Market moves

Commerzbank hires Deepan Dagur as head of trade finance & cash management, Asia

Commerzbank has appointed Deepan Dagur as head of trade finance & cash management, Asia, based in Singapore. He succeeds Brigitte Volz, who took over a new role in the Operational Development segment.

Trade & Supply Chain

DLG farming co-op debuts in loan market

Danish agricultural co-operative Dansk Landbrugs Grovvareselskab (DLG) has debuted in the syndicated loan market with a €625 million ($754 millio...

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8 September 2017

Project and infrastructure

Deutsche Bucht: Cheap debt sunset?

Financing for the Deutsche Bucht project has neared Borkum II’s benchmark low for the cost of German offshore wind debt. Despite being the last deal structured under the old EEG regime, the low cost of debt is still good news for future borrowers as Germany begins the transition to zero subsidy offshore wind.

TXF Premium

24 August 2017

Trade & supply chain

Akbank closes second 2017 refi

Akbank has closed a second $1.2 billion equivalent facility for 2017 – pulling in 38 banks and slightly cheaper pricing than the deal it closed ...

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17 August 2017

Commodity trade

More details emerge on LDC Asia RCF

The banking group for Louis Dreyfus' (LDC) $500 million three-year revolving credit facility (RCF) for its Asian operation has been...

TXF Premium In Brief

17 August 2017

Trade & supply chain

Commerzbank undertakes first live BPO transaction in Austria

Commerzbank has processed the first BPO transactions in Austria, covering the import of bus components from Germany and Italy. The undertaking is based on the successful matching of agreed electronic trade data on SWIFT's Trade Services Utility.

Trade & supply chain

Basel III update: New proposals snub trade finance

The Basel Committee on Banking Supervision (BCBS) has made further changes to the finalisation of the Basel III reforms, following a meeting in March this year, yet not one addresses the largest failing of Basel III – its application for trade finance banks.

TXF Premium

3 August 2017

Commodity trade

Uralkali mandates banks

Russian fertiliser producer Uralkali has mandated banks for its upcoming five-year $750 million pre-export financing (PXF). The producer, rated Baa...

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25 July 2017

Commodity trade

Olam closes debut Samurai loan and prices low

Olam secured its debut Samurai loan today with a three-year ¥25 billion ($222 million) term loan with 11 Japanese banks.  The Ba...

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17 July 2017

Alba 6 reaches full close on $700m ECA covered loan

Aluminium Bahrain (Alba) has reached full financial close on its $700 million ECA covered facilities to finance the company’s Power Station 5 and Power Distribution System as part of the Line 6 expansion project.

The facilities comprise a $310.4 million 15-year SERV covered loan priced at a margin of 90bp over Libor; a €314.3 million ($358 million) 15-year SERV covered loan with a margin of 65bp over Euribor; and a €50 million 14-year Euler Hermes covered loan with a margin of 55bp over Euribor.

The mandated lead arrangers in the ECA-covered facilities are Credit Agricole, Citibank, Commerzbank, JPMorgan Chase Bank and Standard Chartered. Commerzbank acted as the facility agent for both SERV and Euler Hermes covered facilities.

10 July 2017

Project and infrastructure

Deutsche Bucht offshore wind financing nears close

Northland Power is expected to reach financial close on the €1.3 billion ($1.48 billion) 252MW Deutsche Bucht offshore wind project in the coming...

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7 July 2017

Trade & supply chain

TSKB closes largest refi to date

TSKB has raised a $297 million refinancing – the largest the bank has raised to date, and with a rollover ratio of 109% on the $274 million 367-...

TXF Premium In Brief

5 July 2017

Cash & treasury

Commerzbank taps blockchain for trade finance

Germany's Commerzbank and the Dortmund-based Fraunhofer-Institute for Material Flow and Logistics have teamed up to research and develop the digitisation of trade finance using blockchain.

Export & agency

Commerzbank and Fraunhofer IML team up on blockchain-based <b>trade</b> finance research project

These emerging technologies have the potential to form the basis for new trade ecosystems, new supply chain finance concepts, faster transaction ...

Project and infrastructure

Commerzbank and Fraunhofer IML team up on blockchain-based trade <b>finance</b> research project

These emerging technologies have the potential to form the basis for new trade ecosystems, new supply chain finance concepts, faster transaction ...

