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Export finance report H1 2020: Volumes remain high despite crisis
Export finance report H1 2020: Volumes remain high despite crisis
Max Thompson
2 September 2020

Overall volumes of global export finance fell by roughly $7 billion compared to H1 2019 according to the TXF H1 2020 Export Finance report. However, the drop in volume is not significant given the Covid-19 pandemic interrupted the signing of several big ticket ECA-backed deals.

TXF Stages for Change 2020: Top takeaways and actions
TXF Stages for Change 2020: Top takeaways and actions
Eavie Burnett
5 August 2020

On 17 July, TXF gathered a diverse group of trade finance professionals to celebrate our female and minority leaders. TXF’s Eavie Burnett highlights a few of the conclusions that were reached.

TXF-ICC Global Survey on Trade Finance 2020
TXF-ICC Global Survey on Trade Finance 2020
Max Thompson
22 July 2020

The 11th edition of the ICC Global Survey on Trade Finance incorporates the views of 346 respondents in 85 countries - from international banks to regional and local banks. And this year, a supplementary survey helped to shed some light on the impact of the Covid-19 crisis on trade flows and trade finance.

TXF Global 2020 Export Finance: Virtual event report
TXF Global 2020 Export Finance: Virtual event report
Max Thompson
11 June 2020

As the dust settles after last week’s TXF Global 2020 Export Finance: Virtual event, the findings from the bespoke survey put to e-delegates will continue to surprise and inform the ECA community as much as the conference itself.

Keynote: Elecnor’s long distance runner approach to structured finance
Keynote: Elecnor’s long distance runner approach to structured finance
Katharine Morton
18 May 2020

Angela Perez, head of structured finance at Elecnor spoke to TXF both about the Spanish infrastructure and engineering company’s response to the current crisis, and the wider role teamwork across the industry will play in the recovery.

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.

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.

Keynote: SERV’s CEO thinking outside the box
Keynote: SERV’s CEO thinking outside the box
Katharine Morton
3 February 2020

What does being a modern ECA mean? Peter Gisler, CEO of SERV has strong views on the Swiss ECA’s ability to be proactive, flexible and to think outside the proverbial box of options available. Nonetheless, it isn’t always an easy path. Gisler shares his thoughts with TXF.

Into the sunshine: Telling tales about SCF
Into the sunshine: Telling tales about SCF
Katharine Morton
22 January 2020

The US SEC is on a drive to get companies to disclose supplier finance more explicitly. Companies would do well to tell their stories. The US accounting regulator has been asked to provide guidance. Some players are concerned that there is a risk to SCF as a whole if that guidance goes one way. Why should they be worried, and why is more transparency needed?

Drawing better straws? Pricing sustainability into supply chains
Drawing better straws? Pricing sustainability into supply chains
Katharine Morton
4 December 2019

Correctly pricing sustainability into corporate supply chains shouldn’t just be a matter of ticking boxes (or drawing straws). Companies are going to have to use their judgement to incorporate material climate risk of their supply chains into their financial statements better. Here’s a look at what some companies are doing, and how some are building sustainability into financing programmes.

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.

A path through the zigs and zags: TXF Commodity Finance Report 2019
A path through the zigs and zags: TXF Commodity Finance Report 2019
Aife Howse
12 November 2019

This year's edition of TXF’s Commodity Finance Market Report comprises the insights of 173 traders, bankers, alternative financiers, lawyers, brokers, borrowers and insurers through a two-part survey and in-depth interviews. It is our most representative, expansive and detailed yet.

Looking behind the mask on trade finance at ITFA
Looking behind the mask on trade finance at ITFA
Katharine Morton
18 September 2019

Katharine Morton ponders the opacities of financing trade, and what lies beneath, revealed at ITFA’s celebration of a mysterious dance of hide and seek

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.

Key trends revealed in TXF’s H1 2019 export finance report
Key trends revealed in TXF’s H1 2019 export finance report
Jonathan Bell
14 August 2019

The TXF half-year 2019 export finance report shows a bullish start to the year in the power sector, Japan’s JBIC coming in as top direct lender and the US and Australia being the two top destination markets. Jonathan Bell provides some teasers.

