Jonathan Solomon

Jonathan is a partner in Reed Smith’s Energy & Natural Resources Group and is the leading lawyer in our award-winning EMEA and SE Asia trade and commodities finance practice.

He represents and advises financial institutions, corporates, and traders on all forms of structured trade and commodity and infrastructure financings, including pre-export, pre-payment, inventory, limited recourse, warehouse, and countertrade, as well as rights purchase, repo, and true sale transactions. Jonathan also advises on all types of emerging market receivables financings, including project, acquisition, and mining facilities.

He has a global practice that he has built up over 18 years of exclusively working in the trade finance market. His work covers Europe, Africa, the CIS (including Russia and Ukraine), SE Asia, and North and Latin America.

Career Highlights:

Advised on over 1000 trade finance transactions in career to date
Lead advisor in the past five years on more than 17 award-winning deals
Has led the Reed Smith EMEA and SE Asia trade finance practice since moving to the firm in October 2013. The Reed Smith team received the following awards in 2016:
- 2016 Commodity Law Firm of the Year – Trade Finance
- 2016 Trade Finance Law Firm of the Year – TXF
One of the senior partners who led the trade finance group at Dentons until 2013, which won the following awards:
- Best Law Firm for Trade Finance for seven consecutive years – Trade & Forfaiting Review
- Best Trade Law Firm EMEA (Trade Finance magazine – Best law firm for 10 years)
- Best Trade Finance Law Firm (Global Trade Review magazine – 7 consecutive years)
As a lawyer, Jonathan has received commendations from clients and other industry participants, including by the independent legal directories as follows (only most recent references listed):
- Chambers UK, 2022 notes that Jonathan “is outstanding: quick, reliable and very knowledgeable”
- Ranked in the Hall of Fame in the latest edition of The Legal 500 UK, 2022 for Trade Finance
- Both The Legal 500 and Chambers and Partners rank Jonathan as a Leading Individual in Trade Finance
- The Legal 500 UK, 2020 notes that Jonathan “is an exceptional partner and an expert in this field” and “is top of class in trade finance work – particularly when it comes to Southeast Asia and Africa. He is extremely responsive and quick to spot and resolve issues that others may not catch.”
- Recognised in the 2020 UK Best Lawyers list for Banking: Finance
- Named Star Lawyer in 2019 in the Acritas Star Lawyer database of stand-out lawyers nominated by clients’ senior in-house counsel for their exceptional client service
- Chambers UK, 2019 notes that Jonathan has “a well-known international trade and finance practice” and comments that he is “very hard-working” highlighting his “hunger and drive, which makes him a strong lawyer”
- The Legal 500 UK,2019 notes that Jonathan is “recommended for his ‘knowledge, experience and skill that have proven critical in complex structuring circumstances to move transactions across the finishing line’”
- Chambers UK,2018 notes that Jonathan has “a great reputation and clients speak very highly of him”
- Chambers UK,2017 comments that Jonathan “is [client’s] absolute first choice in these [trade finance] matters”
- The Legal 500 UK, 2016 states that “Jonathan Solomon is ‘one of the leading trade finance specialists in the market’”
- The Legal 500 UK, 2014 states that “New arrival [at Reed Smith] from Dentons, Jonathan Solomon is ‘very bright and works ridiculously hard’”
- Chambers UK, 2014 states that “Trade finance expert Jonathan Solomon has joined Reed Smith and is noted for his international mindset and ability to adapt to any circumstances” and notes the comments of “an impressed” client that “he is an absolute work horse; you can call him at 3 in the morning and he’ll give you an hour’s worth of work”
- Chambers UK,2015 comments that “Jonathan Solomon’s arrival has significantly strengthened the trade finance capabilities at the firm. Sources are quick to describe him as “very effective”, noting that he “focused very much on the key points and didn’t get distracted.” “He makes my life so much easier”, said one satisfied client.
- The Legal 500 UK,2015 says that the “outstanding Jonathan Solomon is “the best for syndicated, club and bilateral trade finance transactions, and his dedication to clients is legendary.” “Clients praise his team’s ‘tenacity, compassion and flexibility’”
- Both The Legal 500 and Chambers rank Jonathan as a leading individual in Trade Finance

Experience

Representative matters

Advised on a suite of three pre-delivery syndicated loan facilities providing US$930 million in finance to China’s Shandong Qingyuan. These facilities were recently awarded ‘Overall Commodities Finance Deal of the Year 2018’ and listed as one of the ‘TXF Perfect 10 Deals of the Year’ by TXF.

