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JTB: Gas finance with a twist
JTB: Gas finance with a twist
Sean Keating
19 November 2019

Pertamina EP Cepu's recent Jambaran-Tiung Biru project financing was a first on many levels for Indonesian oil and gas, setting benchmarks for multi-sourcing debt and bank appetite for domestic revenue risk. But will it be the first of many more similar deals?

Never write off Turkey
Never write off Turkey
Sean Keating
16 October 2019

Turkey has long been the European comeback king of trade and project borrowing. And against all the economic odds, the cost of debt in both markets appears to be falling back again. But is there a ceiling to that progress without a ratings upgrade?

Pit bull or pit bear?
Pit bull or pit bear?
Sean Keating
31 July 2019

The problems at the Oyu Tolgoi mining project in Mongolia mean the sponsors, Rio Tinto via its ownership of Turquoise Hill Resources, will have to raise $1 billion-plus more debt for the scheme. But is additional debt or a full refinancing the more likely outcome?

ESG-linked commodity debt: Real enough to change perceptions?
ESG-linked commodity debt: Real enough to change perceptions?
Sean Keating
22 May 2019

ESG-linked debt in the commodity sector has another convert – Mercon. And ESG transparency is arguably a new first mover advantage in commodity trading. But do ESG-linked deals have the transparency and auditing processes to offset public and buyer suspicion caused by centuries of commodity trading opaqueness?

Scaling US solar
Scaling US solar
Sean Keating
18 April 2019

With levelised cost of energy beginning to favour renewables-linked storage over traditional peakers in the US, utility-scale storage is dawning. Regulatory change, growing investor appetite and more efficient tech signal major project lending potential in the next two years – and the bankability of GIG’s recent VPP deal sets the template for turning that potential into project financed reality.

Buoying the black stuff
Buoying the black stuff
Sean Keating
10 April 2019

A statement on March 28 by Japan’s Environment Minister signals a potential change in the government’s pro coal-fired power policy. But domestic energy security issues and valuable export markets for Japan's ‘clean-coal’ technology mean any real change will take decades rather than years.

Pipeline politics
Pipeline politics
Sean Keating
29 March 2019

As the trans-Atlantic political debate over Nord Stream 2 gets nasty, those involved could not do better than take a lesson in commercial viability from the Trans-Adriatic Pipeline project.

Funding fibre: Can the UK catch up with Europe?
Funding fibre: Can the UK catch up with Europe?
Sean Keating
26 February 2019

CityFibre, the first major wholesale fibre financing in the UK with project and corporate-style elements, bodes well for UK fibre investors and lenders. But cost of debt and speed of UK roll-out might be significantly improved if the regulator adopted a more European stance to overbuild risk.

Nachtigal: Development finance as it should be
Nachtigal: Development finance as it should be
Sean Keating
11 December 2018

As more governments look to mimic Chinese-style development finance offerings, the recently signed Nachtigal hydro project financing is a perfect example of why they shouldn't.

Helios Investment Partners: Blending lending
Helios Investment Partners: Blending lending
Sean Keating
20 April 2018

The first structure of its kind within the commodity finance space, Helios Investment Partners’ innovative blend of leveraged finance and trade finance techniques raised both the necessary funding for its purchase of Fertilizers and Input Holdings, and post-acquisition trade finance for the acquired asset.

Global export finance 2017: Numbers crunched without the headache
Global export finance 2017: Numbers crunched without the headache
Sean Keating
7 March 2018

TXF has released its Global export finance results for 2017 and of the many unexpected results the major one is an almost complete change in the top five commercial lenders to ECA supported debt into emerging markets. Of the 2016 top five, only SMBC has retained its ranking.

The long road across Veneto
The long road across Veneto
Sean Keating
22 November 2017

Eight years in the making and with a revamp of the concession structure, the Pedemontana Veneta road project still has its critics. But there is no argument that getting the key part of the financing in place – a €1.57 billion project bond – was a considerable achievement given the project’s track record.

