TXF Podcast

Austrlaian LNG projects delayed amid coronavirus crisis; Half UK businesses eye government loan scheme; and US Exim ups product offering in wake of pandemic

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• US Exim has unveiled new initiatives to inject liquidity into the market in the wake of the coronavirus pandemic, including a bridge financing program; pre-delivery/pre-export; a supply chain financing guarantee program; and a working capital guarantee program 

• Just 52% of UK businesses are considering taking advantage of the Coronavirus Business Interruption Loan Scheme, which offers up to £5 milion interest free for the first year.

• The global sweep of Covid-19 and the resultant fall in oil prices is likely to delay Australia’s next wave of liquefied natural gas projects, advisory firm Wood Mackenzie said

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JICA signs ODA loans for two Cambodian projects; Olam sells stake in Indonesian sugar venture; and Windward opens maritime analytics data amid coronavirus crisis

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• The Japan International Cooperation Agency (JICA) has signed two deals with Cambodia to provide Japanese ODA loans worth up to JPY29.417 billion for two projects

• Olam International has sold its remaining 50% stake in its Indonesian sugar joint venture, Far East Agri, for $82.5 million

• Maritime analytics group Windward is to provide open access to its data and insights during the coronavirus crisis;  

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Exxon Mobil to delay Mozambique LNG project amid coronavirus disruptions; Precious Metals seals $270m facility; Tartstream signs commercial deal with Deloitte

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Exxon Mobil is likely to delay the greenlighting of its $30 billion liquefied natural gas project in Mozambique as the coronavirus disrupts early works and a depressed gas market makes investors wary, according to sources

• US-based A-Mark Precious Metals has executed the renewal of its existing $270 million credit facility, which consists of a $220 million revolving credit facility with a $50 million accordion feature
• Traydstream -a fintech platform that uses artificial intelligence to check trade documents - has sealed a commercial agreement with Deloitte, starting in Italy

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US Exim announces 142 authorisations; PolyMet seals up to $30m of convertible debentures with Glencore; and Resolute Mining signs $300m RCF

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• US Exim has announced 142 authorisations, totalling $164 million, for February

• NYSE-listed PolyMet Mining Corp, and its subsidiary Poly Met Mining, has entered into a subscription agreement for the issuance of unsecured convertible debentures of up to $30 million with Glencore AG, a subsidiary of Glencore.

• Resolute Mining has signed a $300 million revolving credit split into two tranches with tenors of three and four years

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US Exim looks to capital markets to up reinsurance; China Hongqiao eyes coal power asset sale; and ADB announces $6.5bn package in response to coronavirus

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• The Export-Import Bank of the United States (US Exim) is eyeing up the expansion of its reinsurance programme and is looking to the capital markets to shoulder some of the risk

• Shandong-based aluminium producer China Hongqiao Group is expected to sell off coal-fired power generation assets for 3 billion yuan ($422 million) as it prepares to move almost one-third of its capacity to hydropower-rich Yunnan province

• The Asian Development Bank (ADB) has announced an initial $6.5 billion package to help countries in their response to the coronavirus pandemic.

Haneda Mirai reaches FC; MUFG sells $85 million loan to Glencore’s Wiggins Island Coal Export Terminal; and S&P Global Economics signals US recession

In today's daily round-up of export, trade and commodity finance news, TXF's Níamh Curran covers the latest stories and trends across the market:

• Haneda Mirai – a joint venture between Kajima Corporation and
  eight other sponsors – reached financial close on a JPY 65,595,000,000
  ($609 million) syndicated loan
• MUFG sold off its
  $85 million loan to Glencore’s Wiggins Island Coal Export Terminal (WICET)
  in Australia to a hedge fund on Wednesday at about 52 cents in the dollar
• &P Global
  Economics has signalled the US is entering recession, and may already be
  in one, amid the fallout of coronavirus in a report

ANZ appoints new head of sustainable finance New Zealand; ArcelorMittal Nippon Steel India signs $5.5bn JBIC-backed refi; and new accounting rules pose threat to banks

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• ANZ has appointed Dean Spicer as head of sustainable finance New Zealand

• ArcelorMittal Nippon Steel India – a joint venture between Japanese steelmaker Nippon Steel and ArcelorMittal – signed a 10-year $5.15 billion JBIC-backed loan to refinance its acquisition of Essar Steel India on 17 March.

• As the coronavirus pandemic threatens to plunge the world into recession, new accounting rules pose a significant threat to part of the banking sector by forcing earlier recognition of loan losses.

Downer EDI puts contract mining sale on hold; ING invests in NLP technology, Eigen; and Iamgold/Glencore close offices after employees emerge with covid-19

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Canadian miner Iamgold Corp has announced it is taking precautionary measures to close its Toronto office this week to conduct a deep clean and disinfection after one of its employees tested positive for covid-19

• Australia-based Downer EDI has suspended the sale of its contract mining and services business due to the “extraordinary market volatility” caused by the coronavirus pandemic

• ING has invested €4.5 million ($5.04 million) in London-based Eigen, a Natural Language Processing (NLP) technology company which helps companies extract data from documentation to help boost development across areas of trade finance and wholesale banking

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MIGA backs Bangladeshi fertiliser plant; HSBC appoints new global trade and receivables finance head in Asia Pacific; Atlas Renewable Energy signs PPA with Anglo American for Brazil solar scheme

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• MIGA, a member of the World Bank Group, has issued US$357 million in guarantees to support the construction, installation and operation of the US$ 1.3 billion Ghorasal Polash Urea Fertilizer plant in Bangladesh

• Atlas Renewable Energy has signed a 15-year PPA with UK-based miner Anglo American for its planned 330MW Atlas Casablanca solar PV project in Minas Gerais, Brazil

• HSBC has appointed I-Mei Chan to the position of head of portfolio management and distribution, global trade and receivables finance in Asia Pacific.

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Credit rating agencies warn of sovereign downgrades amid oil price slump; Congo in talks to restructure trader debt; WTO cancels meeting after coronavirus scare

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Fitch, S&P, and Moody's have all offered warnings that if the current oil slump continues it could cause a wave of sovereign downgrades and heavy multi-notch rating cuts to junk-rated oil and gas firms

• The Congo Republic is in negotiation with Glencore and Trafigura to restructure $1.7 billion of debt before a meeting with the International Monetary Fund (IMF) in April

• The World Trade Organization (WTO) said on Tuesday it is suspending all meetings until 20 March after a staff member was confirmed to have covid-19.

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