Project Finance PR Cover.ppt - · PDF fileglobal project finance review managing underwriters...

GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERS

REUTERS / Jim Urquhart

MANAGING UNDERWRITERS

First Quarter 2014

]

* Tie

-

2

1.3▲

0

0

Project Finance Regional Breakdown Jan 1 - Mar 31

3 ▲-

In the first three months of 2014, Global Project Finance closed US$41.9 billion worth of projects, down 7.5% from thesame period in 2013. Power projects posted a 32.4% increase from 2013, to record US$15.6 billion of activity.

Project Finance in the Americas for the first quarter of 2014 marked the highest growth for the period, showed a 75.2%uptick from first quarter 2013. The region posted US$14.1 billion of transactions, the largest first quarter volume onrecord.

EMEA borrowing was down by 25.2% in the first quarter of 2014. EMEA was the most active region, with 42 dealsclosed totaling US$19.3 billion. The Norwegian deal, Lundin Petroleum Refinancing, worth US$4 billion was the largestdeal globally.

Asia Pacific and Japan volume reached US$8.6 billion in the first three months of 2014, down 25.5% from thecomparable period in 2013. India was the most active market, to post US$3.9 billion from 16 transactions, despitefalling 28.2% from the same period in 2013.

▲1.3

4▼

1

-

-3.8

1

1▲

3-4

▼

3

0

12.5 0

5.0 -1

https://www.thomsonone.com

-12▲

23,148.7

▼-7.5% ▼

Standard Chartered PLC

3

1.31.3539.2

1.3▲4.20.9

439.8

21

ICICI Bank Ltd

64.71.2

▲23.6▲

6

18445.0

▼

27

-1

18

1.91.935 1.2

6.3▼

3

▲

1

11

▲

3.8▲ ▲21

1.91.3-

1.2539.2

36

3

2.53.4 3

17

19

▲

▼

Macquarie Group

▼

-1

0.1529.2 1.3523.4

5▲▲

-2

- 16

▲

▲

1.2 ▲

1▲

▲

1.1

1.5

JP Morgan▲

6.8

0.4

1.31.3 4

▲

0.7

8

0.2▲ 5.9

33.44

947

▲

▲

7.6

6

Societe Generale

Abu Dhabi Islamic Bank (ADIB)RBC Capital Markets

▼

▲

▲5.1

6▲▲

12.7

3-2

0

1.31

9

▲ 5.1

5▲

1.01.1

▲

ING▼▼-0.1

15▲

▲12.7

8.5

5.1 -26

055

6.3

447.7

2.3

26.3

588.7 2.5▲13.83

7

14

▲▲5

2.3

2

▲ 4.2450.1

2.3

▲

5 4.2 -1

7

▲

▼-310838.6 ▲

1.9-

3.3 ▲▲

-0.4

-4

32

Credit Agricole CIB

9

▲▼

2 7

▲2.5

705.2 3.1

▲1,019.0

757.53.6 2.6

1.2

▲ 15

Sumitomo Mitsui Finl Grp Inc 6

Commonwealth Bank of AustraliaIDFC Ltd

8

▼

6▼

1,708.715

0.1 ▲

Deutsche Bank 10ING 9

487

5 3Mizuho Financial Group

1310

5

9Credit Agricole CIB

State Bank of India

2 12Mitsubishi UFJ Financial Group 4

4 1 1,792.8

7.7

1,865.64.5

10.2

MarketProceeds

3,210.8 5.6 12

230.6

Mandated Arranger1

2013 Rank

BNP Paribas SA ▲

3

-1▲

2.53

19.5 ▲43 6.0 6.0

▲14▼

16.9 -8.3▲ ▲

217.5

▲4.3 6.8-4.2

7.1▲1,376.5

▲8

161,870.4▲ -3IDFC Ltd

13.64.5

2.9 Mitsubishi UFJ Financial Group▲

2,629.916

1,200.1Mizuho Financial Group

1

3

BNP Paribas SA 91,633.52 ▲

5 6.31422.5

▲

▲118

2

11.4 9.2

5.2

▲▲5.4

3.4

5 6.3▼5 4.8State Bank of India 1,119.012.7 6

20.3

22

34.4

124

8Barclays

▼

4.1

3.43.2 10

▲3.2 4-0.1

20

1,005.32.8

BarclaysSociete Generale

1,582.480

1112

1,436.1

17

Bank of America Merrill Lynch

13

RBS

15Scotiabank 14

16

83

Lloyds Bank

Natixis

0.90.7

1.0704.4

1.5

Citi

Santander 21Gazprombank

4618

ANZ Banking Group

-

95*20

181.6

634.2558.5

15

23 31

23

19

17

