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S&W breakfast briefing: Insurance and finance case law update
S&W breakfast briefing: Insurance and finance case law update
Max Thompson
3 December 2018

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partners Marian Boyle and Sam Fowler-Holmes highlight the importance of conditions precedent to an insurer’s liability, as well as the need to contextualise contract phrases against the policy.

Shop talk: Kexim raises risk appetite amid pricing squeeze
Shop talk: Kexim raises risk appetite amid pricing squeeze
Max Thompson
29 November 2018

From Asia to the US, Kexim has a number of large-scale oil and gas projects in the pipeline. But after years of cancelled projects, as the liquid Korean ECA flexes its muscles again and increases exposures, sponsors are squeezing the ECA and lenders on pricing.

Top takeaways from TXF Asia 2018
Top takeaways from TXF Asia 2018
Max Thompson
20 November 2018

From China’s open-ended Belt Road Initiative (BRI) to Asia’s $1.7 trillion infrastructure need per year by 2023, commercial and local banks, ECA/DFIs and institutional investors are more integral than ever to plugging the region’s $900 billion funding gap.

Sakaka: Cash in sand
Sakaka: Cash in sand
Max Thompson
19 November 2018

Saudi Arabia has reached financial close on its first solar utility-scale project – the 300MW Sakaka solar PV plant. The soft miniperm financing is being put forward as a template for pure commercial bank project funding under the Vision 2030 programme. But at the moment just one bank is underwriting the whole deal.

Shop talk: SMEs drive intra-African trade growth
Shop talk: SMEs drive intra-African trade growth
Max Thompson
6 November 2018

SMEs are the engine behind Africa’s trade growth – but funding is scarce. Kofi Adomakoh, head of bank guarantees and special finance at Afreximbank, outlines the bank’s mantra, Impact 2021: Africa Transformed, and explains how improving access to trade finance for SMEs is key to promoting intra-African trade.

S&W breakfast briefing: Leveraging fintech in trade finance
S&W breakfast briefing: Leveraging fintech in trade finance
Max Thompson
30 October 2018

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partners Joel Telpner and Geoffrey Wynne outline the benefits of blockchain as well as the resultant legal issues the fintech industry will be faced with in trade and trade finance.

Shop talk: Are ECAs stepping on the toes of the private market?
Shop talk: Are ECAs stepping on the toes of the private market?
Max Thompson
29 October 2018

TXF spoke with Rachael Anstock, head of UK credit & political risks at Zurich, to discuss the insurer’s product innovations, and to find out whether the private market is competing with ECAs for business, rather than collaborating.

Insurance underwriter perspective: Is the world becoming a riskier place?
Insurance underwriter perspective: Is the world becoming a riskier place?
Max Thompson
18 October 2018

Does an uptick in arms trade imports and exports and a rise in rhetorical weaponised language around trade point to a riskier trade credit insurance environment in 2018-19? In the latest episode of TXF’s Risky Business podcast series, a panel of insurance underwriters and risk experts outline their key global risk trends.

 Shop talk: Trade credit insurance where it's due, eventually
Shop talk: Trade credit insurance where it's due, eventually
Max Thompson
12 October 2018

Potential changes to PRA regulations, IFRS accounting standards and sovereign risk exposures, mean the trade credit insurance landscape will have to evolve. Gary Lowe, head of the credit insurance desk at Standard Chartered, gives his take on these regulatory constraints and what trade credit insurance in a post-Brexit world will look like.

M25 refinancing: A choice decision?
M25 refinancing: A choice decision?
Max Thompson
5 October 2018

The M25 motorway refinancing earlier this year was the UK’s largest since the Intercity Express deal in 2015. However, was the public bond market the right route given the deal priced higher than hoped for earlier in the year when a sub-100bp level looked more likely?

Global export finance H1 2018: Numbers crunched without the headache
Global export finance H1 2018: Numbers crunched without the headache
Max Thompson
10 September 2018

TXF has released its Global export finance results for H1 2018. From Bpifrance performing best in the first half of this year to Oil & Gas showing the largest volumes in export finance, the findings will continue to surprise..

Shop talk: SERVing up a more proactive ECA
Shop talk: SERVing up a more proactive ECA
Max Thompson
14 August 2018

Swiss ECA SERV has pulled off some major innovations in the bond markets - from guaranteeing a rouble bond refinancing to the Sergipe local currency bond deal earlier this year. And CEO Peter Gisler has plans for an even more proactive agency.

