Trafigura raises USD500 million in the Asset-Backed Securities market
Geneva, 3 June 2026 – Trafigura Securitisation Finance Plc (“TSF”), a receivables securitisation vehicle of Trafigura Group Pte Ltd (“Trafigura”), has successfully priced a new series of notes (“TSF 2026-1”) on the 144A/RegS Asset-Backed Securities (“ABS”) market. This marks Trafigura’s eighth public ABS transaction since the programme’s inception in November 2004. TSF has since become the largest AAA/Aaa publicly-rated securitisation programme of trade receivables in the world.
The vehicle offers investors access to a blended portfolio of short-term credit exposure from Trafigura’s customer portfolio, including 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 USD465 million fixed-rate Class A notes (AAA/Aaa) at U.S. Treasuries I-Curve +110bps and USD35 million fixed rate Class B notes (BBB/Baa2) at U.S. Treasuries I-Curve +220bps.
The transaction received strong support, with participation from a total of 20 investors – including large asset management groups – across both classes. The transaction was announced on 29 May and successfully priced on 1 June.
Laurent Christophe, Trafigura’s Group Treasurer, commented: “For the eighth time since our debut public issuance in 2007, we have successfully accessed the ABS market through our flagship TSF programme. Today's pricing – achieved well-inside our previous TSF 2024-1 transaction – highlights the attractiveness of trade receivables as an underlying asset class, understanding of the key role Trafigura plays in global supply chains, and the quality of a structure which has delivered strong portfolio performance since inception in 2004.”
“The transaction benefited from growing recognition among investors of both the programme's quality and Trafigura's continued role as an originator across multiple market cycles. The size of the order book, which was significantly oversubscribed, is a testament to the depth of investor appetite and confidence in the TSF platform.”
“We launched TSF in 2004 with the ambition of making it a cornerstone of Trafigura's funding strategy. This successful transaction reinforces our commitment to the ABS market, and we look forward to continuing to issue new series of notes from TSF on a programmatic basis.”
Mizuho, MUFG, SMBC and Société Générale (Structuring) acted as Joint Lead Managers on the transaction.
Bloomberg ticker: TRFIG 2026-1
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, the Impala Terminals joint venture and Greenergy, supplier and distributor of transportation fuels and biofuels. The Group employs approximately 14,500 people, of which over 1,400 are shareholders, and operates in over 150 countries.
Visit: www.trafigura.com