bell
4 December 2014

Gunvor Group has finally closed a $1.09 billion revolving credit facility (RCF) in favour of Gunvor International and Gunvor SA acting as the borrowers. The facility was originally launched back in October and as such has been a considerable time in the market. However, the range and geographical mix of banks taking part in the facility is particularly impressive. Overall, some 31 banks are involved.

Louis Dreyfus appoints new CEO
Louis Dreyfus appoints new CEO
Dalia Gebrial
1 December 2014

The global merchandiser of commodities, Louis Dreyfus Commodities (Louis Dreyfus), has appointed Mayo Schmidt as its new CEO. The decision will take effect from 5 January 2015.

Serbian and Slovenian fruit producers to benefit from EBRD funding
Serbian and Slovenian fruit producers to benefit from EBRD funding
Jonathan Bell
1 December 2014

Serbian and Slovenian fruit producers are set to benefit with new funding from the European Bank for Reconstruction and Development (EBRD).

Senate grills US banks over commodities manipulation
Senate grills US banks over commodities manipulation
Hesham Zakai
27 November 2014

US banks Goldman Sachs, Morgan Stanley and JP Morgan have come under heavy criticism from the US Senate over their influence on key commodities such as aluminium and oil.

Glencore extends and increases loan facilities with DRC’s Katanga
Glencore extends and increases loan facilities with DRC’s Katanga
Jonathan Bell
26 November 2014

Commodity trading company Glencore has extended and increased its loan facilities with Katanga Mining (Katanga) in the Democratic Republic of Congo (DRC).

Rabobank appoints new head of TCF
Rabobank appoints new head of TCF
Dalia Gebrial
25 November 2014

Dutch multinational, Rabobank, has appointed Jasper van Schaik as its new global head of trade and commodity finance (TCF).

SBI clarifies proposed loan with Adani Group
SBI clarifies proposed loan with Adani Group
Jonathan Bell
24 November 2014

Following a range of criticism directed at the State Bank of India (SBI), the bank has defended its position on the signing of a memorandum of understanding (MoU) with Adani Mining, and the proposed loan associated with that agreement.

Bank Leumi UK appoints Michael Rolfe as head of commodity finance
Bank Leumi UK appoints Michael Rolfe as head of commodity finance
Jonathan Bell
24 November 2014

Bank Leumi (UK) has appointed Michael Rolfe as its new head of commodity finance.

Ukraine’s Nibulon secures two new loans
Ukraine’s Nibulon secures two new loans
Jonathan Bell
21 November 2014

In entirely separate transactions, Ukraine’s leading grain producer, logistic operator and exporter, Nibulon, has secured two new loans – from both international commercial bank sources as well as development bank funds.

ITFC signs murabaha financing with Tunisia’s STIR
ITFC signs murabaha financing with Tunisia’s STIR
Jonathan Bell
20 November 2014

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) group, has signed Murabaha financing facilities with Tunisia to facilitate the import of petroleum products into Tunisia.

Olam mandates banks and secures new multi-tranche RCF
Olam mandates banks and secures new multi-tranche RCF
Jonathan Bell
20 November 2014

Singapore-headquartered, Olam International - a leading agri-business operating across the value chain in 65 countries - has mandated arranging banks and secured revolving credit and term loan facilities aggregating $2.475 billion.

TXF Deals of the Year 2014: The Perfect10
TXF Deals of the Year 2014: The Perfect10
Jonathan Bell
19 November 2014

TXF is now taking submissions for deals of the year in 2014. The deadline is 19th January so start submitting now

US Ex-Im signs MoU to support clean energy exports to India
US Ex-Im signs MoU to support clean energy exports to India
Dalia Gebrial
19 November 2014

The Export-Import Bank of the United States (US Ex-Im), has signed a memorandum of understanding (MoU) with chairman KS Popli of the Indian Renewable Energy Development Agency (IREDA), which will explore options for using up to $1 billion to finance the sale of US clean energy exports to India.

Trafigura first trader to commit to transparency initiative
Trafigura first trader to commit to transparency initiative
Hesham Zakai
19 November 2014

One of the world’s leading commodity trading companies, Trafigura, has committed itself to the Extractive Industries Transparency Initiative (EITI), the leading global standard for improving the transparency of revenues generated from natural resources.

