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CJ Hall leaves US Ex-Im: a vital US agency hamstrung by politics
CJ Hall leaves US Ex-Im: a vital US agency hamstrung by politics
Jonathan Bell
4 December 2017

Charles Hall, the acting chairman of US Ex-Im has retired from the bank. What does this mean for the agency which is still without a board quorum and unable to approve new export deals over $10 million?

Texel Finance celebrates 20 years of growth
Texel Finance celebrates 20 years of growth
Jonathan Bell
4 December 2017

London-headquartered insurance broker Texel Finance is about to celebrate 20 years in the business as of 1 December. TXF editor-in-chief Jonathan Bell, caught up with Texel chairman Andy Lennard to talk about the growth of the company and the future for the sector.

Texel Finance celebrates 20 years of growth
Texel Finance celebrates 20 years of growth
Jonathan Bell
4 December 2017

London-headquartered insurance broker Texel Finance is about to celebrate 20 years in the business as of 1 December. TXF editor-in-chief Jonathan Bell, caught up with Texel chairman Andy Lennard to talk about the growth of the company and the future for the sector.

ECIC and South African exporters revitalise the export effort
ECIC and South African exporters revitalise the export effort
Jonathan Bell
8 November 2017

At the TXF Cape Town conference in October, Kutoane Kutoane, CEO, Export Credit Insurance Corporation of South Africa (ECIC) took time out to talk with TXF editor-in-chief, Jonathan Bell, about the changing focus of ECIC and the new push now being made for South African exports with a greater emphasis on markets across the African continent.

BBVA: A bigger slice of ECA-backed pie
BBVA: A bigger slice of ECA-backed pie
Jonathan Bell
19 October 2017

Following a sweeping reorganisation in 2015, BBVA is looking at double-digit growth for its 2017 global trade business – and gearing for a much bigger share of the global ECA-backed loan market.

Digitisation of receivables: In the spotlight at ITFA Edinburgh meeting
Digitisation of receivables: In the spotlight at ITFA Edinburgh meeting
Jonathan Bell
2 October 2017

One of the many hot topics under the spotlight at the ITFA annual conference, this year held in Edinburgh, was the subject of digitisation and standardisation of receivables, the role that fintechs are now having in that space and the impetus being given to the use of platforms for the distribution of trade-related assets on the secondary market.

Bashing US Ex-Im continues to damage US exporters and industry
Bashing US Ex-Im continues to damage US exporters and industry
Jonathan Bell
28 July 2017

Anti US Ex-Im comments from the US is nothing new over the past couple of years, but the latest anti-blast coming from the Wall Street Journal is just plain wrong. Politics seems to be at play in this case and it is American exporters who will continue to suffer.

Shop talk: The reflections and forecasts of Peter Luketa
Shop talk: The reflections and forecasts of Peter Luketa
Jonathan Bell
20 April 2017

Peter Luketa, former global head of export finance at HSBC, led one of the most successful teams within the export finance sector. With 20 years of ECA-backed lending under his belt, he speaks with TXF’s editor-in-chief about the evolution of the product line and the potential for a $100 billion annual market.

US budget plans see Ex-Im remaining – but in what form?
US budget plans see Ex-Im remaining – but in what form?
Jonathan Bell
17 March 2017

It is now less than three weeks to the annual US Export-Import Bank (Ex-Im) meeting in Washington DC. The Ex-Im bank still does not have full re-authorisation, it does not have a chairman, and it does not have a quorum of board members –

Continuity and change in credit and political risk insurance
Continuity and change in credit and political risk insurance
Jonathan Bell
27 February 2017

Jonathan Bell talks with Anthony Palmer about his 41 years in the credit and political risk insurance (CPRI) market, the key events that have shaped its development, and what the future holds for BPL Global.

TXF Deal of the Year 2016 Award submissions due to close on 23rd January
TXF Deal of the Year 2016 Award submissions due to close on 23rd January
Lucy Palfreeman
4 January 2017

We are looking for the most innovative, market influencing transactions within trade, commodity, ECA/DFI-backed and project financing.

Combined agency and private finance sees Bangladesh Sirajganj power project across the line
Combined agency and private finance sees Bangladesh Sirajganj power project across the line
Jonathan Bell
3 January 2017

In a triumph for Bangladeshi project financing, agencies and private companies have come together to secure the financing for the Sirajganj BOOT power project, which will provide much-needed FDI and ultimately power to the country’s grid.

