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

Sean Keating

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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.