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Formosa 2: Turbine-charge or trickle-charge for Taiwan offshore?
Formosa 2: Turbine-charge or trickle-charge for Taiwan offshore?
Oliver Gordon
31 October 2019

With the sponsors of the Formosa 2 offshore wind project having having reached financial close on a heavily ECA-backed project financing, confidence in the bankability of Taiwan's developing offshore wind market should be back on the up. But there are still reservations about availability of local liquidity for future deals and whether the predicted deal pipeline will deliver given the potential re-licensing of nuclear.

On the road again: The very active retirement of Clemente del Valle
On the road again: The very active retirement of Clemente del Valle
Oliver Gordon
6 September 2019

Against all the odds, over the past six years Colombian infrastructure development bank FDN has catalysed a mix of infrastructure funding sources that had never existed in Colombia before. TXF talks to Clemente del Valle – key architect of FDN and who very recently retired as president – about his new projects; the past, present and future of Colombia’s $15 billion 4G road-building programme and creating new infrastructure funding resources.

Grand Eweng: Controlled flow or flood?
Grand Eweng: Controlled flow or flood?
Oliver Gordon
14 August 2019

Nachtigal set the financing template for hydro in Cameroon in late 2018. Now a very ambitious project more than four times the size of Nachtigal is underway, but is it too much too soon in terms of of bankability?

Reinventing the wheel? A sceptical take on trade as an asset class
Reinventing the wheel? A sceptical take on trade as an asset class
Oliver Gordon
27 June 2019

Contrarian views on the recent HSBC and AllianzGI secondary market trade asset solution aimed at coaxing institutional investors into the trade finance space are explored here. Is the solution all that new? For sure, you can’t please all the investors and analysts all the time, but have they got a point?

JSW Steel: ‘Win-win’ prepayment sets new standard in steel
JSW Steel: ‘Win-win’ prepayment sets new standard in steel
Oliver Gordon
21 May 2019

The $700 million cash-for-metal deal, signed between Duferco and JSW Steel, is the largest trade finance facility ever arranged for an Indian steel company. But will the first deal of this size to close in the steel industry since the financial crisis serve as a financing template for future deals?

JSW Steel: ‘Win-win’ prepayment sets new standard in steel
JSW Steel: ‘Win-win’ prepayment sets new standard in steel
Oliver Gordon
21 May 2019

The $700 million cash-for-metal deal, signed between Duferco and JSW Steel, is the largest trade finance facility ever arranged for an Indian steel company. But will the first deal of this size to close in the steel industry since the financial crisis serve as a financing template for future deals?

The shape of commodity ESG to come?
The shape of commodity ESG to come?
Oliver Gordon
29 April 2019

The credibility and policing of ESG-linked loans, which are currently enjoying growing popularity with commodity traders, could be markedly improved via the adoption of blockchain. But in the commodity space, that technological leap appears very distant – for now.

Vodafone SCF: Who's supporting who?
Vodafone SCF: Who's supporting who?
Oliver Gordon
4 April 2019

Vodafone has been using complex financial engineering devised by GAM and Greensill to enable it to profit from and invest in its own SCF offerings and bolster its DPO. The trouble is the system leaves little reason for procurers to pay suppliers on time.

UKEF takes both sides in Iraq power struggle
UKEF takes both sides in Iraq power struggle
Oliver Gordon
19 March 2019

The UK's ECA, UKEF, has provided financings for Iraqi power-generation projects for both GE and Siemens, as the industrial conglomerates go toe-to-toe for lucrative electricity-generation contracts in the Middle Eastern nation.

Partnering for success: The UAE’s new export credit agency
Partnering for success: The UAE’s new export credit agency
Oliver Gordon
20 February 2019

TXF sat down with Massimo Falcioni, chief executive officer of Etihad Credit Insurance, to discuss the UAE’s plans for its brand new ECA.

Soyven: Soybean counting
Soyven: Soybean counting
Oliver Gordon
14 February 2019

In late 2018 HSBC structured a multi-jurisdictional import financing that inaugurated a rare joint venture between ADMC and Cargill in the Egyptian soybean sector.

