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Commodity trade: Time for legislatures to drive ESG transparency home
Commodity trade: Time for legislatures to drive ESG transparency home
Aife Howse
16 June 2021

Government-led mandatory ESG reporting needs to evolve globally into a more stringent and standardised framework to push commodities trading corporates, first movers in the nascent sustainability-tied debt space, towards greater ESG transparency – for the benefit of all stakeholders.

Commodity finance: The weighty consequences of compliance
Commodity finance: The weighty consequences of compliance
Aife Howse
14 June 2021

With the events of 2020 having further complicated an industry issue which was already considered to be a hurdle, bank compliance is in danger of leaving SMEs and the emerging markets behind – unless governments and regulators club together to push for a digitalised and standardised solution.

Sullivan: ESG in trade and export finance
Sullivan: ESG in trade and export finance
Aife Howse
8 June 2021

Mark Norris, partner at Sullivan, presents the first of a series of seminars on ESG in trade and export finance - 'Progressing from ambition to impact'.

TXF Global Commodity Finance: Top 10 trends
TXF Global Commodity Finance: Top 10 trends
Aife Howse
1 June 2021

Last month, TXF Global Commodity Finance 2021 kicked off with a football themed opening video – passing, keepy-upping and headering its way through the top 10 industry trends of the last year. For anyone that missed it, here’s the commentary.

Sucafina: The digital borrowing base benchmark
Sucafina: The digital borrowing base benchmark
Aife Howse
25 May 2021

Sucafina has returned to the debt market for an ESG-tied borrowing base - sporting a debut digital tool courtesy of Komgo – as well as an upsized deal volume and extended KPIs. The deal has also provided a seedbed for future digital borrowing base transactions, and other types of structured commodity trade financings.

Charging up: The bittersweet copper price rally
Charging up: The bittersweet copper price rally
Aife Howse
19 May 2021

Copper prices have surged to a decade-long high off the back of demand from a global green industrial revolution. But with the potential of new supply masked by uncertainty, could prices jump to the point of hinderance to the Paris Climate Agreement?

Olam: Hardwiring supply chain sustainability with AtSource
Olam: Hardwiring supply chain sustainability with AtSource
Aife Howse
10 May 2021

With Olam recently signing a $1.45 billion facility linked to AtSource, a platform which provides customers with full traceability and insights on how to improve supply chain sustainability parameters, TXF takes a look at how sustainability and ESG impact reporting is evolving beyond the more immediate and obvious.

Shop talk: Shoot for the Pole Star
Shop talk: Shoot for the Pole Star
Aife Howse
4 May 2021

TXF spoke to Julian Longson, CEO at Pole Star, amid a period of progression for the maritime tech and regulatory compliance firm following a significant growth investment from Wavecrest Growth Partners and Abry Partners. Pole Star will not just be boosting sales and hiring, but is also extending its PurpleTRAC solution to integrate ESG compliance into its model, amongst other product developments.

Sullivan: Modernising disputes - litigation vs arbitration
Sullivan: Modernising disputes - litigation vs arbitration
Aife Howse
27 April 2021

Sullivan associate Amanda Montano presents this trade finance seminar on modernising disputes, looking into the key considerations for choosing litigation or arbitration and whether this is suitable for financial and banking disputes.

Shop talk: ClearDox on the digital transformation of trade
Shop talk: ClearDox on the digital transformation of trade
Aife Howse
26 April 2021

TXF spoke to Addison Armstrong, head of sales and marketing at ClearDox, an SaaS platform that provides data management and digital transformation solutions for commodity corporates and financiers, designed by commodities practitioners.

Russian corporates: Back with tight pricing and long tenors despite volatility
Russian corporates: Back with tight pricing and long tenors despite volatility
Aife Howse
21 April 2021

After a slow end to 2020, Russia's commodity-linked corporates have upped their syndicated loan market activity as ‘Covid premiums’ dissipate. And despite fresh US sanctions in recent weeks, Russian corporates are tapping attractively priced debt while pushing out the tenor envelope.

Sullivan: Financing receivables - structures and issues
Sullivan: Financing receivables - structures and issues
Aife Howse
13 April 2021

Sullivan partners Geoff Wynne and Sam Fowler-Holmes give an overview of receivables finance and explore issues around documentation and the ongoing Greensill fallout.

Women in commodities: A work in progress
Women in commodities: A work in progress
Aife Howse
9 March 2021

In honour of International Women’s Day on Monday, TXF takes a look at how gender imbalance within the commodity finance industry is being challenged, from bank diversity strategies to the possibility of integrating diversity into financing structures.

