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Latest Capital Markets Analysis
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Gas prices key to Energy Future restructuring
Power North AmericaEnergy Future Intermediate Holding Company has launched a tender for its first and second lien debt, despite some opposition from junior lenders to the bankrupt power company's affiliates
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N17/N18 Gort-Tuam, Ireland
Transport EuropeThe N17/N18 Gort-Tuam financing for Ireland marks the re-emergence of international confidence, after the impact of the sovereign debt crisis
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US PPPs: Bridging the policy gaps
Transport North AmericaWhile Kentucky’s PPP enabling legislation might still be a few miles from execution, overall an increasing number of US states have recognized and accepted the model in recent years. But can there be a nationwide standardisation of the model?
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Abengoa Transmisión Sur refinancing, Peru
Power Latin AmericaThe Abengoa Transmisión Sur (ATS) refinancing of its Peruvian transmission lines through the international capital markets successfully tested a model that the industry hopes will become the new paradigm for financing infrastructure projects across Latin America
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Mersey Gateway Bridge PPP, UK
Transport EuropeThe UK government's Infrastructure Guarantee Programme found its first major breakthrough for vital infrastructure on the £600 million ($998 million) Mersey Gateway Bridge PPP, which is a project of many firsts for the UK
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A11 motorway PPP, Belgium
Transport EuropeThe A11 motorway PPP in Belgium is the third project to close with the European Investment Bank’s project bond credit enhancement (PBCE) product, which is in its pilot stage
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Reventazón hydro power plant, Costa Rica
Power Latin AmericaCosta Rica’s state-owned utility Instituto Costarricense de Electricidad (ICE) reached financial close on the 305.5MW Reventazón hydro power plant at the end of January 2014. The project, which will be Central America’s largest hydro power plant upon completion, is a crucial step towards meeting growing power supply demand, in a country heavily reliant upon hydro generation.
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Alto Maipo, Chile
Power Latin AmericaAES Gener and Antofagasta Minerals signed a US$1.2 billion non-recourse debt financing of the 531MW run-of-the-river Alto Maipo hydropower project, near Santiago on 9 December 2013
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News+: Regulatory capital relief
North AmericaMariner Investment Group last week launched a new institutional investor product, which provides regulatory capital relief to banks in an attempt to stimulate new bank lending in the infrastructure market
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EXCLUSIVE M6 Toll debt restructuring, UK
Transport EuropeAt the end of 2013 Australian-listed company Macquarie Atlas Roads (MQA) closed the restructuring of roughly £1 billion (US$1.6bn) of debt for the M6 Toll road, also known as the M6 Birmingham Expressway
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Eten cold reserve power plant, Peru
Power Latin AmericaEten cold reserve power plant transaction is the first greenfield project bond in Latin America on which investors took on full construction and operation risk, and the first international project bond with a partial credit guarantee in the region
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Greater Gabbard OFTO acquisition, UK
Renewables EuropeA Balfour Beatty, AMP Capital and Equitix consortium reached financial close on the £317 million (US$517m) acquisition of the Greater Gabbard offshore transmission project at the end of November 2013
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R1 Expressway refinancing, Slovakia
Transport EuropeOn 29 November 2013 the Granvia Consortium, project sponsor of the R1 Expressway in Slovakia, reached financial close on a €1.24 billion bond issue to refinance outstanding debt on the PPP project
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Shuweihat 2 IWPP Refinancing, Abu Dhabi
Power MENAThe re-financing of the Shuweihat 2 (“S2”) independent water and power project (“IWPP”) in the capital markets was a ground-breaking transaction for the UAE and GCC markets and demonstrates the substantial investor appetite for well structured transactions with strong underlying fundamentals.
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Zaanstad Prison PPP, The Netherlands
Social & Defence EuropeThe Dutch government reached successful financial close on the Zaanstad Prison PPP in October using ING and NIBC's Pebble-Commute financing structure, once again confirming that the country is at the forefront of employing new innovative financing solutions for its projects
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News+: Telecom M&A in vogue?
Telecoms Asia PacificDuring a hot summer dry on deals, telecommunications towers have been in vogue
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Castor storage project, Spain
Oil & Gas EuropeA closer look at the €1.4 billion (US$1.85bn) project bond issue for the Castor underground gas storage project in Spain
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News+: listed infrastructure funds in Thailand
Asia PacificListed income-style funds are emerging as a source of financing Thailand's ambitious infrastructure expansion programme
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News+: Student accommodation financing
Social & Defence EuropeBond financing is becoming the flavour of the season for university housing projects; what is it that makes bonds the right fit?