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.
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.
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?
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.
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.
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.
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.
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).
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.
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, 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.
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.
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.
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.
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.
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.
TXF is back in DC! We'll be examining how multilaterals are evolving to fulfil an expanded remit, while maintaining a focus on emerging and frontier market development and infrastructure. Join corporates and leading practitioners in agency finance to debate industry challenges.
To kick off TXF Global 2018, we'll be bringing together senior developers, government personnel and investors to focus on project finance deals. Our dedicated Project Finance Day is a must for all infrastructure pro's!
The party of the year is back for 2018! TXF Global brings you all things Export & Agency Finance to the colourful city of Prague. Described as the fairy-tale city, TXF Global is here to make all your export finance dreams come true...