Q32014 Project Finance Cover.ppt - Thomson...

GLOBAL PROJECT FINANCE REVIEWREUTERS / Yannis Behrakis

GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERS

First Nine Months 2014

]

First Nine Months 2014

Global Deals Intelligence

Global Project Finance Lending Totals $178 Billion | EMEA - Most Active Market I Cameron LNG - Largest Deal

Global Project Finance ReviewMANAGING UNDERWRITERS

Global Project Finance for the first nine months of 2014 totaled US$177.7 billion, a 17.9% increase from the previousyear. EMEA was the most active market, accounting for 39% of global transactions.

Americas Project Finance first nine months totaled US$55.7 billion, a 57.8% increase from the same period last year.Cameron LNG’s US$7.8 billion facility, the largest project finance loan completed globally, was the main driver of theregion.

EMEA based projects in the first three quarters of 2014 totaled US$70.1 billion, down 1.3% from the same period lastyear. The Power and Oil & Gas sectors accounted for 25.4% and 22.1% of volume, respectively. The US$3 billiondeal, Det norske olijeselskap ASA, was the largest deal completed in the third quarter for the region.

Asia Pacific and Japan volume reached US$51.9 billion in the first nine months, up 17.1% from the comparable periodin 2013. Australia Project Finance loans amounted to US$25.8 billion, doubling the proceeds from the same period theprevious year. The US$4 billion loan for Marina Bay Sands is the largest deal funded in the third quarter in the region.

Project Finance Regional Breakdown Jan 1 - Sep 30

$0$20$40$60$80

$100$120$140$160$180

2009 2010 2011 2012 2013 2014

Proc

eeds

(US$

b)

EMEA Americas Asia-Pacific & Japan

* Tie

▲-0.5%-2.6% ▼ ▲

Industry % Change over Same Period Last Year1.0%

Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Sep 30

Industry % Change over Last Quarter

Industry Total -2

20.8%Industry % Change over Last Quarter4.4%

▼

Top Twenty Five Total

Industry % Change over Same Period Last Year

Jan 1 - Sep 30

▲

58.8▲1.3

100.0

▲

31

4.3▲ 2

4

30462,390.2 ▲19.2

0.0-0.1 ▼

-1.21.31,388.3

24

▲1.3

0.7

0.6

1.049 850.2

485

1,277.8

1,396.6

9

1,476.71,504.2

18 0.11.31.4 0.2

-4.1

1,428.8

▲

1.6▲ 5

1,508.1 1.4 0.6

4 1.3▲

1,586.8 2.3

3▼1.4

1.7 0.41,596.4

74

4.6141.5 0.5 ▲1.5 1.4 ▲

2.0▲ 8 2.6▲▼

# of Deals per BookrunnerMarket2014

Rank Sh %

-1.7 6.3

Bookrunner

Proceeds per Bookrunner (US$m)Market

# of Deals

# of Deals per ArrangerChange in 2014

RankMarket

Proceeds per Mandated Arranger (US$m)

Sh % Sh %Deals2013 Rank

# ofSh %Proceeds Sh Ch.

Change in MarketDeals # of Deals

DNB ASA

15 28

9

13

10Citi

Korea Development BankNatixis

RBC Capital Markets

RBS 25

Barclays

14

4.5

1 0.220

2223

▲Citi

Barclays

8

MarketSh Ch.