Aluminium Dunkerque: The shape of deals to come?
Aluminium Dunkerque: The shape of deals to come?
Oliver Gordon
6 February 2019

Liberty House’s recent Aluminium Dunkerque deal is both its first syndicated bank acquisition financing and a novel de-risked structure that includes a syndicated commodity price hedging agreement for the smelter. Given Liberty's expansion plans, it is unlikely to be a one-off.

Aluminium Dunkerque: The shape of deals to come?
Aluminium Dunkerque: The shape of deals to come?
Oliver Gordon
4 February 2019

Liberty House’s recent Aluminium Dunkerque deal is both its first syndicated bank acquisition financing and a novel de-risked structure that includes a syndicated commodity price hedging agreement for the smelter. Given Liberty's expansion plans, it is unlikely to be a one-off.

Petroperu's ECA flag day
Petroperu's ECA flag day
Oliver Gordon
11 January 2019

Petroperu's $1.3 billion CESCE-backed facility had to navigate four changes of government in two countries to finally reach financial close last month. But the deal still broke all records for ECA project financing into the country.

Is the new US development finance agency taking a knife to a gunfight?
Is the new US development finance agency taking a knife to a gunfight?
Oliver Gordon
20 December 2018

The IDFC — which could eventually incorporate US Exim — will see the US try to take on the Chinese development banks at their own game. TXF asks how that will play out both in terms of feasibility and the wider impact on development as a tool of foreign policy.

US offshore wind: On track to join the major markets
US offshore wind: On track to join the major markets
Oliver Gordon
6 December 2018

The 2019 expiration of the Investment Tax Credit is unlikely to put the dampers on a US offshore wind sector that looks set to take off.

Room2Run: Untapping multilateral capital to full effect
Room2Run: Untapping multilateral capital to full effect
Oliver Gordon
18 October 2018

A ground-breaking $1 billion synthetic securitisation by the AfDB could serve as the template for unlocking trillions of dollars of investment for emerging markets project development.

Exporters’ Choice Awards: EDC nails it – others snail it
Exporters’ Choice Awards: EDC nails it – others snail it
Oliver Gordon
12 October 2018

According to 167 capital equipment exporters surveyed by TXF and Clevis Research, EDC was top performing ECA In 2017. But much of the competition was poor, with many ECAs failing to live up to their performances of the previous two years.

Exporters’ Choice Awards: It's all in the delivery
Exporters’ Choice Awards: It's all in the delivery
Oliver Gordon
11 October 2018

TXF/Clevis' latest survey of 167 capital equipment exporters shows improved delivery year-on-year from all export finance banks. Credit Agricole is cited as top global lender, with Santander and HSBC coming in second and third.

Importers’ Choice Awards: UniCredit highest performer among active ECA banks
Importers’ Choice Awards: UniCredit highest performer among active ECA banks
Oliver Gordon
9 October 2018

Based on feedback from 53 major importers from across the globe. UniCredit is the top performing import finance bank, according to the TXF/Clevis Research second annual Importers' Market Survey.

Importers’ Choice Awards: Finnvera leads improving ECAs
Importers’ Choice Awards: Finnvera leads improving ECAs
Oliver Gordon
8 October 2018

Export credit agencies improved the quality and delivery of their service in 2017, according to TXF/Clevis Research’s survey of 53 major capital-equipment importers.

ECA sanctions cover: Don't get caught out
ECA sanctions cover: Don't get caught out
Oliver Gordon
14 September 2018

The reintroduction of US sanctions on Iran has got export financiers questioning the extent of their export credit agencies’ support. What is covered and what is not? The answers are inconsistent and vague.

Saudi privatisation: A trivial project pursuit?
Saudi privatisation: A trivial project pursuit?
Oliver Gordon
6 September 2018

Saudi Arabia’s Vision 2030 plan to open up its economy to private investment is progressing – albeit slowly. But while PPP development in the centralised state was always going to be a slow burn, there are now also doubts that promised Saudi privatisation plans will ever deliver.

Shop talk: Peru’s PPP promise
Shop talk: Peru’s PPP promise
Oliver Gordon
28 August 2018

Peru’s investment grade rating and favourable legal framework for foreign investment has helped build its investment promotion agency ProInversion's $11 billion PPP pipeline. TXF spoke with Cesar Martín Penaranda, the agency's director of investor relations, to find out how many of these projects will reach financial close, and whether there's reality behind the rhetoric.

