project finance review - pfie · · 2013-04-11however the number of project financings closed...
TRANSCRIPT
PROJECT FINANCE REVIEW
FIRST QUARTER 2013
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Project Finance Regional Breakdown Jan 1 - Mar 31
Global: Project Finance activity for the first three months of 2013 totaled US$42 billion with 112 deals, up 8.8%
compared to the same period last year. Transportation was the busiest sector, closing US$13.4 billion from 19 deals,
the largest of which was the US$2.8 billion Gebze-Orhangazi-Izmir Highway in Turkey.
Americas: Project Finance Loans totalling US$7.4 billion closed in the first quarter, an increase of 6.2% over last year.
However the number of project financings closed fell 38.5% from 26 in Q1 2012 to just 16 deals in Q1 2013.
EMEA: The first quarter of 2013 saw 13% fewer project financings signed; however, those projects that did receive
funding were larger on average resulting in 48.5% increase in loan proceeds, which stood at US$22 billion.
Asia Pacific and Japan: Project Finance posted the slowest first quarter since 2009, with total volume at US$12.5 billion
from 49 deals, down 25.3% compared to the same period of the previous year. India was the only market which
showed slight growth at 5.8%, closing US$6.9 billion from 23 deals.
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1
1
2.9
▼-1
▲
▲
1.4 1
3
0
4.3 2
▼
7.5
▲
-27.4%
-45.9%
▲
Industry % Change over Same Period Last Year
21,881.741,994.3 100.0
▼
Industry Total
3.6▼-0.3
▲5.41.1
4
JP Morgan
Deutsche Bank
25,454.5 60.8
1.1474.9 6
▲
Credit Agricole CIB 21
2.2
112
19
2.02.015
-
▲
-4
6
2
-1
18
12
15*
-
-
▲
▼
8.7▲
▲
6
22
2.9
▲
2 2.9
2.9 12.2
▲
2
2.2 ▲
0
11
0
▼
▲
2.2
481.0
-
26
17
506.9 1.2
497.9
▲ 4
-1.21.2507.0
1.2
▲
-3
3.6 2
38.0
1.8 1
-2.7
▼
0.4
1.3 -2.5 3
6
5.4
531.1 ▼
565.5
0.6 ▲
6
1.4
542.0 1.3 2
0.3 ▲
1.4
▲ 6.3
9
0.9 11
5
37
-
▲
4.5 -
5
Standard Chartered PLC
BNP Paribas SA
National Australia Bank
▲
▲
▲
4.5
8
▼
5.4
-34
0
-0.5
1
-4
▼ 7.1
6
▼
0.8
0.2
▼
Barclays▲
▲1.6
11
7
▲ 5 4.5 3
-1
▲
▲
9.8
15* 33 403.9
13▼ 433.0▲
UniCredit 14
-8
6
3
8.7
443.9▲ 5.4
474.9
2.2
▲ -04.33
▼
2.7
-4.3
2.7 ▲ 1
▲
▲1-
688.8 ▼
1.4
3.2
2
4.37.1 Mitsubishi UFJ Financial Group
6.3
▲
6 20Sumitomo Mitsui Finl Grp Inc▲
3 7
5
41*
0.9
-3.5
6.3 482.54
6 ▲
1.9
▼
1.4
531.1 2.4
▲696.2
579.4
5 3.30
3.2
28ING
3
711.5 ▲
▼ 6
Citi 6
ICICI Bank Ltd
RBS
8
3
▲
1,431.7
7
1.5 ▲
Standard Chartered PLC 10
Credit Agricole CIB 9
24
7 37
5 18UniCredit
26
20
17
1
Mizuho Financial Group
Sumitomo Mitsui Finl Grp Inc
2 3Mitsubishi UFJ Financial Group 2
4 5 1,766.6
9.8
1,799.46.2
5.4
Market
Proceeds
4,094.2 2.1 6
16-3.2
Mandated Arranger
1
2012
Rank
State Bank of India ▲
3
-6
▲5.8
5
14.3 ▲5
-4 4.3 2.3
▲
1▲
8.9 2.5
▲ ▼
2
1.4
-
4.2 16.10.7
10.2▲949.7
▲18
172,588.1▼ 163Citi
15.24.3
1.3 Mizuho Financial Group
4,063.6
2
899.0ICICI Bank Ltd
1
14
State Bank of India 1
▲
4 5.8
517.4▲
▼-6
124
18.6 7.6
4.1
▲
▲0.3
10
2
1.9
2,221.1
-14
2▼
3 4.3
1,070.2
▼
3.4
2.4
2.1 1
▲1.6 8
0.5
6 754.1
68
899.0
838.5
2.0835.6
2.0
ING
Barclays
IDFC Ltd
11
12
Intesa SanPaolo
BNP Paribas SA
Standard Bank Group Ltd
13
15
HSBC Holdings PLC 14 1479
20
17
Woori Financial Group
22
22
4
29
18
19
-1.4
1.6
0.8
667.8
1.4
1.8
-0.6
0.01.6
717.0
Yes Bank Ltd -
1.7
15
579.4
23
38
12
41
682.4
23
Axis Bank Ltd 21
Lloyds Bank
40
-
Societe Generale
KfW IPEX-Bank GmbH
16
1,015.8
1.8761.2
0.7
Top Twenty Five Total
25
24National Australia Bank
Deutsche Bank
-
Market
Sh Ch.
