Trade finance in London

A&O Shearman

A&O Shearman has ‘a dedicated trade finance team' and not simply 'an extra string to a financing partner’s more generalist bow’. The firm is known for its prowess and thought leadership in complex financing transactions, including highly structured trades, yet it is additionally active across the entire trade finance spectrum- from commodity finance to receivables and inventory monetisation transactions. ‘Pragmatic, commercially-minded and very positive’ head of global trade and commodities Catherine Lang-Anderson is an indispensable adviser to banks, private equity sponsors, commodities traders, governments and regulators. Head of the export credit agency (ECA) practice Lorraine Bayliss and trade, commodities and emerging markets debt finance expert Greg Brown play pivotal roles in the practice. Bayliss recently advised senior lenders and cover providers on the €4.2bn greenfield project financing for the construction of the world’s first large-scale green steel plant in Sweden. The firm also calls on risk transfer specialist and co-head of global financial markets Guy Antrobus and derivatives expert Parya Badie.

Responsables de la pratique:

Catherine Lang-Anderson


Autres avocats clés:

Greg Brown; Niamh Dennehy-Maher; Isabella Lewis; Lorraine Bayliss; Guy Anthrobus; Parya Badie


Les références

‘The team (across Europe) at AOS is a dedicated trade finance team and not, as for some other firms, an extra string to a financing partner’s more generalist bow. The partners know their subject and always seem enthusiastic about supporting both banks and businesses operating in the trade and commodities sector, actively engaging with initiatives of the LMA to expand the documentation specific to the sector and participating in trade conferences. The firm has over the years made a focus of both diversity and technology and in doing so demonstratively supported the career advancement of women with children in particular: however skeptical you may be of the standard marketing blurb of many law firms; AOS walks the talk.’

‘Catherine Lang-Anderson is pragmatic, commercially-minded and very positive. A person you want to work with, as she is both personable and capable of explaining legal technicalities in a clear and concise way. Her extensive knowledge (both legal and of the industry), straight-forward approach and clear thinking when dealing with complex issues make her an easy person to recommend as legal counsel, whatever side of a transaction you are on.’

‘We engaged A&0 Shearman to act as our lead counsel on a multimillion-dollar trade receivables financing programme. The team led by Catherine Lang-Anderson was exceptional; the quality of the work product was outstanding, and the knowledge and conscientiousness of the team was exemplary. The team worked under high pressure, and often under considerable time constraints, to get the deal done. We are very thankful to the team and would certainly use them again on another trade finance transaction.’

Principaux clients

Polestar AB


Greenergy Fuels Limited


Modulaire Group


UK Export Finance


European Investment Bank


Euler Hermes


ICBC Standard Bank plc


Amius Limited


Principaux dossiers


  • Advising Stellex Capital Management, a private equity firm with over USD$ 2.8 billion in assets under management, on asset-based financing aspects of its acquisition of Fox Brothers Holdings Group, a UK-based provider of services to the construction and infrastructure sectors.
  • Advising the senior lenders and cover providers (European Investment Bank, Nordic Investment Bank, Euler Hermes and Riksgälden, as well as more than 20 commercial banks) on a greenfield project financing for the construction of the world’s first large-scale green steel plant and Europe’s first giga-scale electrolyser in Boden, Sweden.
  • Advising Polestar Automotive Holding UK PLC, the Swedish electric performance car brand, on securing USD$ 950 million in external funding.

Hogan Lovells International LLP

Hogan Lovells International LLP has a team of highly specialised experts covering everything under the trade finance banner. The practice led by Andrew Taylor and David Leggott has vast experience in everything from traditional instruments, such as letters of credit and bills of exchange- to highly structured pre-export finance trades, limited recourse prepayment structures, borrowing base financings and reserve-based lending. A key adviser to DFIs, commercial banks, and alternative lenders, the firm has a global trade finance practice in which London is the central hub. Leggott, who frequently advises banks and trading companies on deals in emerging markets such as sub-Saharan Africa, CIS, and Latin America, is well-versed in the workings of commodities markets, notably oil, steel, zinc, copper, soybeans, coffee, sugar tobacco, and cocoa. He recently advised IFC on a $500m facility for Citibank in Mexico as the first step in a $2bn sustainable emerging markets supply chain finance programme. Taylor, who leads the firm’s our global trade and export finance practice, assisted the European Commission with its multi-year, multi-deal guarantee programmes to support lending and investment in emerging markets. At the junior level, Oliver Travers, Sidrah Shah and Simon Cowell provide strong support to the lead partners.

Responsables de la pratique:

Andrew Taylor; David Leggott


Autres avocats clés:

Oliver Travers; Sidrah Shah; Simon Cowell


Les références

‘It is a very reactive and competent team…. the Partner Andrew Taylor and the associates in his teams are very responsive to adapt the legal drafting and proactive.’