# of

1.6

2,538.4 1.4

Bank of America Merrill Lynch

16

3.1

-0.2

1.61 0.0

-0.3

3,045.518

2524China Development Bank

22

6

2,310.2

2,861.5

2,409.7

4,525.94,426.1

14

3,297.823

43

23

Standard Chartered PLC 21Scotiabank

318

KfW IPEX-Bank GmbH

CIBC World Markets Inc

Westpac Banking

32044

17

34

20

1819

17

10

0.4-0.5

1.42,555.9

1.4

1.9

1.4

1.72,913.1

25

1112

Santander

State Bank of India

13

Deutsche Bank

15RBC Capital Markets 14

2.23,861.92.5

ANZ Banking GroupNational Australia Bank

5,436.422 4,922.9

2.03,556.9

▼

3.1

2.82.6 28

▲1.8 360.0

60

12-0.3

10

12.5

2154

6 148.2

8 2.6▼5 2.8Standard Chartered PLC 2,969.012.9

▲

6.1 5.3

3.5

▲▲7.5 ▲

21 6.918.9▲

▼-22756

6,527.94

3,731.4Sumitomo Mitsui Finl Grp Inc

1

7

BNP Paribas SA 156,498.128,742.3

▲ 33Mitsubishi UFJ Financial Group21.8

4.5-0.1 Mizuho Financial Group

▲3.4 13.20.5

6.1▲5,658.6

▲58

96

▲25▲

13.6 -0.9▼ ▲

58.2

▲

-3▼

18.418

11.6 ▲31 5.3 1.2

75

514.5

Mandated Arranger1

2013 Rank

Sumitomo Mitsui Finl Grp Inc ▲

36,058.2

5.6

8,002.74.9

17.0

MarketProceeds

9,872.5 2.34Mitsubishi UFJ Financial Group

Mizuho Financial Group

2 2BNP Paribas SA 16

4 55 7Credit Agricole CIB

1215

115,511.6

570.3 ▲

Natixis 10Societe Generale 9

97

▲ 23

ING 6

HSBC Holdings PLCCommonwealth Bank of Australia

8

‐

41▼

11

26

ING

2,409.0 2.3

2,658.7

2,530.68Credit Agricole CIB

Bank of America Merrill Lynch▲13 7

▼

▲6112,623.6 ▲

-0.12.5

-59.2 ▲

2.40.31.6 ▲ 24

▼ 7.52,184.8

2.1

▲

28 6.3 4

8 ▲ ▲104.3131

9

▲

7.9

0.7

1328

4.3

2,072.2

1.52,403.6

▲

▼

3.9

1.9

▲

▼10.7

6.3

9.3 17

-1

33▲

0.90.3

▼

State Bank of India▲▲-0.2

47

▲

5.2

2-4

0

0.15

13

‐ 3.422

Commonwealth Bank of Australia

DBS Group HoldingsICICI Bank Ltd

▲

▲

▲5.0

15▲

16718

▼

▲

3.6

▼0.7

▲ 4.1

134.8212.92,345.5

0.3 ▲

20

1.32,337.6 1.3 20

▲

-0.3

▲ ▲3.4

-1.5

1.3 1.1 156

4.5 -8

5

17

21

IDFC Ltd

JP Morgan▲

1920

5

▲

1

11

10▲▼

5

‐1,821.7

20

0.11.32,297.2

1.2 0.52,215.8 1.32,054.6

▼

102.3▲

121.9

▲

190.3 4

▲58

2.13.6

▲

3.6▼ 11

15

18

12

16

2513 11

-0.12,232.5

102

1.92

▲

▲

Societe Generale

2,054.6

Deutsche Bank

HSBC Holdings PLC

36-

▼China Development Bank 14

-

100,121.5 56.51.12,021.3 2

4.5

▲3.20.1▲12.2▲

441177,663.2 100.0

▲

Top Twenty Five TotalIndustry Total

17.9% 11.4%29.0%

106,756.5

▲

▲

▼3.0 2

1

-91.3 1

▼-4

▲1.3

13‐

▲

4

-33▼

▲

▲

▲

1 ▲

90

4

1.0

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1

South AmericaCentral America 10

Europe

EMEA- - 52.5

1/1/2014-09/30/2014

-

1/1/2013-09/30/2013

Caribbean

Global Project Finance

United StatesRegion

▲Oil & Gas

% Chge in Proceeds

NationPackage Amt

7,145.1

US$mDomicile

Leisure & Property

Date

286.1

Closing

4/22/2014

▲

7,765.0

Borrower

4,000.0

8/6/2014

4,085.6

10,248.3

70

35,315.8

5,191.0▲ 4/15/2014-

▼

▲57.8

18,669.2

134.5

1

Americas

6/30/2014

28

First Nine Months 2014 | Project Finance | Managing Underwriters

Oil & GasNorway12,172.1

AustraliaRoy Hill Holdings Pty LtdCameron LNG LLC

2

11,182.1133

161

400.0

40,308.5

19

70,051.6

5

10630

3,258.016

Global 177,663.2

--

441

37,780.8

47,858.7

North Africa

Australasia

9,035.7

Mining55,738.6

US$mNo. No.

Issues

3,289.5

US$mProceeds

Issues

5

Proceeds

146843.9

190 NorthWest Redwater Partnership

150,640.2 17.9443

70,985.2

91

29,280.9

▼

8/29/20142/6/2014

Waad Al Shamal▲

Marina Bay Sands PteLundin Petroleum Refinancing

Sector

Scorecard: Global Project Finance

PetrochemicalsNorth America

51,382.4

Sub-Saharan AfricaMiddle East

3,306.8Africa/Middle East/Central Asia

Central Asia

5,926.7

33,204.4

Eastern Europe

97

15

33

15,106.11110

40,200.3 114 29,229.3

4

41,419.6

29

33

47

8,551.5

7,850.0

12 188 8

Western EuropeAsia-Pacific

118 2 ▲26 598 2

30.8143

▲128

14

36.0▼▲

37.5▲

-43.8

5/29/2014-1.3 6/25/2014 Petrochemicals

MiningZambiaDet norske oljeselskap ASA NorwayKansanshi Expansion Mine

-

37.7 IEP 2Aliaga Refinery

3,264.9▼ 5/6/2014

-

Global Project Finance By Sector (US$m)

Oil & Gas7/8/2014-42.2

▲138 15.5

▼-94.9-40.2

Top Global Project Finance Deals Jan 1 - Sep 30

3,000.0

Canada

3,690.83,783.3

Turkey

Industry

3,000.0

TransportationUnited Kingdom

Singapore

Saudi Arabia

3%Power

1.7

10,416.910.5

Waste & Recycling 318.5 0.2 1 1,072.2591.3 0.3 7

North Asia7,339.7

Southeast Asia16

1/1/2014-09/30/2014

Japan

Issues

Transportation

52,208.4Power

South Asia

228

15 Industry

18,666.373

9,581.9

Petrochemicals

36,824.2Mining

5.9 19

60

Mkt.Proceeds

11,587.5

45325,171.5

Oil & Gas

Australasia

US$m

2,867.1

32.3

33

No.Issues

No.Sh %

1633

US$m

3,594.9-47.8

-24.543.9

14,048.4

Sh %

11

48,691.7

1/1/2013-09/30/2013Proceeds

31,104.427,841.6

47 18.5

12,188.8

23

5.4 0.5

5.7 27

20.7 21.4

37

Project Finance Sector

905.4Water & Sewerage

10,131.2

38,019.3

Leisure & PropertyTelecommunications

6

26

177,663.2Industry Total 443

-2.1

441

5 3,833.9

150,640.2

1.714

0.7

▲11.1

2,538.5

16,756.3

9.1

5,623.1▼5 2.6

3.7

10 -1.4

▲

▼▼

9 1.4 7.4 9

-5.4

2,038.0

▼

11,140.5

6 -0.5100.0100.0

▼

▼

▲

Sector Analysis

118.2 ▲

4,014.2

26,598.2

40.0 ▲

8,749.3

20.7 262 -2.9

55 ▲

Mkt. Sh

0.7

Chg. in

▲

29.4

2.2

▼49

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

Mkt.