Commodity trade

Uralkali back out to banks with debt refinancing

Russian potash producer Uralkali has re-launched a debt refinancing after shelving plans earlier in the year. Like other Russian corporates that ...

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3 July 2017

Cash & treasury

R3 and banks complete blockchain prototype for short-term debt

Blockchain consortium R3 has completed a prototype for issuing short-term debt over its Corda distributed ledger platform. ABN Amro, Commerzbank, ING and KBC participated in the project.

29 June 2017

Export and agency

Afreximbank Issues $750m notes under EMTN programme

The African Export-Import Bank (Afreximbank) has closed a $750 million note under its Euro Medium Term Note (EMTN) programme. Barclays Bank, HSBC Bank, Commerzbank, and Standard Chartered were joint lead managers and book runners.

Project and infrastructure

Total closes refinancing of portion of Ichthys LNG debt

Total has reached financial close on a $3 billion refinancing of part of its share of the $20 billion 16-year debt raised for the $34 billion Ichthys ...

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26 June 2017

Commodity trade

Mercuria RCF refinancing closed

Mercuria Energy Trading has closed its $2 billion multi-currency revolving credit facility (RCF). The pricing has dropped by around 10bp on th...

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22 June 2017

Project and infrastructure

BNI raises ECA-covered loan for brewery project

Banco de Negocios Internacional has raised a €21.4 million ($23.8 million) ECA-covered loan for on-lending to a brewery project in Angola. S...

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22 June 2017

Commodity trade

Suek seals ECA-covered loan

Russian coal producer Suek has signed a €7 million ($7.8 million) ECA-backed loan to finance the purchase of mining equipment. Closed on 2 May, t...

TXF Premium In Brief

19 June 2017

Commodity Trade

More details on Metalloinvest refinancing surface

More detail has emerged on the $1.05 billion pre-export finance (PXF) refinancing Russian steel producer Metalloinvest signed in May. The 2017 de...

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12 June 2017

Commodity trade

More details on Sinochem Hongrun international loan debut

TXF has obtained more details on the recent debut borrowing by Chinese independent oil refiner Sinochem Hongrun. The borrower, along with Shandong ...

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29 May 2017

Unveiling the companies represented at TXF Venice 2017

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

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23 May 2017

Synthetics: Unlocking cash for SME loans

Uptake of EIF/EIB guarantees to free up bank regulatory capital from SME loan portfolios is growing. And there is nothing synthetic about the impact of synthetics on liquidity for SMEs. But the volume needs to balloon if freed up regulatory capital is going to become more than just an add-on to existing SME loan volume.

TXF Premium

12 May 2017

Afreximbank extends syndication deadline

Afreximbank has extended the syndication deadline on its latest debt financing to enable more banks to join the deal. The fundraising has already gene...

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11 May 2017

Project and infrastructure

Northland Power: Gemini and beyond

80bp saved on the margin and minimal costs compared to a new money refinancing, the restructuring of the Gemini offshore wind deal vindicates Northland Power’s original use of a soft mini-perm financing in 2014. But according to CFO, Paul Bradley, it is not just the cost of offshore wind debt that is tightening.

TXF Premium

9 May 2017

Commodity trade

Sow and reap: Glencore secures RCF refi amid agri push

Glencore has secured refinancing for its RCF as the company continues to impress following its 2015 difficulties. The recent emergence and success of its agri business suggests the trader is set to continue its improved upward curve.

TXF Premium

5 May 2017

Cash & treasury

Revealed: Final list of companies attending TXF Amsterdam

The TXF clock is tickin' - which companies have already confirmed their attendance at the hottest trade and commodity finance show of the year?

TXF Premium

4 May 2017

Market moves

Joerg Motel is new ASEAN head at Commerzbank

German lender Commerzbank has made Joerg Motel new country chief executive officer ASEAN and head corporates international, based in Singapore. Jochen Mueller succeeds Motel as head of financial institutions Asia and Latin America, based in Frankfurt.

Commodity trade

Perfect 10 Eurochem: More for less - a TXF commodity finance Deal of the Year

In September 2016, despite a BB- rating Russo-Swiss agrochemical producer EuroChem closed a tightly priced $800 million pre-export finance (PXF) facility, slicing 50bp off its cost of PXF debt and setting a new benchmark for similarly rated Russian borrowers in the same sector.