33

22

SEB

RBC Capital Markets

DNB ASA

2.3956.5

2.0769.3

540.3

710.2

926.5

1,336.11,175.4

51

Top Twenty Five Total2524JP Morgan 22

# of

1.7

681.7

0.60.5

Bank of America Merrill Lynch

855.62.2

1.7

2.4

3.8

2.6

2221

710

HSBC Holdings PLC8

Morgan Stanley

▲

1.827

5

0.8

4 3.45 4.2

638.7

29-

23Axis Bank Ltd

15 37*

-

Sumitomo Mitsui Finl Grp Inc

20

14

Deutsche Bank

Gazprombank

Citi

111213

Sh %Proceeds Sh Ch.Change in Market

Deals # of DealsDeals

First Quarter 2014

Global Deals Intelligence

Global Project Finance At US$42 billion I Power Top Sector I Americas Grew 75.2%

Global Project Finance ReviewMANAGING UNDERWRITERS

2013 Rank

# of# of Deals

# of Deals per ArrangerChange in 2014

RankMarket

Proceeds per Mandated Arranger (US$m)

Sh % Sh %Market

Sh Ch.

# of Deals per BookrunnerMarket2014

Rank Sh %

0.3 3.8

Bookrunner

Proceeds per Bookrunner (US$m)Market

▲ 4 5.0▲▲

33

3.8

6.351.7 -0.2 ▼1.6 -1.5 ▼374.2 3.8

1▲1.4

1.9 1.3385.8

32▲

1.3▼ 1

372.3 1.6 0.7

3 3.8▲261.3326.7

13

160.1

-0.81.11.1 0.2

1.4

259.0▲0.8

0.6

0.8

0.658 146.0

11152.1

173.2-1.3 ▼

▼0.70.7

▲-0.124 31Natixis

Korea Development Bank 25513.9

▼▼

Jan 1 - Mar 31

▼

72.6▲2.571

Industry % Change over Same Period Last Year

27,065.2118

-21.4%

-1541,936.4 100.0

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables

100.0

▼

Top Twenty Five Total 26.3

-13.0%

8016,800.5

-19.2%

Industry Total

Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Mar 31

Industry % Change over Last Quarter

Industry Total

Industry % Change over Last Quarter-20.3% ▼-11.3%

-19.7% ▼Industry % Change over Same Period Last Year

-12.1%

$0

$10

$20

$30

$40

$50

$60

$70

2008 2009 2010 2011 2012 2013 2014

Pro

ceed

s (U

S$b

)

EMEA Americas Asia-Pacific & Japan

1

http://banker.thomsonib.com/�

http://dmi.thomsonreuters.com/�




60.7 Carrix IncSudeste Port

1,500.0

1/8/20141,506.1

1,170.03/28/2014-45.3 ▼

▼

Covanta Energy Waste-to-Energy 1,295.0 PowerPower

Transportation

Transportation

2.2

-9.0

Top Global Project Finance Deals Jan 1 - Mar 31

Ghana

United Kingdom

Asia-Pacific & Japan

83

▼

Mining

Russian Fed

PeruUnited States

Mining

BrazilTransportation

37.3

-5.1

▲

▲

10

Mkt.

▼

▼

▼3/21/2014 United States

Oil & Gas3/11/2014-25.2

▼

▼

▼-93.3-65.2

▼

3/14/2014

-25.5

IndonesiaSarulla Geothermal,Sumatra

45-43.79 Global Project Finance By Sector (US$m)

11.2

▲

Mkt. Sh11.2

1,337.2

▼

▼

Sector Analysis

Eastern Europe

-28.2

121.5

17

41.5 ▲

1,025.8

1,891.5

Western Europe43

Chg. in

▲

Note: 2014 League Tables are based on fully syndicated project finance volume.


133 118 45,356.0100.0

-8.4


▼

-4.81.0 6.9 9

57.1▼-3.34 1,736.0 3.8

0.93

▲9.6 4,350.2

▲

▼▼

3

0.1

2 -2.7100.0

Telecommunications

1.2 4

41,936.4Industry Total

502.5Water & SewerageIndustry

2

11,080.219

24.4 11,059.8

Power

1.0

447.0

2

3,107.9Mining

10

US$m15,644.9

US$m

Transportation 10,956.8 24.2 71

2,364.5

19.3 26.4

11,820.7

1/1/2013 - 3/31/2013Proceeds

26.1 Issues

63 Issues

12,123.6

2

11,504.2

37

-40.3

3,000.0

-85.0

10.046

6,664.7

14

Project Finance Sector

5,460.6

1,378.6

Sh %

5

Sh %

13,337.8 31

3

939.51

No.No.

