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Finerge puts borrowings in one basket
Finerge puts borrowings in one basket
Ross Crear
11 July 2019

First State Investments-owned Finerge’s recent Portuguese wind portfolio refinancing knocked around 100bp off the cost of debt and upped the tenor. But most significantly it is structured as a platform for future Finerge borrowing, with potential extra liquidity built in.

Sullivan: A bright future for trade finance?
Sullivan: A bright future for trade finance?
Ross Crear
10 July 2019

In the latest edition of law firm Sullivan’s Trade Finance Breakfast Seminar, partner Geoffrey Wynne questions whether there is a bright future for trade finance? Topics include the inherent risks of trade finance, strengthening rules on anti-money laundering and credit risk management.

Shop talk: Flagging up Vietnamese solar finance
Shop talk: Flagging up Vietnamese solar finance
Ross Crear
1 July 2019

The growth of solar energy generation is fundamental to phasing out coal-fired projects in Vietnam. TXF spoke with lawyers at Watson Farley & Williams to discuss the country’s recently revised feed-in-tariff (FiT) scheme and the financial hurdles faced by a market in project finance adolescence.

Yunlin: Winding up heavy ECA support
Yunlin: Winding up heavy ECA support
Ross Crear
24 June 2019

The 640MW Yunlin offshore wind project in Taiwan has provided a viable financing template for large-scale offshore wind farms in nascent markets across Asia-Pacific. But heavy ECA backing and local bank funding are still key to getting Taiwan’s future offshore wind projects over the financial line. `

Sullivan: Questions on sanctions, security and systems of law
Sullivan: Questions on sanctions, security and systems of law
Ross Crear
12 June 2019

In the latest edition of law firm Sullivan's Trade Finance Breakfast Seminar, partner Geoffrey Wynne hosts a panel that answers some tricky legal and drafting questions covering indemnities, sanctions, government law and jurisdiction, security over goods and bail in.

Shop talk: East African geothermal picks up steam
Shop talk: East African geothermal picks up steam
Ross Crear
7 June 2019

Geothermal power projects in East Africa have been gaining traction after a handful of heavily DFI-backed projects reached financial close. TXF spoke with Darrell Boyd, CEO at TM Geothermal, to discuss the region’s growing pipeline of projects, and why ECAs are yet to join the funding mix.

BAPCO: Cutting back on attractive ECA debt
BAPCO: Cutting back on attractive ECA debt
Ross Crear
31 May 2019

Bahrain Petroleum Company (BAPCO) sealed a tightly priced heavily ECA-backed financing last month. However, the state-owned sponsor significantly cut back the initial ECA debt portion on the deal after sufficient regional bank liquidity emerged.

Van Phong 1: A (super)-critical judgement on Japan
Van Phong 1: A (super)-critical judgement on Japan
Ross Crear
14 May 2019

JBIC has claimed Sumitomo Corporation’s ECA-backed loan to finance the $2.8 billion Van Phong 1 coal-fired power project in Vietnam is its last loan for a ‘dirty’ power scheme using supercritical technology. But is this legacy deal the last such coal power project in the Japanese ECA's pipeline?

Turk Exim: Reassembling the Turkish economy
Turk Exim: Reassembling the Turkish economy
Ross Crear
9 May 2019

TXF talks to Banu Erkok, manager at Turk Exim, to find out more about the Turkish ECA’s bid to stimulate the country’s crisis-stricken economy.

Sullivan: Covering debt for capital relief
Sullivan: Covering debt for capital relief
Ross Crear
8 May 2019

In the latest edition of law firm Sullivan's Trade Finance Breakfast Seminar, partner Marian Boyle and managing associate Hannah Fearn examine the use of insurance and guarantees by financial institutions as a tool for capital relief for exposures. However, certain guarantees carry specific risks and banks need be able to demonstrate their adequate risk management capabilities.