KUFPEC signs $1 billion loan to fund expansion
KUFPEC signs $1 billion loan to fund expansion
Jonathan Bell
19 November 2014

Kuwait Foreign Petroleum Exploration Company (KUFPEC), a wholly-owned subsidiary of Kuwait Petroleum Corporation (KPC), has secured a $1 billion loan from an international bank syndicate. The funds will be used for working capital and to finance the company’s international expansion plans.

SBI signs agreement with Adani Mining for Australian coal project
SBI signs agreement with Adani Mining for Australian coal project
Jonathan Bell
18 November 2014

The State Bank of India (SBI) has signed a memorandum of understanding (MoU) with Adani Mining, the Australian subsidiary of India’s Adani Enterprises for potential financing for the development of a coal mine in Queensland, Australia.

Mercuria signs heavily oversubscribed Asia RCF
Mercuria signs heavily oversubscribed Asia RCF
Dalia Gebrial
18 November 2014

Swiss-headquartered, energy trading company Mercuria Energy has signed a $1 billion Asia-centric revolving credit facility (RCF), with the deal seeing an oversubscription of more than 60% above the initial launch amount.

Mercuria signs heavily oversubscribed Asia RCF
Mercuria signs heavily oversubscribed Asia RCF
Dalia Gebrial
18 November 2014

Swiss-headquartered, energy trading company Mercuria Energy has signed a $1 billion Asia-centric revolving credit facility (RCF), with the deal seeing an oversubscription of more than 60% above the initial launch amount.

ANZ signs MoUs with China Development Bank and Baosteel
ANZ signs MoUs with China Development Bank and Baosteel
Jonathan Bell
17 November 2014

ANZ has signed two memorandums of understanding (MoUs) that will extend its relationship with the China Development Bank (CDB) and could boost available finance for the development of new mineral resources projects. The agreements were signed during China’s President Xi’s visit to Canberra.

Egypt to issue tender for PXF loan to repay oil debts
Egypt to issue tender for PXF loan to repay oil debts
Jonathan Bell
13 November 2014

The Egyptian government has declared that it intends to issue a tender for a pre-export finance (PXF) loan amounting to $2 billion to help finance debt repayments to international oil and gas companies (IOCs).

Essar launches trading office in Geneva
Essar launches trading office in Geneva
Jonathan Bell
12 November 2014

Indian refining and metals corporation, Essar Group, has set up an office in Geneva to trade crude oil, refined petroleum products, coal, iron ore and steel.

ING Bank leads Gunvor RBL facility for Belgian refinery to close
ING Bank leads Gunvor RBL facility for Belgian refinery to close
Jonathan Bell
12 November 2014

Swiss-headquartered commodity trader Gunvor has renewed and increased a reserve base lending (RBL) facility for one of its European oil refineries.

OW Bunker goes bankrupt amid alleged fraud in its Singapore subsidiary
OW Bunker goes bankrupt amid alleged fraud in its Singapore subsidiary
Jonathan Bell
7 November 2014

OW Bunker, the Danish-owned, largest global independent marine fuel (bunker) company, has become bankrupt. The news has alarmed banks and traders alike.

Hungary’s MOL signs major club loan
Hungary’s MOL signs major club loan
Jonathan Bell
6 November 2014

Hungarian-headquartered oil and gas company MOL Group has signed a $1.55 billion club loan. The credit agreement, which MOL says provides them with highly competitive conditions, further enhances the group’s financial profile and liquidity.

Moldova’s Trans-Oil agri-group secures EBRD financing
Moldova’s Trans-Oil agri-group secures EBRD financing
Jonathan Bell
5 November 2014

The European Bank for Reconstruction and Development (EBRD) has signed a $25 million loan for the Trans-Oil Group of companies (Trans-Oil Group), a leading agricultural commodities trader and sunflower oil producer in Moldova.

JB's weekly round up - 04 November 2014
JB's weekly round up - 04 November 2014
Jonathan Bell
4 November 2014

We provide a wealth of information for free on our deals directory, tagmydeals. What we would like you to do is to take ownership of the deals where your institution or company has taken part.