1,719.6

1/1/2014 - 3/31/2014

Japan

Europe

355.3

17,089.9

Sub-Saharan AfricaMiddle EastCentral Asia

1,700.0

200.0 54

▲

Elga Coal▲

Sector

Scorecard: Global Project Finance

Sweden

19,316.6

138-

14,050.4Fortum SALE

Porterbrook Acquisition

1,545.0▲8,731.9

Jubilee Oil Field Offshore

45,356.0 -7.5133

25,834.37,046.0

120

▼

3/26/20143/12/2014

1,800.0

ProceedsIssues

Proceeds No.IssuesUS$m

Sociedad Minera Cerro Verde SA

1816

3,106.5

Oil & Gas6

25

Mkt.Proceeds

622.3

326.7

Lundin Petroleum Refinancing

10

413.91 192.8

8,073.9

6 876.212.2

2.1

0.5

Global 41,936.4

First Quarter 2014 | Project Finance | Managing Underwriters

Power

Southeast Asia

3/10/20143290.0

34

18,788.3

8,569.4

North Asia

Australasia

5,228.597

Africa/Middle East/Central Asia

3,752.1

3

1

South AmericaCentral America 9

North America

32,226.7 5

581

86

-

5,434.8

1367

75.28,017.5

2,582.7

Americas

42-68.4

EMEA

Closing

2/19/2014

-

No.1/1/2013 - 3/31/2013

US$m Oil & Gas% Chge in Proceeds

NationPackage Amt

2,540.9

102.42,077.5

2/6/2014

2,503.7-

NorwayRegion

Borrower DomicileDate

4,000.0US$m

1,294.1 2.9

1/1/2014 - 3/31/2014

Global Project Finance

37

Leisure & Property

70.0

South Asia

0.2 1

6

3,918.2

Petrochemicals

5,102.4

15,644.9 37%

11,059.8 27%

8,073.9 19%

5,102.4 12%

Power

Transportation

Oil & Gas

Mining

Leisure & Property

Petrochemicals

Water & Sewerage

Industry

Telecommunications

2





http://banker.thomsonib.com/�

140.0

US$m

2 140.0

No.

Issues

24

1 - - - -

26.7

33 20 -21.7

214.6

Oil & Gas 2

Jan 1 - Mar 31Sector Analysis

TransportationPower

15.0 2,100.0Mining

Americas Project Finance Volume

5

100.0

13.2

8,017.5

Mkt. Sh

No.


Americas Project Finance

▼

Americas Up 75% | South America - Most Active

▲

▲

24.0

MiningTransportationTransportation

Power

1/27/2014

2/28/2014 Sete Brasil Drill Ships Oil & Gas3/13/2014

Industry Total

3/20/2014Power

3/11/2014

PeruUnited States

Sudeste Port

3/31/2014 FPSO Cidade de Caraguatatuba

1,800.0Carrix Inc

BrazilPower

1,545.0

Covanta Energy Waste-to-Energy

Viva Alamo LLC


Rensselaer Gas Cycle Pwr Plnt500.0 Brazil

Oil & Gas

TransportationTransportation-

United StatesCanadaK2 Wind Ontario

100.0100.0

2.7 1 1

▼

▲

▲

179.0 2/14/2014 565.0

3/21/20141,506.1

Sociedad Minera Cerro Verde SA

Close

-

Domicile

United States1,128.8

3/10/2014

Jan 1 - Mar 31Top Americas Deals

Date

1/8/2014

1480.0 United States

Ports America Holdings Inc

Peru 1,800.0 1 1,185.7 ▲

-87.1

Borrower Sector

475.0

US$(m)

781.7

United StatesPower

Package Amt

Brazil

Proceeds No. Nation

1,295.0

▲

▲

▲12 70.8

1/1/2013 - 3/31/2013

▲

102.4

Americas

Scorecard: Americas Project Finance1/1/2014 - 3/31/2014

% Chge in

Proceeds

Proceeds No.

120 75.214,050.4 138 8,017.5US$m Issues US$m Issues

4,376.260.7

6 1,058.6Canada

Brazil 3,264.8 4 1,170.0

86

South America1,258.1

North America

3 18.8

1

8,731.9 97 5,434.820United States of AmericaUnited States of America 7,473.8

32 2,582.75,228.5

1.8 3

Americas Project Finance By Sector (US$m) Jan 1 - Mar 31

Central America 90.0 9 - -

14,050.4


6,565.5Borrower Industry

1/1/2013 - 3/31/20131/1/2014 - 3/31/2014

14 -8.7Sh %

Proceeds Mkt.

IssuesUS$m

Mexico

Chg. in Proceeds Mkt.

90.0

ChileChile 163.6 1 1,272.7 3 ▼

3,756.1

33.3 1,628.8

46.7

2,670.011.6

Sh %

4,442.9 55.4

0

5

10

15

20

25

30

35

40

45

50

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

1Q09

2Q

3Q

4Q

1Q10

2Q

3Q

4Q

1Q11

2Q

3Q

4Q

1Q12

2Q

3Q

4Q

1Q13

2Q

3Q

4Q

1Q14

# of

Issu

es

Pro

ceed

s (U

S$b)

