Search results

Results found: 258
Petrobras debuts with $4.35bn RCF
9 March 2018

Petrobras has signed a five-year $4.35 billion revolving credit facility (RCF) with a syndicate of 17 banks – a debut by the borrower in the RCF market. Joint bookrunners are BNP Paribas, Citibank, Credit Agricole and Mizuho; BTMU joined as a senior MLA; Bank of America, Bank of China, HSBC Bank, JPMorgan Chase, Morgan Stanley, Banco Santander Brasil and Bank of Nova Scotia came in MLAs; Deutsche Bank and Standard Chartered Bank joined as lead managers; and SMBC, ING and Commerzbank came in as participants. The facility has a maturity of March 2023 and comes with an annual availability fee of 51bp per year. In the case of withdrawals, the cost of the line is fixed at 170bp over six-month Libor if the rating of the borrower at the time of drawing is below investment grade. If Petrobras has an investment grade rating at the date of drawing the margin falls to 130bp over six-month Libor.

SUEK refi to price even tighter than 2017
28 February 2018

Siberian Coal Energy Company (SUEK) is in the final stages of the refinancing of its $1 billion five-year pre-export finance (PXF) facility. The li...

Mashreq making inroads into African trade bank financing
28 February 2018

Mashreqbank and Africa Trade Finance are coordinating a $100 million syndicated on-lending facility for Nigeria-based Access Bank. The commitment dead...

Banks, TradeIX and R3 pilot blockchain trade finance solution
21 February 2018

Marco Polo, comprised of a group of the world's leading banks including BNP, Commerzbank and ING, together with trade finance technology specialist TradeIX and enterprise software firm R3, are piloting their trade finance solution leveraging distributed ledger technology following a successful proof-of-concept. The solution is initially focused on three areas of trade finance: risk mitigation by provision of payment commitments based on the matching of trade data, payables finance, and receivables finance. It will be delivered via TradeIX's TIX Platform.

Dragged over the coals
Dragged over the coals
Daniel Pembrey
20 February 2018

Despite the endless stream of PR statements about banks exiting coal-related lending, none can actually track where the proceeds of loans to commodity traders go. When are banks going to come clean about the loopholes in their coal-related lending policies and start a useful debate about coal finance?

TXF Singapore 2018: A Who's Who of trade, treasury & commodity finance
TXF Singapore 2018: A Who's Who of trade, treasury & commodity finance
Henry Nichol
9 February 2018

With interest in our TXF Singapore event greater than ever, the delegate list reads like a who’s who of trade, treasury and commodity finance professionals in Asia. Will you be joining them?

Nigeria's UBA closes $160m trade finance facility
2 February 2018

A signal that international lender confidence in Nigerian banks may be returning - albeit very slowly - United Bank for Africa (UBA) closed ...

Greece exporters to benefit from EIB-HSBC trade finance initiative
25 January 2018

The European Investment Bank (EIB) and HSBC have agreed a €134 million trade finance partnership in support of import and export focused companies across Greece. Companies will benefit from new trade financing provided locally by the National Bank of Greece and Piraeus Bank, and guaranteed by the EIB and HSBC, alongside Citibank and Commerzbank.

Nordsee One refinances at half the price
9 January 2018

Sponsors of the 332MW Nordsee One offshore wind farm – Northland Power (85%) and Innogy (15%) – have agreed a refinancing of the €840...

Maren Maras closes ECA-backed paper project facility
4 January 2018

Kipas Group-owned Maren Maras Elektrik has closed a €161.55 million ($195.1 million) 12.5-year Hermes-covered facility to finance a second paper ...

Suek looking for PXF refi
3 January 2018

Russian miner Siberian Coal Energy Company (Suek) is back in the market for a $1 billion pre-export finance (PXF) facility and could secure even more ...

Mechel restructures PXF debt
2 January 2018

Russian miner Mechel has secured an extension to the maturity of its $1 billion pre-export financing (PXF) as it seeks to improve its credit position....

Greencoat Renewables buys from Impax and refinances
22 December 2017

Irish listed fund Greencoat Renewables has agreed to buy the 36MW Dromadda More wind farm from Impax Asset Management. The acquisition is the first ou...

