November's newsletter: From the world of export and commodity finance

Check out TXF’s latest insights for November! We’re exploring the cooling of Europe’s gigafactory bubble and providing updates on Indonesia’s ECA-backed loans, Carnival Corporation’s latest financing, and our spotlight deal—Trafigura’s new $3.2 billion revolving credit facility. Don’t miss our data snapshot of the month, highlighting the resurgence in cruise ship finance. Plus, make sure to connect with industry leaders at the Dealmakers Assembly 2024 in Austria!

If you have any comments or questions, please feel free to drop a comment, message us, or reach out to us at [email protected]. If you would like to schedule a consultation with us or learn more about data and how a TXF subscription can enhance your business, please get in touch.

Euro gigafactories: Parking debt

Europe’s gigafactory bubble is bursting with battery makers Northvolt and ACC halting schemes amid waning demand for EVs. With project sponsors reviewing business models, debt parking arrangements are underway. Have Europe’s EV hopes lost charge?

Read more

Latest news in export and commodity finance:

• Indonesia’s Ministry of Finance is expected to sign a $1.1 billion ECA-backed loan to finance the procurement of defence equipment from Italian exporters.
• Vitol SA and Vitol US BV reached close on refinanced revolving credit facilities (RCFs) totalling $11.975 billion on 19 September 2024.
• Carnival Corporation is expected to sign a $4.5 billion ECA-backed loan to finance the purchase of three new class of cruise ships from Fincantieri imminently.
• Italian export credit agency SACE has released its H1 results, with profits increasing 65% to €252 million.

Spotlight deal of the month: Trafigura closes new $3.2bn revolving credit facility

Trafigura has closed its new syndicated revolving credit facility and term loan facilities at around $3.2 billion-equivalent.

Full tranche and company details can be found here

Cruise on course for pre-pandemic volumes in 2024

The global ECA-backed cruise ship finance market is back with a significant resurgence in deal volumes in the wake of the pandemic. But while overall year-on-year volumes are on the rise.

Continue reading here

Dealmakers Assembly 2024: Networking Platform Now Live!

Join us for a premier event focused on deal-origination, designed to secure key meetings and strengthen client relationships for 2025 and beyond. This 350-person networking event brings together top dealmakers from various industries and regions, with select keynote sessions, focused workshops, and both structured and unstructured networking opportunities. Also featuring TXF DACH 2024, with sessions on German, Swiss, and Austrian export finance in English.

Meet dealmakers from ECAs, exporters, borrowers, lenders, insurers & more under one roof to maximise your potential and drive your business forward!?

Book now

As we wrap up this newsletter, we'd like to share this month's featured song, Have You Ever Been (To Electric Ladyland) by Jimi?Hendrix. Follow our Spotify playlist to listen now.

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Best,

Team TXF