Search results

Results found: 64
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 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.

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

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.

Cofco seals largest ever sustainability-linked loan
Cofco seals largest ever sustainability-linked loan
Aife Howse
1 April 2020

Taking home TXF’s Overall Commodities Finance Deal of the Year Award 2019, China’s Cofco signed the largest loan for a trading company yet which is linked to sustainability elements.

Shop talk: Ashurst keeps cool as corporate debt restructuring heats up
Shop talk: Ashurst keeps cool as corporate debt restructuring heats up
Aife Howse
17 March 2020

During a volatile time for global trade and the commodities market amid the coronavirus pandemic, TXF spoke to Jean Woo, partner at Ashurst in Singapore, to discuss how the law firm is staying abreast of the legal requirements facing its corporate clients as many of them look to restructure their debt.

Nornickel refi: More than a pricing play
Nornickel refi: More than a pricing play
Aife Howse
10 March 2020

Nornickel has sealed a $4.15 billion refinancing at time when Russian corporate borrowers and international lenders have found their cost of debt aspirations harmonising, according to sources, with the producer’s upsized and tightened deal a testament to this market sentiment.

Commodity finance: Traders stir up the funding mix
Commodity finance: Traders stir up the funding mix
Aife Howse
18 February 2020

The commodity trade finance funding mix is evolving. Growing regulation, the rise of alternative funds and all things ESG have contributed to the decline in deal volume in 2019. But are traders being transparent enough about their deals? And will bank-fund hybrid loans form a happy marriage?

Moma: Kenmare turns project debt vanilla
Moma: Kenmare turns project debt vanilla
Aife Howse
23 January 2020

Ireland-based Kenmare Resources returned to the debt markets in December to refinance the remaining debt backing its Moma titanium mine in Mozambique. But this time round, the deal has a new lender line-up, vanilla structure, looser covenants and cheaper pricing, which all reflect the strength of the mine’s cash flows and its expansion capacity.

Shop talk: Fonroche sheds light on ECAs for off-grid solar dream
Shop talk: Fonroche sheds light on ECAs for off-grid solar dream
Aife Howse
14 January 2020

At TXF's PRI conference last month, Pierre Vergnes, head of institutional financing at Fonroche Lighting, explains why the off-grid solar manufacturer taps ECA support over the private market when looking for insurance in challenging high-risk countries.

Shop talk: Sustainability strategies with Gunvor’s first female CFO
Shop talk: Sustainability strategies with Gunvor’s first female CFO
Aife Howse
7 January 2020

Eight months into her new role as CFO at Gunvor, TXF spoke with Muriel Schwab, the first ever woman to fill these shoes at the energy trader, to discuss where the company’s funding strategies will take its trading ventures in 2020.

TXF PRI 2019: Santander on brokers and blockchain hype
TXF PRI 2019: Santander on brokers and blockchain hype
Aife Howse
2 January 2020

On the sidelines of TXF’s PRI conference in December, Saqib Mustafa, executive director of structured trade and receivable finance at Santander, spoke to TXF to discuss the benefits of shopping around for private insurance brokers, and whether blockchain really is the future for hard trade deals?

Sullivan: Fintech in trade - the good, the bad and the impossible
Sullivan: Fintech in trade - the good, the bad and the impossible
Aife Howse
13 December 2019

Amid the coffee and croissants at Sullivan's latest trade finance breakfast seminar, partner Geoffrey Wynne discusses where trade fintech currently sits and where it is going.

Mercuria's Asian RCF: A close (margin) shave
Mercuria's Asian RCF: A close (margin) shave
Aife Howse
12 December 2019

Mercuria’s annual $1.2 billion Asian RCF closed last month. While the downsized deal and significant margin savings suggest the trader has a strong financial position, a continued drop in its oil trading business could spell a different fundraising story for 2020.

Shop talk: Basel IV tests alternative funds in commodity finance
Shop talk: Basel IV tests alternative funds in commodity finance
Aife Howse
10 December 2019

With banks having to implement the finalised version of Basel III (commonly called Basel IV) by 1 January 2022, regulatory requirements are becoming ever complex. TXF spoke to Fasil Nasim, co-founder of alternative fund Audentia Global, to discuss the implications of changing regulations on the commodity trade finance sector.

LNG: Cross-dressing commodity traders and portfolio players
LNG: Cross-dressing commodity traders and portfolio players
Aife Howse
2 December 2019

Commodity traders have always been customers to portfolio players in the LNG space. However, as traders up the signing of long-term offtake contracts, portfolio players are beginning to sell a large chunk of their LNG on the spot market as both parties compete for volume.

TXF Geneva: Qbera Capital on thinking outside the box
TXF Geneva: Qbera Capital on thinking outside the box
Aife Howse
20 November 2019

At the sidelines of TXF Geneva, TXF sat down with Amitji Odedra from Qbera Capital to discuss corporate appetite for diversification in funding, how the trade finance gap is creating opportunities for alternative funds and dabbling in the secondary trading market. 

A path through the zigs and zags: TXF Commodity Finance Report 2019
A path through the zigs and zags: TXF Commodity Finance Report 2019
Aife Howse
12 November 2019

This year's edition of TXF’s Commodity Finance Market Report comprises the insights of 173 traders, bankers, alternative financiers, lawyers, brokers, borrowers and insurers through a two-part survey and in-depth interviews. It is our most representative, expansive and detailed yet.

Rusal: Going green or a tinge of greenwash?
Rusal: Going green or a tinge of greenwash?
Aife Howse
5 November 2019

Given its status as the world's second largest aluminium producer, Rusal's sustainability-linked loan debut is good news for the growing ESG movement. But like other deals in the commodity sector that have closed before it, the financial structure in Rusal's deal lacks the teeth to leave no doubt that it is not tinged with a bit of greenwash.

Russian corporate borrowing: Is de-dollarisation the answer to sanctions?
Russian corporate borrowing: Is de-dollarisation the answer to sanctions?
Aife Howse
25 October 2019

De-dollarisation in Russia is on the rise. And with already limited access to the international syndicated loan markets in the face of US sanctions, euro-denominated funding is providing a lower cost of debt for commodity-linked Russian borrowers.

Kernel: Proving bank appetite for Ukrainian corporate debt
Kernel: Proving bank appetite for Ukrainian corporate debt
Aife Howse
7 October 2019

Kernel signed a tightly priced $390 million PXF last month – a rare example of a Ukrainian corporate taking the structured trade finance route in 2019. And despite the political turmoil developing in Ukraine, the agri trader is out to the international bond/unsecured debt markets for future fundraising plans.

End of an era: MacNamara’s final say
End of an era: MacNamara’s final say
Aife Howse
1 October 2019

Before his retirement at the end of last month, after nearly 40 years in the commodity finance sector, TXF spoke with Deutsche Bank’s global head of structured commodity trade finance John MacNamara one last time.