US$b No of Issues

6,565.5 47%

3,756.1 27%

2,100.0 15%

1,628.8 11%

Power

Transportation

Mining

Oil & Gas

3

http://banker.thomsonib.com/

http://dmi.thomsonreuters.com/



Bookrunner Total

* Tie

▲

Associated Banc-Corp

Santander - 72.9 0.7- 73.3

24 0.7CIT Group Inc 23

Macquarie Group 21KeyBanc Capital Markets Inc 22

▲

▲ 1 3.4 1 ▲

3 10.3 2 ▲

0.7 0.7 ▲ 1 3.4 114* 83.1 0.8 -0.1

0.8 ▲- 86.7 0.8▼

2 6.9 2 ▲

▲ 1 3.4 1 ▲

1 3.4 0 -Scotiabank 20 - 93.0 0.9 0.9

3.4 0 -RBS 19 14* 118.8 1.1 0.2 ▲

2 ▲

Bayerische Landesbank Giro 18 14* 120.2 1.1 0.2 ▲ 1121.2 1.2 1.2 ▲ 2 6.917 -Associated Banc-Corp 17 -

Americas - Mandated Arrangers (X4) Americas - Bookrunners (X5)

+17100.0

▲

▲

52.0%

Top Twenty Five Total 38.094.89,979.2

58.9% ▲

3314,050.4

Industry % Change over Same Period Last Year ▲


Industry Total

▲

▲

100.0141.7%

0.50.3

65.0%65.0%

▲1.4

10,576.6 29

Societe Generale

Industry % Change over Last Quarter

▲

14* 124.2Societe Generale ▲▲16 ▲▲

4 13.8 3258.8

14* 152.13

Natixis

-6.0 ▼2.52.5 -5.2

15ING 14 ▲▼

1 3.4 0 -3 210.3

-RBC Capital Markets 12 7 261.3JP Morgan 13 2 259.0

02.5 -1.3

-1.6- 4.2

▲▼ 3 10.3 110.3▼Sumitomo Mitsui Finl Grp Inc 11 6 261.7

Deutsche Bank 94.22.5

12

3439.8

4.2447.710

HSBC Holdings PLC

4 13.8▲

▲

3 10.34

1.54.38 13 450.0 -▲ 1 3.4 0

2▲

Credit Agricole CIB 6 14* 588.6

2.4Morgan Stanley 7 8* 450.1 4.3

4.75.6▲3 10.3 21.4 ▲

17.2 3 ▲

▲ 4 13.8 3 ▲

17.2 4.3▲

▲

▼ 1▲ 2 6.9

3.1 ▲

114-4.0

620.1757.5

55.9

7.3

5 10*

1,365.7Barclays 3 1 769.0

912.9 10.1 ▲ 37.913.8

Industry % Change over Last Quarter ▲

▲

▲

Citi

10*6

11,846.7

0.20.2

Top Twenty Five Total

1BNP Paribas SA -2

3 ▲

4 8*Mizuho Financial Group

▲

120.284.5

Bayerische Landesbank Giro 0 -3.025126.9

1▼

128.02

21*-4.7

0.9

23161.2

Nord/LB 24 6.1 16.1 20.9

0.921*0.9

▼

1.42 6.1

CIT Group Inc -BBVA 22 12 -0.5

▲ 2 6.1 1

1.2▲ 21.4 6.1

Commonwealth Bank of Australia0.8

1.5 6.1

Banco do Brasil SA - 199.220*Itau Unibanco 20* 37* 199.2

-1.5▲

▼ 3 9.1 1 ▲

1.5 ▲ 2RBC Capital Markets 18 8 248.7 1.8

19 - 210.4

▲ 3 9.1 0 -▼ 1 3.0 --5.1JP Morgan

▲

1.5 ▲ 6

1.8Santander 16Natixis

17 2 259.017 265.0 1.9 0.9

Scotiabank ▲ 4

21* 315.2Societe Generale 14

1321* 344.9

6.134* 378.3

2.7

2.2▲ 41.8

2.712.1

Sumitomo Mitsui Trust Holdings 12 - 382.2

15

12.12.7

2.518.2

2.0

11▲ 7

927*

▲ 2

21.2▼ 2 6.1

2.5-0.4Citi

▲

0.6 ▲ 3

2.9ING 10Morgan Stanley 11

▲ 5 15.2

407.5

9.13.73.9

444.5 3.23.2

Bank of America Merrill Lynch 8 39* 550.2450.19

Credit Agricole CIB 5-1.61.47 10 614.3Deutsche Bank

Sumitomo Mitsui Finl Grp Inc 6 4 618.14.44.4 ▼ 5

▲ 4

5.5 18.215 767.7 4.1 ▲ 6▼ 4 12.15.5 -3.9▲2.9 21.27.2

Barclays 4 1 769.03 7 1,012.6

Sh %

3

Mizuho Financial Group

-

2013

RankBookrunner ProceedsProceeds

BNP Paribas SA 11.8 ▲

Mitsubishi UFJ Financial Group 2 31 3

# of Deals

1,219.9 8.71,654.4

1211.8

Sh Ch.

2.7 ▲

3

5

▲

▲

2 ▲

3

▲

1

6

1

0

4

7 4

# of Change in # of

19.0

▲

-

19.0# of Deals

▲

3 10.3

Jan 1 - Mar 31

Americas Project Finance

MarketMarket Change in 2014

Rank Sh Ch.

