$400m AAA/Aaa Notes at 1m Libor + 240bps
$30m BBB/Baa2 Notes at 1m Libor + 400 bps
Geneva, 4 May 2012 - Trafigura Securitisation Finance PLC, the securitisation vehicle for international commodities trading company Trafigura, has successfully priced the Series TSF 2012-1 Notes, raising USD430 million from US and European investors. This was the first trade receivables securitisation successfully priced in the public ABS markets since the financial crisis started in the summer of 2007 and was highly oversubscribed across all classes.
Trafigura's chief financial officer Pierre Lorinet said: "This is a landmark transaction both for Trafigura and for the global asset backed securities market. It demonstrates the attractiveness of the underlying asset class of trade receivables which are very rarely offered in public markets, the performance of our programme and the quality of the issuance structure. Trafigura intends to become a repeat issuer in the US 144A/RegS markets."
Trafigura established its trade receivables securitisation programme in 2004 to deliver a faster working capital cycle, allow funding diversification and access to longer term committed financing and competitive cost of funding. TSF has access to USD2.3 billion of external funding and is today the second largest securitisation programme in Europe.
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