The price for financing from Eksfin consists of two price elements. This is also the case for financing provided i collaboration with a bank. The first element is the interest for borrowing money (if applicable), and the other element is a risk premium for the risk of lending out money or issuing a guarantee, in each individual transaction.

Interest rates

Eksfin only offers loan for financing of export transactions, with the exception loans under the Arrangement for domestic ship financing in Norway. If the loan is provided by a bank, it is the bank that sets the interest rate.

For long term export financing, Eksfin offers both CIRR-rates and market based interest rates:

  • Commercial Interest Reference Rates (CIRR) are fixed interest rates quoted by the OECD  monthly
  • Market loans are floating rate loans priced according to prevailing market conditions.  Prices are quoted as a margin above the relevant interbank rate (LIBOR, NIBOR etc). The margin offered must be in accordance with state aid regulations.

CIRR rates are quoted on request and before signing of the commercial contract. Please see the application form on this website to obtain a possible CIRR quote. The actual CIRR rate offered to a borrower will be fixed at the date of signing of the commercial contract.

More details related to CIRR rates

When Eksfin receives an application for a loan (Buyer Credit), Eksfin offers the potential Borrower a Pre-Contract CIRR option valid for 120 days. This provides the Borrower with a fixed-interest rate option before an export contract with the supplier/exporter has been entered into. The Pre-Contract CIRRs include a margin of 20 basis points on top of the CIRRs published by the OECD on the 15th of every month.

The applicable CIRR for the loan will be determined upon signing of the export contract with the supplier/exporter. This will be the lowest of the CIRRs at the date of signing the export contract and any valid Pre-Contract CIRR. Any valid Pre-Contract CIRR is defined as a Pre-Contract CIRR quoted in the 120-day period preceding the date of signing, however, not earlier than the date of application. If the export contract has not been signed within 120 days from the date of the CIRR quote, Eksfin will renew the CIRR offer for another 120 days upon written request.

More details related market-based floating interest rate

On request, Eksfin may indicate a fixed margin for an agreed period of time over a reference rate such as Euribor or Nibor. The margin will be fixed for an agreed period from signing of the Loan Agreement (the “Fixed Margin Period”). When the Fixed Margin Period expires Eksfin will, at the request of the Borrower, offer a new margin for a new Fixed Margin Period.

Risk premium and guarantees

When Eksfin issues a guarantee or covers the credit risk for a loan, Eksfin charges a guarantee premium or a risk premium. When Eksfin covers the credit risk for a loan, there will be a risk premium in addition to the interest rate on the loan, payable by the borrower. The risk or guarantee premium is paid either up front or as an add-on to the interest rate. Alternatively, a bank may cover the credit risk and issue a guarantee in favor of Eksfin acting as lender. In such cases the borrower will pay a guarantee premium to the bank. The risk premium / guarantee premium is determined based on an assessment of the credit risk on the borrower and prevailing market pricing. Eksfin will normally share cover of the credit risk with a bank, and terms and conditions are agreed among all parties involved.

The guarantee or risk premium is determined on the basis of repayment period, and is also influenced by such factors as:

  • The creditworthiness of the Buyer or the receiver of the guarantee: Eksfin assesses the customer’s creditworthiness, i.e. the probability of payment by the customer.
  • Political conditions in the Buyer’s or the project country: Eksfin assesses the risk of political unrest arising in a foreign country.

For loans to countries in OECD’s country categories 1-7, Eksfin’s premium calculator can give an indication of the minimum premium for risk cover for a loan or a supplier credit. More information about country categories, Eksfin’s vie won financing to different countries, and general information about country risk, is available here. 


Total cost of financing

The combined price for a loan will the interest rate plus the risk premium, while for a guarantee there will only be a guarantee premium. In addition to this, the total cost of financing or a guarantee may also include other costs and fees payable by the borrower or receiver of the guarantee. These may i.e. be agent bank fee, arrangement fee, commitment fee, and legal costs, to mention some.

The borrower or the receiver of the guarantee, and potential other parties involved, have to approve of the cost that the borrower / receiver of the guarantee is expected to cover. Eksfin strives early in the process, as far as possible, to give an indication of the extent of transaction costs that should be expected for the individual transaction.