Rover: Testing the term loan B market
Rover: Testing the term loan B market
Sean Keating
6 October 2017

Given total dollar volume in the term loan B market was around $11.6 billion in 2016, of all the pipelines looking for B loan debt, the Rover gas pipeline project - which includes two separate offerings totalling $2.4 billion-plus - has been a major test of investor appetite for pipeline assets.

Best in Class Awards get biblical
Best in Class Awards get biblical
Sean Keating
20 September 2017

Including the key deals, data and market trends from the past six months – and most significantly this year's expanded Best in Class Awards – the TXF Chronicle 2017 Volume 2 is available for download.

Interconnector Italia: Thinking outside the box
Interconnector Italia: Thinking outside the box
Sean Keating
24 July 2017

Interconnector Italia – a consortium of high-energy-use private sector companies in Italy – has signed a partially EIB-backed financing for its share of the Italy-France interconnector transmission project. The deal is the first privately funded interconnector piece in Europe and a template for Terna’s significant project pipeline.

Open Fiber: Banks key to Italian broadband
Open Fiber: Banks key to Italian broadband
Sean Keating
4 July 2017

Open Fiber's fibre-optic broadband build-out could be one of Europe's largest infrastructure financings of 2017, if CEO Tommaso Pompei's stated timescale is not too ambitious. What the deal will look like is still being guessed at by bankers - but a €500 million taster is out to market and expected to sign quickly..

Gipuzkoa: Raising optimal cash for debut in trash
Gipuzkoa: Raising optimal cash for debut in trash
Sean Keating
14 June 2017

Meridiam has cut a dash with its debut in the waste concession market via a mixed bond and loan package designed for optimal tenor at optimal pricing.

Japanese wind: Getting offshore in a sea of permits
Japanese wind: Getting offshore in a sea of permits
Sean Keating
1 June 2017

Japan has 600GW of theoretical offshore wind according to the Japan Wind Power Association. But with only a handful of nearshore projects under development, what is holding the market back?

Australian solar: End of the eclipse
Australian solar: End of the eclipse
Sean Keating
29 May 2017

Long eclipsed by the wind market, unprecedented deal volume in the Australian solar sector and improving bankability is focusing lenders' attention on a market that could deliver another 8GW of projects in the coming years.

Message received: ACWA’s holdco hybrid a hit with investors
Message received: ACWA’s holdco hybrid a hit with investors
Sean Keating
22 May 2017

ACWA Power’s complex non-recourse bond debut was never going to be an easy sell to mainstream investors. But after 200-plus face-to-face account meetings and constant dialogue with the market, the deal pulled in $1.8 billion of orders and has won ACWA’s holdco structure a lot of converts.

Perfect 10 Victoria International Container Terminal: Sweet sixteen - a TXF ECA/project finance Deal of the Year
Perfect 10 Victoria International Container Terminal: Sweet sixteen - a TXF ECA/project finance Deal of the Year
Sean Keating
18 May 2017

A long tenor deal in a market where miniperms are the norm, the structure of the A$398 million VICT financing enabled ICTSI to demonstrate that 16-year debt is possible in the Australian project financing space.

Perfect 10 Vitol Upstream Ghana: Unusual requirements - Unique solution - a TXF ECA/project finance Deal of the Year
Perfect 10 Vitol Upstream Ghana: Unusual requirements - Unique solution - a TXF ECA/project finance Deal of the Year
Sean Keating
12 May 2017

The first African upstream oil and gas development loan to feature a European export credit agency supporting a project finance/reserves-based lending hybrid, Vitol’s OCTP financing was a unique solution to an unusual set of borrower requirements.

