Trafigura has launched a 'pioneering' debut commodities securitisation marking a milestone for the sector. The US$470m non-recourse funding programme, Trafigura Commodities Funding (TCF), is backed by inventories of crude oil and refined metals and is structured with a senior and junior tranche.
TCF is a stand-alone vehicle, incorporated in Singapore, and has issued US$470m of senior funding notes, comprising the senior tranche, as well as a subordinated loan from Trafigura, forming the junior tranche.
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