-1.5

▼

52,208.429%

38,019.321%

36,824.221%

18,666.311%

6%

6%Oil & Gas

Transportation

Mining

Petrochemicals

Industry

Leisure & Property

Telecommunications

Water & Sewerage

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2

Central America 3,258.0 10 843.9 5

United States of America 32,413.0

30 5,191.012,172.1 16

1,290.9

South America7,895.5

North America

18Canada

Brazil 7,434.9 11

106 29,280.984 24,213.6

37.7

22 5,067.4

1,754.0

7091 57.855,738.6 146 35,315.8

55.8

2

40,308.5

US$m Issues US$m IssuesAmericas

Scorecard: Americas Project Finance1/1/2014-09/30/2014

% Chge in Proceeds

Proceeds No.1/1/2013-09/30/2013

▲134.5

Proceeds No. Nation

1,545.0

▲▲▲52 33.9

Peru

Close Borrower Sector

900.0

US$(m)

1,450.0

BrazilOil & Gas

Package Amt

41,000.0 United States

Cia Siderurgica Pecem

Peru 3,220.2 9 149.5 ▲

5/16/2014

Domicile

United States1,506.1

8/6/2014

Jan 1 - Sep 30Top Americas Deals

Date

6/25/2014 NorthWest Redwater Partnership

▲▲

323.9 7/17/2014 1,128.8

1/8/20141,800.0

Cameron LNG LLC 7,765.0

286.1

Industry

United States

TransportationOil & Gas

3,264.9

Carrix Inc

FPSO Cidade de Caraguatatuba

Sabine Oil & Gas LLC1,107.7

3/10/2014

United StatesCanada

Sociedad Minera Cerro Verde SA

3/11/2014 Sudeste Port

BrazilBrazilBrazil

Alfa Lula7/30/2014Oil & Gas

Power5/16/20148/4/2014 Astoria II Power Plant

Oil & GasPetrochemicals

MiningTransportation

Americas Up 58% I Power Projects at US$22.3 Billion


Americas Project Finance

Americas Project Finance Volume

S A l i

7 772.9 4 273.1 ▲-

J 1 S 30

▼

Honduras 274.0 2 - - -

▲

Chile 1,152.3 6 1,583.2 6 -27.21 - - -

Mexico 2,884.0

-Colombia 142.0 2 - - - -Guyana 185.0

-Surinam 37.7 1 - - -

Panama 100.0 1 71.0 1 40.8 ▲ 60$30US$ (b) # of Issues

Leisure & Property 200.0 0.4 1 174.1 0.5 ▲3.31 0.5

2 -0.1 ▼

55,738.7Industry Total

Power 19,879.8Sh %

94

Mining

21

100.0

10,934.8

6.6

32.8

US$m Sh %Mkt.Proceeds

Transportation 5,596.3 10.0

Issues US$m

Oil & Gas

No.

56.2

140.014 1,674.59

No.

5.3

Mkt. Sh▼

1.9-16.2

▲▲

▲6

13 30.9

1 4.7

65

1/1/2014-09/30/2014Chg. in

35,368.3

Issues

92

Mkt.

Americas Project Finance by Sector

Proceeds1/1/2013-09/30/2013

Borrower Industry22,273.4

146

40.0

Sector Analysis

3,919.4

100.0

0.4

18,304.7

160.05 3.8 Petrochemicals 3,264.9 5.9 1 1,688.8 4.8 Industry 2,115.0

2 1.1 ▲

Jan 1 - Sep 30

7.0

Telecommunications 65.0 0.1 1 586.3 1.7 1 -1.6 ▼

0

10

20

30

40

50

$0

$5

$10

$15

$20

$25

1Q09 2Q 3Q 4Q

1Q10 2Q 3Q 4Q

1Q11 2Q 3Q 4Q

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q

# of

Issu

es

Pro

ceed

s (U

S$b

)

22,273.4 40%

18,304.7 33%

5,596.3 10%

3,919.4 7%

3,264.9 6%

Power

Oil & Gas

Transportation

Mining

Petrochemicals

Industry

Leisure & Property

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Proceeds per Bookrunner (US$m)

▲

15.1

4,387.4

▲17.1

22

▲42


▲

▼

# of Deals per Arranger

▲

-1

Jan 1 - Sep 30

BNP Paribas SA

# of Deals per Bookrunner

▼

MarketSh %Sh %

16.4

Market

-0.39.2# of Deals

▲

Deals Sh %

3

▲

2014 Rank

MarketDeals


Mandated Arranger

Jan 1 - Sep 30

Americas Project Finance

MarketMarket Change in 2014 Rank Sh Ch.

Change in # of

13120.5

1,877.7

▲11

0.4 ▲

2,798.1Bank of America Merrill Lynch

10

9

5.9 5.6 ▲ 9.8

▲13

# of

9

17# of Deals

11.6

1131.8

24

▲6 ▲

-1

▼

16

12

7.4Sh Ch.

