Principles of Project Finance (eBook)

E. R. Yescombe (Autor)

eBook Download: PDF | EPUB

2013 | 2. Auflage
560 Seiten
Elsevier Science (Verlag)
978-0-12-415755-2 (ISBN)

Infos

The Second Edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance.  Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects.  With extensive cross-references and a comprehensive glossary, the Second Edition presents anew a guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations. - Provides a basic introduction to project finance and its relationship with other financing techniques - Describes and explains: sources of project finance; typical commercial contracts (e.g., for construction of the project and sale of its product or services) and their effects on project-finance structures; project-finance risk assessment from the points of view of lenders, investors, and other project parties; how lenders and investors evaluate the risks and returns on a project; the rôle of the public sector in public-private partnerships and other privately-financed infrastructure projects; how all these issues are dealt with in the financing agreements

E.R. Yescombe has over 30 years' experience in various forms of structured finance, including project finance, leasing, export credits, real estate and asset finance. A former banker and head of project finance in London for a major international bank, he is now an independent consultant on project finance and public-private partnerships (PPPs), advising investors on financing for power, infrastructure and PPP projects, as well as public-sector entities on PPP policy issues, project procurement and contracting.

---

The Second Edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance. Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects. With extensive cross-references and a comprehensive glossary, the Second Edition presents anew a guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations. - Provides a basic introduction to project finance and its relationship with other financing techniques- Describes and explains: sources of project finance; typical commercial contracts (e.g., for construction of the project and sale of its product or services) and their effects on project-finance structures; project-finance risk assessment from the points of view of lenders, investors, and other project parties; how lenders and investors evaluate the risks and returns on a project; the role of the public sector in public-private partnerships and other privately-financed infrastructure projects; how all these issues are dealt with in the financing agreements