2014

Rank

Market

Deals


Mandated Arranger

2

0

▲

Deals Sh %

▲

-1 ▼

▲

2

0

9.1

▲

Market

Sh %Sh %

36.4

Market

2

Jan 1 - Mar 31

Mitsubishi UFJ Financial Group

# of Deals per Bookrunner

▲

# of Deals per Arranger

-


▲

▲

2013

Rank

Market

12.1

2,004.4

▲

15.24

▲

▲

▲ ▲Bank of America Merrill Lynch

Proceeds per Bookrunner (US$m)

40.6%


75.2%

57.3%

62.9%


+13▲

1.4

2

4





Zambia 70.0 1 - -

Serbia 19.5

-

- -1 -

Portugal 64.2 1 - - -

▼

Austria 70.8 2 - - - -Germany 113.6 2 1,423.3 4 -92.0

-Italy 197.7 2 2,616.6 9 -92.4 ▼

Denmark 297.3 1 - - -

- -

--

1/1/2013 - 3/31/2013

Namibia 130.0

-Azerbaijan 200.0 1 - -

- -

-

Africa/Middle East/Central Asia 2,226.7

- -United Arab Emirates 326.7 1

5 7,046.0Ghana 1,500.0 1 - - -

Romania 259.5

13 -68.4 ▼

1 -▲

- -1 113.2 1 129.2

-

Eastern Europe 3,752.1 ▼7 6,664.7 -43.7Russian Federation 3,473.1 4 784.5 3 342.7

553.7 3 209.8 47 1,202.4 10 -48.5

▼Netherlands 495.8 2 -51.01 1,011.4

▼

Spain

-United Kingdom 3,547.5

163.9 ▲

France 619.1Sweden 2,736.6 2 - - -

6 5,631.3 15 -37.0Norway 4,641.5 4 - - -

-25.2 ▼

Western Europe 13,337.8 31 12,123.6 45 ▲10.0

Issues US$m Issues

42 25,834.3 67

1/1/2014 - 3/31/2014% Chge in

Proceeds

Proceeds No. Proceeds No.

US$m

400.0

Transportation 4,845.1 25.1 32.5

Transportation498.3


EMEA Down 25% | Lundin Petroluem Refinancing - Largest Deal

Transportation

Europe, Middle East & Africa Project Finance

Fortum SALE Sweden2,540.9

1,500.02,077.5

Elga Coal19,316.6

495.8

Transportation

United Kingdom

3/26/2014EMEA

Porterbrook Acquisition

2/19/20142,503.7

Borrower Industry

Sector Analysis

32.6 Deals

6,275.0

Mkt.

Sh %

22.4 15

Oil & Gas

4,328.1

6

1

Oil & Gas

3/28/2014

3/14/20141/15/2014

Jubilee Oil Field Offshore

3/27/20142/14/2014

539.2

491.7

United Kingdom

Hoegh FSRU

9

US$m

Chg. in

▼

3/12/2014

# ofProceeds

-▼

1/1/2013 - 3/31/2013

Mining

Norway1/27/2014

11

Jan 1 - Mar 31

-0.1 ▼

EMEA Project Finance by Sector

# of

▲

Netherlands

Deals

▲7.2▲2

14

3 13.329

-11.0

1

1


3,916.68

Power2,802.4 14.5

Mkt.

307.0 1.2

36.1 15.2

Proceeds

9,332.98,410.2US$m Sh % Mkt. Sh

Russian Fed

Gatwick Airport RefinancingNOP Agrowind Onshore

Oil & GasTransportation

United KingdomGhana

Russian Fed

Mersey Gateway Bridge

Date

Mining

Lundin Petroleum RefinancingUS$m

Leisure & Property 566.5

1/1/2014 - 3/31/2014

SectorNation

BorrowerClose

Norway

Industry Total 19,316.6

▲

3 1,472.8 5.7 -

-2.8

37.5 0.2

Jan 1 - Mar 31Package Amt

1

Top EMEA Deals

4,000.0

1.0 0.8

Domicile

2/6/2014

Power

6

▼0.4

-

1.8

246.1 1.3

471.0

Petrochemicals

Areoexpress Rail Expansion

Oil & GasPower

-Water & Sewerage

2.9

100.0

Scorecard: EMEA Project Finance

-1.4

-▼

2 Telecommunications

42 70.0

-

25,834.3


67 100.0

183.4

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Oil &

Gas

Transportation

Pow

er

Mining

Leisure & P

roperty

Petrochem

icals

Water &

Sew

erage

Telecomm

unications

Pro

ceed

s (U

S$b

)

