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For every problem...
For every problem...
Daniel Pembrey
1 February 2019

With further US sanctions looming over Russia, and uncertainty over what form they will take, a backlog of commodity-linked deals is growing. But Russian borrowers and traders have become increasingly adept at sanctions compliance and are continuing to develop new protective measures.

Russian PXFs: How low can they go?
Russian PXFs: How low can they go?
Daniel Pembrey
28 January 2019

Many Russian pre-export finance (PXF) borrowers pulled off another year-on-year reduction in margins in 2018. And with no obvious tightening of local liquidity, and too many lenders chasing too few opportunities, Russian PXF arrangers look set for another margin battle in 2019.

Greece's high stakes renewables reforms
Greece's high stakes renewables reforms
Daniel Pembrey
8 January 2019

With a new renewable energy support scheme in place and a stabilising regulatory environment, the Greek renewables sector has begun attracting international lender and developer interest again. The odds on Greece meeting its ambition of becoming an energy hub for the EU look better – but they're still low.

Trade finance funds: Confidence dips on Shinhan retreat
Trade finance funds: Confidence dips on Shinhan retreat
Daniel Pembrey
8 January 2019

Shinhan Capital’s recent redemptions and BAF Capital’s winding down of BLTFF have focused attention on inefficiencies in the trade finance fund market. The extent of the ripple effect on investor confidence has yet to be seen, but it is likely there will be some casualties among less specialist fund managers that have entered the trade space.

How far will the PRI market move away from wet ink signatures?
How far will the PRI market move away from wet ink signatures?
Daniel Pembrey
7 December 2018

Bernie de Haldevang, head of specialty at Canopius, talks to TXF about the digitisation of trade finance insurance and how the market is still wedded to paper. The market is becoming increasing dependent on private insurance to deal with risk weighted asset relief among the banks as geopolitical signs point to a riskier world.

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.

Euler Hermes: Embracing the digital revolution
Euler Hermes: Embracing the digital revolution
Daniel Pembrey
21 November 2018

Mark Schulz, director of risk, claims & collections and executive board member at Euler Hermes Switzerland, explains how Euler Hermes has embraced the digital revolution, expanded its presence in emerging markets and increased its product offerings. And there’s much more still in the pipeline.

Funding in a frosty climate
Funding in a frosty climate
Daniel Pembrey
19 November 2018

With many European banks having reduced exposures, small- and mid-size traders are turning to new sector specific funds or small regional banks for financing – but at a cost. What does it take to defrost liquidity and survive in a global commodity market that has become increasingly dominated by a select few?

Natixis: Restructured and balance sheet smart
Natixis: Restructured and balance sheet smart
Daniel Pembrey
2 November 2018

There have been some key structural changes at Natixis over the past two years. Dominique Fraisse, global head of energy & natural resources, explains how the bank is focusing its resources in four key sectors, expanding its investment banking and advisory services, and aggressively promoting its originate-to-distribute model.

Commodity debt: How green is an ESG-linked greenback?
Commodity debt: How green is an ESG-linked greenback?
Daniel Pembrey
25 October 2018

Gunvor and ECOM have returned to the market with debut sustainability performance-linked loans – but how sustainable are these structures and how are they policed in a global commodity market notorious for opaqueness?

Shop talk: Relieving cost and regulatory pressure through private insurance
Shop talk: Relieving cost and regulatory pressure through private insurance
Daniel Pembrey
16 October 2018

Against the backdrop of increasing risk awareness and an evolving regulatory landscape – Basel IV and PRA consultations – Marilyn Blattner-Hoyle, head of supply chain and trade finance at AIG, talks to TXF about the growing cost benefits to lenders of using private insurance and product simplification.

North Sea M&A: Balanced for mutual benefits
North Sea M&A: Balanced for mutual benefits
Daniel Pembrey
11 October 2018

Innovative sale and security structures have attracted a new breed of private equity-backed buyers into North Sea oil assets being sold off by the majors. And as the M&A opportunities increase, strong appetite from an increasingly diversified lender pool is also emerging.

Shop talk: Bespoke CPRI insurance for Gerald Metals
Shop talk: Bespoke CPRI insurance for Gerald Metals
Daniel Pembrey
4 October 2018

Robert Frank, global head for insurance and risk mitigation at Gerald Metals, spoke to TXF about the CPRI market, the digitisation myth and how having multiple brokers keeps them on their toes.

S&W breakfast briefing: The new BAFT master participation agreement
S&W breakfast briefing: The new BAFT master participation agreement
Daniel Pembrey
24 September 2018

Sullivan & Worcester's partner Geoffrey Wynne and managing associate Hannah Fearn take you through all you need to know about the new BAFT master participation agreement (English law version).

Ukraine structured trade: Talk is cheaper
Ukraine structured trade: Talk is cheaper
Daniel Pembrey
13 September 2018

Over the past 12 months Ukrainian commodity-linked borrowers have made a comeback in the international debt markets – driving down margins and extending tenors. But it will be the focused and communicative approach to debt service that many have exhibited over the recent crisis that will provide the real long-term benefit.

LNG-to-power: Turning up Bangladesh’s power supply
LNG-to-power: Turning up Bangladesh’s power supply
Daniel Pembrey
30 August 2018

Bangladesh’s DFI-backed LNG-to-power project financings are the government's answer to depleting domestic gas reserves and fast-growing power needs. But, the integrated nature of these complex projects and increasingly long tenors backing them means pure commercial bankability is still some way off.