0.8 ▲-1.2 ▼Mitsubishi UFJ Financial Group

Sumitomo Mitsui Finl Grp Inc 2 71

Sh %

2,681.2 4.84,144.2

2013 Rank

1

2013 RankBookrunner ProceedsProceeds

50 34.2

Market

1

BNP Paribas SA 4 40 2,520.83 11 2,543.0Mizuho Financial Group

▲ 14 9.64.5 3.9▲1.6 14.44.6 21

4.2 20.515 2,347.4 2.3 ▲ 3010 2,265.7

3.64.1 ▲ 25

▲ 22

ING 50.92.37 19 1,978.0Natixis

Credit Agricole CIB 6

8.9

1,465.9

7.5-0.93.4

1,551.7 2.83.1

1,898.21,737.5

Societe Generale 10RBC Capital Markets 5

▼ 13Bank of America Merrill Lynch 8 69

4.11.2

-0.8

1.4

JP Morgan

▲-1.3 ▼ 11

2.611▲ 17

916

▲ 13▼ 6

3.4

Santander 12 20 1,413.1

15

8.91.3

2.47.5

1,317.2

8.924 1,393.1

2.5

2.1▲ 50.2

2.5

5 0

Citi ▲ 13

3 1,157.9CIBC World Markets Inc 14

1313

2 1 124 6 2 0

▼-2.8 ▼ 11

Barclays 16Deutsche Bank

▼ 8 5 5 3 ▼Deutsche BankBarclays

Mitsubishi UFJ Financial Group 12

18 ▲9

-4

▲

5 9Credit Agricole CIBING

46

1,941.5243.9

5.1Citi 4 4.1 3.1

18.2 17

9.13 7 2,453.722

▲▲

▲ 10▲ 12 9.1 10

▲▲ 16 12.1 8 ▲3.7

▲10 7.6 1-1.0 ▼6 13 1,782.3

0.4RBC Capital Markets 7 5 1,744.8 3.7

1.2

▲▲ 13 9.8 75-

▼JP Morgan

3.43.21,509.4

8 11 1,624.4

1,428.8


5 3.8▲▲

14 10.62

0.0Sumitomo Mitsui Finl Grp Inc 93.02.8

10

13 9.8▲Natixis 11 20 1,327.32.7 0.8

1.68 -1.0

▲▲ 12 9.1 8▲

Societe Generale 12 15 1,276.4HSBC Holdings PLC 13 16 1,202.6

8

▼▲4 3.0 1 ▲2 -21.5

0.9 ▲2.52.5 0.4

15 8.3 01,184.9

4 1,157.914

16 ▼▼ 8 6 1 22 1 146 6 2 4▼2.4

6 3-2.7 -

Americas - Bookrunners (X5)

CIBC World Markets Inc 1411

Americas - Mandated Arrangers (X4)

10

* Tie

57.6%63.5%

58.5%

+54

▲14.3%Industry % Change over Last Quarter

1.3▲-

▲

5 ▲▲

4

-2

9-5.0

17 28 1,013.42 1,124.6 2.0

0.9Scotiabank 1.8Barclays 16 ▼ 8 5.5 -3 ▼

▲ 11 7.5 ▲

▼ 7HSBC Holdings PLC 18 14 858.6 1.5

19 4 745.317 744.8

-0.4▼

▼ 6 4.1 1 ▲-3.5Goldman Sachs & Co-0.2

1.3 4.8

Morgan Stanley 12 625.721BBVA 20 ▼ 8 5.5 0

1.1▼ 91.1 6.2-1.5

5 3.4Sumitomo Mitsui Trust Holdings -Commonwealth Bank of Australia 22 - 1.1

3Bayerische Landesbank Giro 24 4.1 2

2.1 31.11.132

1.16

261.7

1.0

23604.7 ▲

37,871.2

0.30.0Nord/LB 3 ▲5.525 8

▲

Barclays

583.7590.1

Top Twenty Five Total

▲

565.467.9

▲

-▲

16 ▼▼ 8 6.1 -2

▲

2 1,146.6

Bookrunner Total

Industry % Change over Last Quarter▲58.7%

2.4 -6.3

▲Industry % Change over Same Period Last Year ▲ Industry % Change over Same Period Last Year

Industry Total 100.0 14655,738.7

80.8%

Top Twenty Five Total 2.872.534,634.6

29.5% ▲

100.0

▲

▲

2.2%

47,863.4 132 +59

6.1Santander 17 41*7

1,117.8 2.3 1.9 ▲ 8

▲

7 ▲Goldman Sachs & Co 18 3 767.3 1.6 -3.9 ▼

-1.4

5.3 -1 ▼Bayerische Landesbank Giro 19 24 680.2 1.4 0.4

1.3

5 3.8 1 ▲Morgan Stanley 20 12 671.9 1.4

▲▼ 9 6.8 5 ▲

0.40.5 ▲ 7 5.3 4

1.0Scotiabank 22 25* 607.0 1.3

49* 493.7 ▲▲ 6 4.5 5 ▲

0.60.8 ▲ 5 3.8 4

-▲ 6 4.5 5 ▲

4 3.0 025

Landesbank Hessen-Thueringen 23

Rabobank NV 21

24General Electric CoBMO Capital Markets

29 619.0

-0.1 ▼28 400.8 0.844 433.1 0.9

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▲S eden 195 8 1 133 8 2 46 3