January 1, 2013 - March 31, 2013

January 1, 2014 - March 31, 2014

5





* Tie

* Tie

Industry % Change over Last Quarter 29.2% ▲ -35.3% ▼

227,365.6Top Twenty Five Total

-19

Industry % Change over Same Period Last Year -41.3% ▼ -46.3% ▼

Industry Total▲

100.03,550.0 48.2

-1.5 ▼

17 2516

Mitsubishi UFJ Financial Group 18* 21* 8.6 1 4.50.1 -0.7 ▼ 0 -

0.1 -0.1 ▼

4.5

19.3

9.60.118* 13 8.6

-1 4.5 00

▲11 4.5Rabobank NV 15 - 0.216.4

10.90.2

-▲1 4.5 1

0.2▲

0.2 ▲

4.50.3 113 - 68.6 0.9 0.9

▲

▲

19.5 0.3

▼

1 ▲

▲1 4.5 1-6.7 ▼ 2 9.1 -5

1

▼

4.5250.0 3.4 -3.4

▲

UniCredit 12 3 70.8 1.0

110 16 104.01.21.4

11 - 86.5

▼

1-2-1

1.20.2 ▲

▲ 1 4.5

▲3.43.4

-5 ▼

1

▲1 4.5▼1 4.5

4.5

▲

14

▲3.4250.0250.0 3.0

9.1 0320.02.7 ▲3.5255.2 9.1

4.51326.7-12

1 4.54.4329.9

▲

4.4 ▲

-▲ 24.3 2.82 1

2014

Rank

▲

▼9.1▲

▲

1 4.5 11.7

Market

7.3539.2 7.31 5 625.5 3.42

Proceeds

7.1

3 8

7*Societe Generale 7* 4

21*HSBC Holdings PLC

Macquarie Group

42

-

2 4.8

Barclays 7* -

14 -

5

19,316.6

Industry % Change over Last Quarter 1.7% ▲ ▼-34.4%

100.0

▼4.8

4 -

65

Nord/LB

24

Erste Group


-25

Credit Agricole CIB

Santander▲

▼

-

▼

▼

▼

▲

▼

▲29.71 1 ▲

-2▼-10.4 1

▼

3

INGAbu Dhabi Islamic Bank (ADIB)

Nordea

Gazprombank

▲ 3-6

Landesbank Baden-Wurttemberg

1.3 -1.0

Standard Chartered PLC

2

2.4

-2

▼

▲1.4

62.7

Industry % Change over Same Period Last Year -25.2% ▼

Top Twenty Five TotalIndustry Total

12,126.0

2.41.2

▲

▲1.237 231.0

MID-CAPITAL 24* - 231.01.2

257.523 9 252.5Standard Bank Group Ltd

CIBC World Markets Inc 24*

JP Morgan 21 -Standard Chartered PLC 22 8

▲ 5 11.9

1.3 -1.3

Santander 20 - 275.31.4

2 4.8 1

264.4

▲

1.4 1.40.9 ▲

▲

1.5KfW IPEX-Bank GmbH 18 11 315.7RBC Capital Markets 19 43 280.5

Nordea 171.6 -0.4

1.7 ▲

▼

1.7- 334.6 44 9.54 9.5 -2

Natixis 16 14 347.5 2 4.81.8 -0.1-0.1 ▼

▼▼ -61.8 3 7.1 -2

Scotiabank 13* 41 391.0HSBC Holdings PLC 15 13 352.7

2.0 1.31.1 ▲

▲

2.0 4.83 7.1▲

2 4.8 0

DNB ASA 11* - 448.135 391.0Deutsche Bank 13* 2

-83 7.1 -1

2.3 2.31.6 ▲

-1.4

3

10 5 498.2 2.6 9.5▼

354

Citi 11* 39 448.1 2.3

53*Sumitomo Mitsui Finl Grp Inc

513.92.7 0.6

9▲

2.4 ▲2.7

2.7Societe Generale 7RBS 8 10 519.9

527.0

SEB 11.9 4 ▲

▲

▼7.1 -2▲15

▲1 2.4 110 23.8 6

▲Gazprombank 6 - 539.2 2.82.8ING 5

634.20.4 14.33.27

3.3 1.9 3 -16

11.95

Deals

-2

Change in

# of Deals per Bookrunner

Sh %

611.52034 3.7902.1

7.1

9.1

▲

▲

▲

Market

4.0 BNP Paribas SA▲

Europe, Middle East & Africa Project Finance

8.5 2

▲

10 23.84.7

▲

Sh %

▲ ▲187.5

5.7 4.0

# of Deals per Arranger

-4 ▼

# of Deals

Market

19.0


▼


Proceeds

2014

Rank

Market

Sh %

Jan 1 - Mar 31

DealsMandated Arranger

2013

Rank

3Lloyds Bank

1

4

1,102.7162BNP Paribas SACredit Agricole CIB

# of

6 1,456.4

Market

Sh % Sh Ch. Bookrunner

EMEA - Mandated Arrangers (X15)

-37.3% ▼

0.9


Sh Ch.