Sullivan: Structuring financings using physical commodities
Sullivan: Structuring financings using physical commodities
Aife Howse
1 March 2021

Simon Cook, partner at Sullivan, presents on the issues and some potential solutions for structuring financings using physical commodities and the documents representing them.

Trafigura ups funding mix with first Schuldschein loan
Trafigura ups funding mix with first Schuldschein loan
Aife Howse
26 February 2021

Trafigura's latest bout of fundraising marked its debut in the Schuldschein loan market. And while introducing an attractive debt instrument to the trader’s financial toolkit, the deal has provided a financial blueprint for a robust backing of new private investors eyeing up commodity trade debt.

Danske Commodities: Green is the new grey
Danske Commodities: Green is the new grey
Aife Howse
19 February 2021

TXF spoke with Tor Mosegaard, head of European power trading at Danske Commodities, to discuss the Danish energy trading house’s role in accelerating the energy transition, having last year signed a 15-year PPA to offtake electricity from the world's largest offshore wind farm - Dogger Bank A and B in the UK.

Commodities supercycle or surge?
Commodities supercycle or surge?
Aife Howse
8 February 2021

Commodity prices reaching bullish levels as the world prepares to move out of the Covid crisis and into a green industrial revolution has sparked some excitement around the possibility of the next supercycle. But with bank funding growing increasingly sparse, there is a mismatch between demand and supply of capital - a sure problem for traders if the supercycle is here to stay.

Sullivan: What 2021 holds in store for trade and commodity finance
Sullivan: What 2021 holds in store for trade and commodity finance
Aife Howse
28 January 2021

For Sullivan's first trade finance breakfast seminar of 2021, partners Geoff Wynne and Jacqueline Cook present on what this year holds in store for the trade and commodity finance community.

Shop talk: Athena Intelligence on the value of third-party due diligence
Shop talk: Athena Intelligence on the value of third-party due diligence
Aife Howse
19 January 2021

TXF spoke to Jonas Rey, founder of third-party risk management consultancy Athena Intelligence, on what could have been done differently to decrease the risk of high-profile fraud cases in the commodities space last year.

LNG: Are long-term contracts here to stay as spot market pricing balloons?
LNG: Are long-term contracts here to stay as spot market pricing balloons?
Aife Howse
18 January 2021

The volatility in LNG spot prices between mid-2020 and early 2021 has shifted the dynamics of how LNG is traded. And the recent rally in LNG prices has undermined buyers’ enthusiasm for relying solely on the spot market while reversing favourability back towards long-term LNG contracts.

Sullivan: A year in review
Sullivan: A year in review
Aife Howse
16 December 2020

Mark Norris, partner at Sullivan, reflects on the various issues that emerged in 2020 and how they will feed into 2021, for the final Sullivan breakfast seminar of the year.

Gunvor raises biodiesel borrowing base benchmark
Gunvor raises biodiesel borrowing base benchmark
Aife Howse
15 December 2020

Gunvor’s oversubscribed biodiesel borrowing base has revealed significant lender support for the backing of cleaner products in line with the energy transition. But, with the handful of biggest traders attracting plenty of debt, and SMEs struggling to secure such volumes of financing, the already large funding gap at the lower end of the commodity trade finance market is set to widen.

Russian corporates: Squeezing out pricing premiums
Russian corporates: Squeezing out pricing premiums
Aife Howse
30 November 2020

Russia’s syndicated loan market activity is set to boom at the beginning of 2021, according to sources, as corporates delay their Q4 2020 fundraising plans to avoid any lingering ‘Covid premiums’ in anticipation of more favourable pricing conditions early next year.

The perfect storm: TXF Global Commodity Trade Finance Industry Report 2020
The perfect storm: TXF Global Commodity Trade Finance Industry Report 2020
Aife Howse
18 November 2020

This year’s edition of TXF’s Global Commodity Trade Finance Industry Report has landed, offering a thorough and independent look into the impact of the past 12 months on a sector which has endured a period of unparalleled volatility.

Sullivan: Trade finance in 2020
Sullivan: Trade finance in 2020
Aife Howse
12 November 2020

Trade finance in 2020: Annus horribilis - lessons for the future or a bit of both?

Shop talk: Embracing consolidation in oil and gas
Shop talk: Embracing consolidation in oil and gas
Aife Howse
2 November 2020

TXF spoke with Robin Miles, partner at Bracewell, to outline the impact of depressed oil and gas prices on oil majors and traders. From consolidation to financially over leveraged corporates converting debt to equity with the help of outside investment, the new ebb and flow of the energy market is providing a plethora of opportunities.

ECI outlines economic outlook as it launches Islamic trade solution
ECI outlines economic outlook as it launches Islamic trade solution
Aife Howse
28 October 2020

At TXF MENA Virtual 2020, ECI outlines the current world economic outlook and presents the launch of its new Islamic trade solution.