‘I would need to highlight the competence and incredible assistance that Andrew Taylor as a Partner has provided to us and for the Associates and Senior Associates. I would say the ones that stand out are Simon Cowell, Sidrah Shah and Oliver Travers.’

 

Principaux clients

African Export-Import Bank


Taulia Inc.


UK Export Finance


Deutsche Bank


European Investment Bank (EIB)


Citibank


Credit Agricole Leasing & Financing


ING Bank


Proparco


International Finance Corporation (IFC)


Natixis


Société Générale


British International Investment (BII)


European Commission


FMO


The Eastern and Southern African Trade and Development Bank (TDB)


Principaux dossiers


  • Advising IFC on a $500 million facility for Citibank in Mexico as the first project under the umbrella of a $2 billion sustainable supply chain finance program focused on emerging markets.
  • Advising FMO and TDB as joint mandated lead arrangers on a syndicated US$394 million sustainability-linked loan to ETC Group (ETG).
  • Advising ING Bank in relation to the refinancing of a flagship Sustainability-Linked Senior Secured Borrowing Base Facility for coffee trader Sucafina SA.

Mayer Brown International LLP

Mayer Brown International LLP has recently expanded its practice and client base, alongside having been involved in increasingly high-value and innovative transactions. ‘Their deep knowhow in trade finance and cross-border commercial law is evident,’ state clients of the team led by Alex Dell– who frequently acts for banks, private credit funds, sponsors and corporates in multi-jurisdictional receivables financing, inventory monetisation and borrowing base loans. Ash McDermott‘s practice focuses on complex, cross-border loan financings, while drawing upon his in-depth understanding of emerging markets, export and agency finance, and structured trade and commodity finance. He recently worked with colleagues in São Paulo to advise Citibank and SACE on a $400m syndicated loan facility for Brazilian electricity company Electrobras. Charles Thain‘s practice spans traditional trade finance instruments, receivables finance, supply chain finance, inventory monetisation, borrowing base finance and risk distribution structures for financial institutions, sponsors, corporates and fintech companies. He has a ‘remarkable combination of strategic insight and deep subject matter expertise’. Clients also note that the junior ranks, including Angeli Sunmonu and James England, are ‘extremely diligent, responsive, and solution-focused’.

Responsables de la pratique:

Alex Dell


Autres avocats clés:

Charles Thain; Ash McDermott; Angeli Sunmonu; James England


Les références

‘I had an outstanding experience working with the law firm during multiple recent trade finance transactions. From the outset, their deep knowhow in trade finance and cross-border commercial law was evident. They quickly grasped the complexity of the deal structure and navigated everything with clarity. They are solution-oriented. Rather than simply identifying potential issues, they consistently proposed well-thought-out, practical solutions that protected our interest while keeping the transaction moving forward. The collaboration throughout the process was top-notch.’

‘The team was highly responsive, communicative, and worked seamlessly not only with our internal stakeholders but also with our counterparties. It felt like true partnership built on trust and mutual respect. Professionalism defined every interaction. The firm operated with complete transparency, ensuring we were fully informed at every stage. Overall, their combination of expertise, dedication, and client-first mindset made the entire transactions smooth and successful.’

‘What truly elevated the experience was the exceptional quality of both the partner and the junior lawyer who worked with us. The partner, Charles Thain, brought a remarkable combination of strategic insight and deep subject matter expertise. His ability to see the broader commercial picture while managing legal detail was key to the success. He is decisive, calm under pressure, and consistently provided clear, confident guidance – even in moments of uncertainty or complexity. His leadership gave us complete confidence that we were in capable hands.’

Principaux clients

Banco Santander


Barclays Bank


BNP Paribas


Bradesco


CIBC


Citibank


Cooperative Rabobank


Crédit Agricole Corporate and Investment Bank


Deutsche Bank


The Eastern and Southern African Trade and Development Bank (TDB)


HSBC


ING


JPMorgan Chase Bank


Katsumi


Lloyds Bank


MUFG


Pemberton Capital Advisors


PB Factoring


PNC


Raiffeisen Bank International


SACE


Scotiabank


SMBC


Société Générale


Sound Point Capital


U.S. Bank


UBS O’Connor


UniCredit


Wells Fargo Bank


Principaux dossiers


  • Advised SMBC as Bookrunner, Mandated Lead Arranger and SACE Agent, acting alongside Citibank as Mandated Lead Arranger, on a first-of-its-kind EUR 100 million SACE push facility to the Eastern and Southern African Trade and Development Bank Group.
  • Advised Citibank (as coordinator) and SACE on a USD 400 million syndicated, SACE-covered loan facility to Eletrobras, the main Brazilian electricity company and the largest in Latin America.
  • Advised Pareto Securities on the first ever non-bank borrowing base. The lending group is comprised of five funds distributed across the USA, the UK, the EU and Asia.

