TNK-BP PXF makes draw down

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17 June 2009

Proof that the market is finally moving again: TNK-BP’s PXF is set to close oversubscribed this week, the first Russian oil pre-export finance deal to close this year since Rosneft.

Russian oil producer TNK-BP’s PXF has completed a draw down its pre-export financing (PXF) this week which is already oversubscribed. The deal is one of the first oil PXF deal to have been mandated this year since Rosneft and one of the few large pre-export financings in the market anywhere in 2009. ...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%