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?

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.

European solar: Panel beaters
European solar: Panel beaters
Paul Nicholson
19 June 2019

European solar is predicted to balloon again in the next two years. But with the move to merchant, a relatively seminal corporate PPA market, development of solar-plus-storage and some very different benefits in different country jurisdictions, there is still very little that is vanilla about financing the sector.

ECA debt: A financing tool to scale the delivery of SDGs
ECA debt: A financing tool to scale the delivery of SDGs
Hussein Sefian
29 May 2019

Sustainable Development Goals (SDGs) are the talk of the export finance community - and beyond. But ECAs and banks need to align their SDGs to help fill the sector's $2.5 trillion a year financing gap in emerging markets.

Tapping fingers on the table for China trade at the ICC
Tapping fingers on the table for China trade at the ICC
Katharine Morton
17 April 2019

TXF joined the ICC Banking Commission in Beijing as it celebrates a century of the institution whose founders were dubbed the ‘merchants of peace’. Katharine Morton contemplates the role of peace merchants amid the ‘warriors’ of trade and how China fits into the mix.

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.

AIIB: Shaping a different DFI offering
AIIB: Shaping a different DFI offering
Tom Nelthorpe
18 February 2019

The Asian Infrastructure Investment Bank (AIIB) has released a downbeat report on the prospects for private infrastructure investment in Asia. But, says Joachim von Amsberg, AIIB vice-president for policy and strategy, the bank can drive improvements where other DFIs have struggled.

US tech concerns with China could spook markets further
US tech concerns with China could spook markets further
Jonathan Bell
12 December 2018

While the US and China try to seek agreement in their trade war, the prospect of a wider spat could open up as the US eyes technology issues. Jonathan Bell reviews the latest developments.

Shop talk: The facts and fictions of UK infra investment
Shop talk: The facts and fictions of UK infra investment
Paul Nicholson
17 October 2018

UK flagship infrastructure projects continue to grab the financial headlines. But the reality is the UK is far behind its economic peer group in infra spend and delivery, and competition for funding is high. Jon Turton, director of Business and Investor Advisory at Arup, discusses his concerns about infrastructure investment policy, the impact of Brexit on the project market, and re-balancing the UK economy with significant infra spend in the North.

Shop talk: Familiar faces in unfamiliar territory
Shop talk: Familiar faces in unfamiliar territory
Joseph Huddart
27 September 2018

EKN is no stranger to following its exporters into unfamiliar territory, as a recent deal in the DRC demonstrates. It is also focusing on SMEs and looking to completely digitise its business. But at its core EKN remains a people’s business built on strong relationships. Marie Aglert, director of business area for large corporates and Peter Tuving, chief credit officer and head of risk advisory & CSR, reflect on EKN's evolution.

 Turkey leverages the power of now in trade
Turkey leverages the power of now in trade
Katharine Morton
3 September 2018

Turkish banks and corporates have a good reputation for using technology to improve trade process and efficiency. In a discussion hosted by BNY Mellon in Istanbul in July, and moderated by TXF, banks and corporates discuss how SWIFT gpi technology could help with trade and also how Bank Payment Obligations (BPOs) – which Turkey was an early adopter – could be best used, if it isn’t overlooked.

In for the long haul: Basel III’s impact on export finance
In for the long haul: Basel III’s impact on export finance
Henri d'Ambrieres
22 August 2018

From new rules for sovereign risk exposures to leverage ratio requirements, Henri d’Ambrières, head of advisory services in trade, export and project finance at HDA Conseil, outlines the potential impact of Basel III on provisions linked to export credits.

Vesteri to be presented with TXF Industry Fellowship Award
Vesteri to be presented with TXF Industry Fellowship Award
Max Thompson
31 May 2018

Topi Vesteri, Deputy CEO, Group CCO at Finnvera and President at the International Union of Credit & Investment Insurers (Berne Union) is to be honoured with the TXF Industry Fellowship Award in recognition for his exceptional service to the international export finance sector.