Norton Rose Fulbright

Norton Rose Fulbright‘s London office has ‘a deep-rooted knowledge of trade finance’. Whether it is complex pre-payment financing techniques, including receivables purchase funding, or borrowing base facilities, metals lease transactions, and straightforward commodities financing, the firm is frequently involved in high-profile deals. Its trade-related fintech practice also leads the way in supply chain finance products, including recent deals in the telecom and payment intermediaries sectors. Global head of trade finance Nicholas (Nick) Grandage is the marquee name for particular financing of international trade flows and transactions in the commodities sector. The ‘extremely knowledgeable and accomplished’ Andrew Wood is also highly rated. He recently worked with Alexandra Semykina to assist specialist asset-based lender BZ Commercial Finance with a $70m receivables-based facility. Banking and finance partners Davide Barzilai and David Milligan are also heavily involved in trade finance transactions, while Tudor Plapcianu‘s cross-border practice focuses on receivables and supply chain finance, structured finance and asset-backed transactions in both emerging and developed markets.

Responsables de la pratique:

Nick Grandage


Autres avocats clés:

Andrew Wood; Alexandra Semykina; Davide Barzilai; Tudor Plapcianu; Neha Khosla


Les références

‘The team have a deep-rooted knowledge of trade finance. They add value.’

‘Andy Wood is extremely knowledgeable and accomplished lawyer; a leader in his field – he is an excellent lawyer.’

‘Our company decided to select NRF as legal advisor because of the team. Andrew Wood was highly recommended for his experience and knowledge for this kind of transaction. Also Alexandra Semykina met our expectations. This team have all the knowledge you need for the project, they are always available, and work really hard to get the best transaction possible for their client.’

Principaux clients

Africa Finance Corporation


AIG


BP


BNP Paribas


MUFG


Citibank


Coal India Limited (CIL)


Commodities Markets Council


Tullow Oil


ING Bank


European Bank for Reconstruction and Development


Eurasian Resources Group


Cobra Group


ED&F Man Group


Jefferies


JP Morgan


Louis Dreyfus


Lloyds Bank


Shell


Macquarie


Mercuria


Natixis


NEXIM


RWE


Santander


Societe Generale


Standard Chartered Bank


Trafigura


TD Securities


ICBC Standard Bank


Raiffeisen Bank International AG


Mizuho Bank, Ltd


Baffinland


UK Export Finance


Asia Infrastructure Investment Bank


Brightfield Trading


Rabobank


IFC


Hartree Partners


BZ Commercial Finance


Pemberton Capital Advisors


Principaux dossiers


  • Advised Natixis CIB on Trafigura Group’s inaugural US$1 billion uncommitted discounted facility of credit-insured receivables and prepayments.
  • Advised BZ CF, a specialist asset-based lender, on structuring and entry into a $70 million receivables based facility for Amius, a leading provider of over-the-counter (OTC) risk management solutions.
  • Advised ICBC Standard Bank Plc in relation to a USD100mln financing to Kazakhmys Corporation, one of the largest copper and gold producers in the world.

Reed Smith LLP

Reed Smith LLP is one of the few globally pre-eminent law firms in the commodities sector, providing the full spectrum advice. Kyri Evagora leads the energy and natural resources practice- which houses significant expertise in trade finance- whether it is commodities finance structures, regulatory insight, structured finance, traditional secured lending or any other relevant skill set. Jonathan Solomon, who ‘puts in 110%’, is frequently involved in highly sophisticated financing matters for clients across the commodities arena, and his work is truly global in nature, spanning clients and transactions in Europe, Africa, the CIS, SE Asia, and Latin America. Daniel Birch is a go-to adviser on complex, cross-border transactions including inventory and storage monetisation structures, pre-payment financing, and derivative structures. Patrick Sutton‘s knowledge lies in complex deals in both emerging and developed markets, particularly those that draw on his extensive experience in ESG and carbon finance issues. Elizabeth Stroud is a key contact for financial institutions, commodities trading houses, and energy majors.

Responsables de la pratique:

Kyri Evagora


Autres avocats clés:

Jonathan Solomon; Daniel Birch; Patrick Sutton; Elizabeth Stroud


Les références

‘The team has familiarity with deals flows in the energy space and is usually at the table representing energy clients towards counterparties and all the major financial institutions.’

‘Jonathan Solomon – he is extremely knowledgeable of the STF practices in the industry, and puts in 110% to represent my interests. He is also very responsive to cost pressures and works with me to structure fee arrangements that meet the needs of my corporate client.’

