Today s programme. Project Finance Appraisal (TH): The long-term consequences of major projects illustrated by the Vasco da Gama Bridge, Lisbon (GC)
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1 Project finance appraisal: an introduction Long-term consequences of major projects University College, London Tom Hackett & Gianni Carbonaro 10 th December
2 Today s programme Two principal sections Project Finance Appraisal (TH): The European Investment Bank (EIB) EIB s approach Project Bonds The long-term consequences of major projects illustrated by the Vasco da Gama Bridge, Lisbon (GC) 2
3 Project finance appraisal: an introduction EIB s approach Project Bonds 3
4 The European Investment Bank Long-term Finance Supporting EU Objectives Exemplified By EUROPE 2020 STRATEGY Within the EU increase in: Growth & employment potential Environmental sustainability Economic and social cohesion Outside the EU: Private Sector Development, Infrastructure Development, Security Of Energy Supply, Environmental Sustainability And Support For EU Presence In Asia And Latin America Via Foreign Direct Investment (FDI). 4
5 EIB Activity in Figures (2011) Total lending EUR 60.9 bn. Lending - European Union EUR 53.8 bn. Lending - partner countries EUR 7.1 bn. Borrowings EUR 76 bn. Balance sheet about EUR 450 bn. 5
6 EIB Signatures & Disbursements Signatures Disbursements EUR bn 6
7 Benefits of EIB Lending Support for EU priority objectives. Assurance of project quality and soundness. Technical assistance. Project assessment. Financial benefits of EIB funds. 7
8 Project finance appraisal: an introduction European Investment Bank (EIB) Project Bonds 8
9 Project finance appraisal Who can borrow/be a project sponsor with the EIB? Governments Local authorities Banks Corporations 9
10 Project finance appraisal To qualify for EIB funding, projects must: 1. Correspond to at least one EIB OBJECTIVE. 2. Be TECHNICALLY SOUND. #11, 3. Be financially viable, SHOW AN ACCEPTABLE ECONOMIC RETURN 4. Be COMPLIANT with environmental and procurement LEGISLATION 5. Have a BANKABLE CREDIT RISK profile. 10
11 Project finance appraisal Sponsor 11
12 Project finance appraisal All projects must be environmentally beneficial or acceptable : Nature, size & location of the project. # Formal compliance with European environmental legislation. Environmental capability / sponsor s capacity Environmental/Social risks and impacts Mitigation and/or compensation measures 12
13 Project finance appraisal PF/PPP Dimensions: Economics Cash-flow Market prospects Financial and economic profitability 13
14 Project finance appraisal PF/PPP Dimensions: Economics Company structure Project's sponsors and financiers Project's features 14
15 Project finance appraisal PF/PPP Dimensions: Contractual More complex Multiple actors Distribution of risk and rewards Key contracts / agreements 15
16 Project finance appraisal: an introduction European Investment Bank (EIB) EIB s approach 16
17 Project Bonds EU 2020 Project Bond Initiative - Why Project Bonds Economies are heavily dependent on energy, transport and communication infrastructure Significant reduction in long-term funding available for infrastructure: - Approx. EUR billion of infrastructure investment is required through 2020? - Since 2007/8, no new projects wrapped by monoline insurers Basel 2 & 3 have put banks under pressure Challenging environment demands diversified and cost efficient financing to fill gap 17
18 Project Bonds Where next? Bring back private sector financing. LGTT an early attempt to bring back private investors. Consistent with Connecting Europe Facility (CEF) 18
19 Project Bonds EIB credit enhancement Ability to screen, assess and monitor project risk. Based on EIB s track record. Target ratings of A- or better. Fair and risk-related pricing. 19
20 Project Bonds Pilot Phase Test during current EU spending plan ( ) Prior to full rollout from 2014 inclusion in future EU spending plan (Multiannual Financial Framework) EUR 230m leveraging up to EUR 4.4 billion of investments (19x multiplier) Transport (TEN-T), Energy (TEN-E) & Broadband projects Greenfield or refinancing Brownfield during construction / start-up Project financing via capital markets (i.e. bond rather than bank) For projects able to reach financial close by end-2016 EIB to implement 20
21 Project Bonds Structure #1: Subordinated / mezzanine loan Project Costs Project Bonds (Target rating based on market conditions) EIB sub-debt Equity Public bond issue or private placement Benefits: - Reduced probability of Project Bond Investor default on project bonds during operations - Reduced losses on project bonds if a default occurs - Reduces amount of bond financing to be raised EIB sub-debt participation can be combined with different types of funding sources (bonds and other senior loans) 21
22 Project Bonds Structure #2: Subordinated guarantee Benefits: Project Bonds Project Costs Public bond issue or private placement (Target rating based on market conditions) - On top of a fully funded structure: additional funding Project Bond Investor to cover construction shortfalls - Revolving guarantee, available until end of project - Reduced probability of default and losses given Equity EIB guarantee default EIB unfunded sub-debt participation can be flexibly used and structured in order to ensure target rating 22
23 Conclusion Back to the Future? The Project Bonds reviving an asset class, unlocking a competitive new, long-term source of finance for infrastructure. The EIB working on pilot operations and identifying further potential projects Partnership with sponsors, advisers, investors and rating agencies The Pilot Phase subject to EU interim and final evaluations Assuming positive results, a full Project Bonds roll-out expected under the Connecting Europe Facility (CEF) between although the CEF itself squeezed in MFF discussions (recent European Summit). 23
24 Thank you for your attention Some reading: See recent EPEC paper: /epec/resources/financing See recent Freshfields paper: Tom Hackett phone: +44 (0)
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