TXF intelligence methodology

Our comprehensive data range extends from 1 January 2013 to the present day and information is sourced directly from lenders and ECAs (around 45 major international commercial banks, ECAs and MFI/DFI guarantors).


The universe covered by the league tables is simple – any deal (bond or loan) in any industry that comes with ECA or DFI support in the form of direct loans, guarantees or a mixture of both.

Caveats to inclusion

Only deals that have reached financial close (met conditions precedent) or signed are included in the figures.

Only deals with a minimum tenor of 1 year are included in the figures.


The details of every deal included in the tables are cross-checked with the original source by our Data Team. 90% of transactions included in the tables are cross-checked with more than one participant on the deal.

Countries and regions

The countries are arranged in the following regions:

Africa: Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote D'Ivoire (Ivory Coast), Democratic Republic of the Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Somalia, South Africa, South Sudan, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Western Sahara, Zambia, Zimbabwe

Asia: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nauru, Nepal,Pakistan, Seychelles, Sri Lanka

Asia Pacific: Brunei Darussalam, Cambodia, China, Fiji, Hong Kong, Indonesia, Japan, Korea, Korea (North), Laos, Malaysia, Marshall Islands, Mongolia, Myanmar, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Taiwan, Thailand, Timor-Leste, Tonga, Vanuatu, Vietnam

Australasia: Australia, New Zealand

Europe: Albania, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, France, Metropolitan, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Jersey, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovak Republic, Slovenia, Spain, Svalbard and Jan Mayen, Sweden, Switzerland, Turkey, United Kingdom, Vatican City State (Holy See)

Latin America: Antigua and Barbuda, Argentina, Aruba, Bahamas, Barbados, Belize, Bolivia, Brazil, Caribbean Nations, Cayman Islands, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, French Guiana, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Uruguay, Venezuela, Virgin Islands (British), Virgin Islands (U.S.)

Middle East: Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen

North America: Bermuda, Canada, Greenland, United States

Russia CIS: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, Uzbekistan

League table

Allocations are in US dollars. Other currencies are converted to US dollars using the exchange rate from the transaction’s date of financial close (the original currency figures are available on Tagmydeals.com).

Lender league table

The table is based on debt allocations (tickets) of each lender in each deal.

When no allocations are available the debt is split equally between each lender.

When allocations for some lenders are available, those allocations are used and the remainder of the debt is split equally between those banks that do not have allocations.

ECA and DFI direct loans are not included in the debt volume.

MLA league table

The total volume of the debt is split equally among all the MLAs involved in the deal, excluding direct lending tranches. There is also an ECA tranche tab that produces a table of bank debt allocations solely from ECA-covered tranches under the same methodology.

Sustainable deals

TXF and its parent the Exile Group are committed to conducting business in as responsible and sustainable a manner as possible. We also try wherever possible to highlight responsible, ethical and sustainable best practice in the markets that we cover.

In 2018 we began tracking sustainable deals. Several initiatives are underway in both the markets we cover and the wider financial community to develop standardised methodologies for classifying sustainable financings. However, since there is as yet no single standardised methodology, TXF and Exile have endeavoured to put together a classification system that is simple, transparent, and meets the needs both of our users and the individuals and institutions that contribute to our data.

Download our full sustainable deals methodology here:

Eligible green deals

The eligible Green Project categories, listed in no specific order, include, but are not limited to:

  • Renewable energy (including production, transmission, appliances and products)
  • Energy efficiency (such as in new and refurbished buildings, energy storage, district heating, smart grids, appliances and products)
  • Pollution prevention and control (including reduction of air emissions, greenhouse gas control, soil remediation, waste prevention, waste reduction, waste recycling and energy/emission-efficient waste to energy)
  • Environmentally sustainable management of living natural resources and land use (including environmentally sustainable agriculture; environmentally sustainable animal husbandry
  • Climate smart farm inputs such as biological crop protection or drip-irrigation; environmentally sustainable fishery and aquaculture; environmentally-sustainable forestry, including afforestation or reforestation, and preservation or restoration of natural landscapes)
  • Clean transportation (such as electric, hybrid, public, rail, non-motorised, multi-modal transportation, infrastructure for clean energy vehicles and reduction of harmful emissions)
  • Terrestrial and aquatic biodiversity conservation (including the protection of coastal, marine and watershed environments)
  • Sustainable water and wastewater management (including sustainable infrastructure for clean and/or drinking water, wastewater treatment, sustainable urban drainage systems and river training and other forms of flooding mitigation);
  • Climate change adaptation (including information support systems, such as climate observation and early warning systems)
  • Eco-efficient and/or circular economy adapted products, production technologies and processes (such as development and introduction of environmentally sustainable products, with an eco-label or environmental certification resource-efficient packaging and distribution)
  • Green buildings which meet regional, national or internationally recognised standards or certifications