Risky business podcast: From east to west
Risky business podcast: From east to west
Max Thompson
14 August 2018

From the recent election in Pakistan to Trump’s tariffs, Dr. Rebecca Harding of Coreolis Technologies highlights the economic and political risk factors behind our latest Country Risk Ratings for Asia-Pacific and the Americas in the final two episodes of TXF’s Risky Business podcast series.

Risky business podcast: War and policy in trade
Risky business podcast: War and policy in trade
Max Thompson
9 August 2018

In the latest episodes of TXF’s Risky Business podcast series, Dr. Rebecca Harding of Coreolis Technologies outlines and analyses the economic and political risk factors behind our latest Country Risk Ratings for MENA, Russia, Eurasia, Europe and Turkey in Q2 2018.

TXF's latest CIRR trends tracking
TXF's latest CIRR trends tracking
Max Thompson
9 August 2018

TXF Data’s latest weekly tool tracks the yields of relevant sovereign bonds to forecast whether there will be a rise or fall in CIRR rates – the minimum interest rate an OECD ECA can charge for direct loans.

From London to Loubetsi: Global PRI coverage
From London to Loubetsi: Global PRI coverage
Max Thompson
9 August 2018

Three major hurricanes, Mexico’s earthquake and California’s fires were estimated to cost the private insurance industry $144 billion in 2017. Earlier this summer, TXF Global discussed how the robust industry has absorbed these losses with no impact to CPRI market prices across the trade, export and project finance spaces.

TXF’s top lending opportunities this week
TXF’s top lending opportunities this week
Max Thompson
7 August 2018

TXF Data's top lending opportunity across 70 of the world's most active ECA exporters have arrived for this week..

Risky business podcast: Navigating Africa's hot waters
Risky business podcast: Navigating Africa's hot waters
Max Thompson
6 August 2018

Dr. Rebecca Harding of Coreolis Technologies outlines and analyses the economic and political risk factors behind TXF's latest Country Risk Ratings for Sub Saharan Africa in Q2 2018.

 Super-Sinosure: Pushing the cover boundaries
Super-Sinosure: Pushing the cover boundaries
Max Thompson
3 August 2018

Sinosure wants to up its short and long-term export credit insurance exposures to over $450 billion by 2020 and is targeting international lenders for far more business. However, the brewing US-China trade war and concerns over how projects apply capital under the Belt & Road Initiative are casting shadows over the Chinese ECA’s ambitious target.

TXF Global: Bpifrance's one-stop-shop SME success
TXF Global: Bpifrance's one-stop-shop SME success
Max Thompson
3 August 2018

TXF spoke with Bpifrance's global head and head of export finance, Pedro Novo and Maelia Dufour, to find how successful the Coface-Bpifrance transfer has been and whether its one-stop-shop has really simplified export finance for SMEs.

Back of the net: The stated goals of export finance
Back of the net: The stated goals of export finance
Max Thompson
26 July 2018

TXF's third export finance podcast of 2018 discusses the industry goals of five export finance practitioners over the coming years.

TXF Global: Royal IHC on the ECA
TXF Global: Royal IHC on the ECA
Max Thompson
23 July 2018

TXF caught up with Robbert Zappeij, director of customer finance solutions at Royal IHC, to discuss which sections of the OECD guidelines need modernising, and why working with cheaper Chinese ECAs can help the Dutch dredging company improve their domestic ECA.

Trade moves: TXF Data Country Risk Review Q2 2018
Trade moves: TXF Data Country Risk Review Q2 2018
Max Thompson
20 July 2018

As North American risks continue to rise as President Donald Trump undermines NAFTA members with tariffs on iron and steel, the EU remains divided over the issue of migration, and China flexes its military muscles, TXF’s Country Risk Review reveals the latest country profiles in Q2 2018.

US-China get electric on the auto front
US-China get electric on the auto front
Jonathan Bell
19 July 2018

Jonathan Bell, Editor-in-Chief at TXF gives us his take on news that Tesla is to build an EV Gigafactory in Shanghai, as well as a review of TXF's market coverage from the last 7 days

Blockchain: Streamlining trade finance
Blockchain: Streamlining trade finance
Max Thompson
18 July 2018

Blockchain solution provider Arkratos has developed a commodity ecosystem which is based on blockchain and smart contract technology. And, Ashish Srivastava, vice president at Arkratos, claims early adopters of their platform are already starting to reap the benefits

TXF Global: UKEF chief on simplifying ECA finance
TXF Global: UKEF chief on simplifying ECA finance
Max Thompson
18 July 2018

UKEF has promised to improve access to export finance for UK SMEs. Louis Taylor, UKEF CEO, outlines the substance behind the rhetoric.