Inhalt

Front Cover 1
Principles of Project Finance 4
Copyright Page 5
Contents 6
List of Tables 12
List of Figures 14
1 Introduction 16
2 What is Project Finance? 20
§2.1 Introduction 20
§2.2 Definition and Basic Characteristics 20
§2.3 Development of Project Finance 24
§2.4 Elements of a Project-Finance Structure 28
§2.5 Examples of Project-Finance Structures 29
§2.5.1 Process-Plant projects 29
§2.5.2 Infrastructure Projects 30
§2.5.3 Other Structures 33
§2.6 Why Use Project Finance? 35
§2.6.1 Why Investors Use Project Finance 36
§2.6.2 The Benefits of Project Finance to Third Parties 40
3 Project Development and Management 44
§3.1 Introduction 44
§3.2 Sponsors and Other Investors 45
§3.2.1 Passive and Secondary Investors 47
§3.2.2 Public-Sector Shareholders 48
§3.3 Project Development 48
§3.4 The Rôle of Advisors 49
§3.4.1 Financial Advisor 50
§3.4.2 Legal Advisor 52
§3.4.3 Other Advisors 53
§3.5 Joint-Venture Issues 53
§3.6 The Project Company 55
§3.6.1 Structure 55
§3.6.2 Shareholder Agreement 56
§3.6.3 Management and Operations 57
§3.7 Public Procurement 59
§3.7.1 Project Management 60
§3.7.2 Advisors 61
§3.7.3 Project Development 62
§3.7.4 Procurement Systems 64
§3.7.5 Pre-Qualification 67
§3.7.6 Request for Proposals 68
§3.7.7 Negotiation 70
§3.7.8 Bid Evaluation 71
§3.7.9 Dealing with Bids 72
§3.7.10 Competitive Bidding for Sub-Contracts 73
§3.7.11 Unsolicited Bids 74
§3.7.12 Relationship with the Lenders 75
§3.7.13 Contract Management 75
4 The Project-Finance Markets 76
§4.1 Introduction 76
§4.2 Commercial Banks 77
§4.2.1 Areas of Activity 77
§4.2.2 Banks in the Market 79
§4.3 Bonds 81
§4.3.1 The U.S. Bond Market 82
§4.3.2 Wrapped Bonds 85
§4.3.3 The International Bond Market 86
§4.4 Other Non-Bank Lenders 89
§4.5 Other Sources of Private-Sector Debt 89
§4.5.1 Mezzanine Debt 89
§4.5.2 Lease Finance 90
§4.5.3 Vendor Finance 91
§4.5.4 Islamic Finance 92
5 Working with Lenders 94
§5.1 Introduction 94
§5.2 Commercial Banks 94
§5.2.1 Organizational Structure 94
§5.2.2 Project Finance and Structured Finance 96
§5.2.3 Lead Arrangers 97
§5.2.4 Letters of Intent 99
§5.2.5 Bank Rôles 99
§5.2.6 Financial Model 100
§5.2.7 Term Sheet, Underwriting, and Documentation 101
§5.2.8 Information Memorandum and Syndication 103
§5.2.9 Loan Agency 104
§5.2.10 Collateralized Loan Obligations (CLOs) 105
§5.3 Bonds 106
§5.3.1 The Investment Bank and the Credit Rating Agencies 106
§5.3.2 Paying Agent, Trustees and Controlling Creditor 108
§5.4 Bank Loans Versus Bonds 108
§5.5 Lenders’ Due-Diligence and External Advisors 110
§5.5.1 Due Diligence 110
§5.5.2 Legal Advisors 111
§5.5.3 Lenders’ Engineer 111
§5.5.4 Insurance Advisor 112
§5.5.5 Model Auditor 112
§5.5.6 Other Advisors 112
§5.5.7 Pre-appointment of Lenders’ Advisors 113
§5.5.8 Use of Advisors’ Time 113
§5.6 Lenders and the Public-Procurement Process 114
§5.6.1 Bank Debt 114
§5.6.2 Bonds 115
6 Types of Project Agreement 118
§6.1 Introduction 118
§6.2 BOT, BTO et al. 119
§6.3 Offtake Contract 121
§6.3.1 Types of Offtake Contract 121
§6.3.2 PPA Structure 124
§6.3.3 Construction Phase 124
§6.3.4 Operation of the Plant 125
§6.3.5 Tariff 125
§6.3.6 Penalties 128
§6.4 Availability-based Contract 130
§6.4.1 Service Fee 131
§6.4.2 Output Specification 131
§6.4.3 Availability 132
§6.4.4 Performance 134
§6.4.5 Benchmarking and Market-Testing Building-Services Costs 136
§6.4.6 Shadow Tolls 137
§6.5 Concession Agreement 138
§6.5.1 User Charges 138
§6.5.2 Competition 139
§6.5.3 Revenue Sharing 139
§6.5.4 User Issues 139
§6.5.5 Other Terms 140
§6.6 Other ‘PPP-like’ Contracts 140
7 Common Aspects of Project Agreements 144