ECA SME support: Cover great – cash better
ECA SME support: Cover great – cash better
Eavie Burnett
23 November 2017

ECAs are stepping up their SME support initiatives. Application processes and ease of access to export cover is improving. But as commercial banks retreat from the SME loans market, more ECA direct lending to SME exporters is a must.

Sub-Saharan renewables: Growing green
Sub-Saharan renewables: Growing green
Callum Burroughs
23 October 2017

The development of large-scale renewables projects in sub-Saharan Africa has been slowed by a relative dearth of commercially bankable projects. However, as renewables project costs lessen, and the small-scale sector starts to take off, upscaling projects begins to look more viable.

Digging for cash: Lithium miners explore debt options
Digging for cash: Lithium miners explore debt options
Callum Burroughs
7 September 2017

Demand for lithium is ballooning along with technological advances in the battery market. However, limited market expertise among newcomers, the inability to hedge lithium pricing or predict future demand is making already tricky extraction even more problematic and expensive to finance.

Unveiling the companies represented at TXF Venice 2017
Unveiling the companies represented at TXF Venice 2017
Hesham Zakai
23 May 2017

Hundreds of market leading organisations have confirmed their attendance at the most spectacular event of the year for project, infrastructure, export and agency finance.

Perfect 10 Liwa Plastics: Financing in the fast lane - a TXF ECA/project finance Deal of the Year
Perfect 10 Liwa Plastics: Financing in the fast lane - a TXF ECA/project finance Deal of the Year
Max Thompson
15 May 2017

Despite a low oil price environment and ratings pressure on the sovereign, state-owned Oman Oil Refineries and Petroleum Industries Company (Orpic) closed the largest ECA-backed project financing into the country to date – and under an accelerated timetable.

The cost of power: Bangladesh’s Maitree project exposes India Exim’s appetite
The cost of power: Bangladesh’s Maitree project exposes India Exim’s appetite
Max Thompson
5 May 2017

India Exim has extended a $1.6 billion loan to the Bangladesh India Friendship Power Company for the $2 billion 2x600MW coal-fired super critical Maitree power project in Bangladesh.

TXF Development Finance Report: Europe attracts most funding
TXF Development Finance Report: Europe attracts most funding
Tom Nelthorpe
27 April 2017

TXF Data has released its inaugural Development Finance Report, covering the activities of all of the main multilateral development finance institutions. The results may surprise.

TXF Venice preliminary agenda confirmed
TXF Venice preliminary agenda confirmed
Lucy Palfreeman
24 February 2017

TXF Events has unveiled the preliminary agenda for its annual flagship global conference covering project, infrastructure, export & agency finance. TXF Venice 2017: The Global Borrower’s Summit will take place on June 7 – 9th at the Hilton Molino Stucky Hotel and feature keynote sessions with government ministers, DFI leaders, CEOS and captains of industry.

ICC Trade Register 2016 promotes low risk of trade finance, but investors should still take care
ICC Trade Register 2016 promotes low risk of trade finance, but investors should still take care
Lucy Palfreeman
21 December 2016

The ICC Trade Register for 2016 finds that trade finance continues to have a favourable risk profile. However, some within the trade finance community question whether the report tells the whole story.

Exporter Survey ’16: ECAs maintain performance despite changing environment
Exporter Survey ’16: ECAs maintain performance despite changing environment
Callum Burroughs
20 October 2016

Exporters have questioned the ability of ECAs to meet their needs in a timely fashion despite an increase in their execution speed, according to TXF/Clevis Research’s 2016 Exporter Survey. ECAs saw a slight decrease in performance overall compared to 2015 though there are still positives for the industry going forward.

EDC flouts Angola risk for landmark locomotive deal
EDC flouts Angola risk for landmark locomotive deal
Max Thompson
12 October 2016

Despite the economic uncertainty in Angola, EDC has agreed a financing for the country which will contribute to the completion of one of the final steps to opening a new trade corridor in Western Africa.

