TFR Deals of the year 2015 - leaders of the pack revealed!

Awards | 21 January 2016

Awards web.jpg

In a year that saw commodity prices collapse and the regulatory screws tighten, I actually wondered if we would have any entries at all for the annual TFR Deals of the Year – but happily the market wanted to showcase how it has coped in a challenging environment.

We actually saw around 150 separate deals with a lot more entries as banks in the same syndicate took the time and trouble to go back over their transactions, clear their client permissions and write to us.  

Not only do I want to take this opportunity of thanking our judges John MacNamara, Paul Wollny, Dominique Beretti, Jean-Francois Lambert, Karel Valken, Bernard Zonneveld, John Ahearn and Robert Parson, but the tireless communications professionals who put the nominations together.

Unsurprisingly, given that Russian commodities are no longer quite what they were in terms of populating deal flows, more than 50% of the top 15 commercial winners were African deals.

While this competition does not single out particular financial institutions, I did have one judge comment, “If there was a gong for the most innovative provider of financing solutions, this has to go to ITFC. Not just because of the challenging geographies where so many fear to tread, but because their structures are really good.”

Another said that while true innovation was getting increasingly hard to find in annual beauty parades like TFR's Deals of the Year, this year's list does indeed scream "ingenuity and innovation" as well as "it was really hard to do but we pulled it off anyway" with many borrowers that have not been seen in the market in previous competitions.

Inevitably there will be questions on why certain deals did not get through and it was all very difficult (we did have some that were ineligible on grounds of date and not being trade finance), but I am confident, having listened to all our judges that this final list is a good representation of the jewels in the trade finance crown in 2015.

These deals are now in the process of being written up for inclusion in our special Deals of the Year issue of TFR so if your deal is among the winners and you wish to add some comment please email me at cdann@waterlow.com with any further insights.

The TFR Deals of the Year 2015 presentation will be made by TFR's Editor-in Chief, Clarissa Dann and her colleagues at the TFR Cross-Border Trade Forum on 10 March 2016 in London's Canary Wharf (the heart of the financial district).

For further details of this event and the conference proceedings please visit our events programme here.

Box-out 1

Top 15 winning commercial deals 2015
Borrower Nominated by Deal type Amount Region
Castleton Commodities International BNP Paribas, Natixis, Citi Senior secured committed revolving borrowing base facilities and unsecured committed RCF US$3.5bn senior secured revolving BB, US$250m unsecured RCF US, Canada, Switzerland, UK
Cocoa Touton Processing BNP Paribas, Natixis  Prepayment inventory financing US$80m Ghana
Columbus Stainless (Pty) Ltd BBVA, Deutsche Bank, HSBC,  Borrowing base facility ZAR3.5bn (US$240m) South Africa
Gov of Djibouti ITFC Revolving financing US$120m Djibouti
Government of Burkina Faso ITFC Murabaha PXF trade finance facility US$91m (€85m) Burkina Faso
Hargreaves HSBC Borrowing base facility GB£70m United Kingdom
JSC Pharmaxyntez, Irkutxk  Sberbank LC issue US$3,768m (CNY conversion) Russia, China
Letter 1 DEA Citi, Deutsche Bank, Natixis, Societe Generale,  Reserve-based lending US$2.3bn Germany, Egypt and Norway
Mount Meru Millers Rabobank Structured working capital facility US$35m Zambia
Nigeria Bulk Electricity Trading J.P. Morgan Standby LC US120m Nigeria
Oyu Tolgoi ANZ, BNP Paribas, ING,Natixis, Societe Generale  RCF blended with PXF structure US$200m Mongolia
PTT Thailand Ashurst, SMBC, Morgan Stanley, Mizuho Bank Prepayment  financing US$2.5bn Ecuador, Thailand
Trafin 2015-1 Deutsche Bank Trade finance securitisation US$4.5bn of reference assets/US$216,125m of notes placed with investors Global
Trevi/ Drillmec  BNP Paribas  Off balance sheet facility US$200m Algeria
Zimbabwe Electricity Transmission and Distribution Company Afreximbank Syndicated future flow facility US$150m Zimbabwe

Box-out 2

Top 10 highly commended commercial deals 2015
Borrower Nominated by Deal type Value Region
Anupam Rasayan India Standard Chartered  Receivables finance US$7m Singapore
Dongying Fangyuan Nonferrous Metals Co Ltd  Deutsche Bank, Natixis, ING Prefinancing term loan US$145m China
Hyundai Motors Citi Ruble denominated export finance US$50m Korea, Russia
Kernel EBRD, Natixis Pre-export finance US$230m Ukraine
Li & Fung Citi Import finance US$695m Asia Pacific
Mad'aden Phosphate Company Refinancing  Natixis Murabaha refinancing US$3.1bn Saudi Arabia
Project Cheetah Societe Generale Prepayment US$1.2bn Senegal
Teranga  Societe Generale Revolving credit US$30m Nigeria
Trafigura Deutsche Bank Borrowing base facility US$2bn EMEA
US Department of Agriculture Ecobank Export finance under guarantee US$15m Nigeria
       

Box-out 3

Top six export credit agency covered winning deals 2015
Borrower Nominated by Region Value ECA
Azerbaijan DemirYollari HSBC Azerbaijan, Georgia and Turkey €459m EGAP
Borusan EnBW Enerji Yatirimlari ve Uretimi AS BBVA, Garanti Bank Turkey, KFW Turkey US$211m EKF
Emirates  J.P. Morgan UAE US$913,  
Greenland Hong Kong Investment Group Deutsche Bank China US$330m Sinosure
Reliance  ANZ, HSBC, Santander India US$750m K-Sure
Smile Telecommunications Ecobank, Afreximbank Nigeria  US$320m EKN, Delcredere Ducroire

Box-out 4

Top five highly commended export credit agency covered deals
Borrower Nominated by Region Value ECA
China Southern Airlines and Southern Phoenix 1 HSBC China US$92.52m UKEF
CSP-POSCO Santander  Brazil US$2.1bn KEXIM, K-Sure
Egyptian Electricity Holding Company SAE Deutsche Bank Egypt €1.2bn Euler Hermes
Ethiopian Airlines KfW IPEX-Bank Ethiopia €32.8m Euler Hermes
Landsvirkjun Citi Iceland US$68.2m JBIC, NEXI
          

Give Feedback