# of
1.6
631.3 1.5
2.6
1.7696.9
Siam Commercial Bank PLC
9*
-25.6%
Goldman Sachs & Co
Industry % Change over Same Period Last Year
Industry % Change over Last Quarter
20
Woori Financial Group
9
13
10
Axis Bank Ltd
8
Yes Bank Ltd
Societe Generale
RBS
Sh %Proceeds Sh Ch.
Change in Market
Deals # of DealsDeals
First Quarter 2013
Global Deals Intelligence
Global Project Finance Up 9% I Gebze-Orhangazi-Izmir Highway - Largest Deal
Global Project Finance Review
MANAGING UNDERWRITERS
2012
Rank
# of
# of Deals
# of Deals per Arranger
Change in 2013
Rank
Market
Proceeds per Mandated Arranger (US$m)
Sh % Sh %
# of Deals per Bookrunner
Market2013
Rank Sh %
-0.2 2.9
Bookrunner
Proceeds per Bookrunner (US$m)
Market
0.0
▲ 1 1.4
-▼
1.411.9 1.9 ▲
1.8 1.8 ▲388.6 4.3
2▲1.4
1.9 1.4
403.9
3
3
0.6
▲
2.9▼ 2
326.4 1.5 0.6
1 1.417
27
▼288.1
308.3
21 -0.71.0
1.3 -0.7
24 187.5
-
0.9
214.9
0.9
-
23
RBC Capital Markets
Morgan Stanley
200.0
187.5
205.8
24*
Development Bank of Japan Inc 22
24*
▲0.9
-0.4
0.9
0.9
16,770.6 ▲21.3
-2.0
0.9 1.4
1
1▲
▼ 1.4
▼ 0
69 -26.0100.0
▼
Jan 1 - Mar 31
▼
77.0Top Twenty Five Total
-1.4
-11.2%
▼ ▼ -40.0%
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Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Mar 31
Industry % Change over Last Quarter
Industry Total -24.0
8.8% ▲ ▼-17.6%
-32.9%
$0
$10
$20
$30
$40
$50
$60
2009 2010 2011 2012 2013
Pro
ce
ed
s (
US
$b
)
EMEA Americas Asia-Pacific & Japan
Top Global Project Finance Deals Jan 1 - Mar 31
1.8
4.9 10
▼
▲
Asia-Pacific
47
3.7
2
Note: 2013 League Tables are based on fully syndicated project finance volume.
Mkt.
