Trade, Project Finance and Private Credit News: 13 Oct 2026
ASIC halts an Ares credit fund, Amex fined over USD 13bn in suspected TBML, Trafigura signs a lithium offtake and Blackstone raises a credit continuation fund.
Regulators Tighten on Private Credit as Offtake Contracts Drive Project Debt
Australia's securities regulator stops retail sales of an Ares credit fund, US banking regulators fine American Express over USD 13 billion in suspected trade-based money laundering, Trafigura signs a ten-year lithium offtake that underpins project debt, and private credit managers turn to continuation funds as exits slow.
1. ASIC Stops Retail Sales of the Ares Global Credit Income Fund
The Australian Securities and Investments Commission issued an interim stop order on 13 October preventing Fidante Partners from issuing Class A units in the Ares Global Credit Income Fund, which held AUD 799.9 million at 30 June 2026. ASIC said the fund's target market determination was inappropriate, citing claims of suitability for capital preservation, allocations of up to 50% of investable assets and the timeframe for accessing capital.
The fund holds bonds, syndicated loans, CMBS and CLOs, including possible exposure to residual CLO tranches. The order runs for 21 days and comes out of ASIC's wider surveillance of private credit funds sold to retail investors. Institutional private credit is unaffected, but managers relying on retail and wealth channels may raise capital more slowly.
2. American Express Fined Over USD 13 Billion in Suspected Trade-Based Money Laundering
The OCC fined American Express National Bank USD 350 million and, with the Federal Reserve, issued cease-and-desist orders on 8 October after regulators identified about USD 13 billion in suspected trade-based money laundering between roughly June 2014 and May 2025, American Banker reported.
The orders require a remediation plan, an independent look-back on suspicious activity reporting and fixes to know-your-customer and transaction monitoring controls. Amex said the orders impose no asset cap. For traders, the message is that counterparty, pricing and payment flow scrutiny will keep rising on every transaction.
3. Trafigura Signs a Ten-Year Lithium Offtake with EnergyX
Trafigura agreed a binding ten-year offtake on 12 October for 100,000 tonnes of battery-grade lithium from EnergyX. It will take 66% of Phase 1 lithium carbonate from the Black Giant project in Antofagasta, Chile, targeted for 2028, and 30% of Phase 1 lithium hydroxide from the Lonestar project in Texas, targeted for 2029.
Trafigura said the offtake supports the projects' bankability, as a key requirement for EnergyX's financing from US EXIM and other project lenders. A creditworthy offtaker remains what turns a critical minerals project into a financeable one.
4. Atmos Closes Financing on 870 MW of Australian Wind and Storage
Atmos Renewables reached financial close on the 400 MW / 1,600 MWh Teebar battery in Queensland and the 470 MW Parron Maam Marang wind farm in Western Australia, SMM reported on 6 October. Both projects have long-term revenue support under Australia's Capacity Investment Scheme, which gives lenders a contracted floor to size debt against. The debt size and lenders were not disclosed.
5. Blackstone Raises About USD 1 Billion for a Private Credit Continuation Vehicle
Blackstone raised approximately USD 1 billion for a continuation vehicle holding loans from Blackstone Capital Opportunities Fund IV, with Allianz Global Investors reported as lead buyer alongside StepStone, Private Equity Wire reported on 9 October. The structure lets existing investors exit while Blackstone keeps managing the portfolio.
Not every attempt has priced well. In August, 9fin reported that Ares roughly halved the perimeter of one private credit continuation fund after investors pushed back on pricing.
6. PitchBook: US Private Equity Exit Value Falls in Q3
US private equity exit value fell 14.1% year on year in the third quarter, according to PitchBook data reported by Fortune on 12 October, which put the fall in deal value at 13.6%. PitchBook's analyst said fundraising has become harder over the past 18 to 24 months and flagged possible interest rate increases as a risk. Slower exits push sponsors toward refinancing and structured debt for liquidity.
What it means for borrowers
Compliance gates trade finance. Prepare counterparty, pricing and payment flow evidence before you apply.
Offtake decides bankability. Contracted revenue from an acceptable counterparty or a government scheme is what lenders size debt on.
Private credit is open but selective. Institutional capital keeps flowing while retail channels face tighter rules.
Longer holds favor debt. With exits down, sponsors are using refinancing and structured debt to create liquidity.
Financing a Live Transaction?
Financely structures trade finance, project finance and private credit for eligible mandates. Tell us about your deal and we will send you the scope of work and our fee.
Request a Free EstimateThis brief is for general information only, compiled from the public sources linked above as of 13 October 2026, and does not constitute legal, tax or investment advice. Financely has no involvement in the transactions described. Financely is an advisory and arranging firm, not a bank or direct lender, and does not itself commit lender capital. Financing remains subject to underwriting, KYC, AML, sanctions screening, definitive documentation and final credit approval.