PFI Yearbook 2010
Welcome to the PFI Yearbook 2010. And vive la France! It has not necessarily felt like a French year, 2009, but looking at our awards it certainly appears to have been so. French banks, sponsors and equity investors all take pride of place. In part, this was a coincidence – certainly all the awards were viewed and judged separately – but maybe there is a common link.
Global Awards
Bank of the Year
Outlook for infra lending
It is generally agreed that there has been a shortage of lenders. And yet as one of the banks still lending term debt, we have been scaled back on our last four deals. So what exactly is going on? By Chris Heathcote, global head of infrastructure, WestLB.
Be careful out there
The consequences of the credit crunch on the energy finance market have materially improved the reward side of the equation but not its risk side. By Bali Kochar, director, project and industry specialised lending, Banca IMI SpA (London Branch).
Project bond market outlook
The period from Lehman to the year end of 2008 was dark in the international bond markets. Corporate Issuance was dominated by highly rated and defensive credits largely in the utility, telco and oil sectors. By Paul Chivers, head of debt capital markets, CEEMEA, BNP Paribas.
Domestic liquidity needs some push
Domestic banks in Asia had learned their lessons during the Asian currency crisis of 1997–98 so the effect on them of the 2008–09 global financial crisis has been moderate. Thus, Asian domestic banks are beginning to heed the call to fill the liquidity gap in the market. Minerva Lau writes.
ADB and the crisis
The project finance operations of multilateral development banks such as the ADB have had a most eventful global financial crisis. By Michael Barrow, director, Private Sector Infrastructure Finance Division 1, Asian Development Bank.
LNG challenges
The LNG business in 2009 has seen considerable changes. This paper will give a view on the short and long-term challenges facing the LNG industry. By David Ledesma, South-Court.
Energy superpowers
China and India are becoming energy superpowers. What will be the impact? By Simon Harrison, director, energy, Mott MacDonald.
CLP – Financing pattern is changing
The credit crisis is good and bad. It is bad because it hinders economic growth. However, it can be good because it sometimes leads to new ways of fundraising and financing structures for much needed projects, as CLP has displayed. By Minerva Lau.
Investing in a clean energy future
The US DOE Loan Guarantee Program was a first step in establishing a more comprehensive federal credit support system. By Michael J Gergen, partner, George D Cannon Jr, partner and Suzanne M Logan, associate, Latham & Watkins.
Solar Trust poised for success
Armed with deep-pocketed parents with construction management expertise and operating solar assets, the newly created Solar Trust of America is ready to take solar thermal mainstream in the US. By Deirdre Fretz.
Seeking a new PPP model
A new model for financing PPPs could emerge from the financial crisis. By Pierre Coindreau, special adviser, European PPP Expertise Center (EPEC).
Victoria writes a new chapter
The recent global financial crisis has been the catalyst for a new chapter in the PPP story as governments have had to step up and take a greater role in ensuring that huge projects could be delivered. By John Arbouw.
Out of the abyss
Many of the staff in Partnerships UK are to transfer to the Treasury. Oh, and the world came back from the brink of the financial abyss.
