GLOBAL PROJECT FINANCE REVIEW. First Nine Months 2013

Transcription

1 GLOBAL PROJECT FINANCE REVIEW MANAGING UNDERWRITERS First Nine Months 2013

2 Global Project Finance Up 3% I Americas Volume Up 23% I EMEA Volume Up 22% First Nine Months 2013 MANAGING UNDERWRITERS Global Project Finance Review Global Deals Intelligence Global Project Finance for the first nine months of 2013 was recorded at US$147.5 billion, showing a slight uptick of 3% from the previous period. EMEA was the busiest market, accounting for 44.9% of global market activity. In the third quarter, Americas Project Finance experienced a 40.8% drop in proceeds compared to the second quarter, to just under US$10 billion compared to US$16.9 billion last quarter. Despite the drop off in volume, the strength of the second quarter drove Americas volumes in the first nine months up 22.7% compared with the same period last year. EMEA based projects in the third quarter received just US$16.3 billion of funding split amongst 38 projects, a 33.6% decrease from the US$24.6 billion raised in the second quarter. Year to date EMEA volumes were up 21.6% on the same time last year, with the and sectors accounting for 29.2% and 28.5% of volume, respectively. Asia Pacific and Japan volume reached US$46.3 billion in the first nine months, dropping 23.1% from the comparable period in The Petrochemical sector showed a 590.3% year-on-year increase, primarily driven by the US$5 billion Nghi Son Refinery project in Vietnam. Project Finance Regional Breakdown Proceeds (US$b) $180 ] $160 $140 $120 $100 $80 $60 $40 $20 $ EMEA Americas Asia-Pacific & Japan Global - Mandated Arrangers (X2) Global - Bookrunners (X3) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals State Bank of , State Bank of , Mitsubishi UFJ Financial Group 2 1 8, China Development Bank , China Development Bank , Mitsubishi UFJ Financial Group 3 3 4, Sumitomo Mitsui Finl Grp Inc 4 3 6, Mizuho Financial Group 4 4 3, Mizuho Financial Group 5 4 5, Axis Bank Ltd 5 5 2, Credit Agricole CIB 6 6 3, Societe Generale 6 7 2, Barclays , Sumitomo Mitsui Finl Grp Inc 7 9 2, HSBC Holdings PLC 8 7 2, Barclays , ING , Deutsche Bank , Deutsche Bank , ING , Axis Bank Ltd , Goldman Sachs & Co , Standard Chartered PLC , RBC Capital Markets , Societe Generale , Credit Agricole CIB , RBC Capital Markets , Bank of America Merrill Lynch 14-1, National Australia Bank , BNP Paribas SA , BNP Paribas SA , Credit Suisse , Bank of America Merrill Lynch Natixis * 36 2, , Cassa Depositi e Prestiti JP Morgan , , Commonwealth Bank of Australia , Korea Development Bank , CIBC World Markets Inc , Standard Chartered PLC , Goldman Sachs & Co , Natixis , ANZ Banking Group , National Australia Bank Korea Development Bank , UniCredit JP Morgan , Scotiabank Credit Suisse , RBS , , Total 147, Total 86, % Change over Same Period Last Year % Change over Last Quarter * Tie 3.0% -38.9% -1.2% -3.0% % Change over Same Period Last Year % Change over Last Quarter 11.6% -45.0% -0.4% -11.5% 1

3 First Nine Months Project Finance Managing Underwriters Global Project Finance Scorecard: Global Project Finance Top Global Project Finance Deals Closing Borrower Package Amt Domicile Sector Region Proceeds No. Proceeds No. % Chge in Date US$m Nation US$m Issues US$m Issues Proceeds 5/28/2013 Sabine Pass Liquefaction LLC 5,900.0 United States Global 147, , /4/2013 Nghi Son Refinery 5,000.0 Vietnam Americas Central America 34, , , /30/2013 5/22/2013 Asia Gas Pipeline Tata Steel Odisha Ltd 4, ,096.9 Kazakhstan South America 5, , /10/2013 EMAL 4,000.0 Utd Arab Em North America 28, , /16/2013 Sadara Chemical Co 3,959.6 Saudi Arabia Caribbean /27/2013 Gebze-Orhangazi-Izmir Highway 2,800.0 Turkey EMEA 66, , /29/2013 ONGC Petro-additions Ltd 2,785.9 Africa/Middle East/Central Asia 29, , /27/2013 Thameslink Rail 2,462.8 United Kingdom North Africa - - 4, /25/2013 BreBeMi Toll Road 2,337.4 Italy Sub-Saharan Africa 8, , Middle East 13, , Central Asia 7, , Global Project Finance By Sector (US$m) Europe 36, , Eastern Europe 9, , Western Europe 27, , Asia-Pacific 43, , Australasia 12, , % 2% Southeast Asia 10, , North Asia 5, , South Asia 15, , % Japan 2, , % 45, % Sector Analysis Proceeds Mkt. No. Proceeds Mkt. No. Chg. in Project Finance Sector US$m Sh % Issues US$m Sh % Issues Mkt. Sh 45, , , , , , , , , , Leisure & Property 7, , Water & Sewerage 2, , Telecommunications 1, Mining 1, , Waste & Recycling 1, Total 147, , , % 27, % 32, % Leisure & Property Water & Sewerage Telecommunications Mining Note: 2013 League Tables are based on fully syndicated project finance volume. 2