1.5
9
31.8
-4.4
▼
▲
7
50 -27.0
▼
▼
-
▲
3/26/2013
2/7/2013
Cernambi Norte MV26 BV
-
▼
▲
-
35.8
238.9
2/26/2013
48.5
-
Global Project Finance By Sector (US$m)
Oil & Gas
▲
138.5
1,399.5
1,819.2
1,170.0
BGT LNG Vessel
Macau-
▲
1/28/2013
3/25/2013
1/25/2013
Stansted Airport Acquisition▲
1,100.0
Germany
Brazil
1,280.0
BreBeMi Toll Road
SPP SALE
2,337.4
Utd Arab Em
Power
Oil & Gas
-
4
6
-
-
12.5
1
71.1 ▲
▲
-68.2 ▼
▲
51
4
28.9
26 -0.3
14
▲
▼
Mkt. Sh
-69.7
▼
▲
https://www.thomsonone.com
2 -0.3
100.0
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100.0 38,608.1
-
▼
22.7
-
0.7
-
▼
1,894.2
▲
2 1.3
-
7 -6.3
69
250.0
8.2
11,160.4
8,758.2
-2.0
1.7
677.1
136
-0.2
112
-
1
3 485.8
2.4
1
477.4
1,014.3
41,994.3Industry Total
2.0
1.1
375.0
Western Europe
Central Asia
31 10,027.9
18.3
26.9
12,410.3
13,331.2
Proceeds
10
Sector Analysis
Eastern Europe 3,303.3
11,278.7
Chg. in
27.0
-13.9
Sh %
5
US$m
2,415.0
32.1
39
No.
Issues
No.
1/1/2012-03/31/2012
Caribbean
Middle East6
-
9 2,899.5
-
-
4
Africa/Middle East/Central Asia
7
3,938.2
14,838.3
-
14
Europe
EMEA
North America
16,930.4
Sub-Saharan Africa
1,254.5Butendiek Offshore Wind Farm
Nigeria
Transportation
Transportation
3/27/2013
Global Project Finance
First Quarter | Project Finance | Managing Underwriters
Sector
ONGC Petro-additions Ltd
No.
136
Issues Gebze-Orhangazi-Izmir Highway
1/1/2012-03/31/2012
38,608.1 8.8
3
22,038.3
-
16
1,502.2
7,437.9
-
1,507.1
54
-
Italy
United Kingdom
Oil & Gas
3/29/2013
2/28/2013
Slovak Rep2,019.4
Leisure & Property
Transportation
2,604.1
Region
34.4
26
5
7South America
Proceeds
US$m
No.
Scorecard: Global Project Finance
Issues
112
Date
India Industry
4
57
Mkt.Proceeds
11,301.5
Oil & Gas
13,366.2Transportation
Power
10 2,668.3
Telecommunications
Waste & Recycling
19
1 Petrochemicals
4,191.7
13
823.1
Leisure & Property
1,719.6
7,662.8
10.0
Sh %US$mProject Finance Sector
Industry
6.4
4
1/1/2013-03/31/2013
Japan
29South Asia 23 6,677.0
2,078.7
1,961.2
Issues
North Asia
6,927.1
US$m
47
Southeast Asia
-
14,802.7
10
Australasia
-
1,132.12,700.0
1,592.9
10,798.6
5,107.9
-
1,310.6
41,994.3
2
-
5,651.7
37
Central America
Americas
Global
6
10
-
3,499.7
2,407.9
North Africa
2,785.9
Studio City Co Ltd
Etihad Rail Railway Project
Proceeds
Closing
1/29/2013
-
2,800.0
-12.3 ▼
4,117.8
-
7,005.8
482.2
-
▲6.2
-
US$m
Transportation
% Chge in
Proceeds
Nation
Package Amt
Turkey
Borrower Domicile1/1/2013-03/31/2013
Mining 432.0 1.0 3 2,834.7 7.3
Water & Sewerage 57.1 0.1 2 137.4 0.4
13,366.232%
11,301.527%
7,662.818%
4,191.710%
6%
3% 3%
2%
Transportation
Power
Oil & Gas
Industry
Leisure & Property
Petrochemicals
Telecommunications
Waste & Recycling
Mining
Jan 1 - Mar 31
1.9 1,092.1
66.1
Sector Analysis
140.0
100.0
15.6
2,170.0
Chg. in
16 7,005.9
Issues
26
Mkt.
41.4 2,900.7
Sh %
1/1/2012-03/31/2012
Borrower Industry
Americas Project Finance Volume
Proceeds
4,913.3
1/1/2013-03/31/2013
3
3.5 2
4 27.0
Mkt. Sh
▲
2.2
24.7
▼
▲
▼
First Quarter 2013 | Project Finance | Managing Underwriters
No.
Americas Project Finance Loan Value Hits US$7.4 Billion, Up 6% on Q1 2012 I Number of Deals Closed Down 39%
1 243.7
1
Americas Project Finance
-0.6
13 Power
Oil & Gas
No.
