The Legal 500 > United Kingdom - Solicitors > London > Trade finance

Allen & Overy LLP has a dedicated trade and commodity finance team in London, which is part of its market-leading banking group. Its work focuses on complex and innovative financings in the trade and commodity space on behalf of major banks, commodity trading houses and large corporates. As well as transactional matters, it is also prominent in the restructuring of existing structures and in litigation arising from distressed situations. Its growing workload in this area is, in part, due to the addition of private equity funds, commodity traders, borrowers and banks to its client base. Up-and-coming partner Catherine Lang-Anderson leads the practice and she has experience in structured commodity finance, trade finance, receivables purchase and supply chain structures. Banking partner Greg Brown handles a wide range of debt finance with a particular focus on trade, commodities and emerging markets. David Campbell in the firm's restructuring group is heavily involved in borrowing base and other trade finance transactions in distressed scenarios.

The commodities, trade and upstream finance practice at Dentons is highly respected for its work on cross-border financings involving emerging markets. With a varied roster of work that includes high-value syndicated receivables financing in Ghana, reserve-based lending for banks and oil traders, and structured trades involving commodity derivatives, the firm calls upon a dedicated team of specialists who work closely with the firm's global banking group. Among its clients are Ghana Cocoa Board, ING and ED&F Man Group. Practice head Celia Gardiner is 'a real trade finance specialist and a good operator' whose work includes receivables financing and invoice discounting transactions. Howard Barrie splits his time between projects and project finance, principally in Africa, and structured trade and commodity finance. His recent work includes advising a major lender on distributions of receivables finance and trade finance. Mark Cheney specialises in physicals commodity trading and structured commodities transactions in the energy sector. Senior associate Ian Clements is recommended for his work in Europe, Latin America and Africa, and counsel Lee McLernon for his advice to major export finance banks.

Hogan Lovells International LLP has a core team in London that acts as the central hub for its global trade finance practice. Acting for both lenders and borrowers, among them banks, commodities traders, multilateral institutions, regional and development banks, export credit agencies and governments, the group has longstanding transactional experience and is a premier source of advice on documentation and structures for clients in a diverse range of industries. Among its key clients are HSBC Bank, IFC, Afreximbank and Société Générale. Its work covers traditional trade finance instruments such as letters of credit, bills of exchange, bills of lading and demand guarantees, as well as highly structured transactions, pre-export finance, limited recourse prepayment structures and borrowing base financings across oil and gas, metals and agricultural commodities. The practice is led by banking partner Andrew Taylor, whose practice covers the UK, Europe and emerging markets. Trade and export finance specialist David Leggott advises banks and trading companies on transactions in Russia, the CIS, sub-Saharan Africa and Latin America. Clients also remark that banking and trade finance associate Simon Cowell is one to watch.

The commodities and trade finance practice at Linklaters LLP has a broad range of experience across receivables-backed financings, export and multi-lateral credits and commodity-based finance. The dedicated global group has developed out of the firm's energy, natural resource and mining practices, so its key lawyers have a keen understanding of the underlying commodity markets. As well as focusing on trade finance, pre-export finance, pre-payment finance, borrowing base finance and reserve-based lending, the firm can also call upon expertise in derivatives, physical commodity trading, inventory monetisation, capital markets, Islamic finance and litigation. The London practice also works in close collaboration with teams in New York, Singapore, Beijing, Dubai and other key financial centres to advise banks such as ING and Deutsche Bank, trading houses such as Glencore, and borrowers such as KAZ Minerals Group. Banking partner Toby Grimstone also plays a pivotal role in the practice, particularly in ECA-backed financings and borrowing base facilities.

Norton Rose Fulbright is praised for its 'deep and broad market knowledge'.  The firm is a recognised leader in trade and commodity finance, bringing together extensive expertise in international trade, trade finance, commodity physical supply contracts, shipping, commodity futures, regulation, fintech and dispute resolution. Its work covers pre-export and pre-payment financings, committed and uncommitted transactional trade finance facilities, borrowing base facilities, warehouse, stock and consignment financing, commodity repos and a host of other structures. Global head of trade finance Nicholas (Nick) Grandage is one of the market's grandees and, along with key partner Andrew Wood, is part of one of the market's most experienced senior teams in London. They are backed up by a strong team of senior associates, among them Tudor Plapcianu (who is 'very thorough with strong commercial sense') and Richard Wilkes who advises banks, DFIs, traders, producers, exporters and alternative financiers on complex and innovative cross-border structured financings.

