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Commodity finance report 2019: Structured deal volume drops by nearly half
Commodity finance report 2019: Structured deal volume drops by nearly half
Max Thompson
25 March 2020

Overall volumes of global commodity finance fell by 16% in 2019 compared to 2018, according to the full-year TXF 2019 Commodity Finance Report, while structured commodity finance plummeted to nearly half the volume of the previous year. Max Thompson reviews the drivers behind these low figures, as well as the most active regions and sectors across the commodity finance space.

Sustainable deals in spotlight: Huong Linh 1
Sustainable deals in spotlight: Huong Linh 1
Max Thompson
12 March 2020

In the first edition of TXF’s new Deal in Spotlight feature, we caught up with LBBW, the sole lender on the 33MW Huong Linh 1 onshore wind farm in Vietnam, to find out why this small-scale ECA-backed project financing was a landmark deal in a market where big ticket coverage always grabs the headlines.

TCB-1 coal-fired plant reaches financial close
6 March 2020

Export finance report 2019: A drastic drop in global ECA-backed deal volume
Export finance report 2019: A drastic drop in global ECA-backed deal volume
Max Thompson
4 March 2020

Overall volumes of global export finance fell by almost 30% last year compared to 2018 according to the full-year TXF 2019 Export Finance Report. Max Thompson reviews the ECA league tables alongside the drivers behind the drastic drop in ECA-backed deal volume, with lower numbers across all major sectors other than oil and gas.

Taiwanese offshore wind: Shaking the local bank funding tree
Taiwanese offshore wind: Shaking the local bank funding tree
Max Thompson
19 February 2020

The Taiwanese offshore wind market is on course to emulate another bumper year of ECA-backed project finance prowess in 2020. But not all is as it seems on this nascent sector’s glimmering surface, with state-owned bank liquidity yet to emerge.

Shop talk: Entrepose ups ECA tap
Shop talk: Entrepose ups ECA tap
Max Thompson
11 February 2020

TXF spoke to Gautier Mangenot, VP of business development at Entrepose Group, a subsidiary of Vinci, about the challenges mid-sized EPCs face facilitating infrastructure throughout the energy value chain, and the growing role of multi-sourced ECA finance in wining bids in central and south-east Asia.

Brazilian LNG-to-power: BNDES bears GNA cash brunt – again
Brazilian LNG-to-power: BNDES bears GNA cash brunt – again
Max Thompson
5 February 2020

BNDES’ heavy involvement in the GNA II liquefied natural gas (LNG)-to-power project funding mix contrasts its bid to leave more room for private investors in large-scale project financings in Brazil. So when will such projects be dealt the card of pure commercial bankability?

Shop talk: PLN pulls plug on project debt – for now
Shop talk: PLN pulls plug on project debt – for now
Max Thompson
17 December 2019

Indonesia’s state-owned power utility PLN has yet to close a single power project financing in 2019 amid a year of economic slowdown and elections. However, Teguh Harsono, vice president of funding at PLN says 2020 will be a very different story.

The ebb and flow of North Sea upstream finance
The ebb and flow of North Sea upstream finance
Max Thompson
11 December 2019

The renaissance in North Sea oil field M&As is being driven by new flows of capital and RBL lenders backing mid-cap oil companies acquiring assets from majors’ divesting in the sector. But how much value can these often PE-backed independents and special operators squeeze from older oil assets before they look to offload — or even float them?

Perfect 10 Deals of the Year 2019: Voting now open
Perfect 10 Deals of the Year 2019: Voting now open
Max Thompson
9 December 2019

TXF has opened voting for its Perfect 10 Deal of the Year Awards 2019. Please cast your vote on tagmydeals.com to have your say on this year’s most landmark export and commodity finance deals.

Shop talk: VTB on trade flows and growth in China
Shop talk: VTB on trade flows and growth in China
Max Thompson
3 December 2019

On the sidelines of VTB’s RUSSIA CALLING! event in Moscow last month, Igor Ostreyko, managing director of trade and export finance at VTB and Anna Ponomareva, head of ECA and agency finance at VTB, discuss the health of the bank’s trade finance portfolio amid record growth in China.