Oil & Gas
Power
Oil & Gas
Power
1/15/2013
3/28/2013 Panda Temple II Generating Power
2/12/2013
Industry Total
PowerUnited States
Canada
Peru
South Kent Wind Farm3/8/2013
United States2/25/2013
Brazil
Chile
Pacific Sharav and Meltern
3/27/2013 Chaglla Hydroelectric Plant
Power
1,000.0
Star West Generation LLC
Topaz Power Holdings
https://www.thomsonone.com
Ottawa Light Rail Transit
372.0United States
Power
Issues US$m
Transportation 214.6 2.9
Power
US$m Sh %
Mkt.Proceeds
-
2
100.0
1,888.0
-13.7
29.2
▲
▲
27.3 2/26/2013 590.0
3/13/2013
1,000.0
Cernambi Norte MV26 BV 1,170.0
Domicile
United States790.0
3/29/2013
Jan 1 - Mar 31Top Americas Deals
Date
3/27/2013 Cochrane Coal-Fired
4
214.6Canada
Alto Jahuel Transmisora
Brazil 1,170.0 1 -22.6 ▼
-
Close Borrower Sector
195.8
US$(m)
716.1
Chile
Transportation
Package Amt
Proceeds No. Nation
850.0
▲
▲
▲14 3.7
1/1/2012-03/31/2012
-
34.4
Americas
Scorecard: Americas Project Finance
1/1/2013-03/31/2013
% Chge in
Proceeds
Proceeds No.
26 6.27,437.9 16 7,005.8
US$m Issues US$m Issues
2,899.5
35.8
2 -Canada
Chile 1,272.7 3 1,000.0
14
South America
930.7
North America
- -
2
3,938.2 9 2,899.5
7
12
Mining
United States of America 3,007.5
7 2,604.13,499.7 7
1,511.1
Americas Project Finance By Sector (US$m) Jan 1 - Mar 31
Central America - - 1,502.2 5
7,437.9
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0
5
10
15
20
25
30
35
40
45
50
$0
$2
$4
$6
$8
$10
$12
$14
1Q
09
2Q
3Q
4Q
1Q
10
2Q
3Q
4Q
1Q
11
2Q
3Q
4Q
1Q
12
2Q
3Q
4Q
1Q
13
# o
f Is
su
es
Pro
ceeds (
US
$b)
US$(b) # of Issues
3,440.8 59%
2,170.0 37%
4%
140.0 , 2%
Power
Oil & Gas
Transportation
Mining
* Tie
* Tie
Americas - Mandated Arrangers (X4) Americas - Bookrunners (X5)
6,189.2 11 -8
-5.5% ▼
▼
-59.3%▼
100.0
Top Sixteen Total -3.2100.06,189.2
-42.1%
167,437.9
Industry % Change over Same Period Last Year ▼
Industry % Change over Same Period Last Year
Industry Total 100.0
13*
▲
▼
-38.5%
Industry % Change over Last Quarter
0.7
-0.6
-6.6
▼
15* 40.0 0.7
▼
Bookrunner Total
Societe Generale 13* -▼ 1 9.1 0
-1 9.1 0
DNB ASA 13* 15* 40.0
5 40.0Credit Agricole CIB
-4.2 ▼0.7
0.7 -0.6 -▼
1 9.1 -2 ▼
1 09.1
▼
Deutsche Bank 12 - 100.0
BBVA 13* 7 40.0
-1
10
1.6 1.6
-8.7
- 3.0
▲▲ 1 9.1 1
1 9.1▼HSBC Holdings PLC 11 2 125.0
-5.6Citi 7*
3.0
2.0
3
1 9.1
▼
▲
1 9.1
1▲Credit Suisse
3.0
3.0187.5
7* 6 187.5
186.0
Morgan Stanley -▼ 1 9.1 0
-1▼
Sumitomo Mitsui Finl Grp Inc 6 4 307.1
-2.7
RBC Capital Markets 7* - 187.5 3.0
-3.05.0
▲1 9.1 13.0 ▲
18.2 2 ▲
▼ 4 36.4 0 -
17.8 6.5
▼
▲
▼ -5
▲ 2 18.2
7.8 ▲
1
2-10.8
481.0
482.5
27.8
7.8
5 -
500.0
Mitsubishi UFJ Financial Group 3 1 483.0
08.1 4.7 ▲ 9.1
18.2