Clients describe the trade and commodity finance practice at White & Case LLP as 'exceptional in its delivery', particularly in complex and innovative transactions. Working with banks and trading houses, among them Deutsche Bank and African Development Bank, the group leverages its in-depth knowledge of global commodities markets, its experience in emerging markets and its skills in structured finance, physical commodities off-take agreements, commodity derivatives, shipping and litigation to handle transactions in Africa, Eastern Mediterranean, Russia/CIS and Latin America. Besides structured finance, the practice also handles traditional trade finance instruments such as letters of credit. Practice head Christopher Czarnocki is a key adviser to leading banks, ECAs, corporates and sovereigns. James Hardy has 15 years' experience in structured trade and commodity finance in emerging markets, acting for both lenders and borrowers. Tom Bartlett is recommended for reserve-based lending transactions.

Clyde & Co LLP is well known for its global commodities and shipping practices, which are closely aligned with the trade finance group. Led by trade finance specialist Robert Parson, who advises a diverse range of clients across the international trade and commodity, energy and natural resource sectors, the practice handles physical commodity transactions, structured trade finance, trade receivables and supply chain finance for commodities producers, trading houses, banks, commodity funds and export credit agencies. Parson has a track record of involvement in high-value and innovative trade and commodity finance transactions, as well as traditional trade finance instruments such as letters of credit. Senior associate Geraldine Butac also advises banks, specialist financial institutions and corporates on trade and commodity finance. Consultant Nuno Frota, who joined from Ince, has experience in West Africa in both hard and soft commodities.

Trade finance is an integral part of the financial markets and products group at Fieldfisher, which climbs the ranking this year. The firm has become heavily involved in advising bank clients, commodity trading houses and producers on pre-payment financings and related off-take arrangements. As well as providing transactional advice, the firm also assists with the financial regulatory and regulatory capital aspects of trade finance products, and it is involved in the development of new fintech solutions and platforms in this area. In 2019, the practice led by Oliver Abel Smith handled royalty and pre-payment facilities with a value in excess of $1bn. The firm further strengthened its capabilities in trade finance with the hire of experienced partner Rashpaul Bahia from Reed Smith LLP. He joins project finance specialist Matt Hinxman, structured finance partner Dougall Molson and securitisation and receivables financings partner Richard Todd in a practice described by one client as 'responsive and very efficient, with true professionals offering practical solutions'.

The trade finance practice at Hill Dickinson LLP is an important adjunct to the work done by the firm's leading commodities group, which has extensive experience in softs, energy and metals. The firm has an increasingly prominent role in trade finance deals and related disputes, frequently acting for banks and trading houses in high-value and complex structured transactions. Among its clients are Bunge, Gunvor, Cargill, Tate & Lyle and Gerald Metals. Consultant Mark Aspinall is the main contact for trade finance, though he is backed by a strong group of commodities specialists including Fred Konynenburg, Paul Sinnott and litigator Andrew Buchmann. Associate Olga Newman, who joined from Reed Smith LLP, is also active in commodity trading and trade finance matters. One client remarks that the team is 'practical and commercial, and they are able to hand-hold and guide clients'.

Jones Day acts for a diverse range of financial institutions, among which are ICBC Standard Bank plc, British Arab Commercial Bank plc and China Development Bank, on pre-export, pre-payment, reserve-based lending and commodity trading facilities, as well as receivables securitisation programmes, most notably in Africa and the CIS states. Recent deals have involved Nigeria, Côte d'Ivoire, Mali, Burkina Faso, Tanzania, Mozambique, Malawi and South Africa. Its work spans a range of commodities but it has particular expertise in oil, metals and agricultural products. Alongside banks, trading houses such as Trafigura make up a significant proportion of the firm's client base, and it increasingly acts for large corporates such as Total SA and US Steel. Edwin Borrini is the lead partner and he frequently acts for both lenders and borrowers in smaller bilateral transactions as well as high-value financings involving a large syndicate of lenders. Drew Salvest moved to Duane Morris LLP.