Sullivan & Worcester LLP

The dedicated trade finance practice at Sullivan & Worcester LLP is ‘very knowledgeable, practical and results-orientated’. The firm has one of the largest teams at partner level, with practice heads Geoffrey Wynne, Simon Cook and Mark Norris all being standout practitioners who garner praise from both clients and peers. Head of both the UK insurance and disputes practices, Marian Boyle is a key member of the trade finance group, as is newly promoted partner Daniela Barrdear, who acts for banks and non-bank financial institutions, development finance institutions (DFIs), multilateral organisations, and borrowers. Barrdear has in-depth knowledge of supply chain finance techniques, alongside blended finance and export finance matters, notably in emerging markets. She recently led a team that assisted EBRD with its unfunded risk participation in Türkiye’s Akbank credit facility programme for Sok- a leading retailer in Türkiye. Clients appreciate the team’s seniority, noting that ‘the number of years of experience translates into valuable insights and legal advice’. Robert Parson recently joined the firm from Squire Patton Boggs.

Responsables de la pratique:

Geoffrey Wynne; Simon Cook; Mark Norris


Autres avocats clés:

Marian Boyle; Daniella Barrdear; Robert Parson


Les références

‘Very knowledgeable, practical and results orientated.’

‘Marian Boyle – hugely experienced and with a refreshing lack of waffle. Cuts straight through to the real issues.’

‘Sullivan & Worcester’s niche export finance and trade finance practice is unique given their track record and partners’ prolific experience in the export finance sector. The number of years of experience translates into valuable insights and legal advice ranging from plain vanilla to more structured export finance transactions. The significant advantage this law firm has over any other law firm in the City is that you get to work directly with the partners, whereas typical law firms would allocate junior talent to be the « front » legal adviser, which often does not give you as a client the service you deserve and more importantly that you pay for.’

Principaux clients

Lloyds Bank


Citibank


Deutsche Bank


Crown Agents Bank


J.P. Morgan


Santander


Rabobank


International Trade and Forfaiting Association (ITFA)


The Bankers Association for Finance and Trade (BAFT)


Africa Global Trade Finance (AGTF)


Standard Bank


UK Export Finance (UKEF)


The European Bank for Reconstruction and Development (EBRD)


Nedbank CIB


Contracta UK


Iroko Securities Limited


Muse Finance


Arqit Limited


Limak Construction


Mizrahi Tefahot Bank Ltd, London Branch (UMTB)


T3i Partner Network LLP


Trade Finance Global (TFG)


Mercore


Export Credit Insurance Corporation of South Africa Soc Ltd (ECIC)


NMS Infrastructure


Absa Group


Natixis


Crédit Agricole Corporate and Investment Bank (CIB)


Lendable Asset Management LLC


Principaux dossiers


  • Advised financial technology company Muse Finance on aspects of its documentation which has led to the launch of musePay, its Buy Now, Pay Later (BNPL) product that integrates with global small business platform, Xero, and Allianz Trade, the global leader in trade credit insurance.
  • Advising leading trade body The Bankers Association for Finance and Trade (BAFT) on changes and updates to the Master Trade Loan Agreement (MTLA) which provides guidance on the contractual framework governing trade loan transactions between financial institutions all around the world.
  • Advised the European Bank for Reconstruction and Development (EBRD) in relation to two innovative supply chain finance (SCF) transactions.

Baker McKenzie

Baker McKenzie‘s trade and export finance practice predominantly handles high-value, cross-border and complex transactions, leveraging the firm’s global footprint and its deep relationships with lenders, export credit agencies, commodity traders, multilateral institutions and corporate borrowers. The team, led by Luka Lightfoot, handles the full spectrum of trade finance work from ECA-covered export financings and commodity-based financings to borrowing base facilities, pre-export financings, and large-cap syndicated loans. Jeremy Levy– from the firm’s structured capital markets group- focuses on the more structured trade finance deals, such as invoice discounting, receivables securitisation, and factoring deals, working frequently with major platform providers. Philip Thomson, who leads at the firm’s energy transition division, oversees trade finance deals in areas such as sustainable aviation fuel and carbon capture products. As an energy transactional lawyer with experience in commodity-linked finance, he is often involved in pre-export financing trades. Lightfoot recently assisted Standard Chartered with a $111m Islamic financing to the Republic of Senegal to support the installation of 50,000 solar-powered streetlamps in rural areas.