The LIBOR transition: Olam’s SORA-tied loan debut
The LIBOR transition: Olam’s SORA-tied loan debut
Aife Howse
22 October 2020

With the complicated transition away from LIBOR looming at the end of 2021, Olam has secured Singapore’s first club deal pegged to the country’s new Singapore Overnight Rate Average (SORA) benchmark. But not every corporate borrower is as prepared as the Singaporean food and agri-business for the change away from LIBOR, a daily benchmark which has determined interest rates for $250 trillion of debt and derivatives for over 40 years.

TXF TV: Advocating for the commodities industry
TXF TV: Advocating for the commodities industry
Aife Howse
23 September 2020

Live Webinar | 23.09.2020 | 14:00 UK | Join us for a one-on-one interview with the STSA's Secretary General, Florence Schurch.

Trade finance funds: Confidence grows as banks retreat
Trade finance funds: Confidence grows as banks retreat
Aife Howse
22 September 2020

Alternative lenders cannot solely pick up the funding gap left by European commercial banks retreating from the commodity finance space in the Covid-19 epoch. But can bank-fund collaboration based on the different stages of the transportation of goods provide a viable deal template going forward?

TXF TV: Advocating for the Commodities Industry
TXF TV: Advocating for the Commodities Industry
Aife Howse
22 September 2020

Live Webinar | 23.09.2020 | 14:00 UK | Join us for a one-on-one interview with the STSA's Secretary General, Florence Schurch.

TXF TV: Czarnikow's CEO discusses the world's first sustainable sugar supply chain partnership
TXF TV: Czarnikow's CEO discusses the world's first sustainable sugar supply chain partnership
Aife Howse
14 September 2020

Webinar | 16.09.2020 | 14:00 UK | Amidst current concerns over the future of food security and supply chain resilience, global sugar trader Czarnikow recently announced that it has completed on the world’s first sustainable sugar supply chain partnership. TXF sits down with Czarnikow CEO, Robin Cave, to discuss the drivers behind the groundbreaking partnership and how it could provide a template towards a more sustainable commodity industry.

TXF TV - Key findings from the H1 Export Finance Data Report
TXF TV - Key findings from the H1 Export Finance Data Report
Aife Howse
8 September 2020

TXF TV: 09/09/2020: 14:00 UK - TXF is excited to announce the launch of TXF TV, an exciting new channel featuring weekly broadcasts of the latest trade, export and commodity finance content, directly to your device of choice. Join us for the launch episode as we dissect the key findings from the latest TXF H1 Export Finance Data Report

TXF TV: Key findings from the H1 Export Finance Data Report
TXF TV: Key findings from the H1 Export Finance Data Report
Aife Howse
8 September 2020

TXF is excited to announce the launch of TXF TV, an exciting new channel featuring weekly broadcasts of the latest trade, export and commodity finance content, directly to your device of choice. Just in case you missed the first episode, here is a summary.

Commodity trade finance: Please mind the funding gap
Commodity trade finance: Please mind the funding gap
Aife Howse
20 August 2020

With European banks retreating from the commodity finance space, amid a raft of corporate losses and fraud cases in the wake of the pandemic, the risk perception of the sector is ballooning while the pool of funds shrink. But, despite an inevitable uptick in the cost of capital for traders and the need for alternative funding structures, could second and third tier corporates benefit from a shake up?

Mercuria’s European refi: The end of costly 'Covid-19 premiums'?
Mercuria’s European refi: The end of costly 'Covid-19 premiums'?
Aife Howse
27 July 2020

Mercuria sealed tight pricing on its European RCF refinancing despite sounding out banks in the midst of the pandemic. The deal signed when other investment grade commodity-linked borrowers were hit with more hefty ‘Covid-19 premiums’.

Russian corporates stay cool, calm and collected amid crisis
Russian corporates stay cool, calm and collected amid crisis
Aife Howse
22 June 2020

While some European commodity-linked corporates are tapping into expensive, short-term debt to boost their liquidity amid the Covid-19 pandemic, many Russian traders and producers are confidently going ahead with general syndicated loans that were in the pipeline even before the crisis.

Shop talk: Bpifrance ups ECA cover and offering
Shop talk: Bpifrance ups ECA cover and offering
Aife Howse
29 May 2020

Arnaud Floris, head of West, Central and North Africa at Bpifrance has been busy since he started his new role two months ago at the French ECA in the midst of a global pandemic. Floris speaks to TXF to discuss Bpifrance's response to the crisis.

Perfect Deals of the Year 2019: Commodity finance
Perfect Deals of the Year 2019: Commodity finance
Aife Howse
28 May 2020

It’s time to celebrate commodity finance excellence, as last year’s most outstanding, unique and influential deals, which cover a range of sectors and regions, have been named by TXF.