An open letter to Donald Trump - export to revitalise the US economy
An open letter to Donald Trump - export to revitalise the US economy
Jonathan Bell
12 December 2016

International competition for contracts and projects in overseas markets is intense. As such, US exporting companies and contractors need the full support of an empowered US Export-Import Bank (US Ex-Im) to prosper on the international stage.

Kai Preugschat set to depart the Berne Union for ADB
Kai Preugschat set to depart the Berne Union for ADB
Jonathan Bell
19 October 2016

The Berne Union’s secretary general, Kai Preugschat, is leaving the organisation to take up a high-level position within the Asian Development Bank (ADB) in Manila, Philippines. In his new role he will have the title head of the office of co-financing operations.

Landmark $500m stand-by LC set to transform Ghana power generation
Landmark $500m stand-by LC set to transform Ghana power generation
Jonathan Bell
6 October 2016

In a ground-breaking transaction for Ghana, HSBC and Standard Chartered Bank have issued a $500 million stand-by letter of credit on behalf of Ghana National Petroleum Corporation to make payments for natural gas deliveries. The transaction is related to gas supplies from Ghana’s Sankofa gas field and will be transformational in the development of power generation within Ghana.

Norilsk secures $500 million of new money through unsecured club deal route
Norilsk secures $500 million of new money through unsecured club deal route
Jonathan Bell
5 October 2016

Russia’s Norilsk Nickel has signed a five-year $500 million committed revolving back-stop credit facility (RCF) with a group of international banks. The transaction is on an unsecured basis and is new money, shining a positive light on the Russian market.

Sibos descends on Geneva
Sibos descends on Geneva
Jonathan Bell
4 October 2016

Those of you unfamiliar with the annual jamboree which is the wonderful SIbos – the world’s largest financial conference/exhibition – will possibly be oblivious to the scale and intensity of the event, and its impact and influence in the short-term trade, FI and fintech community.

ITFA panel emphasises role of distribution for trade growth
ITFA panel emphasises role of distribution for trade growth
Jonathan Bell
22 September 2016

One of the key themes to come out of the recent ITFA conference held in Warsaw was the increasing importance of the role of distribution and syndication within trade to help achieve success in the changing and challenging market environment.

Mizuho boosts team with hire of Tim Lamey as EMEA head of export finance
Mizuho boosts team with hire of Tim Lamey as EMEA head of export finance
Jonathan Bell
6 September 2016

Mizuho Bank has boosted its team in the EMEA region with the hire of Tim Lamey as head of export and structured trade finance, EMEA. The appointment will give Mizuho a significant boost as it takes the export finance product and structured trade business lines

SMBC pays tribute to Turnbull as STCF is reorganised in London
SMBC pays tribute to Turnbull as STCF is reorganised in London
Jonathan Bell
2 September 2016

SMBC has reorganised its structured trade and commodity finance (STCF) groups in London within its global trade finance department. As part of the reorganisation it is understood that the singular role of global head of STCF, held by John Turnbull, will no longer exist.

Olympics gives Brazil some cover
Olympics gives Brazil some cover
Jonathan Bell
11 August 2016

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.

HSBC in Mexico makes senior appointment to GTRF team
HSBC in Mexico makes senior appointment to GTRF team
Jonathan Bell
29 July 2016

HSBC has appointed Beatriz Monteagudo as head of the transaction management unit joining the global trade and receivables finance (GTRF) business in Mexico.

SG appoints Agnès Joly as global head of trade services
SG appoints Agnès Joly as global head of trade services
Jonathan Bell
25 July 2016

Société Générale (SG) global transaction banking (GTB) has appointed Agnès Joly as global head of trade services. Based in Paris, she reports to Christian Behaghel, head of global transaction banking.

Stolt-Nielsen secures $325m loan for Jo Tankers acquisition
Stolt-Nielsen secures $325m loan for Jo Tankers acquisition
Jonathan Bell
22 July 2016

Stolt-Nielsen Limited, a Bermuda based provider of integrated transportation solutions for chemicals, and bulk liquids, has secured a $325 million loan with three relationship banks to acquire the chemical tanker operations and assets of Norway’s Jo Tankers.

Santander appoints new head of GTB in the US
Santander appoints new head of GTB in the US
Jonathan Bell
22 July 2016

Banco Santander has appointed Mariano Urquiola as its new head of global transaction banking (GTB) US. He is based in New York and reports to Federico Papa, head of global corporate banking in the US.

