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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

Norilsk Nickel sues BCL over Nkomati stake sale payment
1 December 2016

Trafigura draws new banks into borrowing base amid metals push
Trafigura draws new banks into borrowing base amid metals push
Callum Burroughs
28 November 2016

Commodity trader Trafigura has sealed a renewal of its metals borrowing base with an facility. A recent rally in the price of base metals and the streamlining of its business model in the sector has helped the commodity house secure its latest financing.

EFA’s Galena fund takeover expands Asian commodity trade finance
EFA’s Galena fund takeover expands Asian commodity trade finance
Callum Burroughs
25 November 2016

Trafigura subsidiary Galena’s commodity trade finance fund is set to expand its product offering following its takeover by EFA Group. The Singapore-based company takes over as the investment manager of the fund with their access to Asian markets set to expand alternative trade financing in the region.

Gunvor seals European borrowing base as it cuts Russia ties
Gunvor seals European borrowing base as it cuts Russia ties
Callum Burroughs
24 November 2016

Long associated with the Russian market, Gunvor has made large strides in recent years to refocus its global activities. Following the purchase of a Rotterdam refinery earlier this year the Swiss trader has secured structured financing for its European operations.

Rusal sells Alpart alumina refinery in Jamaica to Chinese group
22 November 2016

Petrobras: Brazil officials forced to give $60m back
21 November 2016

Swiss open criminal investigation into former Trafigura executive
21 November 2016

Perfect 10 Deals of the Year 2018: Please send submissions now
Perfect 10 Deals of the Year 2018: Please send submissions now
Sean Keating
21 November 2016

TXF is open for submissions for its Perfect 10 Deal of the Year Awards 2018. Please help us to help you to ensure your deal is on the system prior to launch of voting in December

Petrobras sells Liquigas to Ultrapar for $819m
18 November 2016

Rio Tinto sacks executives Alan Davies and Debra Valentine
17 November 2016

Trump towers over trade finance
Trump towers over trade finance
Callum Burroughs
17 November 2016

Donald Trump’s election last Tuesday may have only surprised pollsters but there was a mixed reaction in the trade financing space. The potential effects of Trump’s mooted policies will be felt across world trade and could potentially spell trouble ahead for the industry.

From Russia with love: Exiar steps up amid sanctions and falling ruble
From Russia with love: Exiar steps up amid sanctions and falling ruble
Max Thompson
16 November 2016

This year Exiar has doubled its volume of insured exports compared to 2015 as an expanded government mandate begins to bear fruit. Max Thompson investigates the driving forces behind the increase as US and European sanctions continue to force Russia to diversify its economy away from oil and gas.

Gunvor closes $725m borrowing base facility
16 November 2016

Trump's anti-TPP stance a challenge for Olam
15 November 2016

Côte d'Ivoire’s SAF-Cacao seals $25m PXF amid cocoa demand boom
Côte d'Ivoire’s SAF-Cacao seals $25m PXF amid cocoa demand boom
Callum Burroughs
14 November 2016

Despite a poor season earlier this year, global demand for cocoa remains high. One of Côte d’Ivoire’s largest grinders has secured a PXF with British Arab Commercial Bank in a financing which comes amid challenging environmental conditions for exporters in the region.

Will commodity traders embrace trade financing’s digital future?
Will commodity traders embrace trade financing’s digital future?
Callum Burroughs
11 November 2016

As the dazzling array of online trade tools and products continues to evolve, the diverse world of trade and commodity finance has begun to seek out digital solutions to help tackle efficiency and some complex problems. Commodity traders have operated with traditional methods for decades but research suggests they too will have to adopt digital opportunities to stay competitive in the future.

EFA Group to take over as investment manager of the Galena Commodity Trade Finance Fund
9 November 2016

False friends? Trade finance keeps calm despite trade flow woes
False friends? Trade finance keeps calm despite trade flow woes
Callum Burroughs
9 November 2016

Reduced growth forecasts for global trade from the WTO has caused consternation among businesses and economies as the gloomy outlook sees trade flows dip below GDP growth. However, the trade finance market has retained its confidence for now as macro-economic changes seemingly fail to have an impact on the industry.

The opportunities and challenges of Iran's post-sanctions era
The opportunities and challenges of Iran's post-sanctions era
Michael Sobl
9 November 2016

Iran suffered massively from the economic sanctions imposed by the United States and the European Union. The Iranian oil and gas industry was especially badly impacted, with oil revenues collapsing from approximately $118 billion dollars (2011) to around $42 billion (in 2013).

Brazil bounces back as Temer tempers economic storm
Brazil bounces back as Temer tempers economic storm
Max Thompson
3 November 2016

Over the past two years, Brazil has suffered from its worst recession since the 1930s. However, since the appointment of conservative President Michel Temer, Latin America's largest economy has started to rebound with positive forecasts for 2017.

Food for thought: Can agricultural traders feed the world?
Food for thought: Can agricultural traders feed the world?
Callum Burroughs
3 November 2016

When the famous Scottish novelist Robert Louis Stevenson opined, “Don't judge each day by the harvest you reap but by the seeds that you plant,” he encapsulated the need for long-term thinking and deliberation over both moral issues and the value of planning ahead. Today’s agricultural market faces significant challenges through population growth and climate change but efforts made today could help feed the world of tomorrow.

