TXF Commodity Finance Perfect 10: Resilience is as important as size
The word is out: TXF's Perfect 10 Commodity Finance Deals of the Year have been revealed. 2025 has shown that the best deals often come in smaller packages. This year's list once again ranges across sectors and regions, showcasing the industry's enduring resilience.
2025 has proven to be the year in which big traders upsized. Large tickets drove a 25% increase in annual volumes despite a small decline in total number of deals. It's easy enough to see why. Already this year major geopolitical turmoil has engulfed major oil-producing nations, and costs are set to rise across the board for trading houses. The market is still assessing whether the impact of conflict in the Middle East will go into the long-term, but it is safe to assume that every company is considering its emergency liquidity options.
On the evidence of TXF's Perfect 10 of 2025, the best deals are not always the largest. Some of the industry's most successful dealmaking is reserved for those smaller tickets that expand a growing company's geographical reach. Structured borrowing bases are still favourites in the market, and while the pre-export finance facility is increasingly rare, it is a reliable model for producers in emerging markets.
ECAs continue to offer trade finance to commodity traders, albeit not in huge numbers. Yet these partnerships are not always about the liquidity. Increasingly loans can be used as a form of business origination, and lenders can even facilitate connections in new markets.
Truly new structures often struggle to embed themselves in the commodity finance industry. Take Trafigura's groundbreaking 2024 borrowing base, which featured electronic bills of lading as collateral but has yet to be repeated in the syndicated market. The tried and trusted formula is essential to business, and this year's winners showcase the benefits of familiarity.
Borrowing Base Facility - TOI Commodities BBF
A borrowing base trade finance facility raised by TOI Commodities SA, a Swiss subsidiary of Trans-Oil Group, to finance the purchase of 2025 harvest agricultural commodities from farmers and suppliers in Moldova and Romania. Supports geographical expansion and a greater range of assets.
Export-backed - Trafigura - Dhaman
A maiden deal between Dhaman and a commodity trader. The drawdown is based on Trafigura’s trade activity in any of Dhaman’s 21 member countries, strengthening both Arab-origin exports and the import of strategic commodities into the region.
Sustainability-Linked Loan - Sucden RCF
A refinancing of Sucden’s sustainability-linked revolving credit facility, upsized from $600 million to $680 million. Pricing is linked to three key performance indicators which set ambitious targets in addressing important sustainable cocoa and coffee supply chain issues.
Revolving Credit Facility - Sahara Energy Resources RCF
The second edition and successful refinancing of an inaugural facility with increased market interest and new participants, for one of Africa's largest power generators with assets across upstream, midstream and downstream sectors.
Pre Export Financing - YPF PXF
An oversubscribed $700 million syndicated loan. Provides critical hard-currency liquidity to support YPF’s export operations and working capital needs. The financing is directly linked to the company’s growing export platform and plays a pivotal role in the strategic development of Vaca Muerta, one of the world’s largest shale oil and gas formations.
Metals & Mining - Ocean Partners BBF
Ocean Partners has renewed and upsized its syndicated borrowing base facility to $537.5 million. Proceeds will support the company’s scalable copper and precious metals concentrate blending and warehousing activities in Taichung, Taiwan.
Energy - Puma Energy RCF
A $775 million refinancing of Puma Energy’s revolving credit and term loan facilities to support ongoing global operations and expansion. The transaction simplifies the company’s debt structure as it focuses on adding 201 retail sites with a focus on Africa and Central America.
Soft Commodities - Ameropa BBF
Ameropa Trade Holding, a Switzerland-based company engaged in soft commodities trade, has successfully closed a $1.1 billion unsecured revolving credit facility. This strengthens its financial flexibility and supports its ongoing growth strategy. The facility provides Ameropa with enhanced liquidity to meet working capital needs and capitalise on new opportunities.
Securitisation - Glencore Project Matterhorn
This $2.55 billion securitisation program is one of the largest of its kind, involving the purchase of trade receivables from Glencore's UK and Singapore subsidiaries through an Irish-domiciled SPV. The programme delivers enhanced liquidity, efficient and flexible working capital management, and improved balance sheet metrics in a scalable, market-leading securitisation solution in commodities trading.
Emerging Markets - Dangote Petroleum Refinery Refinancing
Dangote Industries has secured up to $3 billion in uncommitted working-capital financing. Proceeds will be used to refinance capital previously deployed in the construction of the Dangote Petroleum Refinery Complex in Nigeria, the world’s largest single-train refinery, with nameplate capacity of 650,000 barrels per day. The deal rationalises a number of bilateral working capital facilities into a single platform which preserves the ability for each lender to continue to manage its lending to the borrower on a bilateral basis under a single facilities agreement.