Responsables de la pratique:

Luka Lightfoot


Autres avocats clés:

Jeremy Levy; Philip Thomson


Principaux clients

Advent International


Accell Group


Ahlstrom-Munksjo Oy


Aptiv Global Operations Limited


Astorg


Bain Capital


Bradesco Bank


Cinven


Cobham Limited


Commerzbank


Credit Agricole Leasing and Factoring


Demica


Deutsche Trustee Company Limited


Evri


Finalbion


HSBC


Huws Gray


ING


Kantar


Lone Star


Netceed


Open Health


SMBC


Standard Chartered Bank


The Bank of Tokyo Mitsubishi / MUFG


TMF Trustee Limited


Valeo Foods


Wells Fargo Bank


ZCCM / Government of Zambia


Zebra Technologies


Principaux dossiers


  • Advised ZCCM Investments Holdings Plc (ZCCM-IH) on its strategic partnership with Abu Dhabi’s mining champion, International Resources Holding RSC Ltd (IRH), investing through its wholly owned subsidiary, Delta Mining Limited (Delta).
  • Advised Finalbion, a new alternative finance provider and FinTech, on ongoing items and amendments involving its third warehouse securitisation which is backed by factoring receivables, reverse factoring/supply chain finance receivables and loan receivables originated by the group.
  • Advised Standard Chartered and the Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) on the finalisation of their EUR 103 million (USD 111 million) Islamic financing to the Republic of Senegal, which is covered by ICIEC’s Non-Honoring of Sovereign Financial Obligation (NHSFO).

Dentons

The ‘personable, hardworking, knowledgeable and available’ group at Dentons is well-versed in complex commodity, trade, receivables, export and structured financings. Leveraging the firm’s extensive global network, the team commodities, trade and export finance practice is a key adviser to financial institutions, brokers, dealers, investment funds, energy producers, suppliers, transporters and end-users around the world. Ian Clements leads the outfit in London and handles commodity financings across many asset classes in western Europe, Latam and Africa. He recently assisted ING Bank with the refinancing and repapering of a secured uncommitted borrowing base facility based on Green Loan Principles for TrailStone Renewables. Paul Holland is sought after for export credit-backed financings in Brazil, Angola, Ghana, Uganda, Jordan and elsewhere. Mark Cheney‘s work includes structured trading and financing arrangements in the refining and power sectors, while James Francis is an emerging talent in ECA-supported cross-border financings. Simon Prendergast left the firm in 2024.

Responsables de la pratique:

Ian Clements


Autres avocats clés:

Paul Holland; Mark Cheney; James Francis


Les références

‘Personable, hardworking, knowledgeable and available.’

‘James Francis is hard working and personable, whilst maintaining clear focus on getting projects done as quickly as possible. Flexible thinker.’

Principaux clients

Shotton Mill Limited


Rhône Energies Fos-sur-Mer (an investment vehicle owned by Trafigura and Entara Partners LLC)


Crossbridge Energy AS


ING Bank N.V.


Ghana Cocoa Board


Coöoperative Rabobank U.A


E D & F Man Group


Natixis


UK Export Finance


Trafigura


FBNQuest Merchant Bank


Principaux dossiers


  • Advising Lloyds Bank PLC (as documentation agent and facility agent) together with a syndicate of international banks (including Natixis, Société Générale, MUFG and NatWest) in respect of a new secured, committed borrowing base facility made available to Greenergy Fuels Limited and Inver Energy Limited, companies in the Trafigura Group.
  • Advising ING Bank N.V. (as co-ordinator and facility agent) together with a syndicate of international banks in respect of the refinancing and repapering of a secured uncommitted borrowing base facility based on Green Loan Principles and made available to TrailStone Renewables GmbH, a company in the Engelhart Group.
  • Advising Shotton Mill Limited on a financing transaction for the conversion of an existing paper mill in North Wales, comprising Finnvera and SERV buyer credit facilities, a UK Export Finance export development guarantee backed facility (with a tied commercial facility) and a commercial facility – it has been designated a green loan.

Fieldfisher

Fieldfisher is best known for structured transactions, but it continues to broaden out its exposure to the market, being frequently involved in deals that use traditional trade finance tools. Oliver Abel Smith leads the practice, drawing on his in-depth knowledge of energy and natural resources. In June 2025, Sam Fowler-Holmes joined from Sullivan & Worcester LLP, bringing extensive industry expertise. His experience spans both structured and unstructured trade products, and he has a strong track record in assisting alternative financial institutions and corporate clients with pre-export, pre-payment and borrowing base facilities, letter of credit, and other instruments. Project finance specialist Matthew Hinxman, who frequently acts for lenders and sponsors on major energy and natural resources financings in emerging markets, and Stephen Moller, who assists banks, asset managers, technology providers, and major corporates with banking and debt capital markets matters, also play pivotal roles in the practice. Hannah Rowbotham is also sought after for her knowledge in asset finance transactions, notably receivables finance structures.