Export finance succession in place at HSBC
Export finance succession in place at HSBC
Jonathan Bell
19 July 2016

HSBC has set out its stall for the future leadership of its export finance department through a shake-up which sees new heads taking the business line forward.

The good, the bad, and who knows what or where next!
The good, the bad, and who knows what or where next!
Jonathan Bell
4 July 2016

The past month of June has been a busy time for TXF, with two of our landmark conferences – TXF Rome and TXF London – blazing their way into the market and both proving to be resounding successes. But it has also been a time of great disappointment for me and colleagues, with the UK population voting to leave the European Union (EU).

Sucden secures $400m in RCF and brings six new banks into the facility
Sucden secures $400m in RCF and brings six new banks into the facility
Jonathan Bell
30 June 2016

Commodity trading company Sucres et Denrées (Sucden) has successfully signed its revolving credit facility (RCF) for a total of $400 million, bringing six new banks into the syndicate.

Mercuria closes $2.2bn RCF, but takes less than last year
Mercuria closes $2.2bn RCF, but takes less than last year
Jonathan Bell
14 June 2016

Mercuria Energy Trading has closed its $2.2 billion multi-currency revolving credit facilities. In a sign of the times of banks’ appetite for strong commodity trading company assets, the syndication was oversubscribed by almost 25%. However, the final take by the company is $300 million less than last year’s take.

 ING closes PDP financing for Ethiopian Airlines
ING closes PDP financing for Ethiopian Airlines
Jonathan Bell
13 June 2016

New York-based ING Capital has closed a $107.5 million pre-delivery payment (PDP) financing for Ethiopian Airlines in respect of Airbus A350-900 aircraft.

CALC broadens its financing base as it signs $195m debut syndicated loan
CALC broadens its financing base as it signs $195m debut syndicated loan
Jonathan Bell
3 June 2016

China Aircraft Leasing Holdings looks to a busy future of aircraft supply with regional carriers as it signs its debut syndicated loan facility for $194.7 million involving an expansion of its lender base.

Zurich appoints Dave Anderson as global head of Credit & Political Risk
Zurich appoints Dave Anderson as global head of Credit & Political Risk
Jonathan Bell
31 May 2016

Dave Anderson has been announced by Zurich Insurance as their new Global Head of Credit & Political Risk. He has been with Zurich for 14 years, most recently as their global business development director for Credit & Political Risk.

Commodity bankers find reasons to be cheerful
Commodity bankers find reasons to be cheerful
Jonathan Bell
30 May 2016

One week on from the best ever TXF Natural Resources and Commodities Conference in Amsterdam, and there is so much to report on activity in the commodity finance sector, and many positives to take-away.

First Quantum signs new $1.8bn loan with improved financial covenants
First Quantum signs new $1.8bn loan with improved financial covenants
Jonathan Bell
30 May 2016

Mining company First Quantum Minerals has completed a new $1.8 billion term loan and revolving credit facility with its core relationship banks that gives it revised financial covenants and an extended amortisation schedule.

EBRD’s TFP continues to spread its wings
EBRD’s TFP continues to spread its wings
Jonathan Bell
16 May 2016

The EBRD’s Trade Facilitation Programme is further embedding itself in countries of the new region – Jordan, Morocco, Tunisia, Turkey, Egypt and Cyprus – where financial institutions are finding significant mileage in utilising services under the TFP.

BEST SOFT COMMODITY FINANCE DEAL OF THE YEAR: Cocoa Touton $80m prepayment provides new dimension
BEST SOFT COMMODITY FINANCE DEAL OF THE YEAR: Cocoa Touton $80m prepayment provides new dimension
Jonathan Bell
4 May 2016

The $80 million prepayment to Cocoa Touton Processing is a landmark financing for West Africa, bringing added-value processing on a major scale to Ghana. Jonathan Bell reports.

Iran and banks’ over-compliance hang-ups
Iran and banks’ over-compliance hang-ups
Jonathan Bell
3 May 2016

So, thankfully, sanctions were lifted against Iran on 16 January 2016. Were they really? You would never know judging by the lack of activity and involvement by banks. On a financing front it is almost as though nothing happened.

BEST METALS FINANCE DEAL OF THE YEAR: Oyu Tolgoï $200m RCF paves the way for project finance
BEST METALS FINANCE DEAL OF THE YEAR: Oyu Tolgoï $200m RCF paves the way for project finance
Jonathan Bell
3 May 2016

Coming at a crucial time for Oyu Tolgoï in Mongolia, the $200 million revolving credit facility provided the working capital needed and lined the venture up for the much-delayed $4.4 billion project financing that ultimately signed in December 2015.

