News
Latest Capital Markets Analysis
-
Across party lines
Transport North AmericaWhat 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
Renewables EuropeSpanish 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
Transport North AmericaBundling 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
Transport EuropePolitical 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
Renewables EuropeThe £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
Transport North AmericaThe $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
Transport EuropeHochtief, 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
Transport North AmericaDays 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
Power North AmericaAs 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
Transport Latin AmericaLast 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
-
2i Rete Gas refinancing, Italy
Oil & Gas EuropeF2i and Ardian last month closed a €2.45 billion bank and bond refinancing of their 2i Rete Gas distribution assets, marking the largest combined bank and bond refinancing in Italy to date
-
Axione Infrastructures refinancing, France
Telecoms EuropeAxione Infrastructures' (AI) recent bond issue - to refinance 11 of its network concessions - saw the French company achieve long term financing of 11 years, a tenor longer than is typical for the telecommunications sector
-
South Stream and the political battleground
Oil & Gas EuropeWith the expansion of US sanctions against Russia, the regulatory dispute between the EU and Russia, and the resignation of Bulgaria’s government, the ongoing feasibility of Gazprom’s $50 billion South Stream project is being questioned
-
North Island Hospitals, Canada
Social & Defence North AmericaThe financial close of the North Islands Hospitals project in Canada marks the first ever green bond issue for a Canadian social infrastructure PPP project
-
US LNG's new prospects for Asian offtakers
Oil & GasThe developers of natural gas liquefaction projects want to lessen their dependence on debt from export credit agencies. Will this free them to work with different offtakers?
-
Alto Sertão II, Brazil
Renewables Latin AmericaRenova Energia's R$1.044 billion ($468 million) debt-financing for the Alto Sertão II wind complex represents one of the largest Brazilian renewables financings to date
-
Tamar refinancing, Israel
Oil & Gas MENAThe successful – and attractively-priced – five-tranche $2 billion bond refinancing for Delek Group’s stake in the Tamar gas field should make bonds more attractive to other upstream producers
-
Italy ready for its first project bond
Transport EuropeInternational banks are already marketing what would be Italy’s first project bond financing for the transport sector and with new legislation approved yesterday (19 June 2014) private placements will be possible for the first time in the Italian market
-
Waterloo LRT, Canada
Transport North AmericaThe C$621.2 million ($571.5 million) Waterloo light rail transit PPP in Canada is the latest transit deal to close using a mixture of short-term bank debt and long-term bond financing, after the C$2 billion Ottawa light rail deal, which closed last year