Advised ING on the Shandong Qingyuan US$650 million prepayment facility. This financing remains the largest structured commodity financing into the Chinese market to date. This deal was awarded ‘Asia-Pacific Commodities Finance Deal of the Year’ and was listed as one of the TXF Perfect 10 Deals of the Year at the 2018 TXF commodity awards dinner in Amsterdam.

Advised HSBC Trinkaus & Burkhardt AG. in relation to a US$440 million receivables purchasing agreement with a company involved in the marketing of semifinished metal products.

Advised Alvean on a US$400 million syndicated revolving credit facility (RCF). This marks Alvean’s first entry into the syndicated loan market and will be one of the highest profile RCFs to a commodity trader in 2017 as well as on the US$450 million RCF refinancing.

Advised the Hong Kong branch of a Dutch bank on a US$120 million structured copper pre-financing term loan facility for Yanggu Xiangguang Copper Ltd. (“XGC”) a China based copper smelter and exporter.

Advised a Dutch bank in relation to a US$430 million syndicated facility to co-borrowers Dongying Fangyuan Nonferrous Metals Co., Ltd. and Dongying Lufang Metals Material Co., Ltd. marking the largest ever metals financings deals in the APAC region.

Advised a hedge fund on a US$60 million secured structured trade finance facility to a UAE based oil trader.

Advised a bank syndicate on a limited recourse SPV prepayment financing relating to the production and sale of zinc concentrate by Nyrstar AG.

Advised an independent investment management firm in relation to an innovative financing arrangement with an Egyptian soft commodities importer.

Advised a major international metals trade on a structured prepayment and offtake contract relating to the sale and purchase of copper products from Zambia

Advised on a USD 1 billion syndicated financing of North African crude oil supplies

Advised a major African Bank on a club multi-jurisdictional warehouse financing relating to the import, storage and export of soft commodities in multiple African jurisdictions including Malawi, Ghana, Zimbabwe, Zambia, Mozambique and Tanzania

Advised over a number of years the lead arrangers to the annual Ghana Cocoa Board cocoa crop financing

Advised a major African Bank on a multimillion dollar remittance-backed syndicated term loan facility to a Ghanaian bank to fully prepay an existing facility and to finance foreign exchange requirements for strategic oil imports, other import requirements and pre- and post-export financing needs of the borrower's clients

Advised a major African Bank on an uncommitted revolving finance facility for rice and sugar in Ghana

Represented a major international commodity trader on a multimillion-dollar copper cathodes pre-financing in the Democratic Republic of Congo. The transaction involved moving the finished product across inland African borders and shipping from a third country

Advised a major African bank on a facility to support the trade finance requirements of a Nigerian bank

Advised a major African bank on a secured four year term loan facility to a tobacco company in Malawi

Advised on a secured trade finance facility to a tobacco company in Zimbabwe

Advised on a major international commodity trader on a syndicated multi jurisdiction uncommitted borrowing base facility

Advised on a dual tranche structured facility to an oil logistics company operating in Nigeria

Advised a major international trader on a copper prepayment transaction involving the export of copper from China.

Advised a major international trader on the first syndicated limited recourse facility in respect of the export of aluminium from Malaysia.

Advised a major international trader on a coal prepayment facility involving export of coal from Indonesia.

Advised a major international bank on the restructuring and eventual enforcement of security for a gold prepayment financing in Thailand.

Advised Deutsche Bank AG, Singapore Branch, on a structured receivables purchase facility involving a structure in which coal export sales from Indonesia would finance the lease payments on equipment supplied by Liebherr France, part of German manufacturer Liebherr Group. Deutsche Bank directly leveraged the proceeds of thermal coal export sales, captured via an offshore waterfall account structure, to service lease payments for equipment financed under the facility. The deal structure is recognised as being the first of its kind involving Indonesia and an Indonesian obligor.

Advised a leading international bank based in Singapore on a term and revolving loan facility to an Indonesian thermal coal producer

Advised a leading Asian based bank on the first pre-export facility to the private sector in Mongolia. The facility was made available to one of Mongolia’s largest coal producers.

Advised on a bank guarantee facility from a leading international bank to a large Malaysian conglomerate

Advised a major international bank on a receivables-backed finance facility relating to the lease of coal crushing facilities in Indonesia

Advised a major international bank on a secured finance facility relating to the export of nickel from The Philippines

Advised a syndicate of banks on a USD 100 million medium-term syndicated structured export prepayment facility to finance the storage of export of soy beans in and from Brazil.

