Trafigura Securitisation Finance 2018-1: 28 September 2018

Another Trafigura transaction, where the proceeds of the issue will be used by the issuer to purchase selected receivables from Trafigura Beheer BV pursuant to the Receivables Sale Agreement (as described in the offering circular) and, to the extent not so used, to repay, in part, the CP Funded Notes of the issuer.

The Specified Commodities as of the date of the prospectus are: crude oil, oil products, non-ferrous metals, non-ferrous metal concentrates, iron ore, coal and refined metals.

For information on Concentration, Maximum Obligor Limit, Maximum Group Limit and Maximum Country Limit, please see the relevant section in the prospectus (available via the website www.euroabs.com).

Citigroup Global Markets Inc, SMBC Nikko Securities America Inc and SG Americas Securities LLC, along with Credit Suisse Securities (USA) LLC, MUFG Securities Americas Inc, and Natixis Securities Americas LLC have agreed to subscribe to the Series 2018-1 Original Notes as initial purchasers.


EU Risk Retention: TGPL (in its capacity as Junior Subordinated Lender) will undertake that it will retain a material net economic interest of at least 5% in accordance with each of Article 405 of Regulation (EU) No.575/2013, Article 51 of Regulation (EU) No 231/2013 and Article 254 of Regulation (EU) 2015/35. As at the Closing Date such interest will be comprised of an interest in the first loss tranche, in this case the Junior Subordinated Loan Agreement.

US Risk Retention: TGPL has determined that the Issuer is a "revolving pool securitization" (within the meaning given to such term in the U.S. Risk Retention Rules). In order to satisfy its obligations under the U.S. Risk Retention Rules, TGPL will accordingly maintain a "seller's interest" of not less than 5% of the "aggregate unpaid principal balance of all outstanding investor ABS interests".

Compare/contrast: Trafigura Securitisation Finance 2017-1