TXF Premium

2 May 2017

Commodity trade

Russian pre-export: Debt costs and covenants lighten

With the imminent closing of a spate of refinancings, negotiations over pricing and terms on major deals in Russia’s PXF pipeline for H1 2017 appear to be reaching a conclusion. Indications are that pricing benchmarks have fallen and covenants loosened – a debt market backdrop that could yet improve further for borrowers in H2 2017.

TXF Premium

1 May 2017

Cash & treasury

Commerzbank closes first EFSI SME securitisation

Commerzbank has closed the first synthetic securitisation of SME loans under the European Fund for Strategic Investments (EFSI or ‘Juncker Plan&...

TXF Premium In Brief

28 April 2017

TFF2: Bigger and broader in its remit

The EIB rolled out its Trade Finance Facility 2 (TFF2) Greek SME support mechanism on Monday. TXF caught up with Guido Clary - senior banker, lending ...

TXF Premium In Brief

12 April 2017

Trade & supply chain

EIB to activate €400m TFF2 on April 10

The European Investment Bank (EIB) will activate its new €400 million Trade Finance Facility II (TFF2) Greek SME support initiative on 10 April. ...

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7 April 2017

Project and infrastructure

Getting the balance right: EBF advocating wider ECA exemptions to leverage ratios

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.

TXF Premium

5 April 2017

Trade and supply chain

Akbank syndication closed - more Turkish trade facilities follow

Akbank has closed syndication on its latest trade finance on-lending facility – pulling in 38 banks and closing the dual currency deal at $1.2 b...

TXF Premium In Brief

27 March 2017

Commodity trade

Pump up the volume: Trafigura goes bigger and prices better

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.

TXF Premium

24 March 2017

Commodity trade

Timing is money: Uralkali plays the waiting game

Amid a growing pipeline of upcoming pre-export finance (PXF) facilities out of Russia, fertiliser producer Uralkali is expected to launch a refinancing in the coming weeks. The borrower is said to be waiting on Acron’s syndication close to make its pitch and set pricing guidance.

TXF Premium

21 March 2017

PTA Bank raises $500m in bonds

Burundi-based multilateral lender Eastern and Southern African Trade and Development Bank (PTA Bank) has raised $500 million via a five-year bond...

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9 March 2017

Commodity trade

Deutsche to re-enter SUEK PXF

Deutsche Bank is set to re-enter SUEK's upcoming PXF refinancing after deciding against joining last year's deal. Both Deutsche and BN...

TXF Premium In Brief

7 March 2017

Market moves

Jochen Muelle makes Commerzbank trade finance move

Commerzbank's Jochen Mueller will move to a senior position in its trade finance & cash management division. Graham Lofts will leave his role as head of international loan origination to join the bank's Corporates International division as country manager UK.

28 February 2017

Commodity trade

Money melt away: Transmar sparks cocoa debt security concerns

When agri commodities trader Transmar - a top ten global supplier of cocoa beans - filed for Chapter 11 bankruptcy at the end of 2016 there were fears of an impact on lender appetite for the cocoa market. Despite initial concerns, lenders have not been rattled – at least not on pricing.

TXF Premium

9 February 2017

Commodity trade

Diamond in the rough: SUEK launches new PXF to banks

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?

TXF Premium

3 February 2017

Commodity trade

Louis Dreyfus Commodities bolsters European RCF

Despite margin pressure in some of its key markets in 2016, Louis Dreyfus has added $200 million to its European RCF – pulling 38 banks into the facility with pricing designed to appeal.

TXF Premium

9 January 2017

Export & agency

Yamal LNG: Multi-sourced, multi-priced, multiple sanctions

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

TXF Premium

4 January 2017

Trade & supply chain

Afrexim seals record pricing on syndi loan as lender confidence grows

The African Export-Import Bank has secured an oversubscribed syndicated term loan with record-low pricing. Afrexim’s recent dealings with China has boosted the bank’s market standing as it looks to supply trade finance and other assistance to the continent.

TXF Premium

8 December 2016

Export & agency

Exporters and Importers Choice Awards 2016 winners announced

TXF has announced the winners of the 2016 Exporters’ and Importers’ Choice Awards.

TXF Premium In Brief

5 December 2016

Trade & supply chain

An apprehensive China see’s RMB power depreciate in world trade

The Chinese renminbi this month dropped from the second to the third most active currency in trade finance, overtaken by the euro. The drop has resulted from a slowing economy in the past couple of years, and could see a re-evaluation of how the country approaches globalisation.

TXF Premium

1 December 2016