Industry % Change over Last Quarter ▼
-
▲
Barclays
8*2
4,988.8
0.2
0.0
Top Twenty Five Total
1Mizuho Financial Group 10
2
0 -
4 15*
Goldman Sachs & Co
▼
59.7
67.1
Bayerische Landesbank Giro 0 -6.319*
59.7
1
▲
59.7
1
27*
2.8
0.8
19*
59.7
BMO Capital Markets 19* 6.3 0
6.3 -30.8
0.830*
-1.5
▲
0.8
1 6.3
KeyBanc Capital Markets Inc 13
Natixis 19* - 0.8
▲ 1 6.3 1
0.8
▲ 10.8 6.3
RBS
0.8
0.8 6.3
CIBC World Markets Inc - 59.719*
Nord/LB 19* - 59.7
-4.1
-
▼ 2 12.5 -2 ▼
0.2 ▲ 1
Santander 18 7 68.2 0.9
19* 30* 59.7
▲ 2 12.5 1 ▲
▲ 1 6.3 ▲0.9Credicorp
-
-0.2 ▼ 2
0.9
DNB ASA 16
Societe Generale
17 - 70.0
30* 95.6 1.3 0.7
Credit Suisse ▲ 1
19 99.7
Deutsche Bank 14
12*
20 100.0
6.3
- 124.0
1.7
1.3
- 10.0
1.7
6.3
Fiat SpA 12* - 124.0
15
6.3
1.7
1.3
12.5
1.7
11
▼ 3
5
11
▲ 1
18.8
▼ 1 6.3
-0.4
-3.9HSBC Holdings PLC
▼
-4.2 ▼ 4
1.7
Credit Agricole CIB 10
BBVA 3
▼ 1 6.3
125.0
25.0
-2.72.8
155.2 2.1
2.4
Morgan Stanley 8 6 207.5
178.29
Mitsubishi UFJ Financial Group 5
2.0
-4.37 2 263.1Citi
RBC Capital Markets 6 17 267.2
3.5
3.6 ▲ 2
▼ 2
5.6 31.31 414.3 -6.8 ▼ 5
▲ 2 12.55.6 5.6
▲6.2 12.56.8
Goldman Sachs & Co 4 - 419.0
3 30* 502.5
Sh %
3
Barclays
10
2012
RankBookrunner ProceedsProceeds
Mizuho Financial Group 8.7 ▲
Sumitomo Mitsui Finl Grp Inc 2 4
1 0
# of Deals
516.7 7.0
840.7
6
11.3
Sh Ch.
0.6 ▲
1
0
▼
▲
1 ▲
0
▼
-1
1
2
0
-1
2 1
# of Change in # of
13.0
▲
-
15.9
# of Deals
▲
2 18.2
Jan 1 - Mar 31
Americas Project Finance
MarketMarket Change in 2013
Rank Sh Ch.
2013
Rank
Market
Deals
First Quarter 2013 | Project Finance | Managing Underwriters
Mandated Arranger
0
1
-
Deals Sh %
-
1 ▲
▼
1
-2
18.8
▲
Market
Sh %Sh %
37.5
Market
-2
Jan 1 - Mar 31
ING
# of Deals per Bookrunner
▲
# of Deals per Arranger
▼
Proceeds per Bookrunner (US$m)
-
-
2012
Rank
Market
12.5
983.0
▼
12.5
-4
▲
▲
▲
Proceeds per Bookrunner (US$m)
-65.2%
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6.2%
-42.1%
10.6%
https://www.thomsonone.com
-10
▲0.8
1
1/1/2012-03/31/2012
Ivory Coast 198.0
-
Jordan 876.0 2 - -
-
1 - - -
-
-
-
-
Africa/Middle East/Central Asia 5,107.9
- -
United Arab Emirates 1,531.9 2
10 1,507.1
Nigeria 2,210.0 3 - - -
Slovak Republic 2,019.4
3 238.9 ▲
Russian Federation 610.0 2 3,050.9
-
1 -80.0
1 - - -
▼
Eastern Europe 5,651.7 ▲6 3,303.3 4 71.1
Turkey 2,800.0 1 120.7 1 2,219.8
12 -77.4
▲
France 597.8 2 5,023.5 10
2 56.9 1
▼Spain 209.8
▲
Italy 2,531.2
-88.1 ▼
Netherlands 1,010.9
Germany 1,338.3 3 436.3 2 206.7
6 636.9 6 297.4
12.5
▲
▲
United Kingdom 5,590.5 14 2,667.6 11 109.6
48.5 ▲
Western Europe 11,278.7 31 10,027.9 47 ▲
Issues US$m Issues
47 14,838.3 54
1/1/2013-03/31/2013
% Chge in
Proceeds
Proceeds No. Proceeds No.