4 Year To Date Volume up 23% on 2012 I Q3 Volume Down 41% from Q2 First Nine Months 2013 Project Finance Managing Underwriters Americas Project Finance Scorecard: Americas Project Finance Close Borrower Package Amt Domicile Sector Proceeds No. Proceeds No. % Chge in Date US$(m) Nation Americas North America United States of America US$m 34, , ,838.9 Issues US$m 28, , ,339.2 Issues Proceeds /28/2013 5/17/2013 5/8/2013 3/29/2013 Sabine Pass Liquefaction LLC Equipower Acquisition Project CCFC Portfolio Refinancing Cernambi Norte MV26 BV 5, , , ,170.0 United States United States United States Brazil Canada 5, , /10/2013 La Frontera Generation LLC 1,150.0 United States South America 5, , /30/2013 NorthWest Redwater Partnership 1,138.8 Canada Brazil 1, , /27/2013 Cochrane Coal-Fired 1,000.0 Chile Chile 1, , /25/2013 Pacific Sharav and Meltern 1,000.0 United States Central America , /13/2013 Star West Generation LLC United States Mexico , /2/2013 Goreway Station Partnership Canada Panama Caribbean Sector Analysis Proceeds Mkt. No. Proceeds Mkt. No. Chg. in Borrower US$m Sh % Issues US$m Sh % Issues Mkt. Sh 19, , , , , Mining , Telecommunications Total 34, , Top Americas Deals Americas Project Finance Volume $18 $16 $14 $12 US$(b) # of Issues Americas Project Finance By Sector (US$m) 740.0, 2% 11,476.0, 33% 586.3, 550.0, 2% 2% 417.3, 1% 5% 160.0, 0% 19,308.8, 55% Mining Telecommunications $10 $8 $6 $ $2 $0 1Q09 2Q 3Q 4Q 1Q10 2Q 3Q 4Q 1Q11 2Q 3Q 4Q 1Q12 2Q 3Q 4Q 1Q13 2Q 3Q Proceeds (US$b) # of Issues Leisure & Property 3

5 First Nine Months 2013 Project Finance Managing Underwriters Americas Project Finance Americas - Mandated Arrangers (X4) Americas - Bookrunners (X5) Proceeds per Bookrunner (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Mitsubishi UFJ Financial Group 1 1 2, Mitsubishi UFJ Financial Group 1 1 2, Barclays , Barclays 2 8 2, Goldman Sachs & Co , Goldman Sachs & Co , RBC Capital Markets , RBC Capital Markets , Bank of America Merrill Lynch 5-1, Bank of America Merrill Lynch 5-1, Deutsche Bank , Credit Suisse 6 7 1, Sumitomo Mitsui Finl Grp Inc 7 3 1, Deutsche Bank , Credit Suisse , JP Morgan , JP Morgan 9 22* 1, ING , Credit Agricole CIB , Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group , Scotiabank Morgan Stanley Morgan Stanley CIBC World Markets Inc Mizuho Financial Group ING Credit Agricole CIB HSBC Holdings PLC CIBC World Markets Inc Scotiabank Societe Generale BBVA HSBC Holdings PLC Societe Generale BBVA Standard Chartered PLC 19 22* Grupo Financiero Inbursa SA BMO Capital Markets Standard Chartered PLC Santander Nord/LB Natixis UBS Grupo Financiero Inbursa SA Natixis Industrial Bank of Korea 24* Wells Fargo & Co Korea Exchange Bank 24* Bayerische Landesbank Giro , , Total 34, Bookrunner Total 30, % Change over Same Period Last Year 22.7% -5.4% % Change over Same Period Last Year % Change over Last Quarter -40.8% -13.9% % Change over Last Quarter 63.2% -42.8% 18.6% -18.8% * Tie 4