-Belgium 240.5 2 2,198.7 2 -89.1 ▼Greece 277.2 3 - - -

▼Denmark 297.3 1 - - - -Italy 927.0 11 3,020.5 18 -69.3

▲Republic of Ireland 1,073.4 3 485.0 3 121.3 ▲Spain 2,020.2 8 1,464.4 12 38.0

1/1/2013-09/30/2013

2,540.9 1 - -5 2,631.2 5 66.6

▼Germany 2,064.3 11 -39.411 3,408.0

▲Finland

▲Norway 9,571.4

- -Netherlands 4,384.1France 4,723.6 26 2,544.3 38 85.7

10 - - -▼-

United Kingdom 11,652.4 28 13,088.3 30 -11.0

-1.3 ▼Western Europe 40,200.3 114 29,229.3 128 ▲37.5

Issues US$m Issues161 70,985.2 190

1/1/2014-09/30/2014% Chge in Proceeds

Proceeds No. Proceeds No.US$m

Morocco2,540.9

Power2,875.2


EMEA Volume down 1% | Power Projects Accounted for 25% of Funding

Oil & Gas

Europe, Middle East & Africa Project Finance

Waad Al Shamal Canada3,783.3

3,000.03,289.5

IEP 270,051.5

2,851.0

Petrochemicals4/15/2014

EMEA

Aliaga Refinery

6/30/20143,690.8

Netherlands4/30/2014

5/29/2014Mining

9/18/2014

5/6/20147/8/2014

Kansanshi Expansion Mine

2/14/20143,000.0

2,605.8Suomi Power Networks Oy Finland2/19/2014

EMEA Project Finance by Sector

TurkeyZambiaNorway

Safi Coal Fired Power PlantOman

United Kingdom

Gemini OffshoreORPIC Refinery Expansion

PowerPower

Petrochemicals

US$mDateBorrowerClose

Norway

Transportation

Lundin Petroleum Refinancing

Domicile

2/6/2014

SectorNation

Jan 1 - Sep 30Package Amt

Top EMEA Deals

4,000.0

Det norske oljeselskap ASA

Oil & GasIndustry

Scorecard: EMEA Project Finance

$25

-Kuwait 56.8 1 - - -▼Jordan 93.8 1 606.0 1 -84.5

▼South Africa 106.2 1 2,580.8 - -95.9 ▼Namibia 130.0 1 150.0 - -13.3

-Chad 140.0 1 - - - -Uganda 160.0 1 - - -

-Kazakhstan 200.0 1 6,500.0 2 -96.9 ▼Azerbaijan 200.0 1 - - -

▼Egypt 618.1 3 - - - -Nigeria 678.5 2 4,671.0 - -85.5

▼Ghana 1,500.0 1 847.0 - 77.1 ▲United Arab Emirates 1,540.0 3 5,764.0 - -73.3

▼Serbia 19.5 1 - - - -Croatia 55.5 1 78.4 1 -29.2

-Bulgaria 125.0 1 - - - -Czech Republic 139.3 1 - - -

▲Poland 235.0 1 635.9 3 -63.0 ▼Romania 522.8 4 113.2 1 361.8

▼Portugal 28.4 1 95.2 3 -70.2 ▼Austria 70.8 2 159.9 4 -55.7

▲Guernsey 133.2 1 - - - -Sweden 195.8 1 133.8 2 46.3

2 - - -Morocco 2,688.7

-Oman 3,101.0 3 269.0 1

--26.3

-

-

Africa/Middle East/Central Asia 18,669.2

1,052.8 ▲Zambia 3,212.0 3

28 33,204.4Saudi Arabia 4,244.1 3 5,759.1

-4 ▼

Russian Federation 4,054.4

47 -43.8 ▼

Hungary 1,761.2 2 -▲

- -4 1,459.5 4 177.8

-

Eastern Europe 11,182.1 ▲19 8,551.5 15 30.8Turkey 4,269.5 4 6,264.5 6 -31.8

28

# ofSh %

# ofProceedsBorrower Industry

Sector Analysis

19.4 Deals

17,802.3

Mkt.

25.4

19,204.2

Chg. in

▼18.4 26

Power

12,874.515,480.7

70 22.1 26

Jan 1 - Sep 30

6.0 ▲Oil & Gas

▼

1.1 6

Deals

▼-8.7▼8

93 13,780.8

1/1/2013-09/30/2013

Industry 6,726.6 9.6 7 -5.922

-4.7

US$m

Transportation

Mkt.

10,990.5 15.5

26.8 27.1

Proceeds

19,033.3

US$m Sh % Mkt. Sh

-Mining 6,508.7

1/1/2014-09/30/2014

Industry Total 70,051.5

▲

5 898.0 1.3 -

8.0

2,833.2 4.0 6,386.6 9.1

811.619

9.3

4.6 0.6

161

7

▼0.5

100.0

-Leisure & Property 3,251.8

5

3

-0.6

-▲

15 Water & Sewerage 360.7

-Petrochemicals

70,985.2 190 100.01.5 5

Telecommunications 341.1 0.5 3 2,407.0 3.4 -1.0 ▼

2 -2.9 ▼Waste & Recycling 318.5 0.5 1 1,026.7

$0

$5

$10

$15

$20

Proc

eeds

(US$

b)

