BP turns to PXFs as banks learn the Yukos lesson

BP this week turned to pre-export financing to raise cash. The structure has proved useful for many other borrowers over the last couple of years — but it is also attracting a growing number of critics.

  • 17 Aug 2010
BP is bolstering its finances in the wake of the Macondo oil spill by raising $5bn of five year bank debt that is secured against crude oil sales from some of its assets in Angola and Azerbaijan. The loans, launched yesterday, mark the first time BP has ...

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1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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3 Wells Fargo Securities 56,145.09 163 8.08%
4 JPMorgan 53,381.65 156 7.69%
5 Credit Suisse 44,872.46 115 6.46%