6 EMEA Volume up 22% Oil and Gas Projects Accounted for 29% of Funding First Nine Months 2013 Project Finance Managing Underwriters Europe, Middle East & Africa Project Finance Scorecard: EMEA Project Finance Top EMEA Deals Proceeds No. Proceeds No. % Chge in US$m Issues US$m Issues Proceeds EMEA 66, , Western Europe 27, , United Kingdom 12, , Germany 3, , Italy 2, , Netherlands 2, Belgium 2, France 1, , Eastern Europe 9, , Turkey 5, Czech Republic 1, Russian Federation 1, , Africa/Middle East/Central Asia 29, , Kazakhstan 6, United Arab Emirates 5, ,042.8 Saudi Arabia 5, , Nigeria 2, Close Borrower Date 4/30/2013 Asia Gas Pipeline 4/10/2013 EMAL 6/16/2013 Sadara Chemical Co 3/27/2013 Gebze-Orhangazi-Izmir Highway 6/27/2013 Thameslink Rail 3/25/2013 BreBeMi Toll Road 9/11/2013 Bosphorus Bridge and Highway 6/25/2013 Brussels Airport Refinancing 9/17/2013 Perenco Petroleum Ltd 2/28/2013 Stansted Airport Acquisition EMEA Project Finance by Sector $25 Package Amt US$m 4, , , , , , , , , ,819.2 Domicile Nation Kazakhstan Utd Arab Em Saudi Arabia Turkey United Kingdom Italy Turkey Belgium United Kingdom United Kingdom Sector Sector Analysis Proceeds Mkt. # of Proceeds Mkt. # of Chg. in Borrower US$m Sh % Deals US$m Sh % Deals Mkt. Sh 19, , , , , , , , Leisure & Property 2, , Waste & Recycling 1, Water & Sewerage , Mining , Total 66, , $20 $15 Proceeds (US$b) $10 $5 January 1, September 30, 2012 January 1, September 30, 2013 $0 5

7 First Nine Months 2013 Project Finance Managing Underwriters Europe, Middle East & Africa Project Finance EMEA - Mandated Arrangers (X15) EMEA - Bookrunners (X16) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals China Development Bank 1-7, China Development Bank 1-7, Mitsubishi UFJ Financial Group 2 3 2, Societe Generale 2 1 1, Sumitomo Mitsui Finl Grp Inc 3 7 2, BNP Paribas SA 3 6 1, BNP Paribas SA 4 2 1, Cassa Depositi e Prestiti 4-1, Mizuho Financial Group , UniCredit HSBC Holdings PLC , Credit Agricole CIB ING , ING Natixis , Natixis Credit Agricole CIB 9 5 1, RBS Societe Generale , Standard Chartered PLC Standard Chartered PLC , Mizuho Financial Group UniCredit , Deutsche Bank Cassa Depositi e Prestiti , KfW IPEX-Bank GmbH RBS , Mitsubishi UFJ Financial Group Barclays , Sumitomo Mitsui Finl Grp Inc KfW IPEX-Bank GmbH , Banca IMI (Intesa Sanpaolo) Standard Bank Group Ltd Centrobanca Deutsche Bank BMPS Turkiye Vakiflar Bankasi TAO 19* Lloyds Bank 19 10* Turkiye Is Bankasi AS 19* Citi 20 20* Lloyds Bank RBC Capital Markets 21* Investec Santander 21* 16* Citi Societe Federale de Participat 21* Rand Merchant Bank Nord/LB Commonwealth Bank of Australia DNB ASA 25 20* , , Total 66, Total 27, % Change over Same Period Last Year 21.6% -9.7% % Change over Same Period Last Year 25.2% -14.9% % Change over Last Quarter -33.7% -20.8% % Change over Last Quarter -50.4% -42.3% * Tie * Tie 6