Advised a major international commodity bank on a Colombian coal financing

Advised a major international bank on a repo transaction relating to the sale and purchase of metal products in Canada

Advised a syndicate of banks on a limited recourse secured prepayment financing relating to the production and export of oil from Brazil

Advised a major international bank on a prepayment and offtake contract relating to the purchase of steel products from a Chilean steel producer and exporter

Acting for a Dutch bank as facility agent on a USD 60 million syndicated secured facility to finance the purchase storage, export and transport of soy products and corn by a Portuguese borrower

Advising a syndicate of banks on a structured receivables finance facility relating to the acquisition of a Brazilian steel producer and exporter. The facility was structured as a pre-pagamento financing. The facility was collateralised through the taking of security over receivables, offshore and domestic cash accounts, and inventory and equipment located in Brazil together with a guarantee granted by a parent company

Advising a major financial institution on a remittances-backed facility for repatriate to a Latin American country

Advised on a USD 150 million portfolio of Brazilian sugar financings by various European banks

Represented a multinational commodity trading company in the structuring of multiple receivables discounting facilities and a secured bilateral facility to finance government obligor trade receivables and fuel oil stored in Guatemala

Representing a multinational commodities trading company regarding a borrowing base facility to finance crude oil, naphtha and fuel oil trading activities in Colombia.

Advised Deutsche Bank on a syndicated $200,000,000 limited recourse secured prepayment facility to Nyrstar NV

Advised Societe Generale in relation to a syndicated $120 million limited recourse secured prepayment facility to Noble.

Advised major Japanese banks on multiple discounting and rights purchase agreements relating to receivables payable under various commercial and energy related contracts

Advised various syndicates on multiple structured pre-export financings to Metinvest B.V., the holding company for the Metinvest steel production group based in the Ukraine. These facilities remain the largest structured facilities made available to Ukrainian obligors since 2008.

Advised a major international trader on a red clause letter of credit facility in respect of the sale of North Sea oil

Advised various syndicates on pre-export finance facilities to Ferrexpo UK Limited and Ferrexpo AG, companies in the Ukrainian iron ore-producing Ferrexpo Group

Advised an international syndicate of banks on a secured borrowing base facility to an Austrian metals processor

Advised a major European bank on a four-and-a-half-year secured term loan coal pre-export finance facility for the then largest coking coal producer in Russia. This was the longest ever maturity for syndicated facility in favour of a Russian coal producer.

Advised Vyborg Limited, a Jersey company in the Russian Vyborgskaya Celluloza wood pellet and bio fuel producer group, as borrower on the €30 million pre-export financing facility. The facility is to help finance construction of the world’s largest wood pellet plant.

Advised an Asian bank on a structured coal advance payment facility to finance the export of coal from Russia

Advised a syndicate of lenders on a limited recourse prepayment financing relating to the export of coal from Russia

Advised a syndicate of lenders on a limited recourse prepayment financing relating to the export of copper cathodes from Russia

Advised an Austrian bank on a refinancing of a multicurrency secured uncommitted collateral pool facility to finance the purchase, freight, storage and sale of oil stored in Russia and Estonia

Advised a BVI oil company on a Turkmen oil sale with back-to-back sales contracts

Advised a Russian bank on a term loan facility to a Russian insurance group secured by security over group company shares in the BVI, Luxembourg, Russia, the Netherlands and Cyprus and dealing with related pre-emption rights issues

Advised Reuben Brothers on its acquisition of Metro Warehousing from Goldman Sachs

Advised Standard Chartered Bank, Dubai, on a dollar oil prepayment loan facility

Advised a German bank on a US$75 senior structured coal finance facility to an American coal company

Advised Deutsche Bank AG on a US$100 million syndicated bond loan, payment guarantee and letter of credit agreement and programme for Leaf Tobacco A. Michailides Group, based in Greece

Advised RBS on a committed borrowing base facility relating to the storage of cocoa in Turkey

Advised on sale and purchase and collateral arrangements relating to crude oil transactions in oil refineries in Western Europe

Advised an international syndicate on the restructuring and refinancing of a borrowing base facility made available to an Austrian steel and precious metals producer

Acted for a borrower in a USD 200 million borrowing base facility for crude and petroleum products in Northern Europe

Represented a borrower in a USD 60 million soft commodity borrowing base facility in Europe

Represented a multinational commodities grain trading company in several bilateral credit facilities totalling more than USD 2 billion

Advised on a USD 700 million securitisation of soft commodity receivables

Recognitions

Ranked in Chambers UK for UK-wide Commodities: Trade Finance, 2014-2026
Listed as a Notable Practitioner in IFLR1000 Global for UK Trade Finance, 2020-2024
Listed in the Hall of Fame in The Legal 500 UK for Finance: Trade Finance, 2020-2025

Credentials

Education

London School of Economics, 1994, LL.B., Winner of Leonard Sainer Award for best Company Law Paper for all London universities; Winner of Barlow, Lyde & Gilbert Prize for best Company Law Paper