Reverse factoring: Too little regulation and open to too much abuse
Reverse factoring: Too little regulation and open to too much abuse
Oliver Gordon
31 July 2018

Reverse factoring has been implicated in the demise of two of Europe’s largest corporations – Abengoa and Carillion. Can the holes in reverse factoring accounting regulation be filled to prevent potential large corporation abuse of SMEs in the supply chain finance system?

Keeping it liquid: Auramet makes ripples in loan market
Keeping it liquid: Auramet makes ripples in loan market
Oliver Gordon
3 July 2018

Precious metals trading is a tough market to survive in without a bulging balance sheet. But in just 14 years Auramet has gone from zero to $11 billion in revenue and has now debuted in the syndicated loan market. Auramet chief financial officer, Mark Edelstein talks markets, financing strategy, and surviving presidential tweets.

Green bonds: Starting to take root in Latin American infrastructure
Green bonds: Starting to take root in Latin American infrastructure
Oliver Gordon
14 June 2018

Despite the fast global growth in the international green bond market, Latin America has only recently started to adopt the trend. The region’s infrastructure and investment needs present a major opportunity for green bond growth, but a lot of groundwork is still needed to gets investors comfortable.

Argentinean PPP: Investors stay focused
Argentinean PPP: Investors stay focused
Oliver Gordon
7 June 2018

Despite Argentina's recent FX troubles, investor appetite for its new $26 billion PPP programme remains strong – in part because investors are taking a long term view, but also because of the bankability built into the way the concessions are structured.

Change of clothing: Can ECAs become champions of sustainability?
Change of clothing: Can ECAs become champions of sustainability?
Oliver Gordon
5 June 2018

The ICC has established a working group aimed at fostering a greater sustainable development agenda in export finance. Is it just tinkering? And does it have any chance of making real change?

Another confusing link to the blockchain
Another confusing link to the blockchain
Oliver Gordon
8 May 2018

As a growing number of blockchain initiatives start live testing, albeit in controlled environments, trade tech is moving to an even more confusing level – a plethora of rival product claims backed by proofs of concept. Choice of tech and provider is about to get even more complicated.

Dethroned and panned: Is it all over for Noble?
Dethroned and panned: Is it all over for Noble?
Oliver Gordon
30 April 2018

As Noble Group looks to force through a controversial restructuring amid lawsuits and media spats with shareholders, what could a new Noble look like? And will regulatory change follow the trader’s downfall?

New SACE: Listening pays
New SACE: Listening pays
Oliver Gordon
10 April 2018

Since the CDP-SACE-SIMEST restructuring in 2012, SACE has transformed from tired state relic into one of the world’s leading providers of export credit cover. It has the funding, it has the products – but most of all it has local knowledge from its listening posts in key Italian export markets.

One stop advisory shop: PwC’s new ECA offering  
One stop advisory shop: PwC’s new ECA offering  
Oliver Gordon
3 April 2018

PricewaterhouseCoopers (PwC) recently launched a new advisory practice – the ECA Advisory Practice for Capital Projects – aimed at helping export credit agencies deal with increasingly complex capital projects. Co-heads of the new team – Heiko Lentge and Alexander Wuermeling – outline the benefit to ECAs of their new approach.

Mexican renewables: Flagged for funding
Mexican renewables: Flagged for funding
Oliver Gordon
28 March 2018

Five years on from the Mexico's landmark energy sector reforms, a spate of recent financings – one without DFI backing – support market expectation that the pace of project financing in the domestic renewables market will pick up over the coming year.

The rise and rise of Liberty House
The rise and rise of Liberty House
Oliver Gordon
23 March 2018

Sanjeev Gupta is the man behind the ascent of Liberty House from commodity trading start-up into an international metals and industrials group. And in conversation with TXF, Gupta appears to have only got started.

Challenger banks: Secrets and allies?
Challenger banks: Secrets and allies?
Oliver Gordon
20 March 2018

Having made a splash in the retail and SME banking spaces, a new breed of lender is setting its eyes on the trade finance market. But what are these newbies to traditional lenders and will they really inject more competition into the trade lending space?

Ruta al Mar: Opening a new 4G funding fast lane
Ruta al Mar: Opening a new 4G funding fast lane
Oliver Gordon
5 February 2018

A pioneering loan/bond financing for Colombia's Ruta al Mar highway project may serve as the shot in the arm needed to reignite appetite for the country’s 4G roads financing programme after a year spent on the sidelines.