Responsables de la pratique:

Oliver Abel Smith


Autres avocats clés:

Sam Fowler-Holmes; Stephen Moller; Matt Hinxman; Hannah Rowbotham


Principaux clients

Banco do Brasil


Habib Bank AG


Europe Arab Bank


eEnergy Group plc


CT Automotive plc


Principaux dossiers


  • Advising a commodity trading company on a prepayment financing to finance the acquisition of a gold doré mine in Turkey.
  • Advised AIM-listed client CT Automotive plc on a multi-jurisdictional $20,000,000 facility provided by FGI International.
  • Advised a London financial institution on its liabilities, protections and responsibilities as confirming bank under a letter of credit subject to « UCP 600 » in circumstances where it was made aware of an allegation of fraud in the transaction.

Linklaters LLP

Linklaters LLP has a large cross-practice commodities group that brings unique insight into the regulatory, business and legal issues affecting global commodities markets, and within that it has specialists in trade finance who focus on the more complex, high-value and innovative transactions in the market. Building on the global firm’s extensive work in energy, natural resources and mining, the trade finance group is able to leverage key relationships with banks, trading houses, and other key players to advise on pre-payment facilities, the establishment of commodity trading platforms, and inventory monetisation. Co-head of the global commodities group Jeremy Gewirtz has decades of experience in commodities transactions and energy trading, whilst Toby Grimstone excels in pre-export and pre-payment financings, ECA-backed deals, borrowing base facilities and other structured transactions. Thomas Chappatte and Ildar Bagautdinov are part of the next generation of experts in complex and ground-breaking trade finance deals.

Responsables de la pratique:

Jeremy Gewirtz; Chris Staples


Autres avocats clés:

Toby Grimstone; Thomas Chappatte


Penningtons Manches Cooper LLP

Penningtons Manches Cooper LLP showcases a high level of specialist focus in the trade finance sphere, spearheaded by Grant Eldred. The firm is a key adviser to active market participants, among them Bank of China and Santander UK. Clients pick out Eldred and Ellis van der Vos, who are ‘professional, courteous, responsive, and knowledgeable in their field’. George Mingay, who is co-head of the London international trade and commodities group, is highly active in the soft commodities, metals and mining, and oil and gas sectors. He is on the Refined Sugar Association of London’s legal advisers panel, and chairs the Arbitration and Mediation Committee of the Board of the Minor Metals Trade Association. Fellow litigators Mark Sachs and Lisa Hillary bring in-depth expertise in trade finance disputes. Clients routinely report a ‘steadfast dedication to providing customised, innovative solutions tailored to the specific needs of clients’.

Responsables de la pratique:

Grant Eldred; Mark Sachs


Autres avocats clés:

Ellis van der Vos; George Mingay; Lisa Hillary


Les références

‘Good sector knowledge, efficient turn-around times, nice people to deal with.’

‘Grant Eldred and Ellis van der Voss have been a pleasure to work with. They are professional, courteous, responsive, and knowledgeable in their field.’

‘PMC distinguishes itself through a steadfast dedication to providing customised, innovative solutions tailored to the specific needs. Their core strengths include deep industry expertise, a collaborative approach, and a commitment to fostering long-term partnerships. They place a high priority on transparency, efficiency, and delivering measurable results—values that strongly align with our priorities.’

Principaux clients

Bank of China


HSBC UK Bank plc


AIB Group (UK) Plc


Agricultural Bank of China


Santander UK


BACB (British Arab Commercial Bank)


Zenith Bank


Bank ABC


Principaux dossiers


Squire Patton Boggs

At Squire Patton Boggs ‘the depth of knowledge and attention to detail are unmatched’. Geraldine Butac is a key adviser to banks, specialist financial institutions and corporates on trade and commodity finance. The firm’s trade finance team sits within its global commodities and shipping practice and remains committed to developing its market presence. The latest move on this front is the hire in 2025 of experienced partners Philip Prowse and Jameel Tarmohamed from Stephenson Harwood. Prowse has in-depth knowledge of the financing of international energy supplies, as well as hard and soft commodities. His work encompasses finance, security and documentation for global supply chain contracts. Clients remark that ‘the team demonstrates a genuine commitment to client service’.

Autres avocats clés:

Geraldine Butac; Philip Prowse; Jameel Tarmohamed


Les références

‘In-depth expertise in the area of trade finance, and this is carefully blended with their sensitivity to business needs. The sum of this skill set allows clients to make informed decisions as significant players in the commodities space.’

‘Robert Parson and Geraldine Butac are long-time legal service providers to the organisations for whom I worked in the last 16 years. I am assured of the quality of service not only in the area of technical expertise but also in areas where they are able to successfully tap on the industry network and their global offices to provide the legal help, we need as a global player in the agri-space.’