January 1, 2014 - September 30, 2014


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16 1 4▲

▼0 3 ▲▲15 - 1.4450.0

22 2 21.4

16 443 71 1.1 1

1.10.3 113 22* 487.7 1.5 0.9

▲▲

467.5 1.415

▲

-3 ▼-1 1.1 0

1.6 ▲ 1 1.1 11

▼745.9 2.3 -0.2

▲Hypo Real Estate Holding AG 12 - 534.6 1.6

5 5.410 8 539.91.71.7

11 - 539.2

▼

2-2-4

1.7-0.7 ▼

▲ 1 1.1

▼2.33.1

-6 ▼4

▲2 2.2▼8 8.6

4.3

▲-

▲3.11,000.2748.3 -0.4

22.2 21,016.7

3.1 ▲3.11,012.0

3.45.601,266.803

3 3.23.4

▲

3.9 -▲▲ 23.1 3.1

2 2.2

Proceeds

--3.2

▲▲

8 8.6 01,820.03,729.8 11.4

1 11 3,791.8 9.52

2.2Sh Ch. Sh %

▲Sh %

6.910

8ING 9 7

-HSH Nordbank

Credit Agricole CIB

3

SEB 7 -

14

34 27

65

Natixis

6

Citi

Gazprombank

S mitomo Mits i Finl Grp Inc▼▲

▲

Garanti Bank

▼

▲▼

Standard Chartered PLCDNB ASA

RBC Capital Markets

BNP Paribas SA

Nordea

-8

UniCredit 16 4 1 092 9 17 10 61 6 1 0-0.8 ▼

▼▼ 101.7 8 5.0 -7

RBS 14 15 1,211.8Standard Chartered PLC 15 8 1,199.6

1.7 0.1-0.7 ▼

▲1.9 4.3

7 4.3▲

14 8.7 3

DNB ASA 12 104 1,601.16 1,298.2Mizuho Financial Group 13 7

-1620 12.4 14

2.3 2.11.7 ▲

-0.2

4

10 7 1,695.4 2.4 9.9▼

131216

Santander 11 40 1,632.5 2.3

27Natixis

1,790.92.7 1.1

9▲

1.8 ▲2.6

3.2Mitsubishi UFJ Financial Group 7KfW IPEX-Bank GmbH 8 14 1,878.3

2,226.0

SEB 7.5 6 ▲

▼-8.1 0

▼3▲26 16.1 9

18 11.2 -9▲Societe Generale 6 12 2,333.8 1.33.3

ING 52,549.8

1.1 14.33.4103.6 1.1 14 8.7 -2

23

20.533▼-13

30 -1

4.3

2,388.7911 2.23,020.0 ▲

▲▲

BNP Paribas SA▲

6.5

Market

3.9 ▲

Market

18.6

▲20 12.4

Mizuho Financial Group 11.6

Market# of Deals per Arranger

6 ▲# of Deals Deals

2 ▼


Proceeds per Mandated Arranger (US$m)

Proceeds2014 Rank

MarketSh %

Jan 1 - Sep 30

Sumitomo Mitsui Finl Grp Inc 2

DealsMandated Arranger

4.7Credit Agricole CIB 3HSBC Holdings PLC

1

4

3,285.82

Jan 1 - Sep 30EMEA - Bookrunners (X16)

# of MarketSh % Sh Ch. Bookrunner

-0.8

Proceeds per Bookrunner (US$m)Change in # of2013

Rank5 4,528.8

0.6

EMEA - Mandated Arrangers (X15)

Europe, Middle East & Africa Project Finance

Change in # of Deals per Bookrunner

Market2014 Rank # of Deals

2013 Rank

8▼

3 ▲

* Tie

3.15

-7

Industry % Change over Same Period Last Year 4.1%

16


▼▲▼ ▼

HSBC Holdings PLC 19 28 255.2 2 2.20.8 0.3 ▲

17 2 320.00.9

0 -

1.0 -4.1 ▼1.4

▼2 2.2 -3▼0.3 ▲

-6-3.4 ▼18 4 296.9 7.57

-22 2.216 443.7

161

4 2.5

70,051.5

Industry % Change over Last Quarter -39.6% ▼ ▼-23.3%

100.0

5.0

UniCredit

-29

Sumitomo Mitsui Finl Grp Inc▲

▲

Barclays

KfW IPEX-Bank GmbH▲

▲18.96 2 ▲

1▲40.7 7

▲5

11 6.8▼ -4

4

Societe Generale

1.0 0.68

▲

3.7

▲

▼1.2

59.2

4.30.5

▲1.0

Industry % Change over Same Period Last Year -1.3% ▼


41,357.9

ABN AMRO Bank 24▲0.9

68 671.3HSH Nordbank 25 53 619.5

RBC Capital Markets 22 32 764.423 51 723.5Scotiabank

1.1 0.4

BBVA 20 55 852.6-0.2Barclays 21 19

8 5.0 -1

807.4

▼1.2 0.8

0.3 ▲▲

1.5Nordea 18 - 1,073.0Deutsche Bank 19 20 1,022.3

Commonwealth Bank of Australia 171.5 1.5

0.8 ▲▲

1.626 1,090.3 39 5.65 3.1 5

UniCredit 16 4 1,092.9 17 10.61.6 -1.0 ▼▼ -10

-33.5%-15.3% -7.0%

-22.9%Industry % Change over Last Quarter

▼

▼

▲

▲100.0 9332,616.7

30.263.620,668.7

20 - 250.0 0.8 0.8 ▲ 1 1.1 1 ▲RBS 21 9 215.6 0.7 -1.6 ▼ 3 3.2 -1 ▼BBVA 22 - 215.4 0.7 0.7 ▲ 2 2.2 2 ▲

23 14 186.7 0.6 -0.6 ▼ 2 2.2 0 -Caisse Cent Epargne Prevoyance 24 - 174.8 0.5 0.5 ▲ 1 1.1 1 ▲Standard Bank Group Ltd 25 41 160.0 0.5 0.0 - 1 1.1 0 -

