Geneva, 9 May 2024 – Trafigura Securitisation Finance Plc (“TSF”), a receivables securitisation vehicle of Trafigura Group Pte Ltd (“Trafigura”), has successfully priced a new series of notes (“TSF 2024-1”) on the 144A/RegS Asset-Backed Securities (“ABS”) market.
This is Trafigura’s seventh public ABS transaction since the inception of the programme in November 2004. TSF has since become the largest AAA/Aaa publicly rated securitisation programme of trade receivables in the world. It offers investors rare access to a blended portfolio of short-term credit exposure on oil majors, non-ferrous metals and minerals purchasers and highly rated banks, through payment undertakings.
A total of USD500 million of public notes (3-year tenor) were placed with US investors including USD125 million floating rate Class A1 notes (AAA/Aaa) at SOFR +140bps, USD340 million fixed rate notes Class A2 notes (AAA/Aaa) at U.S. Treasuries I-Curve +140bps and USD35 million fixed rate Class B notes (BBB/Baa2) at U.S. Treasuries I-Curve +275bps.
The transaction was well received with participation from a total of 18 investors in the fixed and floating rate tranches. The transaction was announced on 3 May and successfully priced on 8 May.
Laurent Christophe, Trafigura’s Group Treasurer, said: “For the seventh time since our first issuance in the public markets in 2007, we were able to successfully tap the ABS market from our flagship TSF programme. The ABS market offers access to a deep liquidity pool. Today’s successful pricing demonstrates not only the attractiveness of trade receivables as an underlying asset class, but also the quality of the structure. We were pleased to attract significant interest in this new series.
“We are celebrating this year the 20th anniversary of the establishment of the programme. Its longevity and constant AAA/Aaa rating during the last 20 years have established TSF as a gold standard for trade receivables securitisation. We are committed to the ABS market which offers access to a deep liquidity pool and sophisticated investor base; we will continue to issue new series from TSF on a regular basis,” concluded Laurent Christophe.
Lloyds, Mizuho, SMBC and Société Générale (Structuring) acted as Joint Lead Managers, with Natixis and MUFG joining as Co-Managers on the transaction.
Bloomberg ticker: TRFIG 2024-1
ENDS
For further information please contact:
Trafigura’s Press Office: +41 (0) 22 592 4528 or media@trafigura.com
About Trafigura
Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through H2Energy Europe and joint venture Nala Renewables.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries.
Visit: www.trafigura.com
