Switzerland-basedVitol , one of the world's largest independent oil trading companies, is readying a securitization of trade receivables. The $150 million deal is the company's second and will be completed through its master trust vehicle, says Parker Russell, the banker heading up the deal at ING Bank in London. He did not say when the deal would hit the market.
The deal will be backed by receivables owed to Vitol from its oil trading business. Vitol is active in a number of business areas related to oil trading and has a refinery in Canada. Russell notes trade receivable deals are quite rare in Europe, with only a handful coming to market each year. Last year, Deutsche Bank brought a E250 million trade receivables deal to market for Burhmann, an office supply company in the Netherlands.