DEWA V: The record low solar tariff bid enigma
DEWA V: The record low solar tariff bid enigma
Max Thompson
29 October 2019

Dubai Electricity and Water Authority (DEWA) pulled in record low tariff offers this month for its latest 900MW solar PV scheme – DEWA V. But there was no promise from DEWA of a sovereign guarantee backing the project in the tender document. So how did bids go so low?

US Exim: Politics vs profit
US Exim: Politics vs profit
Max Thompson
9 October 2019

US Exim’s full reauthorisation was expected at the end of last month as glimmers of bipartisan support returned to the US ECA. But now big ticket business is under threat once again as the agency’s latest expiry date for congressional authorisation emerges.

Green and lean: TXF’s Sustainable Deals H1 2019 report
Green and lean: TXF’s Sustainable Deals H1 2019 report
Max Thompson
8 October 2019

TXF’s debut Sustainable Deals H1 2019 report partnered with Acre Impact Capital to help provide a comprehensive methodology and classify sustainable deals in the ECA market.

TXF Export Finance Industry Survey 2019
TXF Export Finance Industry Survey 2019
Max Thompson
18 September 2019

TXF’s Export Finance Industry Report 2019 is here. The survey, which comprises the views of 259 individual senior export finance practitioners at banks, ECAs, importers, exporters, insurers, lawyers and alternative financiers, is by far our most comprehensive yet...

Caribbean Export: Pouring promotion into trade
Caribbean Export: Pouring promotion into trade
Max Thompson
16 September 2019

TXF spoke with Anthony Bradshaw, CEO at Caribbean Export Development Agency, to find out more about promoting the region’s exports to the EU – and beyond. But, the agency only has limited export finance solutions at its disposal.

Louis Dreyfus: Laying a seedbed for sustainability-tied debt
Louis Dreyfus: Laying a seedbed for sustainability-tied debt
Max Thompson
11 September 2019

ESG-tied debt benefits go beyond a simple PR play for Louis Dreyfus Company, it's now a tightly priced option for the trader, as its latest Asian revolver mimics its debut in the sector earlier this year. However, lenders will up fees incrementally with each drawdown this time round.

TXF Global: HSBC's ECA activity led by Asia
TXF Global: HSBC's ECA activity led by Asia
Max Thompson
5 September 2019

Richard Hodder, global head of export finance at HSBC, spoke to TXF about the bank's most active regions and sectors, the progress of the IWG on Export Credits, and how China is looking to team up with more European ECAs.

Etihad Credit Insurance takes flight
Etihad Credit Insurance takes flight
Max Thompson
2 September 2019

Massimo Falcioni, CEO at Etihad Credit Insurance (ECI) talks to TXF about how the UAE’s new ECA has been made operational in record time, and how its plans for the future are being lifted by digitisation and partnership.

TXF Global: Petroperu's ECA experience
TXF Global: Petroperu's ECA experience
Max Thompson
27 August 2019

TXF spoke with Petroperu’s vice chairman, Hernan Barros, to discuss the company’s debut ECA-backed financing with CESCE for the Talara oil refinery, with further fundraising plans potentially on the cards for a second deal with the Spanish ECA.

Australia's EfW: Waiting for waste
Australia's EfW: Waiting for waste
Max Thompson
20 August 2019

Australia’s energy-from-waste (EfW) sector is in project finance adolescence. But a lack of developers and varying waste supply agreements from councils are proving challenging for lenders looking for bankable large-scale projects.

Al Dur 2: A Saudi nightmare on ECA street
Al Dur 2: A Saudi nightmare on ECA street
Max Thompson
13 August 2019

The $1.5 billion Al Dur 2 independent water and power project (IWPP) financing achieved a record length tenor for an uncovered local bank tranche, an indirect benefit of ECA support. But according to sources close to the deal, Saudi Exim’s direct loan debut proved a ‘nightmare’ to structure.