§7.1 Introduction 144
§7.2 Term 145
§7.2.1 Useful Life of the Project 145
§7.2.2 Affordability 145
§7.2.3 Term of the Debt 145
§7.2.4 Equity Return 146
§7.2.5 Residual Value 146
§7.2.6 Flexibility 146
§7.2.7 ‘Whole-life’ Benefits 147
§7.2.8 Tax Efficiency 147
§7.2.9 Variable Term 147
§7.3 Payment Mechanism 147
§7.3.1 Payment on Project Completion 147
§7.3.2 Level Payments 148
§7.3.3 Inflation Indexation 148
§7.3.4 Third-Party Revenue 149
§7.4 Contract Monitoring by the Offtaker/Contracting Authority 150
§7.4.1 Design and Construction 150
§7.4.2 Operation 151
§7.4.3 Sub-Contracts 152
§7.4.4 Financing 152
§7.5 Performance Bonding and other Guarantees 152
§7.6 Compensation Events 153
§7.6.1 Breach of Obligation 154
§7.6.2 Delays in Construction 154
§7.6.3 Contract Variations 154
§7.6.4 Changes in Law 156
§7.6.5 Financial Equilibrium 156
§7.7 Excusing Causes 158
§7.8 Relief Events 158
§7.9 Step-in by the Offtaker/Contracting Authority 159
§7.10 Termination of the Project Agreement 160
§7.10.1 Early Termination: Default by the Project Company 160
§7.10.2 Early Termination: Default by the Offtaker/Contracting Authority 166
§7.10.3 Optional Termination by the Offtaker/Contracting Authority 169
§7.10.4 Early Termination: Force Majeure 169
§7.10.5 Early Termination: Corruption or Fraud 171
§7.10.6 Tax Implications of a Termination Sum Payment 171
§7.10.7 Final Maturity of a Reverting Asset-based Project Agreement 171
§7.10.8 Early Termination of a Non-Reverting Asset-based Project Agreement 173
§7.10.9 Final Maturity of a Non-Reverting Asset-based Contract 174
§7.11 Change of Ownership 175
§7.12 Dispute Resolution 176
8 Sub-Contracts and Other Related Agreements 178
§8.1 Introduction 178
§8.2 Construction Contract 179
§8.2.1 Scope of Contract 181
§8.2.2 Commencement of the Works 181
§8.2.3 Contract Price, Payments, and Variations 182
§8.2.4 Construction Supervision 183
§8.2.5 Owner’s Risks 183
§8.2.6 Relief Events 184
§8.2.7 Project Completion 184
§8.2.8 Liquidated Damages and Termination 185
§8.2.9 Security 187
§8.2.10 Suspension and Termination by the Construction Contractor 188
§8.2.11 Dispute Resolution 189
§8.3 O& M/Maintenance Contract(s)
§8.3.1 Scope of Contract 189
§8.3.2 Services 189
§8.3.3 Fee Basis 190
§8.3.4 Incentives and Penalties 191
§8.3.5 Major Maintenance Contract 191
§8.4 Building-Services Contract 191
§8.5 Fuel or Other Input-Supply Contract 192
§8.5.1 Supply Basis 193
§8.5.2 Physical Delivery Risks 195
§8.5.3 Pricing Basis 195
§8.5.4 Security 196
§8.5.5 Relief Events and Change in Law 196
§8.5.6 Default and Termination 197
§8.6 Insurance 197
§8.6.1 Construction-Phase Insurances 198
§8.6.2 Operating-Phase Insurances 201
§8.6.3 Deductibles 201
§8.6.4 Supplier’s or Buyer’s Extensions 202
§8.6.5 Lender Requirements 202
§8.6.6 Reinsurance 204
§8.6.7 Control of Litigation 204
§8.6.8 Insurance Premium/Uninsurable Risk 205
§8.6.9 Linear or Multi-site Projects 205
§8.6.10 Portfolio Insurance/Self-Insurance 205
§8.7 Site Lease and other Usage Rights 205
§8.8 Permits and Other Rights 206
§8.8.1 Project Permits 206
§8.8.2 Rights of Way and Easements 207
§8.8.3 Shared Facilities 207
§8.8.4 Investment and Financing Permits 207
§8.9 Amendments to and Replacement of Sub-Contracts 208
§8.10 Parent-Company Guarantees 208
§8.11 Direct Agreements 209
9 Commercial Risks 212
§9.1 Introduction 212
§9.2 Risk Evaluation and Allocation 213
§9.3 Analysis of Commercial Risks 215
§9.4 Commercial Viability 216
§9.5 Construction Risks 218
§9.5.1 Site Acquisition and Access 219
§9.5.2 Site Condition 219
§9.5.3 Permits 220
§9.5.4 The Construction Contractor 221