8 First Nine Months 2013 Project Finance Managing Underwriters Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan Lowest Since 2009 Up 590% Scorecard: Asia Pacific (inc. Australia & Japan) Proceeds No. Proceeds No. % Chge in US$m Issues US$m Issues Proceeds Asia-Pacific (ex. Japan) 43, , Australasia 12, , Australia 12, , Southeast Asia 10, , Vietnam 5, Singapore 2, , North Asia 5, , South Korea 2, , Macau 1, Hong Kong South Asia 1, , , , , , Japan 2, , Top Asia Pacific & Japan Project Finance Deals Closing Borrower Package Amt Domicile Sector Date US$m Nation 6/4/2013 5/22/2013 1/29/2013 6/5/2013 Nghi Son Refinery Tata Steel Odisha Ltd ONGC Petro-additions Ltd Senoko Energy Pte Ltd 5, , , ,081.2 Vietnam Singapore 5/31/2013 NSW Ports Finance Co Pty Ltd 1,933.3 Australia 3/21/2013 Stella SICEEP Finance Pty Ltd 1,669.4 Australia Leisure & Property 9/5/2013 SDP Finco Pty Ltd 1,501.4 Australia Water & Sewerage 1/28/2013 Studio City Co Ltd 1,399.5 Macau Leisure & Property 4/28/2013 China Energy Aspiration LNG 1,205.6 Hong Kong 3/25/2013 Hinduja National Corp 1,102.3 Domicile Nation Breakdown Sector Analysis Proceeds Mkt. # of Proceeds Mkt. # of Borrower US$m Sh % Deals US$m Sh % Deals 14, , , , , , , Leisure & Property 4, , , , Water & Sewerage 1, , Total 46, , Chg. in Mkt. Sh Proceeds (US$b) $20 $18 $16 $14 $12 $10 $8 $6 $4 January 1, September 30, 2012 January 1, September 30, 2013 $2 $0 7

9 First Nine Months 2013 Project Finance Managing Underwriters Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan- Mandated Arrangers (X30) Asia Pacific & Japan- Bookrunners (X28) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals State Bank of , State Bank of , Mitsubishi UFJ Financial Group 2 2 2, Axis Bank Ltd 2 3 2, Axis Bank Ltd 3 6 2, Mitsubishi UFJ Financial Group , Mizuho Financial Group 4 4 2, Mizuho Financial Group 4 4 1, Sumitomo Mitsui Finl Grp Inc 5 7 2, Korea Development Bank 5 2 1, National Australia Bank 6 8 1, National Australia Bank ANZ Banking Group , Sumitomo Mitsui Finl Grp Inc 7 11* DBS Group Holdings , Kasikornbank PCL Korea Development Bank 9 3 1, Woori Financial Group Commonwealth Bank of Australia , IDBI Bank Ltd Westpac Banking , Yes Bank Ltd Oversea-Chinese Banking Sumitomo Mitsui Trust Holdings Industrial & Comm Bank China ICICI Bank Ltd Credit Agricole CIB KB Financial Group Inc CIBC World Markets Inc NongHyup Financial Group Inc Kasikornbank PCL Development Bank of Japan Inc IDFC Ltd ANZ Banking Group Woori Financial Group Deutsche Bank 18* IDBI Bank Ltd UBS 18* HSBC Holdings PLC Industrial & Comm Bank China 18* Bank of China Ltd Citi 18* ICICI Bank Ltd Credit Agricole CIB 18* Malayan Banking Bhd Bank of China Ltd 18* Yes Bank Ltd Bank of America Merrill Lynch 18* Development Bank of Japan Inc Industrial Bank of Korea , , Total 46, Total 28, % Change over Same Period Last Year -23.1% % Change over Last Quarter -43.7% 11.1% 22.0% % Change over Same Period Last Year % Change over Last Quarter -22.4% -43.2% 1.9% 24.1% * Tie 8

10 First Nine Months Project Finance Managing Underwriters Project Finance Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: - Database coverage includes all loan transactions that have reached General close between January 1, 2012 and September 30, 2013 of which Thomson Reuters has been made aware. All current data and previous year's data is as of 9:00am EDT on October 16, League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with a maturity of less than 90 days from financial close. -Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. Americas Stephen Case - All league tables are based on deal proceeds unless otherwise specified. Tel: stephen.case@thomsonreuters.com - Regional league tables are based on Domicile Nation. Europe - Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the Stephen Sotere Angelides surviving/parent firm Tel: stephen.angelides@thomsonreuters.com - Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be givien to the surviving/parent firm Asia Pacific: Carina Causon - Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing. Tel: carina.causon@thomsonreuters.com - All league table volumes and rankings are based on general close date instead. Japan Ai Hashimoto Tel: ai.hashimoto@thomsonreuters.com While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. relevant third party. Any third party name or mark herein belongs to the 9

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