TXF Global Berlin: CESCE raises risk apetite in LatAm
TXF Global Berlin: CESCE raises risk apetite in LatAm
Max Thompson
29 July 2019

From the sidelines of TXF Global Berlin, Rocio Uriarte, deputy director for strategy at CESCE, talks about the Spanish ECA's growing pipeline of projects in Latin America, the limits of regulations and breaking away from traditional ECA financing.

TXF Global: Bpifrance on modernising export finance
TXF Global: Bpifrance on modernising export finance
Max Thompson
22 July 2019

At TXF Global last month, Maelia Dufour, head of international relations at Bpifrance Export Insurance, outlined the challenges of digitisation in export finance, compliance procedures, and the need to modernise the OECD Consensus on export credits.

TXF Global Berlin 2019: Berne Union on ECAs and SDGs
TXF Global Berlin 2019: Berne Union on ECAs and SDGs
Max Thompson
9 July 2019

From the sidelines of TXF Global, Vinco David, secretary general of the Berne Union, talks about the opportunities for export finance in sub-Saharan Africa, the recent increase in ECA-backed renewable energy projects, and why banks and ECAs need to align their SDG goals.

It’s only export finance rock and roll 2019 (but I liked it)
It’s only export finance rock and roll 2019 (but I liked it)
Max Thompson
26 June 2019

TXF’s top takeaways from the biggest gathering of the export and project finance community in the world, TXF Global 2019, are here.

TXF's Export Finance Industry Choice Awards: The winners
TXF's Export Finance Industry Choice Awards: The winners
Max Thompson
25 June 2019

This month, TXF were proud to announce the winners of the Export Finance Industry Choice Award at TXF Global 2019: Export, Agency & Project Finance event in Berlin. Click here to see the winners.

Perfect 10 winners 2018: Export finance
Perfect 10 winners 2018: Export finance
Max Thompson
13 June 2019

This year's winners of the TXF Perfect 10 Export Finance Deals of the Year beat a lot of worthy contenders. Read on to find out why...

Perfect 10 winners 2018: Commodity finance
Perfect 10 winners 2018: Commodity finance
Max Thompson
23 May 2019

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 Commodity Finance Deals of the Year all share.

US Exim: Back in big business?
US Exim: Back in big business?
Max Thompson
8 May 2019

The US Senate is scheduled to vote today on the three nominees to serve on the board of US Exim. If the full quorum is confirmed as expected, will the dark cloud which has loomed over the agency for nearly four years finally clear and open up its stagnant $40 billion deal pipeline?

CRD IV strikes again with new provisioning calendars for export credits
CRD IV strikes again with new provisioning calendars for export credits
Max Thompson
29 March 2019

Banks have got to follow the calendar of provisioning for non-performing exposures under Article 47 of CRD IV, that much was clear according to Basel Committee regulations announced at the end of last year. But what’s been less obvious is the real impact on ECAs and the wider export finance community itself.

 Sustainable deals in spotlight: Ivory Coast hospital
Sustainable deals in spotlight: Ivory Coast hospital
Max Thompson
26 March 2019

In the second edition of TXF’s new Deal in Spotlight feature, TXF spoke with Thierry Gernigon, director of export finance EMEA at BNP Paribas to discuss a Bpifrance-backed deal the French bank closed at the end of 2019 to finance the rehabilitation of a university hospital centre in Ivory Coast.

Global export finance 2018: The complete ECA deal digest
Global export finance 2018: The complete ECA deal digest
Max Thompson
21 March 2019

From JBIC ranking as the most active ECA in 2018 to another good year for ECA-backed shipping, TXF digests and analyses the most prevalent trends from our global export finance report for 2018, so you don't have to.

Top trends in export finance 2019
Top trends in export finance 2019
Max Thompson
20 March 2019

What are the top export finance trends of 2019? From an increasing appetite for deals in developing markets to embracing sustainability, our resident experts articulate it all to the backdrop of a sublime time-lapse cartoon sketch.

Export Credit Norway: Fishing for new ECA ideas
Export Credit Norway: Fishing for new ECA ideas
Max Thompson
12 March 2019

TXF spoke with Ivar Slengesol, director of strategy and business development at Export Credit Norway, to discuss his newly created role and how the Norwegian ECA plans to find new growth market in 2019.