Eligible social deals

Social Project categories include, but are not limited to, providing and/or promoting:

  • Affordable basic infrastructure (e.g. clean drinking water, sewers, sanitation, transport, energy)
  • Access to essential services (e.g. health, education and vocational training, healthcare, financing and financial services)
  • Affordable housing
  • Employment generation, and programs designed to prevent and/or alleviate unemployment stemming from socioeconomic crises, including through the potential effect of SME financing and microfinance
  • Food security and sustainable food systems (e.g. physical, social, and economic access to safe, nutritious, and sufficient food that meets dietary needs and requirements; resilient agricultural practices; reduction of food loss and waste; and improved productivity of small-scale producers)
  • Socioeconomic advancement and empowerment (e.g. equitable access to and control over assets, services, resources, and opportunities; equitable participation and integration into the market and society, including reduction of income inequality) Examples of target populations include, but are not limited to, those that are:
  1. Living below the poverty line
  2. Excluded and/or marginalised populations and /or communities
  3. People with disabilities
  4. Migrants and /or displaced persons
  5. People with disabilities
  6. Migrants and /or displaced persons
  7. Undereducated
  8. Underserved, owing to a lack of quality access to essential goods and services
  9. Unemployed
  10. Women and/or sexual and gender minorities
  11. Aging populations and vulnerable youth
  12. Other vulnerable groups, including as a result of natural disasters

CIRR calculation methodology

We track the daily value of the relevant sovereign bonds on a weekly basis, and calculate the average values of the month. The value is considered as provisional until the month finishes, but it gives some indication of whether the value is likely to go up or down. The new rate will apply from the 15th of the following month, as per the OECD rules.


We welcome any suggestions or questions you have on the scope of the methodology.

Please contact Alfonso Olivas – alfonso.olivas@txfmedia.com – Head of Data and Analytics.

TXF Research methodology

There are four sources of information that go into all TXF Research reports. These are:

  1. Quantitative survey data
  2. Qualitative insights
  3. Closed deal market data
  4. Outside literature

Quantitative survey

The best way to identify the latest trends in any given market is to ask the market. However, it is not a ‘one size fits’ all approach. TXF Intelligence understand that within the different industry sectors, there are different types of respondent, all of whom have different mandates, perspectives, goals, and priorities. Consequently, the surveys are always tailored in a way that respondents only see questions that are relevant to them. Not only does this keep the survey completion time to no more than 10 minutes, but it allows the research to capture the nuances across the different industry players.

Qualitative insights

The quantitative survey is a rich source of information to understand the latest trends, but the qualitative insights provide a deeper understanding of why these trends are occurring. By speaking to people active in their markets, the qualitative data provides important contextual information to understand the nuances in the market trends.

Closed deal market data

TXF Intelligence is the export finance industry’s leading bespoke data platform for closed deal market information. It has been specially structured for the unique characteristics of the export finance market and has become the go-to resource for benchmarking, business development, trend analysis and secondary market loan distribution. Capturing approximately 75% of all deals that close in export finance, these data will add further context and understanding to this report’s findings.

Outside literature

We are fortunate enough to live in a world where reputable up-to-date news, insights, and data are at out fingertips. By including these sources of information in TXF Intelligence reports, they provide a different perspective and interpretation of the market trends.


We welcome any suggestions or questions you have on the scope of the methodology.

Please contact Alfonso Olivas – alfonso.olivas@txfmedia.com – Head of Data and Analytics.