Sierra Rutile refinances bank debt facilities
3 November 2016

KAZ Minerals gets approval for PXF covenant waiver
31 October 2016

Sirius Minerals: Hancock’s potash streaming play
Sirius Minerals: Hancock’s potash streaming play
Tom Nelthorpe
28 October 2016

Hancock Prospecting made its reputation in iron ore – and closing a huge ECA-backed project financing. Can it help get a British potash project off the ground?

Ivory Coast cocao exporter SAF seals PXF deal with BACB
28 October 2016

Commodity traders must go digital or face extinction
27 October 2016

Trafigura deepens Rosneft ties with Essar acquisition
Trafigura deepens Rosneft ties with Essar acquisition
Callum Burroughs
26 October 2016

Commodity trader Trafigura has taken big steps into the Indian market with their downstream acquisition of Essar Oil alongside sanctioned oil producer Rosneft. The strengthening relationship between Russia and India provides a backdrop to a deal which further demonstrates the potential of the Indian sub-continent to provide value in a low oil price environment.

MHP’s $100m PXF could spark Ukraine agri boom
MHP’s $100m PXF could spark Ukraine agri boom
Callum Burroughs
25 October 2016

Despite Ukraine’s turbulent times, the agricultural sector has survived and prospered as the country looks to make business more attractive. A recent PXF could signal Ukraine’s return to prominence as the world looks to utilise its vast agricultural capacity.

Tereos sweet on buying Petrobras share of sugar business
24 October 2016

Shell to sell $1 billion of shale oil and gas assets in Western Canada
21 October 2016

IFC returns to Singapore markets with new treasury hub
21 October 2016
IFC

Glencore to sell Australia coal haulage unit for A$1.14bn
20 October 2016

Traders ‘adapt to thrive’ amid commodity slump
Traders ‘adapt to thrive’ amid commodity slump
Callum Burroughs
18 October 2016

Commodity houses have seen a difficult year for trading as a prolonged slump in prices without the contango opportunities that existed in 2015 has seen them look to find value in alternative markets. Efforts to refocus their business interests has seen a change in geographic exposure and commodity types.

ECOM Agroindustrial signs $650m RCF
13 October 2016

Petrobras debt reduction plans maintains lender attraction
Petrobras debt reduction plans maintains lender attraction
Callum Burroughs
11 October 2016

Despite being below investment grade, Brazil’s largest oil company appears to have retained market confidence amid an ongoing political scandal and repeated allegations of corruption. The appointment of a new chief executive and ambitious plans to improve the company’s debt position may hint at better days to come for the beleaguered giant.

Vitol closes $8bn RCF despite revenue plunge
Vitol closes $8bn RCF despite revenue plunge
Max Thompson
11 October 2016

The RCF – which matches last year's largest-ever facility secured by the company – was heavily oversubscribed and is indicative of continued lender appetite for the trader’s debt.

Are borrowing bases bouncing back?
Are borrowing bases bouncing back?
Callum Burroughs
10 October 2016

Secured financing for commodities, particularly the borrowing base, took a hit following the acrimony of the OW Bunker scandal and its subsequent fall out. Lenders have cited a trust issue permeating the facility’s use but borrowing bases could still be the facility of choice among banks who take steps to improve structuring.

Recent scandals increase compliance burden for lenders
Recent scandals increase compliance burden for lenders
Callum Burroughs
7 October 2016

An increase in compliance issues in international banking in the wake of damaging public exposures and scandals has demonstrated the importance of regulation in the industry. Banks and compliance departments need to find a more symbiotic relationship to improve the current shifting landscape and its challenges for global financing.

Trafigura closes $1.6bn RCF and term-loan facilities
7 October 2016

Oman Oil upstream unit looking for $1bn PXF
7 October 2016

Brazil reduces Petrobras role in offshore oil reserves
7 October 2016

Chinese foreign debt regulation change opens door for international banks
Chinese foreign debt regulation change opens door for international banks
Callum Burroughs
7 October 2016

The Chinese government’s change in rules dealing with foreign investment offshore could see an increase in international bank financing in the country. Fangyuan Group’s recent pre-delivery facility was mandated ahead of the regime change in May and could set the tone for the foreign financing of Chinese producers in the future.

Landmark $500m stand-by LC set to transform Ghana power generation
Landmark $500m stand-by LC set to transform Ghana power generation
Jonathan Bell
6 October 2016

In a ground-breaking transaction for Ghana, HSBC and Standard Chartered Bank have issued a $500 million stand-by letter of credit on behalf of Ghana National Petroleum Corporation to make payments for natural gas deliveries. The transaction is related to gas supplies from Ghana’s Sankofa gas field and will be transformational in the development of power generation within Ghana.

Nickel ore exports to restart amid Indonesia mining overhaul
6 October 2016

Norilsk secures $500 million of new money through unsecured club deal route
Norilsk secures $500 million of new money through unsecured club deal route
Jonathan Bell
5 October 2016

Russia’s Norilsk Nickel has signed a five-year $500 million committed revolving back-stop credit facility (RCF) with a group of international banks. The transaction is on an unsecured basis and is new money, shining a positive light on the Russian market.

Ecobank taps AfDB to plug Africa's trade finance hole
Ecobank taps AfDB to plug Africa's trade finance hole
Max Thompson
5 October 2016

Falling commodity prices have caused shortages in dollar funding for African producers and has led to a greater demand for trade financing from local SMEs.