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6

- -47 8

-Mongolia

1/1/2013-09/30/2013

Sarulla Geothermal,Sumatra Power1,194.2

Youngchun-Sangju Highway Co

1,200.0WSO Finance Pty Ltd

AustraliaNRT Finance Pty Ltd

Roy Hill Holdings Pty LtdMarina Bay Sands Pte

Sun Group Finance Pty Ltd7/15/2014

8/29/20147/7/20147/25/2014

5

China

Indonesia

TransportationOil & Gas

Lanzhou Metro Co Ltd 2,054.6

5/14/2014 Australia

6/20/20149/17/2014

7/28/20143/28/2014 1,170.0

Top 10 Nation

Australia1,779.22,050.0

Australia

South Korea TransportationTransportation

Transportation

Australia

1,384.7

DatePackage Amt

US$m

IndustryTransportation

AustraliaSingapore

Nation

4,085.6 Leisure & PropertyMining7,145.14/22/2014


Asia Pacific (inc. Australia & Japan) Project FinanceAsia Pacific & Japan Up 17.1% | Australia Doubles at US$25.8 Billion

Borrower SectorClosing

1,401.4

Viva Energy Pty Ltd

Newcastle Coal Infr Grp

DomicileNo. Proceeds No.

41,419.6Issues

Asia-Pacific (ex. Japan) 47,858.7

Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2014-09/30/2014

% Chge in Proceeds

Proceeds

12,188.8 3332

US$m Issues US$m

25,807.0 31 12,171.1

97

Southeast Asia 8,749.3 16

Australasia 26,598.2 33Australia

791.2 2New Zealand

-Indonesia 2,194.0

▲▲▲

118.2112.0

15.5138

59.54

-

Singapore 4,085.6

43.9 ▲

2,081.2 1 -

South Korea 1,946.2China 3,025.3 2 3,463.484.9

45

North Asia 5,171.5 16 3,594.97

Jan 1 - Sep 30Top Asia Pacific & Japan Project Finance Deals

12,110.6 8 -7.8

-▼

1

South Asia 7 339 7 32

8

11,587.5 49 ▼-24.5

▼14 048 4

▲▲

- - -

200.0

1,375.7

11▲

-

-

Philippines 1,036.5 3 147.1 1 604.6

600.4 5 2,358.3 39 -74.5Laos 644.7 1 - -

▼Malaysia 188.2 1 1,125.3 3 -83.3 ▼Thailand

$30

January 1 2014 September 30 2014

3 -3.2 ▼Water & Sewerage 230.6 0.4 2 1,596.9 3.6

-47.8-47.8

1/1/2013-09/30/2013Mkt.

Borrower Industry

Sector Analysis

Proceeds

Oil & Gas 8.2 2.5

Power35.4 27 Transportation 18,353.5

Leisure & Property 6,130.015.9 8,238.2

Industry2 3

11

15,031.1

11.8

33 104

US$m Sh %

12,132.66,962.9

134

Mining 2.3

7 -10.21,289.6

4,233.8

1/1/2014-09/30/2014

23.4 64

Petrochemicals 765.4 1.5

Industry Total 51,873.0 100.0 100.0

5,605.81,136.3

161 44,286.7

5.66 ▼

9,451.72

1,000.0

21.3 12.7

-19.85

▲

▼

▲

-0.9 ▼

Sh % Deals# of

▲33.9

5.9

▼-10.5

Japan

Deals US$mChg. in Proceeds# of

5 1

Mkt. ShMkt.

▲

5

13

19.7

5.913.6

2.6

15.7

2,615.9

India 7,339.745

32 14,048.44,014.2 37 2,867.1 23 40.0 ▲

▼45South Asia 7,339.7 32 ▼

Jan 1 - Sep 30

14,048.4

1.9 Telecommunications 499.3 1.0 1 840.7 $0

$5

$10

$15

$20

$25

Pro

ceed

s (U

S$b

)



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Asia Pacific (inc. Australia & Japan) Project Finance

