Trafigura Securitisation Finance, a receivables securitisation vehicle of Trafigura Group , has successfully priced a new series of notes on the 144A/RegS Asset-Backed Securities  market. This marks Trafigura’s eighth public ABS transaction since the programme’s inception in November 2004. TSF has since become the largest AAA/Aaa publicly-rated securitisation programme of trade receivables in the world.

The vehicle offers investors access to a blended portfolio of short-term credit exposure from Trafigura’s customer portfolio, including oil majors, non-ferrous metals and minerals purchasers, and highly-rated banks, through payment undertakings.

A total of USD500 million of public notes (3-year tenor) were placed with US investors, including USD465 million fixed-rate Class A notes (AAA/Aaa) at U.S. Treasuries I-Curve +110bps and USD35 million fixed rate Class B notes (BBB/Baa2) at U.S. Treasuries I-Curve +220bps.

The transaction received strong support, with participation from a total of 20 investors – including large asset management groups – across both classes. The transaction was announced on 29 May and successfully priced on 1 June.

Laurent Christophe, Trafigura’s Group Treasurer, commented: “For the eighth time since our debut public issuance in 2007, we have successfully accessed the ABS market through our flagship TSF programme. Today’s pricing – achieved well-inside our previous TSF 2024-1 transaction – highlights the attractiveness of trade receivables as an underlying asset class, understanding of the key role Trafigura plays in global supply chains, and the quality of a structure which has delivered strong portfolio performance since inception in 2004.”

“The transaction benefited from growing recognition among investors of both the programme’s quality and Trafigura’s continued role as an originator across multiple market cycles. The size of the order book, which was significantly oversubscribed, is a testament to the depth of investor appetite and confidence in the TSF platform.”

“We launched TSF in 2004 with the ambition of making it a cornerstone of Trafigura’s funding strategy. This successful transaction reinforces our commitment to the ABS market, and we look forward to continuing to issue new series of notes from TSF on a programmatic basis.”

Mizuho, MUFG, SMBC and Société Générale (Structuring) acted as Joint Lead Managers on the transaction.

Bloomberg ticker: TRFIG 2026-1