Wednesday, 17 July 2019
The project finance market was off to a slow start in 2019, with totals in the Refinitiv Project Finance International H1 league tables down slightly from last year to US$100.5bn. The same occurred in 2018 but the market picked up noticeably in the second half of the year. There are signs volumes are improving, as the Q1 tables were almost a third below 2018 levels. Bonds numbers were also down slightly to US$20.7bn while developing market DFI activity jumped 60%.
There has been a slow start to the project finance market in 2019, with totals in the Refinitiv Project Finance International league tables down a little from last year. The same occurred in 2018 but the market picked up noticeably in the second half of the year. Time will tell if that will occur again in 2019.
The global infrastructure market in 2019 has seen a range of deals financed and plenty of new plans hatched. The problems in the contracting sector remain, however. PFI’s Global Infrastructure Report 2019 case studies leading deals such as Gordie Howe, Florida Rail, Paraguay’s Corredor Bioceanico, Shuqaiq IWP, Tours-Bordeaux and Belgrade Airport. Themes such as China’s Belt & Road and Thailand’s Eastern Economic Corridor are examined and the problems with US and Australian construction projects are revealed.
The renewables sector remained the most vibrant energy market over the past year, while the TAP pipeline brought back attention to mega oil & gas projects. PFI’s Global Energy Report 2019 looks at emerging renewables markets, such as Poland and Vietnam, alongside established ones, such as Belgium and Scotland, with an eye on the boom under way in Spain and Australia. The report examines new structures such as US energy P3s and Asian Green bonds and offers an outlook on LNG and FPSO financings.
Welcome to the 2019 Thomson Reuters Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2018, through case studies and the PFI Awards, and look forward into 2019 with interviews and articles in the Global section of the book.
Construction risk is being underplayed right now in these credit-friendly times, with little difference now between construction margins and operating margins. It is alive and kicking, however in one sector – mining.
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