November 20, 2017 / 10:04 AM / a year ago

Trafigura launches non-recourse funding programme backed by oil, metals

Nov 20 (Reuters) - Oil trader Trafigura on Monday said it launched Trafigura Commodities Funding Pte Ltd (TCF), a non-recourse funding programme for the securitisation market.

The programme, backed by inventories of crude oil and refined metals, is a stand-alone vehicle incorporated in Singapore.

TCF issued $470 million of senior variable funding notes which were placed on a private basis with six financial institutions, Trafigura said.

The proceeds, as well as a subordinated loan from Trafigura, will enable TCF to purchase crude oil and refined metal inventories sold by Trafigura across 12 jurisdictions, the company added.

“This platform enables Trafigura to become a systematic issuer of notes backed by commodity inventories and ultimately to seek committed term financing in the asset backed securities markets,” Laurent Christophe, Trafigura’s head of corporate finance, said in a statement.

Reporting by Sangameswaran S in Bengaluru; editing by Jason Neely

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