10

12

7 510

4

2.7

Korea Development Bank

China Development Bank

21

State Bank of India

▼

▼ ▼▲

3.8

▼

2 1

0

4

11

7

▲

-

9 ▼

0.81,476.7

1 080 0National Australia Bank

▼

Axis Bank Ltd

Standard Chartered PLC

15 2 6 3695 3 2 7 ▼3▼ 3 8 9-1

▲314 6

+33.83-0.4

1,010.9 3.93.3

3.9862.1

+33.83▲1,080.6 4.1 ▲4.1 0-2.3

▲15.2▼

4.5

4.1

+4 ▲12 15.2

10 4 1,176.2 4.5 -0.8 12-

4.3 ▲ 5.14

11 1,081.9 ▼3

-3+24

1,192.5

▲

▲▼

+3

▲5.6

1,216.7 4.6 3.9▲ 4 5.13.8▲ 5.1

▲3.8 +3

1,476.7

▲ 4 5.15.7 5.735.7- 1,504.2

+42.8 9▲

+45.7

7.2+1 ▲

▲Sumitomo Mitsui Finl Grp Inc 4 5 1,778.4 6.8 +111.4

1- 2,054.6

2,403.6

▲4.1 ▲ 8 10.1

12

1,508.1DBS Group HoldingsIDFC Ltd

1,899.4

5 -

3 7

6


12

9 318 18

ICICI Bank Ltd 7ANZ Banking GroupCommonwealth Bank of Australia

12 -

3

13 -

-

▲▲


▲

▲

▲

Mitsubishi UFJ Financial Group

United Overseas Bank Ltd-24.5

6.0 5▲0 41.6 8HSBC Holdings PLC 14 30 1,117.5

152.2

Oversea-Chinese Banking 13 1,401.912 6▲1.8

4.5 63.0 -2

4 3.0 -3▲▲1,527.5 2.9▲1,567.7

2.9DBS Group Holdings 11 10 0.6ICICI Bank Ltd

3.0IDFC Ltd 3.0 6

11.916

Mizuho Financial Group 8 4 2,217.0Mitsubishi UFJ Financial Group 3

2,555.994.6 28 20.9-0.8 ▼

0.714.3

2.922.4

2,054.6 4.0 ▲-0.5 ▼

9 1930

5 1▲2.6

2,372.17

National Australia Bank 4 63Commonwealth Bank of Australia

4.9

6.13,158.6

Westpac Banking 6State Bank of India 2,861.5

11

Change in

-16.92.6

5.5▲▼

7.51 5

# of Market

9

Market

3.1 ▲3.4

Sh %-26.4

7.8China Development Bank-2

▲▼

7.8 1.315.2

1▲ 31 ▲23.1

▲13

20.1▼

Sh Ch.Sh %

▲

1# of Deals

9.2

Market# of# of Deals per Bookrunner

Sh % Sh Ch. Deals Proceeds

2

Bookrunner2013 Rank

2013 Rank


Jan 1 - Sep 30

Change in # of DealsMandated Arranger Proceeds

2014 Rank

MarketDeals

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

Jan 1 - Sep 30

Market

Asia Pacific & Japan- Bookrunners (X28)

Market


Asia Pacific & Japan- Mandated Arrangers (X30)

Sumitomo Mitsui Finl Grp Inc 3,905.5

2014 Rank Sh %

22 16.427

▲ANZ Banking Group 2 7 3,396.9

6.215.7 5 ▲

15 ▼11.2 -421

3.686.6

3,227.9

134

64*

-Scotiabank 1.1 ▲3 Bank of America Merrill Lynch 21* 19*540.7

15 0.1560.4

7.510

▲

▲ 1.3 0

41,142.9

205.0 0.8

United Overseas Bank Ltd

ING

25

17


0.5

BNP Paribas SA

Malayan Banking Bhd

18

2 ▲

7.1%

▲ 479.5

Industry % Change over Last Quarter 23.8%

Societe Generale

Industry Total

17.1%

10.037

51,873.0Top Twenty Five Total

▲

19

Standard Chartered PLC

Industry % Change over Same Period Last Year

24 40

33

7416 25 972.5

-16.8%

2.1

-

6▲3

91.9

▼

953.0 1.7 ▲

1,080.0

Malayan Banking Bhd▲

Axis Bank Ltd

National Bank of Abu Dhabi

Oversea-Chinese Banking

Westpac Banking3.0

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

Industry Total

▼183.1%▲

▲

-2.1%

-27Top Twenty Five Total 24,856.6

▲40.0%

-21

-21.0%

79

▼

26,276.523.594.7

100.0

0.8 0.8 1▲

▲1.3 +1 ▲1.3 +11.3 +1 ▲▲Natixis 21* -

205.0 0.8205.0

First Gulf Bank 0.8 1▲0.8 0.8

21* -

2.6

2▲21* -20 - 1.4

▲ 1+22.51.4

2.5 +12▲

▲2.5 +218 - 2.3

16* -▲

2.62.6

597.8 2.31.3 +11680.9

2▲▲

16* - ▲15 2 -6.3695.3

680.92.72.6 ▲

▼13

+1▼

1.33.8 -9

-1▼▼

0

19

3

-9 205.0HSBC Holdings PLC 363.9

2.2▲▼-1

2 Bank of China Ltd

▲

▲▲19* 1.5577.2

5.2

▲100.0

3.01.00.7 3.7

-

2.2▼ 33

-0.5-4.2

3.0

39 583.7

4▲1.4 0.8

1

700.3

1.1CIMB Group Sdn Bhd 23627.6

▼

0.7▲

654.82 1.32113

7

0.0 32.2

Bank of China Ltd 22

2.2656.920Axis Bank Ltd

0.71.2

16 1.3

4▲971.7 1.9 1.81.8

3.7 --0.4

▲1.1 5 015

+1 ▲Scotiabank 25 - 194.7 0.7 0.7 1 1.3▲

* Tie

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-

-

-

-

-

-

-

Asia Pacific:

E-mail: [email protected] 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

Salvatore Reres

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

Database coverage includes all loan transactions that have reached General close between January 1, 2013 and September 30, 2014 of whichThomson Reuters has been made aware. All current data and previous year's data is as of 6:00am EDT on October 15, 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:

Europe

Americas

E-mail: [email protected]: +1 646-223-8455

-

-

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

Tel: +632 858 7221

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 thirdparty 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 partycontent 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 theextent 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. ThomsonReuters 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 relevantthird party.

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Q32014 Project Finance Cover.ppt - Thomson...

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Transcript of Q32014 Project Finance Cover.ppt - Thomson...