Trade finance in London

Allen & Overy LLP is known worldwide for its expertise in banking and finance, and its work in trade, commodities and export finance is of the highest calibre, due to its involvement in the most high-profile and innovative deals in the market. In 2020, the firm acted for DnB ASA, Norway's largest financial services group, in a $5bn revolving credit facility for Lundin Energy AB, and assisted IFC with a $2bn working capital facility programme to provide funding to emerging banking clients for on-lending to small to medium-sized businesses. Catherine Lang-Anderson, who is 'an incredible lawyer, very commercial and good with people' and Greg Brown, who 'goes above and beyond to close out a deal', are the lead practitioners, with support from derivatives specialists Richard Tredgett and Daniel Shurman. 'The team is dedicated and focused - the market leader', remarks one client.

Hogan Lovells International LLP is a key player in the global trade finance hub of London, from where the team works closely with offices in its global network to assist banks, commodities traders, multilateral institutions, regional and development banks, export credit agencies (ECAs) and governments with high-value transactions. In 2020, it handled major deals for, among others, Afreximbank, IFC and ING Bank. For Deutsche Bank, the firm handled an amendment and extension to a $1bn secured pre-export finance facility for KAZ Minerals group. Andrew Taylor and David Leggott (who is 'a master in this area') are leading lights in the market who cover complex trade finance across Europe, Africa, Russia and Latin America. 'Responsive, even-keeled, and with a team of junior and senior associates who are quite accomplished', among them senior associate Philip Beswick, who handles commodity finance structures, ECA-backed financing and general emerging market and development finance lending.

The banking and finance practice at Norton Rose Fulbright houses substantial trade finance expertise. 'A great team that has sound knowledge and cross-border capabilities in trade finance', remark clients. The firm, which handles the full range of trade finance structures, recently advised Macquarie on its $1.1bn syndicated revolving borrowing base facility with a group of international commercial lenders. Practice head Nicholas (Nick) Grandage, who works in both London and New York, is a market veteran and a leading light in commodities and trade finance. Finance partner Andrew Wood handles structured transactions, and senior associates Tudor Plapcianu (who is recommended for his 'strong analytical skills, customer-oriented mindset and full commitment') and Richard Wilkes also play key roles in the practice.

Sullivan & Worcester LLP is ‘world-class in terms of its expertise and experience in the trade finance sector‘. Regarded by some as the leading trade finance firm, it has the largest specialist practice in London and is led by Geoffrey Wynne, who is head of trade and export finance, along with the vastly experienced Simon Cook and Mark Norris. Marian Boyle and the newly promoted Sam Fowler-Holmes round out a five-partner team that has the support of a strong junior team, among them managing associate Hannah Fearn. Working closely with the firm’s US practitioners, the London team provides seamless advice across trade, export and commodity finance transactions for major trade finance banks, funds, corporate borrowers, agents and trustees, and national and international organisations. It recently assisted the UK’s export credit agency, UK Export Finance, with its largest ever UK Government direct loan into Africa, providing more than £620m for critical infrastructure projects in Ghana, Zambia, Gabon and Uganda.

White & Case LLP maintains a busy workload in high-end structured trade and commodity finance transactions. Its work spans the full range of structures for both creditors and borrowers, with commodity pre-payments and upstream project financing in the commodities sector particularly active. It is a leading firm for West African forward sale structures and sophisticated multi-source hybrid financings in the mining and metals sector. Calling on the firm's renowned debt finance and structured finance practices, the trade finance group also handles structured transactions, as well as export credit deals, receivables purchases and hybrid financing structures. Christopher Czarnocki, who advised Ghana National Petroleum Corporation as seller in relation to a $280m pre-payment facility agreement provided by an international commodity trading house, and James Hardy are the lead partners. Associate Catherine West is also a key practitioner, bringing her experience in debt finance to a range of trade finance structures.

Dentons is 'a legal firm with the right attitude - they walk with clients through the journey until the completion of the assignment'. Veteran trade finance specialist Celia Gardiner retired, but the firm continues to be involved in high-value transactions. It recently assisted Ghana Cocoa Board with the $1.3bn pre-export financing of Ghana's 2020/21 cocoa crop. Howard Barrie leads the practice and splits his time between structured trade and commodity finance and project finance, principally in Africa. Tim Pipe, who handles upstream oil and gas financing, and Mark Cheney, who focuses on physical commodity trading and structured commodities deals in the energy sector, are the principal practitioners. Senior associate Ian Clements is recommended for deals in Western Europe, Latin America and Africa.

