Commodity Finance

Commodity finance comprises two key products. The first is commodity-linked loans in the agriculture, oil and gas and mining industries where the lender has the future production or reserves of the commodity as security. These types of deal can be reserves-based loans, pre-export facilities, prepayment facilities, or even streaming, royalty-based loans and factoring. The second are very large unsecured term loan and revolving credit facilities provided annually by commercial banks to the major commodity trading houses and producers – Glencore, Gunvor, Trafigura, Vitol, ADM, Bunge and Castleton for example. These loans, effectively working capital facilities, also enable the major traders to provide loans to commodity producers that lack liquidity, thus ensuring security of commodity supplies and additional profits from that lending due to the arbitrage between the cost of debt for the major traders and what they can on-lend at.

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Noble Group faces insolvency protection after re-listing ban
7 December 2018

Venture Global LNG secures $220m facility
7 December 2018

Sun Metals in A$300m Queensland zinc refinery expansion
7 December 2018

Sandstorm raises credit facility to $225m
7 December 2018

Venezuela signs oil, gold investment deals with Russia
7 December 2018

Bunge names Syngenta CEO to board under deal with activist investors
7 December 2018

Phoenix Global seals increased loan of $185m from Mercuria
7 December 2018

Inter Terminals seals NuStar storage terminals deal
7 December 2018

LNG developer Tellurian strikes initial offtake deal with Vitol
7 December 2018

Great Panther Silver advances $5m term loan to Beadell Resources
6 December 2018

Chinese miner Tianqi closes $4bn lithium deal in Chile
6 December 2018

Traders say Egypt delays wheat payment guarantees, ministry dismisses criticism
6 December 2018

Nyrstar announces signing of $650m committed trade finance framework
6 December 2018

CMSC mandates $200 million debt finance for Colluli potash project
6 December 2018

JKX Oil & Gas announces increased RCF
6 December 2018
JKX

GrainCorp receives $2.4bn offer from Long-Term Asset Partners
6 December 2018

Brazilian Car Wash scandal draws in Glencore and Trafigura
6 December 2018

Nyrstar’s financial woes prompt supply concerns
6 December 2018

Trafigura signs $530m BBL for its Peru subsidiary
6 December 2018

Murphy Oil $1.6bn RCF bank list revealed
6 December 2018

Moving ahead in southern Africa
Moving ahead in southern Africa
Jonathan Bell
5 December 2018

TXF last week held its annual Cape Town Conference on southern African Commodities, Export & Project Financing. Here, Jonathan Bell highlights some of the key takeaways from the event and some further recent important major project developments.

Sumitomo to acquire Interest in Quebrada Blanca Copper Mine
5 December 2018

Resgen's Boikarbelo Coal project hit by another funding delay
5 December 2018

More details emerge for W&T Offshore’s $250m RBL
5 December 2018

Gas-focused Qatar to exit OPEC in swipe at Saudi influence
4 December 2018

Avino: Further extension of concentrates prepayment deal with Samsung C&T
4 December 2018

Murphy Oil closes $1.6bn RCF and Gulf of Mexico JV

Gunvor extends $745m borrowing base with accordion
4 December 2018

AfDB provides $20m soft commodity facility for Meridian
4 December 2018

Brazil's Petrobras to explore for oil and gas with Murphy in Gulf of Mexico
4 December 2018

Shell, Nephin Energy complete $1.3bn Shell E&P Ireland sale
4 December 2018

Bellatrix announces closing of Daewoo deal and RCF extension
4 December 2018

Saudi Electricity Company signs $2.15bn RCF
4 December 2018

Trafigura signs $1.96bn BBL refi at same price
3 December 2018

Looking beyond rooted trade finance structures with A&O
Looking beyond rooted trade finance structures with A&O
Daniel Pembrey
3 December 2018

There has been innovation within commodity and trade finance structures as market participants and practitioners get more ambitious with the tools available to them. TXF caught up with Catherine Lang-Anderson, counsel at Allen & Overy, to discuss such innovations alongside other topics like sanctions, M&A activity in the commodities sector and blockchain.

Glencore announces management changes
3 December 2018

Eland Oil & Gas closes $75m RBL refi
3 December 2018

Laredo Energy raises loan for Eagle Ford shale projects
3 December 2018

RBI ups post and pre-shipment export credit subsidy
3 December 2018

EY asked to produce documentation on Noble Resources audit
3 December 2018

Afreximbank extending local agent network to meet SME lending gap
3 December 2018

LNG Canada gets another buyer as Vitol inks supply deal with Petronas
30 November 2018

Chile's Codelco copper output, profit falls as costs rise
30 November 2018

Detour Gold denies Paulson's demand to immediately replace CEO
30 November 2018

ICD signs $20m financing deal for Bangladesh sugar refinery
30 November 2018

Blockchain platform Vakt goes live for North Sea crude oil trading
30 November 2018

COCOBOD CEO "should face parliament over handling of cocoa loan"
30 November 2018

Polymetal buys rest of Nezhda for $185m
29 November 2018

Gunvor USA closes $1bn credit facility
29 November 2018

Petrobras sells rights in 37 oilfields for $823m
29 November 2018