TXF Global: Oman’s push for infra projects
TXF Global: Oman’s push for infra projects
Max Thompson
13 July 2018

TXF caught up with Fatick Hussain, finance director at Salalah Methanol, to discuss the Omani government’s push for infra projects, how the sultanate’s oil and gas sector is set for significant growth, and why ECAs need to take a more collaborative approach to large-scale project financings.

Shop talk: IFC wants more DFI-ECA collaboration
Shop talk: IFC wants more DFI-ECA collaboration
Max Thompson
12 July 2018

For many borrowers ECAs and DFIs can both be ill-fitting pegs in a very deep infrastructure hole, particularly on multi-sourced financings. According to Arun Kumar Sharma, CIO of Global Financial Markets at the IFC, the way forward is better ECA and DFI collaboration – but how?

TXF Global: ECIC takes a shine to renewables
TXF Global: ECIC takes a shine to renewables
Max Thompson
11 July 2018

With a number of green energy proposals in the pipeline, TXF caught up with Kutoane Kutoane, CEO at ECIC, to discuss the South African ECA’s plan to catch the renewables train and how ECA-DFI cooperation is laying a seedbed for commercial banks, and key to getting complex, multi-billion deals across the line on the continent.

TXF Global: UniCredit sees growth in Turkey and Russia
TXF Global: UniCredit sees growth in Turkey and Russia
Max Thompson
9 July 2018

TXF caught up with Eriks Atvars, global head of trade and export finance at UniCredit, to discuss the bank's growth of ECA business in Russia and Turkey. Atvars' also highlights the current challenges in the market from extreme pricing pressure resulting from excess liquidity to increasingly volatile risk appetites amid a changing geopolitical landscape .

TXF Global talk: ECGC on educating SMEs
TXF Global talk: ECGC on educating SMEs
Max Thompson
6 July 2018

TXF caught up with Geetha Muralidahar, chairman and managing director at ECGG, to discuss how ECGC are supporting SMEs and what educational processes need to take place to provide Indian exporters with better access to short-term trade finance.

TXF-A&O Shipping ECA finance report 2018
TXF-A&O Shipping ECA finance report 2018
Max Thompson
5 July 2018

TXF Data has released its Shipping ECA finance report for 2018 with the support of Allen & Overy – and the findings will surprise.

TXF Global talk: Investors warm to Africa
TXF Global talk: Investors warm to Africa
Max Thompson
4 July 2018

TXF caught up with Robert Besseling, executive director at EXX Africa, to discuss the ever-changing political risk outlook for Africa. With the IMF bailing out several central African countries, the rise in commodity prices benefiting the larger economies, and East Africa showing significant infra growth, international investors are showing a new found interest in the continent.

TXF Global talk: PLN on plugging its $5bn funding gap
TXF Global talk: PLN on plugging its $5bn funding gap
Max Thompson
3 July 2018

TXF caught up with Teguh Harsono, senior fundraising manager at PLN, to find out how Indonesia’s state-owned power utility plans to plug this year’s $5 billion funding gap with alternative fundraising techniques such as equity financing, ECA debt, and Komodo bonds to support its busy IPP deal pipeline.

Global project finance trends in 2018
Global project finance trends in 2018
Max Thompson
25 June 2018

TXF’s Global Project Finance Day in Prague at the start of this month threw out some big numbers on global infrastructure needs as well as some strong predictions on the financing trends for energy and infra projects as we move into an era of sustainable infrastructure. Here are the top 10 takeaways..

TXF Global: 15 trends in export finance
TXF Global: 15 trends in export finance
Max Thompson
11 June 2018

Now the dust has settled after the roaring success of TXF Global in Prague last week, the world’s leading export and agency finance conference, we highlight 15 of the most significant trends in the market over the past year.

Vesteri to be presented with TXF Industry Fellowship Award
Vesteri to be presented with TXF Industry Fellowship Award
Max Thompson
31 May 2018

Topi Vesteri, Deputy CEO, Group CCO at Finnvera and President at the International Union of Credit & Investment Insurers (Berne Union) is to be honoured with the TXF Industry Fellowship Award in recognition for his exceptional service to the international export finance sector.

