Trade, Commodities & Export Finance

Clifford Chance appreciate the inherently complex environment in which many structured trade finance deals take place and understand that deals are becoming larger and more complex in a dynamic market environment.

Our dedicated team in trade commodities and export finance have the expertise to guide our clients through this increasingly complex environment – to identify risk, limit liability and enhance transaction performance.

How can we help you?

Highly experienced across all trade financing

We have deep expertise in providing advice across all aspects of trade financing areas; drawing upon our range of specialists within the firm to advise on:

Structured Trade Finance
Letters of credit, performance bonds and bills of exchange
Security over receivables, goods and documents of title
True sale of receivables and goods
OHADA Law
Export credits, political and risk insurance
Islamic Finance
Immunity, sanctions and other sovereign issues
Trading contracts, bills of lading and counterparties
Disputes ensuing out of trade finance transactions

Established relationships

Our well-established relationships with major market participants facilitate our ability to reach and finalise agreements for our clients. We are on the panel of legal advisers of most trade financing banks and regularly represent all participants within this market, including banks, trade and industry associations and commodity trading companies and other corporates.

Strong international network

Our Trade Finance group hold an excellent reputation in handling a whole host of complex trade finance activities across our strong international network of offices. Our clients value our solid expertise in structured trade finance and export credit agency issues.

Recent client highlights

Advised the lenders on a EUR 2.1bn UKEF-covered green financing for the Republic of Turkey in connection with the Ankara-İzmir High-Speed Electric Railway Project. This is the UK's largest sustainable civil infrastructure export financing.
Advised the lenders in connection with the USD2.2 billion bridge buyer credit financing (with phase I being a USD300,000,000 of the USD2.2 billion overall financing required) for the development and construction of the Kano-Maradi rail line project for the Federal Ministry of Finance, Budget and National Planning of Nigeria as borrower.
Advised the arranger in relation to an up to USD 1 billion revolving and term buyer-credit facilities agreement (with ECA terms) for the financing of equipment, machinery and other capital goods for the Republic of Angola.
Advised GE Capital EFS Financing, Inc. as the original lender in relation to an up to USD 1,100,000,000 buyer credit term facility agreement entered into with the Ministry of Finance of the Republic of Angola for the purchase of turbine generator equipment and related services.

Advised a syndicate of 31 lenders and Mashreqbank psc and Africa Trade Finance as co-ordinators in connection with a USD 634,500,000 syndicated trade finance facility for Access Bank plc.
Advised the arranger in connection with an up to SAR2,250,000,000 Islamic financing for Flynas Company, a Saudi Arabian airline.
Advised Africell as borrower in relation to a USD 100m telecoms infrastructure development financing being provided by OPIC / DFC.
Advised lenders in connection with a USD 3.2 billion master debt framework agreement in relation to the development, refinancing and financing of infrastructure projects and related services in Angola (including, but not limited to, projects in the education, agriculture and agro-processing, water, sanitation, technology and communication, real estate and healthcare sectors of an African country).

Advised Africell, an Africa-focused mobile network operator in relation to a commercial facilities arrangement arranged by Gemcorp Capital LLP to support the group's expansion into the Angolan telecommunications markets. The financing is part of an overall projected US$1billion network infrastructure and services' investment agenda of the Africell group into Angola – its 5th African market.
Advised the arranger in connection with a term and letter of credit facilities agreement to a Nigerian solar home energy developer and distributor for the financing of the capital expenditure in relation to the construction and development of certain solar mini-grid projects across 23 rural communities in Nigeria.
Advised the arrangers in relation to an up to USD 600,000,000 revolving buyer-credit for the financing of food and other essential commodities for the Republic of Angola.
Advised the mandated lead arranger in connection with a buyer-credit financing to the Republic of Cameroon for the rehabilitation of a football stadium and the development of accompanying facilities (including a 4-star hotel).

Global trade is undergoing fundamental change

Brexit, tensions between the US and China, and Asia's determination to play a greater role in globalisation will have a dramatic impact on trade for years to come. Trade agreements are notoriously slow and complex for governments to negotiate, and during this period of uncertainty, our trade experts can help our clients to manage the impact on their businesses.

Learn more

recruitment-me-financial-services-regulatory

Sanctions

Following Russia's invasion of Ukraine, a broad range of sanctions and export controls have been imposed by the US, EU, UK, Japan, Singapore, Australia, and Ukraine; with measures adopted in response by Russia.

Our insights

Financial Markets Toolkit

Access the Clifford Chance Financial Markets Toolkit for a 24/7 online resource that gives you the cutting edge knowledge you need for your financial markets business. Aimed at all professionals working across the global financial markets, the Toolkit comprises a collection of publications, guides and transaction tools from across our network. It has been designed to be compatible with smart phones and tablets and its resources are available to you on demand, whenever you need them.

Find out more

Finance Industry Alerter

Sign up to our Finance Industry Alerter to receive updates on the 'must know' legislative, regulatory and market changes in banking, insurance and investment services. The Alerter is designed to meet the needs of professionals with legal and compliance responsibilities and is also used by governmental relations and other business users. The information can be personalised to suit the jurisdictions and industry sectors of most interest to you.

Find out more about Finance Industry Alerter

Clifford Chance