New Issue: Trafigura Securitisation Finance PLC (Series 2021-1) Primary Credit Analyst: Florent Stiel, Paris + 33 14 420 6690;
[email protected] Secondary Contact: Isabel Plaza, Madrid + 34 91 788 7203;
[email protected] Table Of Contents Transaction Summary Key Changes From The Issuance Of Series 2018-1 Rating Rationale Environmental, Social, And Governance (ESG) Strengths, Concerns, And Mitigating Factors Transaction Structure Credit Enhancement Collateral Description Surveillance Details Related Criteria Related Research WWW.STANDARDANDPOORS.COM JULY 22, 2021 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global 2692564 Ratings' permission. See Terms of Use/Disclaimer on the last page. New Issue: Trafigura Securitisation Finance PLC (Series 2021-1) Ratings Detail Ratings Minimum credit enhancement Class Rating* Amount (mil. $) (%) Interest § Legal final maturity A1 AAA (sf) 139.5 Dynamic, with a 15% floor One-month LIBOR plus 53 January 2025 bps A2 AAA (sf) 139.5 Dynamic, with a 15% floor Fixed rate January 2025 B BBB (sf) 21.0 Dynamic, with a 9% floor Fixed rate January 2025 *Our ratings address timely interest and ultimate principal payments. §The interest rates will be determined on the pricing date. The total floating-rate coupon on the class A1 notes will be subject to a minimum level of zero percent. Bps--Basis points. Transaction Participants Originators Trafigura Pte. Ltd., Trafigura Asia Trading PTE Ltd., and Trafigura Trading LLC Seller Trafigura Pte. Ltd. Master servicer Trafigura Group Pte. Ltd. Standby servicer Société Générale Matching agent Société Générale Security trustee SG Kleinwort Hambros Trust Co. (CI) Ltd.