US Ex-Im guarantees loan for transmission towers export to Canada
US Ex-Im guarantees loan for transmission towers export to Canada
Dalia Gebrial
3 November 2014

The US export credit agency (ECA), the Export-Import Bank of the United States (US Ex-Im), has guaranteed a $21 million revolving loan facility by Cadence Bank to Jyoti Americas.

Sberbank provides loan for Kazakhstan’s KazMunayGaz
Sberbank provides loan for Kazakhstan’s KazMunayGaz
Jonathan Bell
30 October 2014

Sberbank CIB, together with its subsidiary bank in Kazakhstan, has arranged financing totalling $400 million for KazMunayGaz – Refinery and Marketing (Kazakhstan). The funds will be used to finance PetroKazakhstan Oil Products’ modernisation project at the Shymkent Oil Refinery in Kazkahstan.

Video: Cross-border receivables financing
Video: Cross-border receivables financing
Dan Sheriff
24 October 2014

Geoffrey Wynne and Tom Glinka deliver the latest in the Sullivan & Worcester series of breakfast briefings in the City of London

Impala Terminals sets up warehousing JV with China’s CITIC
Impala Terminals sets up warehousing JV with China’s CITIC
Jonathan Bell
22 October 2014

CITIC Global Trade Shanghai (CGT), the subsidiary of CITIC Securities, China’s largest investment bank, has signed an agreement with Impala Terminals, the global terminals operator, to create a joint venture warehousing, logistics, freight forwarding and terminals business in China. The venture will work to international standards of security and operating processes.

Noble Group makes senior appointments
Noble Group makes senior appointments
Jonathan Bell
20 October 2014

Noble Group, the Singapore listed commodity merchant, has made a series of internal promotions aimed at enhancing its capability in delivering physical commodities from the producer to the consumer and managing the market, credit and operational risk.

Ecom Agroindustrial closes oversubscribed RCF
Ecom Agroindustrial closes oversubscribed RCF
Jonathan Bell
20 October 2014

Swiss-headquartered, agri-trading and processing company, Ecom Agroindustrial Corporation, has successfully signed and closed a $600 million, multicurrency revolving credit facility (RCF). The RCF met with significant interest in syndication and closed heavily oversubscribed.

Ukraine agri-producer secures EIB funds
Ukraine agri-producer secures EIB funds
Jonathan Bell
17 October 2014

The European Investment Bank (EIB) has agreed to lend €50 million ($63.4 million) to Firma Astarta-Kiev, a leading Ukrainian agro-industrial producer. The facility is the development bank’s first loan to the Ukrainian private sector.

Ukraine’s Kernel gains EBRD financing through syndicated loan facility
Ukraine’s Kernel gains EBRD financing through syndicated loan facility
Dalia Gebrial
17 October 2014

Ukrainian agribusiness company Kernel Group (Kernel) has gained a $50 million loan from the European Bank for Reconstruction and Development (EBRD).

Noble Group and Cofco complete agribusiness JV
Noble Group and Cofco complete agribusiness JV
Jonathan Bell
16 October 2014

Asia-based commodity trading company Noble Group has announced that it has received settlement of its 51% sale of shares in Noble Agri to the Chinese grain trading company China National Cereals, Oils and Foodstuffs Corporation (Cofco), as well as full repayment of a shareholder loan made to Noble Agri. In total, on 15 October Noble Group has received $3.36 billion due to it.

IFC supports Nigeria’s Seven Energy bond issuance
IFC supports Nigeria’s Seven Energy bond issuance
Jonathan Bell
15 October 2014

International Finance Corporation (IFC) has subscribed to $50 million of notes in the inaugural bond issuances by Nigeria’s Seven Energy International, one of the few companies developing and commercialising stranded gas that is critical for expanding Nigeria's power generation. Seven Energy is Nigeria’s first unlisted oil and gas company to tap the international capital markets.

 Gunvor launches European RCF
Gunvor launches European RCF
Dalia Gebrial
13 October 2014

Gunvor Group (Gunvor) has launched the syndication of its European-centric $900 million revolving credit facility (RCF).