RAPID: Refining fuel, redefining margins
RAPID: Refining fuel, redefining margins
Ross Crear
2 May 2019

The $15.3 billion RAPID oil refinery in Malaysia is nearing completion. But a recent oil blast has slowed progress and sponsors' aggressive terms have meant financial close on the tightly priced heavily ECA-backed project financing is far from imminent.

S&W: Policing bribery in trade and export finance
S&W: Policing bribery in trade and export finance
Ross Crear
9 April 2019

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partner Mark Norris evaluates compliance in trade, export and project finance with a focus on the bribery act and how it should be implemented and policed.

Plus ca short change for French offshore wind?
Plus ca short change for French offshore wind?
Ross Crear
28 March 2019

Bids are in for France's third round offshore wind tender – the 600MW Dunkirk project which will be the first under the new CfD regime. Will lenders feel comfortable with the much more tightly priced CfD-style tariffs expected on future French schemes? And does the tender pipeline contain enough volume to keep developers and lenders interested?

S&W: Can trade laws catch up with electronic payment instruments?
S&W: Can trade laws catch up with electronic payment instruments?
Ross Crear
11 March 2019

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partner Simon Cook asks whether the legal framework underpinning letters of credit and bills of lading is effective enough to manage electronic payment instruments going forward?

Mozambican LNG: Upping the financing pressure
Mozambican LNG: Upping the financing pressure
Ross Crear
7 March 2019

Sponsors of two LNG projects in Mozambique are testing lender appetite and country limits with a potential $30 billion of combined debt to be financed by the end of 2019. Both will be ECA/DFI-backed – but one deal looks an easier sell than the other.

LC LITE work: Streamlining LCs on blockchain
LC LITE work: Streamlining LCs on blockchain
Ross Crear
5 March 2019

The Letter of Credit (LC) market accounts for $2.3 trillion and has always been dominated by banks. But now, LC LITE has rolled out technological alternatives to LCs by putting loan documentation flow on its new blockchain-based platform, with one major commodity trader already on-board.

S&W breakfast briefing: Treading carefully over sanctions
S&W breakfast briefing: Treading carefully over sanctions
Ross Crear
13 February 2019

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partner Geoffrey Wynne assesses the vulnerability of trade and commodity finance to money laundering while stepping into the sanctions minefield by examining their increased use as a political tool.

Bright ideas: DFIs up local currency lending
Bright ideas: DFIs up local currency lending
Ross Crear
11 February 2019

Development finance institutions (DFIs) are increasing their local currency finance as they look to alleviate borrower's FX risks and manage unsustainable hard currency reliance in emerging markets. But local currency financiers have lessons to learn as expensive bond issues can add to debt burdens, rather than solve them.

Shop talk: VTB on Russia's $100bn infra push
Shop talk: VTB on Russia's $100bn infra push
Ross Crear
24 January 2019

Oleg Pankratov, head of infrastructure capital and project finance at VTB Capital, discusses Russia's private infrastructure funding plans with TXF. While attracting foreign investment may be expensive, the government cannot afford to put the country's $100 billion infra plan on balance sheet.

Moray East: The shape of UK deals to come
Moray East: The shape of UK deals to come
Ross Crear
15 January 2019

Despite a record low CfD strike price, the 950MW Moray East UK offshore wind project reached financial close in December backed by strong lender and ECA appetite. Does the deal hint at the financing future for UK offshore wind as it heads closer to zero subsidy?

Shop talk: VTB on evolving ‘Sino-Russia’ relations
Shop talk: VTB on evolving ‘Sino-Russia’ relations
Ross Crear
4 January 2019

Igor Ostreyko, managing director of trade and export finance at VTB, and Anna Ponomareva, head of ECA and agency finance at VTB, discuss product innovations in a post-sanction environment, and how the state-owned bank has become the only Russian lender to tap Sinosure cover.