'We appreciate the team's availability and professionalism and its knowledge of the market,' remarks a client of Mayer Brown International LLP, which climbs the ranking this year. Working predominantly for banks, though increasingly for funds, corporates and fintech companies, the practice frequently advises on complex global receivables finance structures including borrowing base facilities. Its recent work includes documenting off-balance sheet receivables purchase facilities in relation to receivables originated in Australia, Belgium, Denmark, Luxembourg, Romania, South Korea and the UAE. Its involvement in export and agency finance, as well as structured trade and commodity finance, has continued to grow thanks to the in-depth experience of practice head Alex Dell, who is also co-head of the firm's asset-based lending group, and Ashley McDermott, who has a strong track record in trade finance and emerging markets transactions. Up-and-coming partner Charles Thain is also noted for receivables and supply chain finance transactions.

Addleshaw Goddard has a strong presence in mid-market finance work, predominantly acting for lenders. Clients describe the team as 'responsive, well priced and conscientious'. Mike Davison in London leads the finance and projects group, which acts for major clearing banks and others such as Bank Leumi and BNP Paribas in transactions such as receivables and supply chain financings, shari'ah-compliant deals and commodity finance arrangements. Its work predominantly consists of traditional trade finance deals and supply chain financing, though it also has a specialist litigation team which handles contentious matters that arise from these structures. Simon Prendergast and managing associate Lauren Priest-Stephens, who are based in Manchester, are also active in trade finance.

Clifford Chance LLP handles large and complex structured trade finance deals and its dedicated trade finance practice frequently advises leading banks, trade and industry associations, commodity trading companies and other corporates participants on high-value and innovative transactions and regulatory matters. The firm's work encompasses letters of credit, performance bonds and bills of exchange, export finance, Islamic finance, sanctions and more. Leonard Cleland is a specialist in emerging markets and structured trade finance. He has worked on structures involving the CIS, Eastern Europe, the Middle East and Africa. Simon Williams, who handles international cross-border banking and finance transactions, also plays a key role in the practice.

DLA Piper joins the ranking this year having seen more trade finance work stemming from its skills in commodities, international trade, asset-based lending and projects. 'There is a real industry knowledge in the team', remarks one client, while another praises its 'creative and knowledgeable' approach. Acting for funders, sponsors, debt funds, alternative credit providers and corporates, the firm handles the funding of receivables, stock, plant and machinery. Practice head Richard Usher is a physical commodities specialist with 22 years' experience in the market who frequently handles the financing of agricultural products, oil, metals, coal, electricity, gas and LNG. Project finance partner Charles Morrison also plays a key role in the practice, focusing on upstream, midstream and downstream oil and gas transactions, power projects and related financings.

gunnercooke LLP joins the ranking having recruited specialist trade and commodity finance partner Veronika Koroleva from Dentons. One client notes that 'this team provides a bespoke and extremely user-friendly service, which in many respects has the feel of having one's own in-house counsel'. Koroleva co-leads the practice with Marc Weisberger, who has more than 20 years' experience in commodities trading, finance and investment. Together, they act for both lenders and borrowers, with a particular focus on alternative finance providers, international banks with a UK presence, and commodity traders. Working across the full range of traded commodities, they handle pre-payment and off-take arrangements, spot and term commodity sales, structured trade and commodity finance, ownership-based structures, trade finance products, receivables financing and supply chain financing.

Stephenson Harwood has a highly regarded commodities practice, which leads the firm into the commodity and trade finance market on behalf of a wide variety of clients, including mineral extraction companies, end users and banks such as Macquarie. The practice led by Haris Zografakis handles advisory, transactional and contentious matters for clients in the physical commodities, trade finance and derivatives markets, with particular expertise in coal, crude oil and petrochemicals, LNG, ferrous and non-ferrous metals, and mining. Consultant David Lacey and key partners Rubin Weston, Jonathan Spearing and Neil Noble are highly experienced in trade and commodity finance matters.

In recent years, Taylor Wessing LLP has built up a trade finance team in the UK, which now advises on a broad range of products. As part of its banking group, the practice handles receivables financing, supply chain financing, commodity-related guarantees and discounting structures, pre-export financing, private placements, letters of credit and asset-based lending. Its work for banks, corporates and export credit agencies covers a diverse range of industries but has a particular focus on the oil and gas, telecoms and automobile sectors. Martin Yells leads the wider banking and finance group in which partner Lerika Joubert and associate Katie Horbury are the key contacts for trade finance.