‘Their assessment of the issues are never just legal-centered, but coupled with a « realist » perspective of what are the industry practices and counterparty perspectives that impact our decision making. This value add allows a general counsel and senior management of the organizations to focus on the issues with the big picture in mind.’

White & Case LLP

White & Case LLP brings together expertise from multiple practice areas, among them debt finance, debt capital markets and project finance, to cover the full range of trade finance instruments. It acts for clients across levels in the deal structure, including bank creditors, traders, buyers, exporters, sovereigns and state-owned entities. The firm provides ‘excellent product knowledge with deep understanding of local jurisdictions’. Practice head James Hardy is a debt finance specialist whose work spans commodity pre-payment deals, pre-export finance, borrowing base transactions, receivables purchase, and export credit facilities. He works closely with newly promoted counsel Catherine West. Together, they assisted European Bank for Reconstruction and Development with its participation in the payables finance portfolio on trade receivables of Eurocash S.A. originated by Santander. The transaction forms part of EBRD’s Sustainable Supply Chain Finance programme. Clients remark that West ‘has a very strong commercial background, and is fast-thinking and hardworking’.

Responsables de la pratique:

James Hardy


Autres avocats clés:

Catherine West


Les références

‘Catherine West, counsel. She has a very strong commercial background, fast-thinking and hard working.’

‘Excellent product knowledge with deep understanding of local jurisdiction is necessary for successful negotiations with demanding clients. W&C has shown both on a consistent manner; hence why they remain one of the top law firms for our transactions.’

‘Catherine West has been consistently one of the most valuable lawyers within the firm. Always available to provide advice for our transactions, even if that means doing the extra step as a result of demanding transactions/clients.’

Principaux clients

A.P. Møller Holding A/S


Afreximbank


Africa Finance Corporation


Deutsche Bank


European Bank for Reconstruction and Development


Ghana National Petroleum Corporation


Helios Investment Partners


International Holding Company


Ministry of Finance (Ghana), Ministry of Energy (Ghana)


Ministry of Finance and National Development of the Republic of Zambia


Ministry of Finance of Ukraine


Moove Africa B.V.


Petrobras


Puma Energy


Seplat Energy plc


Société Générale


Principaux dossiers


  • Represented of European Bank for Reconstruction and Development on its Sustainable Supply Chain Finance programme, including its participation in the payables finance portfolio on trade receivables of Eurocash S.A. originated by Santander.
  • Represented Deutsche Bank, Barclays Bank PLC and UKEF in connection with a UKEF supported export credit financing to Energoatom, the Ukrainian national nuclear power generating company, in support of Energoatom’s long-term contract with Urenco, a UK exporter, for the supply of enriched uranium products.
  • Represented of Société Générale as arranger of a term loan facility funding an SPV (sponsored by WMC Energy, a Dutch trader) to provide working capital financing to Northvolt Ett AB.

Addleshaw Goddard

Addleshaw Goddard‘s practice head Mike Davison is frequently instructed by overseas banks and corporations to handle the UK aspects of international trade finance deals. He counts Banco Santander among his key clients, and recently assisted the bank with setting up a global inventory facility to support the development of a new automotive project, using his expertise in the dealer stocking space. James Tarleton is another highly regarded trade finance and ABL specialist, and his work on structured transactions for national and international clients includes acting for Naked Wines Plc in securing a revolving credit and security agreement that involved detailed covenants and an extensive due diligence process. In the junior ranks, Batsho Nthoi is also highly regarded.

Responsables de la pratique:

Mike Davison


Autres avocats clés:

Batsho Nthoi; James Tarleton


Principaux clients

ICBC Bank


Emirates NBD London Branch


UK Export Finance


The Eastern and Southern Trade and Development Bank


PNC Bank NA / PNC Business Credit


BNP Paribas Group Companies


Secure Trust Bank Plc


HSBC UK Bank plc


FGI Worldwide LLC


Leumi UK Group Limited


ABN AMRO Bank Group Companies


Close Brothers Limited


No Ordinary Designer Label Limited (t/a Ted Baker London)


Santander Bank / Commercial Finance


AIB Commercial Finance Limited


Metro Bank Plc


Blazehill Capital Limited


gunnercooke LLP

The commodities and trade finance group at gunnercooke LLP is known for its ‘strong customer focus and deep technical expertise’. Key partner Veronika Koroleva joined Hill Dickinson LLP in 2025, but the firm retains significant expertise in the form of Marc Weisberger, who has extensive experience in both physical and derivative markets, alongside Matthew Harvey, who acts for both lenders and borrowers in asset finance, receivables finance and securitisation deals. Banking and finance partner Stephan Smoktunowicz frequently advises financiers, borrowers, sponsors, guarantors and security providers on trade and working capital finance transactions. The firm also has a highly regarded blockchain and crypto practice that is at the forefront of decentralised commodities trading platform initiatives.