Perfect 10 Virgin Voyages: Cruising without the bruising - a TXF ECA/project finance Deal of the Year
Perfect 10 Virgin Voyages: Cruising without the bruising - a TXF ECA/project finance Deal of the Year
Sean Keating
10 May 2017

$2.2 billion of ECA-covered non-recourse debt for a start-up cruise line – the Virgin Voyages deal is SACE at its export support best.

Perfect 10 Sangaredi: High tenor and pitched perfect - a TXF ECA/project finance Deal of the Year
Perfect 10 Sangaredi: High tenor and pitched perfect - a TXF ECA/project finance Deal of the Year
Sean Keating
9 May 2017

DFI loans and a rare untied UFK covered loan enabled commercial banks to push the tenor on CBG’s Sangaredi mine expansion financing to 15 years - a record for Guinean project debt.

Perfect 10 Shandong Qingyuan: Warming the pots - a TXF commodity finance Deal of the Year
Perfect 10 Shandong Qingyuan: Warming the pots - a TXF commodity finance Deal of the Year
Sean Keating
26 April 2017

The race to close the first international syndicated structured loan into Chinese downstream oil and gas ended last year when Shandong Qingyuan debuted with a prepayment facility.

Perfect 10 NWK Agri Services: Cottoning on to pre-export finance - a TXF commodity finance Deal of the Year
Perfect 10 NWK Agri Services: Cottoning on to pre-export finance - a TXF commodity finance Deal of the Year
Sean Keating
25 April 2017

In a rare soft commodity pre-export financing, Rabobank and Zanaco structured a deal to extend the reach of the supply chain and meet the working capital needs of Zambian agribusiness NWK Agri-Services.

Perfect 10 Tengizchevroil: Big deal in a much bigger funding strategy - a TXF commodity finance Deal of the Year
Perfect 10 Tengizchevroil: Big deal in a much bigger funding strategy - a TXF commodity finance Deal of the Year
Sean Keating
24 April 2017

The $3 billion Tengizchevroil pre-export revolver is ultimately a liquidity facility designed to enable optimum timing and pricing for future TCO bond issues. But the deal was a success in its own right, and is likely to have been tightly priced given the additional bond business it appears to be generating for the banks involved.

Getting the balance right: EBF advocating wider ECA exemptions to leverage ratios
Getting the balance right: EBF advocating wider ECA exemptions to leverage ratios
Sean Keating
5 April 2017

Despite progress last year, key clauses in the Capital Requirement Regulation Leverage Ratio (CRR LR) regime still threaten to hit the availability and cost of European ECA-covered loans. The European Banking Federation is generating support for further revisions to ensure fair treatment and an ECA-covered loan 0% leverage ratio without caveats.

Switchgear: Indonesian power ups the pace
Switchgear: Indonesian power ups the pace
Sean Keating
27 March 2017

The pick-up in the number of power deals finally reaching financial close in Indonesia is good news for PLN which has been heavily criticised in the past for lax progress on its 35GW procurement plan. And with new IPPs being awarded - the accelerated pace is just in time.

Pump up the volume: Trafigura goes bigger and prices better
Pump up the volume: Trafigura goes bigger and prices better
Sean Keating
24 March 2017

Trafigura has closed syndication on its latest 364-day revolver refinancing - upping the size from $1.5 billion at launch to $2.27 billion and pulling in 41 banks including seven new lenders.

Certainty of convertibility: Vietnam IPP forex fixed
Certainty of convertibility: Vietnam IPP forex fixed
Sean Keating
10 March 2017

With two ECA-backed deals nearing financial close, and currency convertibility issues resolved, Vietnam looks set to finally begin delivering on its pipeline of IPP financings.

Premium Green 2017-2: Less can be more
Premium Green 2017-2: Less can be more
Sean Keating
9 March 2017

Credit Agricole has closed a $3 billion synthetic securitisation to free up cash for green project loans. And unlike vanilla green bonds, this deal could indirectly impact greenfield development cost of borrowing – albeit if Credit Agricole is feeling generous.