§9.5.5 Construction Contract-Related Cost Overruns 224
§9.5.6 Other Construction-Phase Costs 227
§9.5.7 Revenue During Construction 228
§9.5.8 Delay in Project Completion 229
§9.5.9 Third-Party Risks 230
§9.5.10 Inadequate Performance on Project Completion 232
§9.5.11 The Construction Contractor’s Security 233
§9.5.12 Projects without a Fixed-Price, Date-Certain, Turnkey Construction Contract 233
§9.6 Revenue Risks 234
§9.6.1 Offtake and Similar Contracts 235
§9.6.2 Projects without Price or Volume Risk Mitigation 238
§9.6.3 Concession Agreements and Privatized Infrastructure 241
§9.6.4 Availability-based Contracts 244
§9.7 Operating Risks 245
§9.7.1 Process-Plant Projects—Technology Risk 246
§9.7.2 Process-Plant Projects—Project Operation 247
§9.7.3 Process-Plant Projects—Degradation 247
§9.7.4 Concession Agreements and Availability-based Contracts—Availability and Performance 248
§9.7.5 Maintenance and Lifecycle Costs 248
§9.7.6 Utility Costs 250
§9.7.7 Other Operating Costs 251
§9.8 Input-Supply Risks 251
§9.8.1 Input-Supply Contracts 252
§9.8.2 When is an Input-Supply Contract Not Needed? 255
§9.8.3 Water and Wind 255
§9.8.4 Mineral Reserves 255
§9.8.5 Other Utilities 256
§9.9 Uninsured Risks and Related issues 256
§9.9.1 Force Majeure and Insurance 257
§9.9.2 Insurance Costs 257
§9.9.3 Unavailability of Insurance 258
§9.10 Environmental Risks 259
§9.10.1 Environmental Impact Assessment 260
§9.10.2 The Equator Principles 260
§9.10.3 Pre-Existing Site Contamination 262
§9.10.4 Waste Disposal 263
§9.10.5 Change in Law 263
§9.11 Residual-Value Risk 263
§9.12 Contract Mismatch 263
§9.13 Recourse to the Sponsors 265
§9.14 Risks for an Offtaker/Contracting Authority 268
§9.15 Why Do Projects Fail? 268
§9.16 Loss on Default 270
10 Macro-Economic Risks 272
§10.1 Introduction 272
§10.2 The Time Value of Money 273
§10.2.1 Discounted Cash Flow 273
§10.2.2 Internal Rate of Return 275
§10.2.3 Problems in Using DCF and IRR Calculations 276
§10.3 Interest-Rate Risks 280
§10.3.1 Interest-Rate Swaps 282
§10.3.2 Interest-Rate Caps and other Instruments 289
§10.3.3 Scale and Timing of Interest-Rate Hedging 290
§10.3.4 Fixed-Rate Loans or Bonds 290
§10.3.5 Interest-Rate Hedging before Financial Close 292
§10.3.6 Should Interest-Rate Risk be the Project Company’s Problem? 294
§10.4 Inflation 294
§10.4.1 Inflation Indexation of Contract Payments 295
§10.4.2 ‘Over-Indexation’ 298
§10.4.3 Inflation-Indexed Financing 299
§10.5 Foreign-Exchange Risks 301
§10.5.1 Managing Foreign-Exchange Risks 302
§10.5.2 Exchange-Rate Hedging 304
§10.5.3 Local-Currency Debt 304
§10.5.4 Liquidity Support 305
§10.5.5 Catastrophic Devaluation 305
§10.5.6 Finance in More than One Currency 306
§10.5.7 Conversion of Local Currency Revenues 307
§10.5.8 Fixing of Security in Local Currency 308
§10.6 Refinancing Risk 308
11 Regulatory and Political Risks 310
§11.1 Introduction 310
§11.2 Projects and Politics 311
§11.3 Change in Law 312
§11.3.1 Change in Law Risk 313
§11.3.2 Categories of Change in Law 313
§11.4 Investment Risks 315
§11.4.1 Currency Convertibility and Transfer 316
§11.4.2 Expropriation 319
§11.4.3 War and Civil Disturbance 319
§11.5 Wider Political Risks 320
§11.5.1 Contract Repudiation/Legal Process 320
§11.5.2 Creeping Expropriation 322
§11.6 ‘Sub-Sovereign’ Risk 323
§11.7 Government Support Agreement 324
§11.8 Political-Risk Insurance and Guarantees 326
§11.8.1 Private-Sector Insurance 326
12 Financial Structuring 328
§12.1 Introduction 328
§12.2 Investors’ Analysis and Equity Structure 329
§12.2.1 Equity IRR 329
§12.2.2 Blended Equity IRR 330
§12.2.3 Timing of Equity Investment 331