Autres avocats clés:

Marc Weisberger; Matthew Harvey; Stephan Smoktunowicz


Les références

‘Strong customer focus, reasonable and transparent pricing, deep technical expertise, quality network where international/cross-functional coordination is required.’

‘Quick turnaround, excellent quality, reasonable pricing.’

Principaux clients

Torq Commodities AG


Eterna PLC


Barens CT SA


Shard Credit Partners Ltd


Cabipa Nigeria Limited, Nigeria and Eterna plc, Nigeria


DRUM Advisory


40Seas, Inc.


Mitsubishi HC Capital America, Inc.


Principaux dossiers


  • Advised Eterna Plc, a listed Nigerian fuel importer/distributor in its ongoing dispute with a Swiss trade finance bank over the ownership and control of a cargo of baseoil.
  • Advised Torq Commodities AG, an international group trading in soft and agricultural commodities, on its expansion programme.
  • Advised Mitsubishi HC Capital America, Inc, a US finance house, on the multi-currency funding of IT equipment in Dutch warehouses and associated receivables from end customers across the EU.

Hill Dickinson LLP

Hill Dickinson LLP blends deep expertise in commodities with a strong banking and finance practice. Mark Aspinall is an energy market veteran who specialises in midstream and downstream oil sector deals and associated transactional finance structures for producers and offtakers- particularly in emerging and niche markets. He is ably supported by Olga Newman, who has in-depth knowledge of the commodities markets from the perspective of both lender and borrowers. The firm also handles trade finance litigation, and Aspinall’s work for Rasmala Trade Finance Fund in a claim over alleged fraud arising out of Murabaha financing facilities is a prime example of its skill set. The arrival of vastly experienced trade finance specialist Veronika Koroleva in June 2025 is a significant boost to the firm’s capability on the financing side.

Responsables de la pratique:

Mark Aspinall


Autres avocats clés:

Veronika Koroleva; Olga Newman


Principaux clients

Rasmala Trade Finance Fund


DB Group FZCO


Mocoh SA


Principaux dossiers


  • Acting for a Cayman Island trade finance fund against a well-known global Independent Trading House in a High Court action for alleged fraud.

Watson Farley & Williams LLP

Watson Farley & Williams LLP is a key adviser to banks, trading houses and independent companies active in the commodities sector. Sumeet Mahlotra in Singapore and London-based Philip Beswick lead the commodities and international trade practice, which draws upon significant financing expertise in the projects group. For example, Joe Levin, co-head of the global oil and gas practice, leads on upstream finance matters, while projects partner Paul Simpson also handles high-value transactions in the natural resources, power, infrastructure and energy sectors. Beswick and Levin recently assisted Kommunalkredit Austria with a new five-year €25m secured facility to fund the repayment of a reserves-based lending facility.

Responsables de la pratique:

Sumeet Mahlotra; Philip Beswick


Autres avocats clés:

Joe Levin; Daisy East; Tom Harvey; Paul Simpson; Georgina Somers


Les références

‘Daisy East (partner) and Tom Harvey (associate) are very experienced.’

‘The people at WFW make a huge difference compared to other legal firms. They are able to efficiently and succinctly propose solutions for legal problems we encounter on deals, rather than only highlighting risks. This is key for our line of work where we are only able to advance origination topics once we have an understanding of solutions.’

‘Paul Simpson is an outstanding partner and legal lead. He robustly manages all legal aspects of the deal process (negotiations, explanations, documentation, guidance) from start to end. He and his team are also able to match whichever deal speed we require and have successfully delivered some of the fastest deal timelines. He is well supported by associates Tom Harvey and Georgina Somers.’

Principaux clients

African Export-Import Bank


Trafigura


JE Energy Ltd


BW Energy Holdings Pte. Ltd


Shell Energy Europe Limited (“SEEL”)


DNB Bank ASA


CCC Oil and Gas Ltd and Massader (The Sovereign Wealth Fund of Palestine)


The Republic of Guinea


Kommunalkredit Austria AG


Beacon Energy plc


HSBC Bank plc


Tamesis Partners LLP


TORM plc


Rome Resources


Celsius Resources Limited


Ascent Resources Plc


Strandline Resources Limited


Principaux dossiers


  • Advising BW Energy on an up to US$300m new international reserve-based lending facility. The facility will be used initially to further finance and develop the Dussafu license off the coast of Gabon.
  • Advising DNB and the lenders on the refinancing of the over US$2.75bn RBL facility for Harbour Energy plc for its general corporate purposes.
  • Advising Afreximbank on an agreement to provide a US$300 million facility to Trident OGX Congo in a transaction expected to raise the Republic of Congo’s crude oil production by an estimated 30 per cent.