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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.