Change in # of

# of Deals

2013

Rank

Market

Jan 1 - Mar 31EMEA - Bookrunners (X16)


2▼

-2 ▼

▼


-1

Commonwealth Bank of Australia

6





1/1/2013-03/31/2013

Queensland New Schools PPP Leisure & Property273.1

ONGC Tripura Power Co Ltd

307.3Jaiprakash Power Ventures Ltd

IndiaDIAL

Sarulla Geothermal,SumatraJaiprakash Power Ventures Ltd

Maithon Power Ltd2/26/2014

3/21/20143/25/20141/15/2014

682.6

3/6/20141

TransportationTransportation

Southern Way Finance Pty Ltd Australia

Australia

Japan

1/30/20141/6/2014

3/27/20141/15/2014

Japan

267.1

Domicile Nation Breakdown

585.3647.3

India

India PowerPowerPower

Power

India

468.2

Package AmtUS$m

PowerTransportation

IndonesiaIndia

Nation

908.3

Australia

PowerPower3/28/2014


Asia Pacific (inc. Australia & Japan) Project FinanceAsia Pacific & Japan Dips 26% | India - Most Active Market

Borrower SectorClosingDate

485.1

NGR Project Company

Tomatoh Abira Solar Park Corp

1,170.0

DomicileProceeds No.

IssuesAsia-Pacific & Japan 8,569.4

Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2014-3/31/2014

% Chge in Proceeds

Proceeds No.US$m Issues US$m

Australia 1,879.2 6 1,337.2

43 11,504.2 46

Southeast Asia 1,378.6 3

Australasia 1,891.5 7 1,337.2 33

▼▲▲

41.540.5

-25.5

Indonesia 1,295.0

-85.0 ▼

- - - -Thailand 83.6

- -

▼119.4

-5

-

-30.08

-28.2

North Asia 355.3 3 2,364.51

South Korea 155.3Mongolia 200.0

▼5,460.6

India 3,918.218

16 5,460.6-28.2

Jan 1 - Mar 31Top Asia Pacific & Japan Project Finance Deals

▼965.0 4 -83.9

2

18South Asia 3,918.2 16

2

1,025.8 14

10 ▲121.5

▼

1,719.6 10 -40.3 ▼

-New Zealand 12.3 1 - - -622.3

$6

170.1 2.0 2 - - --

Sector Analysis1/1/2013-03/31/2013

Proceeds

Water & Sewerage 2.7 2.3

Transportation55.4

Borrower IndustryMkt.

Power 4,751.2 28

Petrochemicals 256.43.6 309.7

Mining 1 1

Oil & Gas

1

1,409.3

3.0

24 10

US$m Sh %

2,458.63,461.2

43

Leisure & Property

11,504.2

-19.5

46

14.2

1 -200.0

230.6

1/1/2014-3/31/2014

28.7 9

Industry 192.8 2.3

Industry Total 8,569.4 100.0 100.0

2.51 ▼

1,635.1

3.1 -

-0.8- -

355.8-

25.3

-30.0-10.6

▲

▼

Sh % Deals# of

▼12.3

33.0

▲16.4

Deals US$mChg. in Proceeds# of

2 3

3,800.2

Mkt. ShMkt.

▲

3

2

Jan 1 - Mar 31

0.2

30.1

$0

$1

$2

$3

$4

$5

Pro

ceed

s (U

S$b

)