Lundin Mining secures financing for Chilean copper acquisition
Lundin Mining secures financing for Chilean copper acquisition
Jonathan Bell
10 October 2014

Toronto-listed, Lundin Mining has struck an agreement with Freeport-McMoRan to purchase Freeport’s 80% ownership stake in the Candelaria/Ojos del Salado copper mining operations and supporting infrastructure in Chile. Lundin has agreed to pay a cash consideration of $1.8 billion.

Gazprom’s Alexey Miller provides an overview of the global gas market outlook
Gazprom’s Alexey Miller provides an overview of the global gas market outlook
Jonathan Bell
8 October 2014

Alexey Miller CEO and chairman of Gazprom addressed delegates about global gas industry outlooks and problems at the 4th St. Petersburg International Gas Forum held 7-10 October. Below are some excerpts from his address.

Cargill and IFC team for Cote d’Ivoire cocoa programme
Cargill and IFC team for Cote d’Ivoire cocoa programme
Jonathan Bell
8 October 2014

The International Finance Corporation (IFC) and Cargill are investing $2.5 million to strengthen and expand the successful Cargill Coop Academy in Cote d’Ivoire. The funds will provide greater access to advanced business skills training for over 300 cocoa cooperative leaders.

Sberbank arranges major credit lines for Gazprom Neft
Sberbank arranges major credit lines for Gazprom Neft
Jonathan Bell
7 October 2014

With Gazprom Neft impacted by US and EU sanctions, the oil company is having to dig deep with Russian banks for substantial working capital and investment funds.

Vitol signs $7.5 billion RCF
Vitol signs $7.5 billion RCF
Jonathan Bell
7 October 2014

Geneva-headquartered Vitol SA has signed its annual syndicated revolving credit facilities (RCF) totalling $7.5 billion.

Trafigura sees strong bank demand for US borrowing base facility
Trafigura sees strong bank demand for US borrowing base facility
Jonathan Bell
6 October 2014

Trafigura AG, a wholly-owned subsidiary of Trafigura Beheer BV (Trafigura), has renewed its United States borrowing base credit facility, and extended the maturity to two years.

Mercuria completes acquisition of JP Morgan’s physical commodities business
Mercuria completes acquisition of JP Morgan’s physical commodities business
Jonathan Bell
3 October 2014

Mercuria Energy has today successfully completed the acquisition of parts of JP Morgan Chase’s physical commodities business. This follows the initial signing of the definitive purchase and sale agreement in March 2014 (TXF News 19 March 2014).

Trafigura closes new Asian RCF and term loan significantly oversubscribed
Trafigura closes new Asian RCF and term loan significantly oversubscribed
Jonathan Bell
3 October 2014

Commodity trading company Trafigura has closed its new Asian centric revolving credit (RCF) and term loan facilities at $1.73 billion

Video: Payment obligations and their impact
Video: Payment obligations and their impact
Dan Sheriff
30 September 2014

Geoff Wynne of Sullivan and Worcester delivers the law firm's latest breakfast briefing on payment obligations

PTA Bank establishes export credit guarantee programme
PTA Bank establishes export credit guarantee programme
Dalia Gebrial
30 September 2014

Eastern and Southern African Trade and Development Bank (PTA Bank), today announced that it signed a Memorandum of Understanding (MoU) with Deutsche Bank to establish an export credit guarantee programme.

China’s SAFE regulator specifies volume of fraudulent trade financing deals
China’s SAFE regulator specifies volume of fraudulent trade financing deals
Jonathan Bell
26 September 2014

China’s State Administration of Foreign Exchange (SAFE) believes that it has uncovered a total of $10 billion worth of fraudulent trade finance and commodity transactions as part of its continuing investigation into corporate activity. This investigation includes many commodity irregularities in the Chinese ports of Qingdao Penglai.

EBRD funds tech developments in Kazakh oil sector
EBRD funds tech developments in Kazakh oil sector
Jonathan Bell
26 September 2014

The European Bank for Reconstruction and Development (EBRD) has signed a $200 million syndicated loan in Kazakhstan to finance new environmentally friendly technologies and improvements to the efficiency of oilfield operations.