Palm off: RI proposes long tenor debt restructuring
Palm off: RI proposes long tenor debt restructuring
Sean Keating
8 March 2017

Indonesian agri-industrial conglomerate Royal Industries (RI) is asking lenders for another 19 years to repay a five-year working capital loan signed in 2014.

Bridging the gap: Canakkale bridge advisory nears launch
Bridging the gap: Canakkale bridge advisory nears launch
Sean Keating
6 March 2017

Despite bank and sovereign ratings downgrades, and increased cost of borrowing at Turkish banks, the Canakkale bridge and upcoming Turkish road tenders are still spawning sponsor and lender interest.

Margin gauge: Turkey delights
Margin gauge: Turkey delights
Sean Keating
23 February 2017

Pricing guidance on the widely anticipated Akbank refinancing is as predicted - a big jump on the borrower's 2016 deal. For international banks in search of yield, Turkey is looking appetising.

Fit for purpose
Fit for purpose
Sean Keating
22 February 2017

As Basel IV looms, the trade finance industry persists with claims about low default risk, market shrinkage and cuts in availability. But the data is simply not there to make a definitive case.

Diamond in the rough: SUEK launches new PXF to banks
Diamond in the rough: SUEK launches new PXF to banks
Sean Keating
3 February 2017

SUEK is back with a new pre-export loan - only its second since 2014 - and bank interest is looking strong. Will SUEK's renewed popularity produce some movement on pricing and a new set of bank relationships?

Akbank refi out to market - but where will it price?
Akbank refi out to market - but where will it price?
Sean Keating
26 January 2017

Akbank is out to market with the first Turkish bank refinancing of 2017. Where the deal prices will not only be a gauge of international bank appetite for Turkey, but the cost of Turkish trade finance borrowing for the coming year.

Virgin Voyages: Start-up funding but not as we knew it
Virgin Voyages: Start-up funding but not as we knew it
Sean Keating
24 January 2017

Fincantieri ended 2016 with final confirmation of the Virgin Voyages cruise ship order - a deal for a start-up backed by one of Sace's largest single cover cruise ship offerings to date.

OCTP: Vitol uses pricing clout for a rare long-term borrowing
OCTP: Vitol uses pricing clout for a rare long-term borrowing
Sean Keating
19 January 2017

A key project for Ghana and a direct lending first for UKEF – Vitol’s OCTP is rumoured to be tightly priced and partially financed under a fixed rate CIRR.

Full financial close on KalSel imminent
Full financial close on KalSel imminent
Sean Keating
16 January 2017

Financing for the project signed in November 2016, but full financial close was still subject to resolution of some of the conditions in the project’s power purchase agreement with PLN.

Tangguh LNG 3: The start of a major new BP gas strategy?
Tangguh LNG 3: The start of a major new BP gas strategy?
Sean Keating
9 January 2017

The Tangguh LNG 3 financing was the major deal in the Asian oil and gas market last year. But more significantly, it marked the return of a global sponsor to expansion mode.

Sangaredi: High tenor and pitch perfect
Sangaredi: High tenor and pitch perfect
Sean Keating
6 January 2017

DFI loans and a rare untied UFK covered loan have enabled commercial banks to push the tenor on CBG’s Sangaredi mine expansion financing in Guinea.

Yamal LNG: Multi-sourced, multi-priced, multiple sanctions
Yamal LNG: Multi-sourced, multi-priced, multiple sanctions
Sean Keating
4 January 2017

Financing for the Yamal LNG project is the highest profile demonstration to date of how Russian borrowers are adapting to EU/US sanctions.

Perfect 10 Deals of the Year 2018: Please send submissions now
Perfect 10 Deals of the Year 2018: Please send submissions now
Sean Keating
21 November 2016

TXF is open for submissions for its Perfect 10 Deal of the Year Awards 2018. Please help us to help you to ensure your deal is on the system prior to launch of voting in December