Gulf Sriracha IPP: Long tenor, tight pricing and Thai debt
Gulf Sriracha IPP: Long tenor, tight pricing and Thai debt
Ross Crear
21 December 2018

Sponsors of the $1.54 billion gas-fired Gulf Sriracha IPP project in Thailand – Gulf Energy Development and Mitsui – have closed a tightly priced DFI/ECA-backed financing to fund the scheme. And the dual-currency deal is set to serve as a blueprint for future IPP financings in the southeast Asian country.

Shop talk: Hermes reflects on Russia and 'click and cover' for SMEs
Shop talk: Hermes reflects on Russia and 'click and cover' for SMEs
Ross Crear
11 December 2018

While the ripple effect of sanctions is still creating uncertainty around new Russian business, German exporter and lender confidence is returning to the region. TXF spoke with Thomas Baum, head of underwriting at Euler Hermes, to discuss the German ECA’s busy petchem project pipeline in Russia, its increased risk appetite in Africa, and how its new digitalised ‘click and cover’ platform is streamlining access to export finance for SMEs.

Asian offshore wind: Same assets – different facets
Asian offshore wind: Same assets – different facets
Ross Crear
15 November 2018

North Asian offshore wind development is accelerating and capacity is expected to reach 43GW by 2027. Government support in leading markets like Taiwan and Japan is strong, but while international investors and banks are comfortable with the regulatory and contractual regimes, financing still presents different challenges to those in European offshore wind.

MIDOR: A sovereign solution
MIDOR: A sovereign solution
Ross Crear
5 November 2018

A deal of national importance that required a change of law to make it eligible for a sovereign guarantee, the MIDOR Expansion financing came in with solid ECA-backed pricing despite a list of hurdles in its two-year gestation.

Shop talk: ING Capital looking through new ECA windows
Shop talk: ING Capital looking through new ECA windows
Ross Crear
26 October 2018

Following a tightly priced UKEF-backed deal in the aviation sector this month, TXF spoke with Gemma Bae, head of structured export finance at ING Capital, to discuss the bank’s growing ECA portfolio. From satellites and sustainable healthcare financings in Asia to telecoms deals in LatAm, the bank looks set for an even busier deal pipeline in 2019.

FEX: The London chapter
FEX: The London chapter
Ross Crear
24 October 2018

Future of Export Finance (FEX), a new platform aimed at transferring knowledge and talent to the younger generation of the export finance industry, has opened its second chapter in London. And, in an industry with an ageing demographic, the initiative has some smart ideas on how to breath new life into the ECA community.

European offshore wind: Solving the zero-subsidy wind conundrum
European offshore wind: Solving the zero-subsidy wind conundrum
Ross Crear
16 October 2018

Two recent European offshore wind financings – Borssele III and IV and Hornsea 1 – demonstrated growing bank and institutional investor appetite for two different sets of offshore wind risk. Although very different deals, do they both hint at the shape of future European offshore wind funding in a zero-subsidy market?

UPDATE: Fonzi's weekly facts, figures and forecasts
UPDATE: Fonzi's weekly facts, figures and forecasts
Ross Crear
26 September 2018

TXF Data's top lending opportunities, latest Category A projects under consideration by ECAs, and provisional CIRR trends are here for this week.

DFI-ECA cooperation: The key to bridging Africa’s infra gap
DFI-ECA cooperation: The key to bridging Africa’s infra gap
Ross Crear
31 August 2018

ECAs and DFIs are showing an increased risk appetite for African exposures, especially on large-scale project financings. However, these policy-driven financial institutions need to collaborate rather than compete on such deals in order to help plug Africa’s $93 billion infrastructure funding gap.

Argentina catches second ECA wind deal
Argentina catches second ECA wind deal
Ross Crear
22 August 2018

Following the closure of the first two ECA-backed onshore wind facilities in Argentina this year, and a spate of multilateral and ECA deals expected to close over the coming months, pure commercial bankability is still some way off under the country’s renewables energy programme RenovAr.

Cat A projects under consideration by ECAs this week
Cat A projects under consideration by ECAs this week
Ross Crear
17 August 2018

For those taking environmental change to heart, TXF Data has been tracking Category A projects under consideration by ECAs every week. Click here to see this week's announcements.