January 1, 2013 - March 31, 2013January 1, 2014 - March 31, 2014

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables7

Asia Pacific (inc. Australia & Japan) Project Finance

10

2 31

2133.6

113 8

121.5

Westpac Banking

Commonwealth Bank of Australia

-

IDFC Ltd

3

▲6

1

1

-▲

-

3

30* ▲ Industry % Change over Same Period Last Year

Industry Total

▼

▲

48 0%

Top Twenty Five Total 4,364.5-10

25 6%

29

▼

5,206.519.084.0

100.0

-1-2.0

▲3.4▲

2.4-7 ▼

1 3.410 22 82.1 1.6 0.4 1

▼

0.3 ▲ 6.92

11 28.8 ▼6 0.6

+1+11

124.1

▼

▲▲

+1

▼2.8

125.0 2.4 2.4▲ 2 6.92.7▲ 3.4

▲3.4 -4

146.0

▲ 6 20.75.0 2.913.13 160.1

-14.6 2▲

+5-2.8

11.0+2 ▲

-ICICI Bank Ltd 4 7 372.3 7.2 06.9

-1 1,119.0

1,376.5

▼0.7 ▲ 8 27.6

2

259.2Axis Bank LtdMitsubishi UFJ Financial Group

571.4

5 10*

3 2

6


0

29

9 10*8 -

Korea Development Bank 7Standard Chartered PLC

IDBI Bank Ltd▼

▲

Kasikornbank PCLSumitomo Mitsui Finl Grp Inc

▲▲

02.34.7 2

▲7.0

▲0 71.4 2ING 14 - 119.4

151.41 3

Bank of India 13 128.218 1-0.01.6

2.3 -44.7 1

1 2.3 1▲▲155.3 1.8▼160.1

1.6Korea Development Bank 11 45 1.7Investec

1.9Axis Bank Ltd -3.2 1

18.68

National Australia Bank 8 5 308.2ICICI Bank Ltd 7

427.604.3 2 4.72.1 ▲

3.62.6

9.3223.6 2.6 ▲

1.3 ▲9 -

4

5 10▲3.0

372.37

3

ANZ Banking Group 4 123Mizuho Financial Group

5.0

6.1521.7

Mitsubishi UFJ Financial Group 6Sumitomo Mitsui Finl Grp Inc 466.1

11

Change in

3.34.2

5.4▲▲

20.91 1

# of Market

2

Market

16.0 ▲-12.5

Sh %26.4

-16.6State Bank of India+2

▼▲

21.5 17.26.9

5▼ 8 ▲18.6

▲3 ▲

Sh Ch.Sh %

▲

1# of Deals

26.4

# of# of Deals per Bookrunner

Sh % Sh Ch. Deals Proceeds

2

Bookrunner2013 Rank

2013 Rank


Jan 1 - Mar 31

Change in # of DealsMandated Arranger Proceeds

2014 Rank

MarketDeals

MarketProceeds per Mandated Arranger (US$m) # of Deals per Arranger

Jan 1 - Mar 31

Market

Asia Pacific & Japan- Bookrunners (X28)

Market


Asia Pacific & Japan- Mandated Arrangers (X30)

State Bank of India 1,792.8

2014 Rank Sh %

IDFC Ltd 2 28 1,436.16.22

16.8527.6 -2.9

9.311 25.64

▼14.0 4 ▲

6 ▲14.0 46

* Tie26

KfW IPEX-Bank GmbH 0.8 ▲154.7

164.7

2.31113.8

0.8 2.3

▼

▲

7,615.343

25 0.0

Kasikornbank PCL

0

BNP Paribas SA

Shinsei BankCIBC World Markets Inc

1817

Westpac Banking

-

13.2%

- 1

-6.5%Industry % Change over Last Quarter -54.2%

Societe Generale

Industry Total

-25.5%

23.330*

8,569.4Top Twenty Five Total

▼

19*

Development Bank of Japan Inc


19* -

-

30*16 13 102.4

-

-7-0▼

301.2

▲

83.6 0.0 -

▲▼

Industry % Change over Same Period Last Year▼Industry % Change over Last Quarter▼

-48.8%2.3

-48.0%

-3

▲52.6%-25.6% ▼

0

0

0

▲▲1

1

1-▲

-

2.3

▲100.0

2.30.689.2

▲

2.3▲ 11

0.80.2

2.3

44 64.7

1▲0.8 0.8

1

64.7

0.8Sumitomo Mitsui Trust Holdings 19*64.7

▲

2.3▲

64.730* 0.819*-

1

0.8 12.3

Aozora Bank Ltd 19*

2.364.719*DZ Bank

0.60.8

- 0.8

1▲100.0 1.2 0.61.0

2.3 -0.7

▼-0.6 1 015 1.3

Asia Pacific & Japan Project Finance By Sector (US$m) Jan 1 - Mar 31

4751.255%2458.6

29%

309.74%

Power

Transportation

Leisure & Property

Petrochemicals

Water & Sewerage

Mining

Industry

Oil & Gas

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables8

-

-

-

-

-

-

-

-

-

JapanMegumi KonoTel: +813 6441 1155E-mail: [email protected]


E-mail: [email protected] All league table volumes and rankings are based on general close date instead.

Asia Pacific:

E-mail: [email protected]

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. Incases of consolidation, credit will be givien to the surviving/parent firm

Stephen Case

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parentfirm

Carina Causon

Ewelina Jarecka

Database coverage includes all loan transactions that have reached General close between January 1, 2013 and March 31, 2014 of whichThomson Reuters has been made aware. All current data and previous year's data is as of 2:00pm EDT on April 7, 2014.

League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with amaturity 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.

All league tables are based on deal proceeds unless otherwise specified.

Regional league tables are based on Domicile Nation.

Tel: +44 207 542 2246


Project Finance Criteria Summary

If you would like to participate in the submissionprocess, receive quarterly press releases, orhave questions about league table criteria pleasecontact:

Tel: +632 858 7221

Europe

Americas

E-mail: [email protected]: +1 646-223-8424

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. © 2014 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

9

https://www.thomsonone.com/�

© 2014 Thomson Reuters. 1006243 03/14.Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.

FOR INFORMATION PROFESSIONALSSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.

Solution for:• Market Analysis & Trends (Geography, Sector,

Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis,

Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials,

Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor

Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)

FOR INVESTMENT BANKERSThomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information, news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.

Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and

developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparable

deal screening• On-brand pitch book creation

FOR STRATEGY AND PLANNING TEAMSThomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

Solution for:• Conducting market analysis and

identifying trends• Benchmarking your performance and

monitoring competitors• Targeting clients by wallet size and

banking relationship• Allocating resources more effectively by

evaluating and analyzing lost deals

Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products

To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]

Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.

Go to: dmi.thomsonreuters.com/dealsintelligence

Thomson Reuters Solutions for the Deal Making Community

10

Project Finance PR Cover.ppt - · PDF fileglobal project finance review managing underwriters...

Documents

Transcript of Project Finance PR Cover.ppt - · PDF fileglobal project finance review managing underwriters...