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02 August 2023

Who's top of the export finance lender mountain?

TXF has officially released its export finance league tables for the most active lenders and MLAs in the first half of 2023. The data reflects the industry’s progress in recovering from the twin shocks of the pandemic and war in Ukraine. But who stands on top of the ECA lender mountain?

TXF Intelligence is pleased to share the results of its export finance league tables for the first half of 2023. This report – available for subscribers – looks at the biggest lenders and most active MLAs on any deal that includes an ECA-backed tranche.

The export finance industry has reported strong activity already in 2023 after several years of geopolitical and economic turmoil. This success is a testament to the growing flexibility and resilience of ECAs and their banking partners. For more detail look out for TXF Intelligence’s Export Finance H1 2023 Data Report, which was published this week.

TXF ranks financial institutions in an MLA table and a lender table. In the former, the banks did not necessarily provide direct lending, but could instead simply have helped to arrange the financing. The latter measures their contributions to export finance deals across both commercial and ECA-backed tranches. These figures are correct as of 14 July 2023.

TXF’s top export finance bank for the first half of 2023 is Credit Agricole. As an MLA, the bank takes a 9.1% share of total volumes at $4.95 billion over 27 deals. As a lender, it takes a 7.1% share at $4.57 billion over 32 deals. Credit Agricole ranks inside the top 10 of every table, and inside the top five of all but a few.

The MLA top five is completed in order by BNP Paribas, Santander, Societe Generale and JP Morgan. The lender top five features BNP Paribas, SMBC, JP Morgan and Santander.

A different picture emerges when assessing the figures regionally. In Africa, UniCredit is the top lender, while in emerging markets generally Societe Generale comes out on top. ‘Emerging markets’ refers to lower middle income and low-income countries according to the World Bank classification.

In the Americas, JP Morgan has a near 12.9% market share with $1.4 billion across eleven deals. In Asia, Mizuho narrowly leads Societe Generale overall, but Societe Generale leads when only ECA tranches are considered.

In Europe, SMBC leads Credit Agricole with seven deals and a volume of $2.5 billion. In the Middle East, Riyad Bank holds a 17.1% market share of overall deal flow with $1.4 billion in volume but drops out of the top 15 entirely when only ECA tranches are considered. The vast majority of this debt was provided as part of Riyad’s participation in the commercial tranches on the Neom Green Hydrogen project.

The full report is available for subscribers through this link.

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Exclusive subscriber-only content published last week:

10-year plan: The future of export finance business

TXF spoke with Philip Lewis, global head of export finance at HSBC to discuss how broadening the remit of ECAs allows for a larger impact in terms of energy transition and economic development.

Keynote: Adjusting to the new trade dynamics with KUKE’s Wladyczak

Janus Wladyczak, CEO of KUKE, Poland’s export credit agency, discusses KUKE’s role in helping exporters pivot to new markets amid the conflict on its borders, its hopes for the energy transition and ambitious plans for supporting business to Africa. Matchmaking is the watchword.

FPSO Mero 4: A familiar formula for offshore oil & gas

SBM Offshore has completed its third ECA-backed FPSO financing in as many years. The $1.6 billion project finance deal for the FPSO Mero 4 benefits from a now familiar template for SBM’s offshore oil & gas assets.

Yunlin: Cash or collapse

ECA-backed lenders and sponsors to the Yunlin offshore wind farm in Taiwan need to stump up €1.7 billion of new debt and equity to prevent the collapse of the scheme as the existing debt is extended.

Bpifrance to launch guarantee fund for renewable PPAs

Bpifrance is set to roll out a guarantee scheme to promote the adoption of corporate power purchase agreements to reduce the subsidy burden of renewables and manage electricity price fluctuation.

Fact finding for ADB’s Dhaka Metro project closing soon

ADB is planning a $1 billion loan for the construction of a high-capacity metro line, the Dhaka Metro Project in Bangladesh.

IFC mulls risk share facility with Citi’s trade portfolio

IFC is proposing a funded risk sharing facility with Citibank in a portfolio of trade transactions involving issuing banks in Africa. 

Four bids shortlisted for Panama highway PPP

Four prospective bidders have been shortlisted by Panama’s ministry of public works for the modernisation and operation of the $300 million Panamericana Este Highway PPP.

MDBs propose $4bn health system transformation in Indonesia

AIIB, IsDB, ADB and the World Bank are mulling a total $3.98 billion co-financing for the modernisation of the healthcare system in Indonesia.

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