Trade finance

Combining deep market knowledge with technical expertise, we help clients structure and secure complex domestic and cross-border transactions. Our trade finance lawyers advise financial institutions, trading companies, producers and end-users across the full commodity supply chain. From risk mitigation to dispute resolution, we deliver clear, commercial advice in a fast-moving sector shaped by global trade flows, regulatory change, and evolving financing needs.

Expert trade finance lawyers

Penningtons Manches Cooper has one of the most experienced and versatile trade finance teams in the UK, with a reputation built on decades of work for leading international banks, trading houses and commodity producers. Our clients value our deep sector understanding, practical approach and ability to deliver solutions that reflect the commercial realities of international trade.

The team’s strength lies in its integration with our market-leading shipping and commodities practices. This enables us to advise at every stage of the trade cycle – from production and transport to sale, insurance and financing – ensuring that transactions are properly structured and secured throughout each logistical and contractual phase.

Operating across our offices in London, Paris, Madrid, Piraeus and Singapore, we are ideally positioned to support clients active in the world’s key trading hubs. Our multi-jurisdictional lawyers offer in-depth knowledge of both national and international legal frameworks, alongside established relationships with local regulators, insurers and counterparties.

We regularly act on complex, multi-layered financing arrangements, including structured trade and commodity finance, receivables financing, export credit transactions and borrowing base facilities. Our work spans emerging and developed markets.

Penningtons distinguishes itself through a steadfast dedication to providing customised, innovative solutions. Their core strengths include deep industry expertise, a collaborative approach, and a commitment to fostering long-term partnerships.

Ranked in The Legal 500, we are recognised for our hands-on, technically precise and commercial approach. Whether advising on risk mitigation, compliance, or cross-border disputes, our trade finance lawyers provide responsive, pragmatic support to help clients move confidently through the challenges of global commerce.

How we help our clients

Receivables financing

Structured financing facilities

Commodity financing

Non-payment, credit and political risk insurance

Trade and commodity finance disputes

Structured trade finance

Project finance

Trade services

Debt restructuring

Compliance and regulation

Insurance

Export credit financing

Penningtons adopts a forward-looking perspective by harnessing advanced technology, data-driven insights, and flexible billing models. This approach not only enhances value but also optimises efficiency, setting them apart in their field.

Penningtons provided trade finance legal advice to us. Despite it being a sizeable transaction, the team under the guidance of Grant Eldred supported us in a timely, competent and professional way.

Grant Eldred… exceptional combination of legal expertise, strategic insight, and client-focused approach. What differentiates him from competitors is his ability to seamlessly balance thorough legal analysis with practical, real-world solutions.

The team provides a high level of service and simple explanations of complicated matters.

Strong and extensive expertise in the products we require. Knowledgeable and approachable practice with an ability to respond within the time frame we need.

Recent work highlights

Defence of claim under SBLCs

Acting for a Swiss bank in the Commercial Court in defence of a claim in the English court under standby letters of credit (SBLCs), where the underlying facts were the subject of parallel civil and criminal proceedings taking place in Switzerland.

Receivables and sanctions advice

Advising a London-based Asian bank in relation to receivables and sanctions issues arising in connection with US$300 million syndication in a trade and commodity finance syndicated facility.

African financing structures

Assisting the European financing arm of an international plant manufacturer in connection with credit and receivables financing structures throughout Africa, including Ghana, South Africa, Mozambique and Ivory Coast.

Singapore trade finance fraud litigation

Advising on Singapore litigation in respect of a fraudulent presentation under a letter of credit. This case arose out of a prominent trade finance fraud case in Singapore.

$100 million secured trade finance facility

Advising the London branch of an Asian bank in relation to a US$100 million secured trade finance facility for a Middle East commodity trading company.

African trade finance facility fund

Assisting an African financial institution on the establishment of, and documentation for, a trade finance facility fund financing the import and export of trade in sub-Saharan Africa.

Receivables and borrowing base facilities

Representing a Swiss bank in relation to bilateral and syndicated receivables and borrowing base facilities (US$30 million) secured over assets in various jurisdictions.

Credit risk mitigation advice for bank

Providing credit risk mitigation advice to a Middle East bank based in the UK, including UK CRR requirements and credit risk mitigation insurance policies.

$600 million receivables financing facility

Acting for a Switzerland-based global commodities trader on its US$600 million receivables financing facility granted by a club of lenders.

Facility for independent ferroalloys trader

Assisting the London branch of an overseas bank on a US$50 million facility for the largest independent ferroalloys trader in the world, relating to the financing of metals transactions, secured by a trade finance security deed.

Receivable purchase agreement amendment

Advising the London branch of an overseas bank on a US$250 million receivable purchase agreement amendment for a leading global provider of information and communications technology (ICT) infrastructure.

Global ancillaries facilities

Acting for the various branches/subsidiaries of a major international bank in Asia and Europe on global ancillaries facilities, comprising FX, BG and overdraft facilities, for a global logistics group worldwide, through a master umbrella credit agreement.

Receivables and borrowing base facilities

Representing a Swiss bank in relation to bilateral and syndicated receivables and borrowing base facilities (US$30 million) secured over assets in various jurisdictions.

Credit risk mitigation advice for bank

Providing credit risk mitigation advice to a Middle East bank based in the UK, including UK CRR requirements and credit risk mitigation insurance policies.