“The end of an era”: Bernard Zonneveld to leave ING for pastures new
“The end of an era”: Bernard Zonneveld to leave ING for pastures new
Helen Reid
2 May 2016

Bernard Zonneveld, global head of structured metals and energy finance, is leaving ING Bank after a 22-year career building the bank’s commodities finance operation.

Please turn ALL the lights back on at US Ex-Im
Please turn ALL the lights back on at US Ex-Im
Jonathan Bell
22 April 2016

Some ten days on from the Export-Import Bank of the United States annual meeting and I still can’t help feeling that it was a rather subdued affair compared to previous years. Sure there were a good close to 1,000 folk there, but where was the real buzz? Perhaps the muted outlook isn’t surprising considering what the bank has had to go through in 2015, and the position they are in now.

Join TXF in supporting AbleChildAfrica
Join TXF in supporting AbleChildAfrica
Jonathan Bell
21 April 2016

Since TXF started, we have tried to help promote our selected charity – AbleChildAfrica (ACA) – by raising money at each of our conferences and other events. We would sincerely like to thank everybody who has donated to this cause – every little helps, and even the smallest amount can make a big difference to these disadvantaged children.

Olam’s strong profile secures a range of funds from investors
Olam’s strong profile secures a range of funds from investors
Jonathan Bell
20 April 2016

Over the past week, Singapore-headquartered agri-business and trader Olam International has secured a new $650 million revolving credit facility (RCF), a $300 million bond issuance, and a $175 million loan through the IFC.

SACE’s Castellano looks forward to the capital markets
SACE’s Castellano looks forward to the capital markets
Jonathan Bell
19 April 2016

In a typically frank discussion with Jonathan Bell, SACE CEO Alessandro Castellano outlines his vision for the development of a pan-European capital markets base as an eventual necessary instrument for the region’s export credit agencies.

US Treasury pushes for elusive level playing field in ECA-backed financing
US Treasury pushes for elusive level playing field in ECA-backed financing
Jonathan Bell
15 April 2016

The United States Treasury is keen to ensure that export credit agencies (ECA) are playing by the same rules – so much so that they look set to try and apply pressure on foreign agencies to unwind certain initiatives which they consider unfair practice.

JB's industry blog: TXF goes premium, The BDI, Omani plastics, and Kazakh PXFs
JB's industry blog: TXF goes premium, The BDI, Omani plastics, and Kazakh PXFs
Jonathan Bell
21 March 2016

TXF’s managing editor, Jonathan Bell, examines the slow-down of global trade, power projects in Kurdistan and TXF’s new premium service.

Oman’s Liwa Plastics successfully concludes $3.8bn debt financing
Oman’s Liwa Plastics successfully concludes $3.8bn debt financing
Jonathan Bell
14 March 2016

Oman Oil Refineries and Petroleum Industries Company (Orpic) has closed the $3.8 billion project financing facility for its approximate $6.5 billion Liwa Plastics Industries Complex (LPIC) in the Sohar Industrial Port Complex in the Sultanate of Oman.

A changing world: tapping in to trade opportunities
A changing world: tapping in to trade opportunities
Jonathan Bell
16 February 2016

At a BNY Mellon-hosted roundtable in Abu Dhabi, TXF sat down with a number of UAE banks to discuss the region’s economic developments, the evolving trade arena, and how banks are adapting to such change and leveraging the opportunities on offer.

Bank-fintech alliances set to revolutionise B2B payments
Bank-fintech alliances set to revolutionise B2B payments
Jonathan Bell
12 February 2016

In a new report just released, it asserts that banks and fintechs should collaborate rather than compete, as a strategy to overcome some of the challenges facing the banking market in today’s digital era.

JB's industry blog: Rome, Exim and the latest deals
JB's industry blog: Rome, Exim and the latest deals
Jonathan Bell
2 February 2016

We are delighted to announce that our annual June export and agency finance jamboree will this year be taking place in the Eternal city. TXF Rome 2016 will take place at the Waldorf Cavalieri on the 9th and 10th June. You can see what we’ve got planned and who is confirmed here.

2016 – The year of monkey business
2016 – The year of monkey business
Jonathan Bell
15 January 2016

As we drive into 2016, some fundamental issues are hitting the market. This latest blog looks at shipping, oil, and Iran and assesses what influences they may be having within trade and project finance.