Fieldfisher advises on a broad spectrum of trade finance arrangements, largely in relation to commodities, and is frequently involved in pre-payment finance, documentary and standby letters of credit, export and pre-export facilities, reserve and borrowing base lending, and inventory and receivables finance on behalf of banks and trading houses. The expertise of practice head Oliver Abel Smith lies predominantly in trade, commodity finance and asset finance in the energy and natural resources sector. Energy and commodities partner Rashpaul Bahia has a long track record in physically and financially settled commodities trading matters, structured energy trading arrangements, asset optimisation structures and cross-border trading services transactions, while project finance specialist Matt Hinxman is involved in energy and natural resources-related finance deals in Eastern Europe and Africa. Structured finance partner Dougall Molson is also involved in major structured commodity financings.

Mayer Brown International LLP has 'expertise in trade finance, particularly in emerging market issues, and the team are very friendly, professional and approachable'. Over the last two years, the firm has built up its presence in trade finance and asset-based lending, including complex global receivables financing structures. The firm recently acted for Burundi-based multilateral financial institution Eastern and Southern African Trade and Development Bank (TDB) in the amendment and restatement of a $285m secured pre-export finance facility for Alliance One subsidiaries. Alex Dell, who leads the banking and finance practice, and Ashley McDermott, who specialises in cross-border finance transactions, particularly syndicated loans, are the key practitioners. Meredith Campanale also has a major role in multi-sourced financings in the energy and infrastructure sectors, as does Charles Thain in ABL, receivables finance and trade finance.

Addleshaw Goddard has a strong track record in mid-market trade finance transactions, as well as in a variety of working capital products on the lending side. Alongside traditional trade finance structures, it also handles supply chain finance, receivables financing, off-balance sheet facilities and structured finance deals. The practice principally acts for clearing banks, overseas banks, funds and specialist sector providers, though it also advises significant borrower clients on key strategic transactions. Practice head Mike Davison leads the practice and has ‘first-class knowledge of trade finance documentation and delivers an excellent service‘. Managing associate Lauren Priest-Stephens also plays a key role in the practice.

gunnercooke LLP‘s commodities and trade finance practice continues to grow its presence in the market, acting for lenders and borrowers including alternative finance providers, international banks with a UK presence, and commodity traders in complex cross-border transactions with a focus on emerging markets. Its work covers pre-payment and offtake financings, structured trade and commodity finance, and supply chain financing, spanning the oil, natural gas, electricity, coal, metals, agricultural products and renewable energy markets. Veronika Koroleva and Marc Weisberger are the key practitioners in an ‘innovative and client-centric‘ team.

HFW brings together extensive experience in commodities and banking to handle pre-export financings, receivables finance, syndicated revolving credit facilities, pre-payment deals, repos and inventory monetisation. Practice head Philip Prowse is a veteran practitioner, working with the firm's offices in Geneva, Singapore and the Middle East to assist lenders, borrowers, suppliers, producers, processors, distributors, insurers, logistics operators and end-users of commodities. His deputy Adam Topping is a lead partner supporting financial institutions, hedge funds, energy companies, utility groups and corporates on transactional matters. Structured trade and commodity finance partner Matthew Cox joined from Simmons & Simmons, bringing a long track record in assisting banks, funds, commodity producers and commodity traders. Senior associate Jameel Tarmohamed specialises in structured commodities trade finance and digital trade.

Watson Farley & Williams LLP has in-depth expertise in niche areas of the commodities finance market, particularly reserve-based lending and other financing transactions for energy companies. Joe Levin leads the firm's upstream finance practice from London and he has a strong track record in energy and natural resources financings across the UK, Africa and the Middle East. His group recently assisted arranging banks including DNB Bank in increasing Chrysaor’s debt facility from $3bn to a $4.5bn RBL facility. He is supported by partners in the global oil and gas group, among them Chris Kilburn.