TXF Data Update: Export finance market plunges 22.5% in H1
TXF Data Update: Export finance market plunges 22.5% in H1
Max Thompson
11 August 2016

The total volume of ECA deals taking place in the first half of 2016 dropped by 22.5% compared to same period last year, while SMBC topped the lenders table with $2.19 billion in financing.

Trading more than insults: how would Brexit impact trade finance?
Trading more than insults: how would Brexit impact trade finance?
Helen Reid
17 June 2016

All the British EU referendum seems to have been good for so far is trading insults - as emotions run high in the last few days before the historic 23 June vote, and British politics reels from the murder of MP Jo Cox, it is worth taking the time for a more sober, analytical perspective on the Brexit debate.

Jokowi shows he means business in Indonesian Power
Jokowi shows he means business in Indonesian Power
TXF project finance analysis
24 May 2016

The size of the target – 15, 35 or 43 gigawatts (GW) – is open to dispute, but there is less argument about whether the Indonesian government is serious about its plans to add power capacity at a fast rate. The country’s administration, led by President Joko Widodo (or Jokowi for short), has been in office since October 2014, and has already managed to spur some progress in Indonesia’s notoriously sclerotic independent power sector.

Drill-ships and FPSOs: Time to get back to basics
Drill-ships and FPSOs: Time to get back to basics
TXF project finance analysis
13 April 2016

One country was largely responsible for the emergence of offshore oil services infrastructure as a distinct project finance asset class: Brazil. So, with the Brazilian economy chasing the price of oil down to fresh depths, pain for the sector’s banks and bondholders is likely to be intense.

Engie’s generation sales: end of an era for global IPPs?
Engie’s generation sales: end of an era for global IPPs?
TXF project finance analysis
12 April 2016

European multi-utility Engie announced a swathe of power generation sales on 25 February. The sales cover 13,000 Megawatt (MW) of capacity, as part of what Engie calls the “transformation to reach its ambition to be leader of the world energy transition”.

Telecoms finance looks to serve the hard to reach corners
Telecoms finance looks to serve the hard to reach corners
TXF project finance analysis
11 April 2016

The golden age of telecoms finance did not last far into the past decade; but while it lasted, it dominated financing volumes. Three main types of start-up – mobile networks, fibre-optic cables and satellite telephony – consumed prodigious amounts of capital during the period 1995-2002, propelled by high stock-market valuations and a ready supply of vendor finance from the main equipment manufacturers.

Institutions join ECAs in European offshore wind
Institutions join ECAs in European offshore wind
TXF project finance analysis
4 April 2016

The offshore wind sector has welcomed an increasing cast of lenders and investors over the last five years. But the bulk of development and financing activity is confined to two countries - the UK and Germany - with honourable mentions for the Netherlands, Belgium and France.

Lower feedstock prices: mixed bag for petchem project finance
Lower feedstock prices: mixed bag for petchem project finance
TXF project finance analysis
29 March 2016

For embattled oil majors, petrochemicals constitute something of a bright spot for their operations. For national oil companies, value-added products like ethylene and its derivatives, plastics and fertiliser, represent a chance to reduce their dependence on crude and natural gas exports, and develop domestic industrial capacity.

Global rail’s supply/demand imbalance
Global rail’s supply/demand imbalance
TXF project finance analysis
29 March 2016

In the last 18 months it has become increasingly common to note that the supply of infrastructure projects isn’t strong enough to keep pace with debt market liquidity. However, signs of volatility in credit markets mean that this commonplace assertion may now need revising.

Oman’s Liwa Plastics successfully concludes $3.8bn debt financing
Oman’s Liwa Plastics successfully concludes $3.8bn debt financing
Jonathan Bell
14 March 2016

Oman Oil Refineries and Petroleum Industries Company (Orpic) has closed the $3.8 billion project financing facility for its approximate $6.5 billion Liwa Plastics Industries Complex (LPIC) in the Sohar Industrial Port Complex in the Sultanate of Oman.

Brick by BRIC: the New Development ethos
Brick by BRIC: the New Development ethos
Connor Lovell
9 March 2016

With the long-awaited BRICS Bank due to begin lending next month, TXF looks at how the institution is breaking away from the western model of development finance to meet the needs of emerging markets.