Sustainable deals in spotlight: Huong Linh 1
Sustainable deals in spotlight: Huong Linh 1
Max Thompson
11 March 2019

In the first edition of TXF’s new Deal in Spotlight feature, we caught up with LBBW, the sole lender on the 33MW Huong Linh 1 onshore wind farm in Vietnam, to find out more about this small-scale landmark ECA-backed project financing.

Battery storage: Moving beyond Hornsdale
Battery storage: Moving beyond Hornsdale
Max Thompson
4 March 2019

Hybrid renewable and battery storage system projects have been proven bankable following the first non-recourse deal in 2018, and the deal pipeline is expected to grow. But stand-alone storage project financing remains a challenge as yet unanswered.

The rise of unsecured debt in Americas commodity finance
The rise of unsecured debt in Americas commodity finance
Max Thompson
12 February 2019

Commodity trade finance was conservatively tapped by traders and producers in the Americas last year. According to TXF Data, deal flow totalled $56.07 billion in 2018 compared to an overall debt volume of $39 billion the previous year – a significant drop in business of $18 billion

What’s the ECA story in the Americas?
What’s the ECA story in the Americas?
Max Thompson
12 February 2019

Export finance deal volume increased marginally across the Americas from 2018 to 2019. According to TXF Data, ECA deal volume totalled $18.6 billion in 2019, compared with $17.4 billion in 2018 – an uptick in deal flow of $800 million

How long can GCC tenors go?
How long can GCC tenors go?
Max Thompson
22 January 2019

State-owned borrowers in cash-strapped GCC countries – Oman and Bahrain – have been using ECA-backed debt to push out tenors to around 16-17 years. But can the private sector sponsors of the Al Dur 2 IWPP financing in Bahrain push tenors even further?

How long can GCC tenors go?
How long can GCC tenors go?
Max Thompson
22 January 2019

State-owned borrowers in cash-strapped GCC countries – Oman and Bahrain – have been using ECA-backed debt to push out tenors to around 16-17 years. But can the private sector sponsors of the Al Dur 2 IWPP financing in Bahrain push tenors even further?

Is the OECD Consensus still fit for purpose?
Is the OECD Consensus still fit for purpose?
Max Thompson
9 January 2019

OECD exporters and ECAs often cite the need to modernise the OECD Consensus on export credits. The International Working Group on Export Credits (IWG) is making progress – but will the IWG guidelines provide alternative rules to the OECD, or will it run alongside them?

Shop talk: GE China, spreading the ECA umbrella
Shop talk: GE China, spreading the ECA umbrella
Max Thompson
18 December 2018

TXF spoke with Charles Xu, managing director of commercial finance & capital markets at GE China, to discuss the benefits of directly sourcing Chinese financings in a global power market with only a handful of major players.

Risky Business: Africa terrorism, regime risks and corruption but still relative stability
Risky Business: Africa terrorism, regime risks and corruption but still relative stability
Max Thompson
17 December 2018

TXF and Coriolis Technologies’ country risk index investigates the trends in trade weaponization in Africa. Rebecca Harding, CEO of Coriolis Technologies points to increased terrorism, political risks and the double-edged sword of China’s BRI. This is the last in the series of seven insights.

Shop talk: How far away is mandatory ESG reporting in Asia?
Shop talk: How far away is mandatory ESG reporting in Asia?
Max Thompson
13 December 2018

TXF spoke with Juliette Macresy, head of Greater China and South-East Asia for ESG research and ratings firm Vigeo Eiris, to discuss tracking green loan proceeds against green projects as regulators try to move the market towards mandatory ESG reporting.

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.

Risky business: US exports populism, Canada and Mexico weaponize
Risky business: US exports populism, Canada and Mexico weaponize
Max Thompson
30 November 2018

The US’s most successful export at the moment seems to be populism, says Rebecca Harding, CEO of Coriolis Technologies. TXF and Coreolis Technologies’ country risk index investigates the trends in trade weaponization in the Americas. Here, Canada and Mexico export arms, Central America imports populism. This is the third in the series of seven insights.

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.