Southern Gas Corridor: The funding tap that keeps on giving
Southern Gas Corridor: The funding tap that keeps on giving
Daniel Pembrey
27 August 2018

Despite Moody’s rating downgrade for the $41.5 billion Southern Gas Corridor in 2017 amid ongoing concerns over Azerbaijan’s creditworthiness and politics, the scheme has attracted an unprecedented amount of tightly priced debt from DFIs and multilaterals, with commercial lenders and ECAs now flocking into the final funding mix.

Global Commodity Finance H1 2018 Report: Oil and gas volumes swell
Global Commodity Finance H1 2018 Report: Oil and gas volumes swell
Daniel Pembrey
15 August 2018

According to TXF Data's latest number crunching oil and gas commodity financing volumes increased by $9 billion in H1 2018 compared to the same period last year. And Latin American traders saw deal flow increase by over 73% as the region takes advantage of the China-US trade spat.

UK rolling stock financing: Are institutional debt providers being realistic about the risks?
UK rolling stock financing: Are institutional debt providers being realistic about the risks?
Daniel Pembrey
25 July 2018

Coextensive with an influx of new rolling stock lessors into the UK rail market, institutional debt providers are lending for 20-plus years to fund UK rolling stock procurements. But have they got the risk-reward equation right given the deals are backed by leases to seven or eight-year operating franchises, the demise of Section 54 re-leasing guarantees for lessors and the growing problem of mid-life rolling stock displacement?

TXF Commodities Amsterdam 2018: A collection of expert insights
TXF Commodities Amsterdam 2018: A collection of expert insights
Daniel Pembrey
17 July 2018

A variety of commodity finance practitioners give TXF their overview of trends, opportunities, challenges and predictions for the market.

TXF Commodities Amsterdam 2018: Lambert on the maturing LNG market
TXF Commodities Amsterdam 2018: Lambert on the maturing LNG market
Daniel Pembrey
27 June 2018

Jean-Francois Lambert, founder of Lambert Commodities, discusses the maturing LNG market, the sizeable disruptions caused by sanctions and maintains metals will be a very interesting space going forward.

TXF Commodities Amsterdam 2018: Major change coming for commodity finance market
TXF Commodities Amsterdam 2018: Major change coming for commodity finance market
Daniel Pembrey
25 June 2018

Jean-Marie Le Fouest, head of commodity & structured trade finance EMEA at MUFG, discusses the challenges faced by traders such as transparency and the abundance of supply in the agri space. He also predicts that the commodity finance market is going to change dramatically over the next five years.

TXF Commodities Amsterdam 2018: Deutsche says watch out for China's BRI
TXF Commodities Amsterdam 2018: Deutsche says watch out for China's BRI
Daniel Pembrey
22 June 2018

Frank Wu, regional head of structured commodity trade finance, Asia Pacific at Deutsche Bank, talks about China’s Belt & Road Initiative (BRI), synchronised global economic growth and what this means for the commodity finance market.

TXF Commodities Amsterdam 2018: ING's rapidly growing Geneva business
TXF Commodities Amsterdam 2018: ING's rapidly growing Geneva business
Daniel Pembrey
21 June 2018

Maarten Koning, global head of structured metals and energy finance at ING, explains how the bank's Geneva commodity business is rapidly growing. He expects commodity producers to increase their capex and M&A activities, although capital models continue to hinder commodity finance deals.

TXF Commodities Amsterdam 2018: BoC to focus on metals for future growth
TXF Commodities Amsterdam 2018: BoC to focus on metals for future growth
Daniel Pembrey
20 June 2018

Bob Angliss, deputy head of the commodities centre at Bank of China, talks about future growth plans, opportunities in the short-term transactional market, traders becoming banks and issues with uninformed regulators.

TXF Commodities Amsterdam 2018: CMS sees the positive in Ukraine
TXF Commodities Amsterdam 2018: CMS sees the positive in Ukraine
Daniel Pembrey
18 June 2018

TXF caught up with Mark Segall, a partner at CMS, to find out more about the revival of Ukraine's commodity finance market, changes in structured trade finance in Russia, sanctions, Asia's growth, traders becoming lenders, and how alternative lenders are now providing viable sources of funding.

Trafigura takes first look at China’s Panda bond market – at a price
Trafigura takes first look at China’s Panda bond market – at a price
Daniel Pembrey
10 May 2018

Trafigura has closed its debut renminbi-denominated Panda bond which marks the first commodity trader to tap China’s nascent onshore capital market. The three-year issue came at a premium, but the deal has lessons for future traders looking for new pools of liquidity, cheap debt and longer tenors.

Get a grip: World Bank considering coal-fired project funding
Get a grip: World Bank considering coal-fired project funding
Daniel Pembrey
15 March 2018

The Kosovo E Re coal-fired power project is a potential candidate for World Bank funding. If it goes ahead it may set the precedent for a more practical approach to coal-fired power – one that minimises environmental impact whilst recognising that sometimes coal is the only economically viable option for an emerging market economy.

The pits – but not for much longer
The pits – but not for much longer
Daniel Pembrey
12 March 2018

Lending demand from South Africa’s mining sector has been sluggish at best – a symptom of poor economic governance, a new mining charter verging on the absurd and the global commodities slump. However, with commodity prices rising, new sources of lending and a new political landscape emerging, prospective new deal flow is looking more solid than it has since 2012.

Dragged over the coals
Dragged over the coals
Daniel Pembrey
20 February 2018

Despite the endless stream of PR statements about banks exiting coal-related lending, none can actually track where the proceeds of loans to commodity traders go. When are banks going to come clean about the loopholes in their coal-related lending policies and start a useful debate about coal finance?