Foreword
Everything got bigger in 2005 in project finance, driven by the continuing boom in the general credit markets and the high energy/commodity prices. But not everything. Margins got smaller. Competition among banks for assets really started to hot up. In the hottest market of all, in the Middle East, marins in the 50bp range for billion dollar plus deals became the norm. By the end of the year, an uncovered medium term financing in Nigeria was priced at 175bp.
Global
Petrochems set for 2006
The global petrochemical industry is about to experience another capacity wave following three years of below average growth. By Patrick Rooney, managing director of CMAI Middle East, based in Dubai, and Bettina Schroeder, an associate based in Houston.
Current trends in EPC costs
There has been an ongoing litany of project cost overruns this year. Estimated costs for some projects have more than doubled in the past year. By John Jenkins, Philip Leighton and John Staigerwald, Jacobs Consultancy Inc.
O&G - From a great height
The oil and gas markets scaled record peaks in 2005 and while the revenue generated is likely to fuel a robust list of exploration, production, refinery and natural gas liquefication projects for years to come, defending these extremes could prove a tall order. By Tim Evans, IFR Energy Services.
Analysing price risk
Commodity risk is an increasingly common part of project finance transactions. By Travis Dunbar, associate, and Chris Dymond, managing director, Greengate LLC.
The Russians are here
The last time I visited Gazprom I had to take a plane to Moscow. This time I got the 7.57 from Waterloo. By Rod Morrison.
LNG's bizarre market
Liquefied natural gas (LNG) shipping had a bizarre year in 2005. By Lucy Hine, TradeWinds.
Views of a Euro ECA
The Export Credits Guarantee Department (ECGD), the UK’s official export credit agency (ECA), has been facilitating the export of goods and services for nearly 90 years. It now has a new chief executive from the project finance world, Patrick Crawford, who writes here.
Mushrooming interest
Nuclear power is back on the table in a big way - how will the new nuke vogue play out for project financiers? By Daniel O’Sullivan.
Biofuel boom-bust potential
The forecourt fuel of the moment is a hot prospect for project finance but could also burn clean through over-optimistic expectations. By Daniel O’Sullivan.
Critical issues on US tolls
Project finance banks could not get enough of toll road deals like RAV and Sea-to-Sky in Canada last year, and the two Chicago Skyway transactions were also hugely successful. Those deals were just practice as the North America market gets ready for a strong start in 2006, By Alison Healey.
The year of the PPP rooster
The year of the Rooster will be remembered as one in which some chickens came home to roost in the PPP market. By Tony Poulter of Pricewater-house-Coopers, a temporary Australian.
PPPs and the local context
The approach to financing infrastructure, in a pendular fashion, is swinging back from mostly private toward increased public participation. By Juan Benavides and Antonio Vives, Inter-American Develop-ment Bank.
Back Section
A boon year for pf
Oh fiddle-sticks! With Dolphin now financed - and the long term financing no where in sight - there can be no more jokes about Tony Boon's shoes.
Americas
Americas Top 10 Deals
Infrastructure made a huge dent in the Top Ten deals of 2005 in the Americas. By Alison Healey.
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North America Deal of the Year
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Latin America Deal of the Year
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Power Deal of the Year
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Environmental Deal of the Year
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Oil & Gas Deal of the Year
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Infrastructure Deal of the Year
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Bank of the Year
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Bond House of the Year
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Invenergy gets the full range
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Tea party for hedge funds
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RAV relieves an itch
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Europeans at sea in the sky
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ENAP key to Enercon
Asia Pacific
Asia Pacific Top 10 Deals
There seems to be a mixed bag of huge projects completed this year in Asia. Australia leads with three projects, two of which were related to refinancing. There were two from South Korea - one refinancing and expansion, and the other a greenfield. By Minerva Lau.
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Power Deal of the year
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Oil & Gas Deal of the Year
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Infrastructure Deal of the Year
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Mining Deal of the Year
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PPP Deal of the Year
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Bond Deal of the Year
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Bank of the Year
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Adviser of the Year
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Merchant power Sing style
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EDL’s remote LNG power
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Fresh dawn on the Horizon
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Bridge to prosperity
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Macau loans a Wynn-win
EMEA
EMEA Top 10 Deals
This year’s boom in energy finance is easily shown by Top 10 deals by size table this year. Not one deal is below US$1bn in debt size. By Rod Morrison.