 Shop talk: EASTvine – the rise of the small and flexible trade fund
Shop talk: EASTvine – the rise of the small and flexible trade fund
Aife Howse
28 April 2020

TXF spoke with EASTvine Capital, a small alternative fund set up in Singapore in 2018 by three ex-bankers who saw an opportunity to fill the commodity trade finance funding gap in Asia, which currently stands at an estimated $600 billion.

Shop talk: Squire Patton Boggs ups commodity finance capacity in Asia
Shop talk: Squire Patton Boggs ups commodity finance capacity in Asia
Aife Howse
20 April 2020

A few months after the launch of Squire Patton Boggs’ shipping and commodities group, headed up by partners Jessica Kenworthy and Barry Simpson, TXF caught up with the pair in Singapore to talk about the opportunities and obstacles in establishing the law firm in new markets amid a turbulent time for the global commodities market.

Shop talk: Squire Patton Boggs ups commodity finance capacity in Asia
Shop talk: Squire Patton Boggs ups commodity finance capacity in Asia
Aife Howse
20 April 2020

A few months after the launch of Squire Patton Boggs’ shipping and commodities group, headed up by partners Jessica Kenworthy and Barry Stimpson, TXF caught up with the pair in Singapore to outline the opportunities and obstacles in establishing the law firm in new markets amid a turbulent time for the global commodities industry.

Rusal pioneers the market with ‘green’ aluminium financing
Rusal pioneers the market with ‘green’ aluminium financing
Aife Howse
1 April 2020

Winning the Russian Commodities Finance Deal of the Year Award is aluminium producer Rusal with its $1.085 billion pre-export financing. Rusal has changed the benchmark as this was the first ever sustainability-linked syndicated facility for a Russian corporate arranged by international and Russian banks in Russia.

Cocobod signs Africa’s inaugural ESG-tied loan
Cocobod signs Africa’s inaugural ESG-tied loan
Aife Howse
1 April 2020

Cocobod has won TXF’s African Commodities Finance Deal of the Year for securing the first ever syndicated sustainability-linked loan for an African borrower – a milestone trade receivables-backed transaction for the second largest producer of cocoa in the world.

JSW Steel’s pre-pay sets new standard in steel
JSW Steel’s pre-pay sets new standard in steel
Aife Howse
1 April 2020

Winning TXF’s Asian Commodities Finance Deal of the Year Award, the up to $750 million cash-for-metal deal, signed between Duferco and JSW Steel in 2019, is the largest trade finance facility ever arranged for an Indian steel company. The financing marks the first deal of this size to close in the steel industry since the financial crisis and looks set to serve as a financing template for future deals.

Var Energi taps largest RBL of 2019
Var Energi taps largest RBL of 2019
Aife Howse
1 April 2020

Winning TXF’s Commodities Acquisition Finance Deal of the Year, Var Energi signed a $6 billion reserve base lending facility (RBL) in 2019 to back a highly strategic purchase for its upstream business in Norway - in a deal which marked the largest RBL in the market last year.

Trailstone amps up ‘green’ funding portfolio
Trailstone amps up ‘green’ funding portfolio
Aife Howse
1 April 2020

Winning TXF’s Most Innovative Commodities Finance Deal of the Year Award, Trailstone’s €150 million 2019 borrowing base marked a flurry of firsts for the commodity trade finance sector. In fact, never has such a structure been used to back the purchase and sale of renewable energy generated by wind and solar farms across Europe.

Nayara Energy’s new pre-pay era?
Nayara Energy’s new pre-pay era?
Aife Howse
1 April 2020

Winning TXF’s Energy Commodities Finance Deal of the Year, Nayara Energy’s first pre-payment loan is set to serve as a viable financing template for commodity-linked corporates in the Indian energy sector.

Bunge’s sustainability-linked loan first
Bunge’s sustainability-linked loan first
Aife Howse
1 April 2020

Winning TXF’s Commodity Trading Company Finance Deal of the Year Award, Bunge’s debut sustainabilitylinked facility has provided a seedbed for the trader to replicate deals of this kind going forward in the agribusiness sector, despite the financing taking years of discussions with lenders on how to integrate its financial strategy with its sustainability strategy.

How long can Russian PXF tenors go?
How long can Russian PXF tenors go?
Aife Howse
1 April 2020

Winning TXF’s Metals/Minerals Commodities Finance Deal of the Year Award, Metalloinvest signed a landmark €200 million pre-export finance (PXF) facility in 2019, with an attractive fixed interest rate for the entire maturity of the six-and-a-half-year loan – a record length PXF tenor for the Russian metals and mining company.