§12.2.4 Other Equity-Return Measurements 333
§12.2.5 Bringing in New Investors at Financial Close 336
§12.3 Debt Cover Ratios 337
§12.3.1 Annual Debt-Service Cover Ratio 337
§12.3.2 Loan-Life Cover Ratio 338
§12.3.3 Average ADSCR and LLCR 339
§12.3.4 Project-Life Cover Ratio 339
§12.3.5 Reserve-Cover Ratio 340
§12.3.6 Calculating Cover Ratios 340
§12.3.7 Minimum Cover Ratios and Debt Amount 341
§12.4 Debt:Equity Ratio 342
§12.4.1 Calculation of Debt:Equity Ratio 343
§12.4.2 Contingency Financing 343
§12.4.3 100% Contingent Equity 343
§12.4.4 Projects without Equity 344
§12.5 Debt Service Profile 344
§12.5.1 Term of Financing 345
§12.5.2 Average Life 346
§12.5.3 Repayment Schedule 347
§12.5.4 Flexible Repayment 351
§12.6 Interest Rate and Fees 352
§12.6.1 Interest Rate 353
§12.6.2 Arranging and Underwriting Fees 353
§12.6.3 Commitment Fees 354
§12.6.4 Agency Fees 354
§12.7 Additional Costs 355
§12.7.1 Withholding Tax on Interest Payments 355
§12.7.2 Mandatory Costs 355
§12.7.3 Market Disruption 356
§12.8 Optimizing the Financial Structure 356
13 The Financial Model 360
§13.1 Introduction 360
§13.2 Functions of the Financial Model 361
§13.3 Model Inputs 362
§13.4 Macro-Economic Assumptions 363
§13.4.1 Inflation 363
§13.4.2 Commodity Prices 364
§13.4.3 Interest Rates 364
§13.4.4 Exchange Rates and Currency of the Model 365
§13.4.5 Economic Growth 366
§13.5 Project Costs and Financing 366
§13.5.1 Construction-Phase Costs 366
§13.5.2 Construction-Phase Financing 368
§13.6 Operating Revenues and Costs 369
§13.7 Accounting and Taxation Issues 369
§13.7.1 Capitalization and Depreciation of Project Costs 370
§13.7.2 The Dividend Trap 372
§13.7.3 Negative Equity 374
§13.7.4 Timing of Tax Payments 375
§13.7.5 Value-Added Tax 375
§13.7.6 Withholding Tax 375
§13.7.7 Exchange Rates and Tax 375
§13.7.8 Inflation and Tax 377
§13.8 Model Outputs 377
§13.9 Sensitivity Analysis 378
§13.10 The Banking Case, Base Case and Financial Close 379
§13.11 Using the Model after Financial Close 379
14 Project-Finance Loan Documentation 382
§14.1 Introduction 382
§14.2 Lenders’ Term Sheet 383
§14.3 Construction Phase—Drawdown of Debt 383
§14.3.1 Availability Period 384
§14.3.2 Drawdown Procedure 384
§14.3.3 Debt Accretion 385
§14.4 Operating Phase—Control of Cash Flow 386
§14.4.1 Project Accounts 386
§14.4.2 The Cash-Flow Cascade 390
§14.4.3 Distributions to investors 391
§14.4.4 Cash Sweep 392
§14.4.5 Cash clawback 394
§14.5 Reporting Requirements 394
§14.5.1 Construction Phase 394
§14.5.2 Operating Phase 394
§14.6 Debt Cancellation and Prepayment 395
§14.6.1 Commitment Reduction 395
§14.6.2 Partial Prepayment 396
§14.7 Lenders’ Security 397
§14.7.1 Mortgages and contract assignments 398
§14.7.2 Security over project company’s shares 400
§14.8 Conditions Precedent 401
§14.8.1 Conditions Precedent to Financial Close 401
§14.8.2 Conditions Precedent to Loan Drawdowns 403
§14.8.3 MAC Clause 404
§14.9 Representations and Warranties 404
§14.10 Covenants 406
§14.10.1 Positive Covenants 406
§14.10.2 Negative Covenants 408
§14.11 Permissions, Waivers and Amendments 409
§14.12 Events of Default 410
§14.13 Lenders’ Decision-Making Process 413
§14.14 Intercreditor Issues 415
§14.14.1 Interest-Rate Swap Providers 417
§14.14.2 Fixed-Rate Lenders 417
§14.14.3 Lenders with Different Security 418
§14.14.4 Lessors 418
§14.14.5 Subordinated or Mezzanine Lenders 418
§14.14.6 Defaulting lender 420
§14.15 Governing Law and Jurisdiction 420
§14.16 Debt Refinancing 420
§14.16.1 Basis for Refinancing 421
§14.16.2 Debt Refinancing: The ‘Windfall’ Issue 424
§14.16.3 Calculating the Refinancing Gain 425
