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Structured trade and commodity finance

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Our global structured trade and commodity finance practice covers the full range of commodities work for clients including financial institutions, alternative financiers, commodity producers, traders, corporations, export credit agencies and other multilateral institutions. We are experienced in providing assistance with structuring transactions and devising legal and practical solutions across a variety of products in both established and emerging markets.

We have an extensive track record in the financing of the production, export, transport, warehousing and sale and purchase of commodities including oil and oil products; bio fuels; chemicals; precious and base metals; soft commodities such as coffee, sugar, cocoa, grains, paper, cotton and textiles; and related assets such as carbon credits. Our in-depth knowledge of innovative structured trade and commodity finance transactions enables us to provide clients with the necessary insight to tailor financings to their particular requirements.

In addition to our transactional practice, our highly regarded commodities regulation team, which includes a Government Relations and Public Policy practice based in Brussels and London, advises on legislative and regulatory matters pertaining to commodities, derivative markets, market infrastructure, sales and trading for clients including agribusinesses, commodity trading companies, exchange groups, proprietary trading companies, major industrials, oil and gas producers and utilities.

With offices based across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia, our clients have access to a structured trade and commodity finance advisory service worldwide and can call on us to assist them on issues wherever they arise.

Our areas of work include

  • barter and counter-trade
  • borrowing base financings
  • derivatives
  • export finance
  • letter of credit and guarantee issuance facilities
  • post-import financing
  • pre-export financing
  • pre-payment financing
  • pre-production financing
  • receivables purchase and factoring transactions including supply chain finance
  • reserve based lending
  • secondary trading of financings including funding and risk participations
  • stock and inventory financing including ownership structures
  • synthetic securitisations
  • syndicated and bilateral loan facilities
  • tolling and processing
  • true sale analysis.

Our recent experience

  • Acting as sole legal advisor to EBRD on their Trade Facilitation Programme.
  • Advising one of the world’s largest petroleum companies on a multi-billion dollar prepayment financing with various international traders.
  • Advising a global investment bank as lender and as marketer in its US$75m financing and marketing arrangements with an African mining company for the supply of minerals from West Africa.
  • Acting for ABN Amro Bank N.V.on the US$1bn borrowing base facilities to be made available to the Aegean Group.
  • Advising CME Group on a number of significant matters including the development of its exchange and clearing house to list new commodities contracts and the set-up of its auction platform to calculate the LBMA silver price.
  • Advising Global Coal Limited on its benchmarks compliance project, as an administrator of financial benchmarks.
  • Working with various commodities clients including the Commodities Markets Council – Europe and FIA Europe on the changes to MiFID II and the market abuse regime.
  • Advising a number of banks in respect of their supply chain financing template documentation including platform terms.
  • Advising several key clients of the firm on their obligations relating to the clearing, reporting and risk management of commodity and other derivatives.

Awards & accolades

  • Best Global Commodity/Trade Finance Law Firm 2015, for the fifth year in a row at the Trade Finance Awards for Excellence (Trade Finance Magazine)
  • Trade Finance Firm of the year, Global Trade Review 2015
  • Best Trade Law Firm in Asia Pacific 2015, for the sixth consecutive year by the Trade Finance Awards for Excellence
  • Best Trade Law Firm in EMEA 2015, for the second consecutive year, by the Trade Finance Awards for Excellence
  • Band 1: Chambers UK 2016: Derivatives and Trade Finance
  • Tier 1: Legal 500 2015: Trade Finance
  • Described by clients as “arguably the best firm in the City for trade finance”, Legal 500 2015: Trade Finance.