KfW IPEX leads consortium to finance €2.5bn RCCL ships
21 December 2017

Germany's KfW IPEX-Bank is financing two reduced-emission cruise ships for Royal Caribbean Cruises (RCCL). The €2.5 billion-plus needed to buy the ships, which will be built at the Meyer Turku shipyard in Finland, is being provided by an international consortium led by KfW IPEX-Bank. The ships are due to enter into service in 2022 and 2024. The banking syndicate also includes BNP Paribas, HSBC, Commerzbank, Santander, BBVA, BayernLB, DZ Bank, JP Morgan and SMBC. The loans, granted separately for the ships, each have a term of 12 years from the respective ship delivery date. The deal is the largest syndicate financing package that KfW IPEX-Bank has ever structured and led on its own. KfW IPEX is contributing €686 million to the total financing.

Norilsk Nickel goes unsecured with $2.5bn
18 December 2017

Norilsk Nickel has topped its $500 million unsecured facility in 2016 – the first unsecured loan to a Russian commodities-linked borrower since ...

Bunge Finance Europe closes RCF refi
15 December 2017

Bunge Finance Europe, a subsidiary of US commodity trader Bunge, has closed its $1.75 billion revolving credit facility (RCF) refinancing. The deal wa...

Norilsk Nickel looking for an unsecured repeat
30 November 2017

Russian metals producer Norilsk Nickel is in the market for a $1 billion unsecured financing. The company, rated Ba1, has followed a recent trend ...

TFF 2.0: What do the banks make of it?
TFF 2.0: What do the banks make of it?
Hesham Zakai
28 November 2017

In June, the EIB launched its upgraded Trade Finance Facility 2.0 – to enable Greek banks to ramp up support for SMEs and Midcaps. TXF caught up with international and domestic Greek lenders to find out their responses to the revamped product.

Haute Epine wind debt signed
20 November 2017

Volkswind, part of Switzerland’s Axpo Group, has raised an undisclosed amount of debt (probably around €25 million) for its 18MW Haute Epin...

Russian PXFs: Has the post-2014 bubble burst for good?
Russian PXFs: Has the post-2014 bubble burst for good?
Callum Burroughs
20 November 2017

Margins and the security afforded by pre-export loans to Russian borrowers have weakened in 2017 as unsecured loans gain market share. But is it simply a market correction or an ongoing trend?

Trafigura closes borrowing base extension
17 November 2017

Trafigura has secured an extension to its $1.955 million refined metals borrowing base with the one-year facility now maturing in November 2018. TX...

Gunvor closes on $1.39bn refi
17 November 2017

Gunvor has raised a $1.39 billion RCF refinancing. The deal comprises two pieces: a $1.14 billion tranche with a tenor of 364 days with two 364 day extension options; and a $250 million three-year with one 364 day extension option. ABN Amro, Credit Agricole, ING, Natixis and Rabobank were active bookrunners, while Credit Suisse was facility and swingline agent. Other bookrunning mandated lead arrangers were DBS Bank, Societe Generale, UBS and UniCredit. Deutsche Bank, Mizuho and Emirates NBD joined as senior mandated lead arrangers, with Apicorp, Citi, DZ Bank, KfW-IPEX, Nedbank and Sumitomo Mitsui Trust Bank as mandated lead arrangers. MUFG, Commerzbank, Raiffeisen Bank International and SMBC joined as lead arrangers, with Mashreq Bank, Arab Bank, Banco do Brasil, Bank ABC, Banque de Commerce et de Placements, Goldman Sachs, Gulf International Bank, Habib Bank, HSH Nordbank and UBAF as arrangers. China Construction Bank, Commercial Bank of Dubai, Garanti Bank International, Banque Cantonale de Geneve, Attijariwafa Bank and Erste Bank came in as participants.

Opportunity of the day: Borsig looks to German trade financiers in support of planned supply of compressors for $700m Takreer project
16 November 2017

Borsig ZM Compression plans to initiate discussions with Commerzbank AG and Deutsche Bank AG with the aim of obtaining trade finance in support of its plans to supply German-manufactured compressors to Abu Dhabi Oil Refining Company's (Takreer) $700 million gasoline aromatics project (GAP).

CDB debut green bond beats guidance
10 November 2017

China Development Bank priced its debut international green bond this week, raising around $1.7 billion via a dual-currency issue that will fund or re...

Ecom refi closed
9 November 2017

Ecom has finalised the refinancing of its one-year $650 million revolving credit facility (RCF). The deal was extended by an additional year, pushing ...

Bunge Finance Europe launch RCF refi
9 November 2017

Bunge Finance Europe, a subsidiary of US commodity trader Bunge, has launched a $1.75 billion revolving credit facility (RCF). The deal is expected to...