§14.16.4 What Apparent Refinancings Should be Excluded from Gain-Sharing Provisions? 429
§14.16.5 Are refinancing gain-sharing provisions enforceable? 432
§14.16.6 Does it Matter? 432
§14.17 Secondary Equity Sale 433
§14.17.1 Secondary Equity Sale—The ‘Windfall’ Issue 435
15 Public-Sector Financial Support 438
§15.1 Introduction 438
§15.2 Indirect Public-Sector Financial Support 439
§15.3 Direct Public-Sector Financial Support 439
§15.4 Mezzanine Debt 442
§15.4.1 U.S. State Infrastructure Banks 442
§15.4.2 ‘TIFIA’ Program 443
§15.4.3 EIB Project Bond Initiative 444
§15.5 Standby Financing 444
§15.6 Refinancing after Project Completion 444
§15.7 Gap Financing 445
§15.8 Policy Banks 446
§15.9 Credit Guarantee Finance 447
§15.10 Capital Grant 448
§15.11 Viability-Gap Funding 450
§15.12 Part-Construction of the Project 451
§15.13 Complementary Investment 451
§15.14 Full Debt Guarantee 451
§15.15 First-Loss Debt Guarantee 452
§15.16 Pari-Passu Debt Guarantee 452
§15.17 Debt Underpinning 453
§15.18 Minimum Revenue Guarantee (‘MRG’) 453
§15.19 Tariff Subsidy 455
§15.20 Public-Sector Project Company 456
§15.21 Guarantee Funds 456
16 Export-Credit Agencies and Development-Finance Institutions 458
§16.1 Introduction 458
§16.2 Export Credit Agencies 459
§16.2.1 ECA Support for Projects 460
§16.2.2 Berne Union 461
§16.2.3 The OECD Consensus 462
§16.2.4 Assumption of Risks and Scope of Cover 464
§16.2.5 Cash Collateralization 466
§16.2.6 Benefit of ECA Support 467
§16.3 Political-Risk Insurance for Investors 467
§16.4 ECAs and Bilateral DFIs 468
§16.4.1 Japan (NEXI/JBIC) 470
§16.4.2 Korea (K-sure/KEXIM/KDB) 471
§16.4.3 China (SINOSURE/China Eximbank/CDB 472
§16.4.4 United States (U.S. Exim/OPIC) 473
§16.4.5 Germany (Hermes/KfW/DEG) 475
§16.4.6 Italy (SACE/Simest) 475
§16.4.7 France (COFACE/DREE/Proparco) 476
§16.4.8 Denmark (EKF) 477
§16.5 Multilateral Development-Finance Institutions 477
§16.5.1 The World Bank 479
§16.5.2 International Finance Corporation (‘IFC’) 482
§16.5.3 International Development Association (‘IDA’) 484
§16.5.4 Multilateral Investment Guarantee Agency (‘MIGA’) 484
§16.5.5 Asian Development Bank 486
§16.5.6 African Development Bank 487
§16.5.7 European Bank for Reconstruction and Development 488
§16.5.8 European Investment Bank 488
§16.5.9 Inter-American Development Bank 491
Annex: U.S. Exim ‘Project Criteria and Application Information Requirements’ 492
I General Project 492
Information Required 492
II Participants 494
Information Required 494
III Technical 494
Information Required 494
IV Host Country Legal/Regulatory Framework and Government Role 495
Information Required 495
17 Recent Market Developments and Prospects for Project Finance 496
§17.1 Introduction 496
§17.2 The Effect of the 2008 Financial Crisis 497
§17.3 The ‘Basel Process’ 498
§17.4 Non-Bank Lenders 500
§17.4.1 Institutional Lenders 500
§17.4.2 Debt Funds 501
§17.4.3 Public-Sector Pension Funds 502
§17.4.4 Solvency II 502
§17.5 Improving Project-Finance Credit Risk 502
§17.5.1 Separate Construction Risk 503
§17.5.2 Mezzanine Debt 504
§17.5.3 Standby Finance 504
§17.5.4 Blended Tenors 505
§17.5.5 Increased Equity 505
§17.6 New Models 506
§17.6.1 Regulated Asset Base Finance 506
§17.6.2 Output-Based Aid 508
§17.6.3 Social-Impact Bonds 509
§17.6.4 Tax Increment Finance 510
§17.7 The Future of Project Finance 512
Glossary and Abbreviations 514
Index 556

Produkt-Details

• Erscheint lt. Verlag: 13.11.2013
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Projektmanagement
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• ISBN-10: 0-12-415755-6 / 0124157556
• ISBN-13: 978-0-12-415755-2 / 9780124157552