Gunvor Joins Peers in Getting Export Credit Agency Backing

Gunvor Group has become the third commodity trading house to raise a syndicated loan with a guarantee from an export credit agency, in a bid to secure natural gas supplies as the war in Ukraine continues to impact energy markets.

The commodity trader obtained a €400 million ($436 million) loan guaranteed by Italy’s SACE SpA. The five-year loan was coordinated by UniCredit SpA. It was joined by four other lenders.

Russia’s invasion of Ukraine triggered turmoil in energy markets, prompting governments to turn to commodity trading houses to lock in supply of key resources. The new loan will help ...