Allen & Overy was named Best Trade Finance Law Firm by Global Trade Review and recognised for its roles on winning transactions in the trade finance space at the Leaders in Trade ceremony, held in London. The event brought together players from all areas of the export credit and trade finance world – including law firms, banks, export credit agencies and exporters – to celebrate the best in class for 2017. Allen & Overy was commended for its role on the following transactions:
- Alexander Dennis Limited export finance deal, Mexico: the first cover in Mexican peso for UK Export Finance (UKEF), and a first-time ECA financing for Alexander Dennis.
- Coral South FLNG export project finance deal, Mozambique: one of the largest project finance infrastructure deals closed worldwide in 2017. It also marks the first project financing ever arranged for a floating liquefied natural gas (FLNG) facility – an LNG production process described by the participants as “pioneering” and a “symbol of engineering expertise”.
- Natftogaz trade finance deal, Ukraine: this transaction is directly tied to the IMF-led bailout of Ukraine of 2017, and helped to achieve the security of gas supply for Ukraine through the winter. It also facilitated Naftogaz’s access to new commercial counterparts: upon financial closure, more than a dozen international gas suppliers joined the financing.
- Trafigura commodity finance global deal: the first securitisation of commodity inventories, allowing the trader and investors to tap funding sources that were previously not accessible.
Lorraine Bayliss, partner in the Projects, Energy and Infrastructure Group and head of the A&O export credit agency practice in London, commented: “What an amazing night for our global export credit agency and trade finance practices! The geographical spread and very different nature of the four winning deals, as well the fact that we won the best trade finance law firm award, demonstrates the global strength and depth of the practices.”