RCC closes Finnvera/Hermes-backed ship financing
1 November 2017

Royal Caribbean Cruises (RCC) has closed a 12-year €2.5 billion ($2.9 billion) ECA-backed facility to finance the procurement of two Icon cruise ...

Revealed: Final list of companies attending TXF MENA
Revealed: Final list of companies attending TXF MENA
Tom Pycraft
27 October 2017

On November 7-8, Dubai will be the centre of export, project and trade finance activity - this year, TXF's flagship MENA conference will welcome over 300 senior industry participants.

Trafigura launches borrowing base refi
24 October 2017

Trafigura has launched a refinancing of its $1.95 billion refined metals borrowing base facility. The trader is seeking to extend the one-year facilit...

SUEK signs ECA-backed financings
23 October 2017

Russian coal miner SUEK has signed two Euler Hermes-backed deals to finance shearer loaders. The deals, worth €2.9 million ($3.4 million) an...

Louis Dreyfus launches RCF refi
20 October 2017

Louis Dreyfus has launched an amend and extend refinancing of its $1 billion revolving credit facility (RCF). The facility, comprising two $...

Olam out for RCF refi
12 October 2017

Singapore-based commodity trader Olam is back in the market to refinance a $2 billion revolving credit facility. Olam's 2016 deal comprise...

Making the money go round
Making the money go round
Max Thompson
10 October 2017

ECAs and DFIs active in the emerging markets are getting increasingly capital markets savvy and matching support rhetoric with some very tightly priced borrowing of their own that can be on-lent cheaper - and for longer.

Vitol closes $8bn RCF
5 October 2017

Switzerland-headquartered commodity trader Vitol has closed syndication of a new $8 billion revolving credit facility (RCF). The heavily oversubscribed deal includes a three-year tranche and a 364-day tranche. ABN Amro, Commerzbank, Credit Agricole, HSBC and ING were active bookrunners.

Commerzbank, other banks join UBS and IBM trade finance blockchain
4 October 2017

Commerzbank, Bank of Montreal, Erste Group Bank and CaixaBank have joined an initiative launched by UBS Group AG and IBM Corp aimed at building blockchain-based technology to support trade finance transactions. The platform, called Batavia, would help banks and their clients automate the trade finance process.

Dongying Lufang closes offshore PXF
29 September 2017

Dongying Lufang Metals Material has closed a $355 million three-year pre-export financing (PXF) in the offshore market. Lenders on the new mon...

R3, TradeIX and banks develop open account trade finance network
26 September 2017

Twelve banks including Barclays, BBVA, BNP Paribas, Commerzbank, CTBC Bank, ING, Shinhan Bank and Wells Fargo are developing an end-to-end open account trade finance business network that will be powered by fintech TradeIX and blockchain consortium R3's Corda distributed ledger platform.

Neumann seeking larger refi
25 September 2017

German coffee trader Neumann Gruppe is out to banks for a refinancing of its $850 million 2016 revolving credit facility (RCF). The private and unr...

UniCredit eyes Commerzbank acquisition
22 September 2017

Italy's UniCredit is reportedly exploring an acquisition of Germany's Commerzbank although any deal is likely to take time as both banks are now restructuring. A merger with Commerzbank, which last year launched a peer-to-peer SME lending platform, would boost UniCredit's access to small businesses.

Ecom refi progressing
20 September 2017

Ecom is in the process of refinancing its one-year $650 million revolving credit facility (RCF). Lenders close to the financing tell TXF there are unl...

Cocobod pre-export loan closing
19 September 2017

The twenty-fifth annual Cocobod pre-export financing (PXF) will be signed in Paris tomorrow (20 September). This year’s deal totals $1...

Commerzbank hires Deepan Dagur as head of trade finance & cash management, Asia
15 September 2017

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.

DLG farming co-op debuts in loan market
8 September 2017

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

Deutsche Bucht: Cheap debt sunset?
Deutsche Bucht: Cheap debt sunset?
Max Thompson
24 August 2017

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.

Akbank closes second 2017 refi
17 August 2017

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 ...

More details emerge on LDC Asia RCF
17 August 2017

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

Commerzbank undertakes first live BPO transaction in Austria
4 August 2017

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.

Uralkali mandates banks
25 July 2017

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

Olam closes debut Samurai loan and prices low
17 July 2017

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

Alba 6 reaches full close on $700m ECA covered loan
10 July 2017

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.