Finacity and ING have come together to launch a shipping receivables securitisation for Neptune Orient Lines, a Singapore company.

The transaction is worth US$250mn and receivables financing specialist Finacity worked with ING’s Belgian arm in arranging it. The company provided analytic and structuring support, while the bank provided finance.

Law firm Freshfields Bruckhaus Deringer worked as legal counsel in the US, Luxembourg and Singapore.

Neptune, the borrower, was recently acquired by CMACGM, a large global shipping group, headquartered in France.

Finacity commonly works in this model: using single bank-sponsored commercial backing to allow its clients to purchase receivables from their value chain.

In 2014, it worked with Nord LB to provide a similar facility for CMA CGM, allowing it to access US$880mn through a syndication of five banks.

Earlier this year, it launched a securitisation vehicle for companies with smaller receivables portfolio, designed to capture businesses which are usually too small to attract bank interest.

Also in 2016, it launched a trade receivables securitisation programme for commodity giant Bunge, which would provide the company with cash proceeds of up to US$700mn through the ongoing sales of some trade receivables.