Deadlocked on debt
Deadlocked on debt
Oliver Gordon
30 January 2018

Iran has yet to produce the project and trade flows bankers hoped for following signing of the JCPOA in 2016. The hurdles are largely born of the Trump administration – but not all. And while European lenders remain wary, Iran is looking eastward for debt.

Colombian infrastructure: Bridging the bankability gap
Colombian infrastructure: Bridging the bankability gap
Oliver Gordon
20 October 2017

Colombia’s $70 billion infrastructure programme has hit a few bankability hurdles in the past year. But the government has reacted proactively and is generating significant new lender interest in the second phase of its 4G Highway PPP plan.

Latin American oil and gas: A Pemexican standoff?
Latin American oil and gas: A Pemexican standoff?
Oliver Gordon
11 May 2017

Pemex kicked off 2017 with a record-breaking eurobond and the announcement of a halving of losses in 2016. The debt-ridden oil producer has even put in place an innovative supply chain finance programme backed up by Nafinsa and Greensill Capital. But should investors and lenders still exercise extreme caution?

 Uruguyan wind: Small market - big impact
Uruguyan wind: Small market - big impact
Oliver Gordon
18 April 2017

Uruguay is the MacGyver of clean energy development. Equipped with just some pocket change from the UN’s climate fund, the country has become a global standard-bearer for wind power in just a decade. But is the market nearing saturation in terms of project borrowing?

S&W Breakfast Briefing: Catching up with trade's issues
S&W Breakfast Briefing: Catching up with trade's issues
Oliver Gordon
20 December 2016

In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Geoffrey Wynne provides a round-up of the current issues facing the trade space, summing up the regulatory landscape as well as touching on developments in industry documentation.

Year in review: Export & agency finance
Year in review: Export & agency finance
Oliver Gordon
20 December 2016

Ollie Gordon, TXF's news & features editor, picks his favourite export & agency finance stories of 2016.

S&W Breakfast Briefing: Payment instruments
S&W Breakfast Briefing: Payment instruments
Oliver Gordon
5 December 2016

In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Simon Cook discusses payment instruments and other trade-related documentation.

S&W Breakfast Briefing: Digitalisation of trade finance
S&W Breakfast Briefing: Digitalisation of trade finance
Oliver Gordon
8 November 2016

In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Geoffrey Wynne discusses whether digitalisation can end paper-based trade finance, and to what extent that is happening now.

S&W Breakfast Briefing: Insurance Act 2015
S&W Breakfast Briefing: Insurance Act 2015
Oliver Gordon
26 October 2016

In the latest edition of law firm Sullivan & Worcester's Trade Finance Breakfast Seminars, partner Marian Boyle provides a practical guide to the Insurance Act 2015 for commercial policyholders.

Download The TXF Chronicle, Edition II 2016
Download The TXF Chronicle, Edition II 2016
Oliver Gordon
15 September 2016

It’s that time of year again… Everyone here at TXF is very proud to present to you 2016’s second edition of our biannual magazine, The TXF Chronicle – the best of TXF News from the past six months.

Santander and UKTI discuss a new era of Argentina-UK trade
Santander and UKTI discuss a new era of Argentina-UK trade
Oliver Gordon
3 August 2016

While trade between Argentina and the UK has not been as strong as with other Latin American countries in recent years, the election of a new Argentine government has led to more constructive talks and greater potential for co-operation.UK exporters are therefore well placed to tap into one of the largest markets in Latin America. To discuss these opportunities in detail, the Latin America desk head of Santander, Mauricio Munguia, sat down with UKTI’s country officer for Argentina, Tim Hanson.

UKEF Results 2015/16: Reach widens, volumes tumble
UKEF Results 2015/16: Reach widens, volumes tumble
Oliver Gordon
1 August 2016

UK Export Finance’s CEO, Louis Taylor, sits down with Ollie Gordon to discuss the export credit agency’s financial results for 2015/16, as well as touching on Brexit’s potential effects on the UK export sector.

Rising protectionism hampers global trade flows
Rising protectionism hampers global trade flows
Oliver Gordon
28 July 2016

Governments around the world are slowly but surely turning their backs on the open-market agenda, and global trade flows are starting to feel the repercussions. Ollie Gordon reports.