Ishan Mehta

Introduction In August 2023, BW Energy raised $80 million upfront to develop the Golfinho field offshore Brazil. The deal was simple: a trader paid cash now, BW repaid in oil later. On paper it was a sales contract. In practice it worked like equity, as the trader took junior risk, upside via price, and governance leverage, all without issuing new shares. Equity hasn’t disappeared. It has shifted into contracts. Traditional equity windows are patchy, and bank loans are short-lived. Traders...