Latest Capital Markets Analysis

  • US water infrastructure financing

    Even though the US government has introduced various new loan programmes to support water infrastructure financing recently, ongoing projects continue to rely on the existing municipal or tax-exempt bond market

  • Peru nears a renewables break-through

    Peru continues to favour baseload fuels, but has enacted a renewables mandate and international sponsors and lenders are eager to participate

  • Data Analysis: Merchant's staying power in the US

    US electricity demand growth has been limited since the 2008 financial collapse, and few utilities have been willing to sign new power purchase agreements (PPAs) with independent power projects

  • Milan Metro, Italy

    Two availability-based PPP concessions for the Milan Metro are nearing close on debt financings with tenors of up to 21 years

  • Usolsky potash, Russia

    Russian project financings were rare in 2014, and are likely to become more so in 2015. International political tensions will make oil and gas financings - the market’s backbone - hard to pull off.

  • Cape Wind's last stand

    The Cape Wind offshore wind project has overcome many hurdles in its 14-year development history

  • Antin solar portfolio refinancing, Italy

    Antin Solar Investments’ refinancing of a portfolio of 66MW of solar photovoltaic plants in Italy brings the portfolio under a single umbrella structure and also marks a return of investor confidence in the country

  • Castor gas storage project, Spain

    Escal fully redeemed the bonds for its troubled Castor gas storage project in Northern Spain late last month, with an outstanding principal and interest totalling €1.41 billion ($1.72 billion)

  • Cameron LNG and Freeport LNG, US

    The developers of US liquefied natural gas (LNG) import terminals turned out to be wrong when they predicted that persistently high US gas prices would attract LNG cargoes from overseas

  • Across party lines

    What does the recent Republican victory in the US mid-term elections mean for the country's PPP pipeline?

  • Abengoa green bond issue sparks recourse questions

    Spanish infrastructure developer Abengoa has been forced to defend the way it accounts for its projects’ debt, after a green bond issue led to questions from nervous bond investors

  • Bundling PPP projects

    Bundling projects has its efficiencies on both the procurement and financing side, but it also carries certain challenges for the public and private sector

  • Russia calling, as sanctions bite

    Political decisions will determine how long sanctions imposed by the West must continue to hurt the Russian economy at large, but Russia’s transport sector has had to adapt to liquidity constraints

  • Speyside biomass, UK

    The £48 million ($80 million) bond issue by Speyside Renewable Energy Finance is the first UK government-guaranteed bond issue for a renewables project

  • Interstate 4 Ultimate Road PPP, Florida

    The $2.3 billion I-4 Ultimate PPP, the largest availability payment based transaction in the US to date, sees the return of tight pricing on US transport PPPs, and significant funding support from FDOT

  • A7 Bordesholm-Hamburg, Germany

    Hochtief, DIF and Kemna's €770 million ($1.02 billion) A7 motorway PPP in Germany marks both the first use of a greenfield project bond for a German road asset and the first European Investment Bank (EIB) enhanced project bond in the country

  • US transportation: The 11th hour fix

    Days away from allowing the US federal Highway Trust Fund to reach insolvency, Congress finally approved $10.8 billion in funding to the scheme. But the congressional bill is a short-term remedy and raises larger questions around the lack of long-term infrastructure funding in the US

  • CPV's St. Charles and EIF's Newark power projects

    As commercial banks look for market share in the US power market many are turning to merchant power projects, albeit with hedges that provide pricing certainty similar to a short term power purchase agreement (PPA)

  • ICA toll road refinancing, Mexico

    Last month Mexican construction firm Ingenieros Civiles Asociados (ICA) closed a Ps3.8 billion ($294 million) bond refinancing which combined revenues from a toll road concession and a hybrid toll/availability-based highway project

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