TXF China 2019
TXF China brings an exclusive group of senior structured finance professionals together in Shanghai for a day of collaborative discussion of regional opportunities and productive network building.
Due to the political and economic uncertainty surrounding Pakistan, international financing has been hard to come by for the South Asian country. Nonetheless,in July Warid Telecom, a Pakistani mobile operator, closed a $249.76 million EKN-backed loan – the third largest ECA deal in the country – for the purchase of Ericsson telecoms equipment.
Japan's latest pledge to commit $30 billion in public and private support for infrastructure development in Africa is a "politically motivated" move to ensure the Asian giant has "a seat at the Security Council in the United Nations by 2023", according to one market observer.
A Texan bankruptcy court is now examining a restructuring plan for the SH130 toll road, which has become a fascinating case study into the dangers of using Public-Private Partnership (PPP) to build new toll roads.
In a deal that represents US Ex-Im's last approved aircraft guarantee before it shut down last summer, Turkish airline Sun Express closed in June five US Ex-Im-backed loans totalling $168 million, which were structured as French leases, for the acquisition of five Boeing 737-800 aircraft.
Export credit agencies, development banks, and multilaterals are becoming crucial sources of financing behind the growth of renewable energy projects in both developed and emerging countries. Georges Ramano, Latin America regional head of export and agency finance, treasury and trade solutions at Citi, tells TXF why these financial institutions are becoming highly attractive in bringing these projects to fruition and fuelling a sustainable green future.
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.
Summer in the northern hemisphere is usually a slow period for export credit agency (ECA) and DFI-backed financing, but this year I can’t help noticing that it is one of the slowest yet. Still – let’s face it, much of the financing world, particularly in Europe, seem to be on nice long holidays. And, of course – it is an Olympics year after all.
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.
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.
Project finance looked set to be shook by Brexit, but with a market currently flush with liquidity, and the likelihood of a continued relationship with the European Investment Bank, the sector may not be hit as hard as predicted. However, questions remain over how large UK projects will develop.