Reversing the brain drain in export finance
Reversing the brain drain in export finance
Max Thompson
29 May 2018

The export finance industry has an ageing demographic. Much of the knowledge and talent in the industry comes from practitioners with over 30 years’ experience. However, with retirement just around the corner for many, it has never been more important to educate and attract young people to the community. But where will the talent come from, and who will teach the new generation?

Shop Talk: Egypt's petrochemical promise
Shop Talk: Egypt's petrochemical promise
Max Thompson
18 May 2018

A serial user of ECA and DFI debt, Carbon Holdings CEO Basil El-Baz expects to reach financial close on the $10.8 billion Tahrir Petrochemicals project by the end of the year – and with an oversubscription.

Pricing dip: TXF-ICC Global Export Finance Survey 2018
Pricing dip: TXF-ICC Global Export Finance Survey 2018
Max Thompson
11 May 2018

The TXF-ICC Global Export Finance Survey 2018 incorporates the pricing and liquidity views of 65 senior export finance practitioners at leading banks, ECAs, exporters and importers. The findings are familiar.

Why is data sharing important in the insurance market?
Why is data sharing important in the insurance market?
Max Thompson
10 May 2018

TXF caught up with Audrey Zuck, director at A2Z Risk Services, to find out more about the importants of data sharing initiatives in the private insurance market. Zuck says given the scepticism around insurance payouts, sharing claims data can help provide corporates with the evidence that the product works.

S&W Breakfast briefing: How to boost your chances of insurance claim payment?
S&W Breakfast briefing: How to boost your chances of insurance claim payment?
Max Thompson
2 May 2018

In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Marian Boyle discusses the role of insurance in bank’s credit support packages and asks what strategies can be employed to maximise chances of successful claim payment?

Download The TXF Chronicle, Vol 1 2018
Download The TXF Chronicle, Vol 1 2018
Max Thompson
30 April 2018

It’s that time of year again… Everyone here at TXF is very proud to present to you 2018’s first edition of our biannual magazine, The TXF Chronicle Vol 1 – the best of TXF News from the past six months alongside the full TXF Perfect 10 deal of the year write-ups.

DEWA IV: CSP on a new scale
DEWA IV: CSP on a new scale
Max Thompson
25 April 2018

Sponsors of the $3.9 billion 700MW CSP solar project in Dubai – Acwa Power and Shanghai Electric – are near to signing the project debt backing the world’s largest thermal solar farm to date.

Kia Motors: Low gear – low ECA margin
Kia Motors: Low gear – low ECA margin
Max Thompson
20 April 2018

Kia Motors’ ECA-backed facility to finance the construction a new manufacturing plant in India – its first project financing in India and only its third ever ECA-backed borrowing – produced one of the lowest K-Sure covered margins in 2017.

Nam Theun 1: Built in Laos – banked in Thailand
Nam Theun 1: Built in Laos – banked in Thailand
Max Thompson
19 April 2018

Sponsors of the Nam Theun 1 hydro project in Laos closed a tightly priced ECA-backed facility last month. The deal, which took three years from start to finish, has lessons for participants on how to achieve a pure Thai bank financing with a Laos-based project.

Perfect 10 Winners 2017: The big, the bold and the brainy
Perfect 10 Winners 2017: The big, the bold and the brainy
Max Thompson
19 April 2018

Size matters - but innovation, strong marketing and a willingness to take on risk are the key traits that this year's winners of the TXF Perfect 10 Deals of the Year all share.

S&W Breakfast briefing: Regulatory headwinds
S&W Breakfast briefing: Regulatory headwinds
Max Thompson
6 April 2018

Amongst the coffee and croissants, Sullivan and Worcester’s breakfast seminar discusses the importance of financial and cyber resilience for firms regulated by the Prudential Regulation Authority (PRA) in the UK. And given the PRA’s recent supervisory statement on credit risk mitigation, the findings are particularly pertinent.

What lies ahead for ECAs in 2018? New TXF podcast released
What lies ahead for ECAs in 2018? New TXF podcast released
Max Thompson
14 March 2018

Three ECA practitioners highlight their predictions for the industry in 2018. From the fate of US Ex-Im to the UK government rescinding on Brexit, there is something for all in TXF’s first podcast of the year.

Global commodity finance 2017: A shift in structure
Global commodity finance 2017: A shift in structure
Max Thompson
13 March 2018

The TXF commodity finance report has revealed a year-on-year rise in global volumes from 2016. With Middle Eastern traders turning up the heat, Russian producers looking beyond structured trade, and a decline in the usage of PXFs, the findings will surprise.