TXF Global: Lending patterns in a liquid market
TXF Global: Lending patterns in a liquid market
Ross Crear
16 August 2018

In a climate of surplus liquidity, TXF Global questions how long debt pricing compression will last and examines the lending patterns of ECAs, banks and institutional investors.

Step-up: How ECAs support SMEs
Step-up: How ECAs support SMEs
Ross Crear
13 August 2018

Earlier this summer TXF Global, the biggest event in the export finance industry, outlined the policy-driven relationships between ECAs and their host governments, as well as their increasingly important role in the internationalisation of SMEs.

Illuminating the hurdles to solar energy
Illuminating the hurdles to solar energy
Ross Crear
2 August 2018

TXF Global assessed the biggest challenges faced by the solar energy industry earlier this summer at the largest export finance gathering in the industry.

S&W Breakfast: Drafting documentation to diminish risk
S&W Breakfast: Drafting documentation to diminish risk
Ross Crear
31 July 2018

Sullivan & Worcester's partner Geoffrey Wynne and trainee Ali Siddiqui explore the ways lenders can mitigate risk through the careful drafting of loan documentation. The latest edition of S&W’s Trade Finance Breakfast Seminar touches on Libor and Basel IV, as well as the current need to expand sanction clauses in Letters of Credit.

Foreign policy: The balance of trade power
Foreign policy: The balance of trade power
Ross Crear
30 July 2018

TXF assessed the current state of foreign policies around the world at TXF Global in Prague last month, and the biggest geopolitical variables facing the project and export finance community today.

Shop talk: Russian innovation in the fight for new lending business
Shop talk: Russian innovation in the fight for new lending business
Ross Crear
26 July 2018

Margin and fee compression in the Russian corporate, project and export finance markets is forcing Russian banks to innovate, refocus and fight hard for new business. According to Dina Merkulova, head of trade and export finance at Alfa-Bank, some banks and agencies are responding better than others.

S&W Breakfast briefing: The importance of SPVs in trade finance
S&W Breakfast briefing: The importance of SPVs in trade finance
Ross Crear
1 July 2018

In the latest edition of law firm Sullivan & Worcester’s Trade Finance Breakfast Seminar, partner Geoffrey Wynne and senior associate Sam Fowler-Holmes discuss SPVs and their role in structured trade finance transactions.

Perfect 10: TAP pips pipeline politics
Perfect 10: TAP pips pipeline politics
Ross Crear
30 May 2018

The Trans Adriatic Pipeline (TAP) project is a deserved winner of TXF’s Best ECA-Backed oil and gas award after project sponsors sealed a heavily ECA/DFI-backed €3.76 billion ($4.23 billion) debt package to finance the largest project financing in European infrastructure in 2018.

Perfect 10: PetroPeru’s ECA flagday
Perfect 10: PetroPeru’s ECA flagday
Ross Crear
30 May 2018

Taking home TXF’s Best Americas ECA deal of the year, PetroPeru's $1.3 billion CESCE-backed facility had to navigate four changes of government in two countries to finally reach financial close in 2018. But the deal still broke all records for ECA project financing into the country.

Perfect 10: A sovereign solution
Perfect 10: A sovereign solution
Ross Crear
30 May 2018

Winning TXF’s Best Middle Eastern ECA deal of the year, the MIDOR expansion financing came in with solid ECA-backed pricing despite a list of hurdles in its two-year gestation, in a deal of national importance that required a change of law to make it eligible for a sovereign guarantee.

Perfect 10: Duqm, a slick blended financing
Perfect 10: Duqm, a slick blended financing
Ross Crear
30 May 2018

Taking home TXF’s Best Overall ECA deal of the year, government-backed sponsors of the Duqm oil refinery in Oman sealed a multi-billion dollar, multi-sourced DFI/ECA-backed loan in 2018, the largest ever project financing in the Sultanate.