US$m
706.2
4
# of
Nigeria
Oil & Gas1,100.0
First Quarter 2013 | Project Finance | Managing Underwriters
EMEA Volume Stands at US$22 Billion, up 49% | Transportation Projects Accounts for 48% of Funding
Power
Europe, Middle East & Africa Project Finance
BreBeMi Toll RoadItaly 2,337.4
1,280.0
1,819.2
SPP SALE
22,038.2
955.1
Transportation
1/25/2013
EMEA
Stansted Airport Acquisition
3/25/2013
2,019.4
Nigeria
# ofProceeds
Borrower Industry
Sector Analysis
30.1
3,510.7
Deals
1,676.6
4 927.5
4,259.0
Chg. in
▲
Mkt.
Sh %
3,345.9 15.2 18
Transportation 10,597.7
24.9
48.1
Oil & Gas 5,492.8
8
2/28/2013
Transportation
2/18/2013
2/26/2013
2/7/2013
Etihad Rail Railway Project
3/26/2013
2/27/2013
1,254.5
800.0
London City Airport LtdUnited Kingdom3/28/2013
11
Jan 1 - Mar 31
18.0 ▲
EMEA Project Finance by Sector
▲
https://www.thomsonone.com
United Kingdom
Utd Arab Em
Germany
Eleme Urea Fertilizer
Netherlands
- -
Deals
▼-13.5
▼5
1/1/2012-03/31/2012
Leisure & Property 994.9 4.5 4 -2.8
35
1.2
US$m
Power
6 4,463.7
Mkt.
1,087.1 7.3
23.7
28.7
Proceeds
US$m Sh % Mkt. Sh
Slovak Rep
BGT LNG Vessel
A1/A6 Section
Transportation
Industry
Transportation
US$mDate
BorrowerClose
Turkey
Oil & Gas
Gebze-Orhangazi-Izmir Highway
-0.4
Domicile
3/27/2013
Industry 800.0
1/1/2013-03/31/2013
Sector
Nation
Industry Total 22,038.2
▼
1 132.1 0.9
385.8
2.7
1,000.0 6.7
477.4 2.2
-
Jan 1 - Mar 31
Package Amt
1
Top EMEA Deals
2,800.0
3.6
1.3 -5.4
47
1
-0.2
100.0
Butendiek Offshore Wind Farm
Transportation
Transportation
2
Mining 292.0
1
2
Scorecard: EMEA Project Finance
-
2.6
▲
2
Water & Sewerage 37.5
▼Waste & Recycling
14,838.2
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54 100.0
$0
$2
$4
$6
$8
$10
$12
Tra
nsport
ation
Oil
& G
as
Po
wer
Leis
ure
&
Pro
pert
y
Industr
y
Waste
&
Recyclin
g
Min
ing
Pro
ce
ed
s (
US
$b)
January 1, 2012 - March 31, 2012
January 1, 2013 - March 31, 2013
*tie
*tie
-8
Industry % Change over Same Period Last Year 1.4%
16
Top Nineteen Total
Industry Total
▼▲
▼ ▼
Triodos Bank NV 19 22 4.1 2 10.00.1 -0.3 ▼
17 - 58.9
1.0
-1 ▼
1.1 1.1 ▲
109.1 2.0
▲
▲2 10.0 2
▲2.0 ▲
0-3.0 ▼18 11 51.4 5.0
Raiffeisen Bank International 15 - 2.1110.0
11 5.0
2.1
-
▲1 5.0 1
5.02.7 1
13 - 150.0 2.8 2.8
▲
▲
142.0 2.7
▲
1 ▲
▲1 5.0 1
3.4 ▲ 1 5.0 1
1
▲205.4 3.8 3.8
▲
Sumitomo Mitsui Finl Grp Inc 11* - 183.3 3.4
1 5.010 - 200.0
3.4
3.7
11* - 183.3
▲
2
2
1
3.4
3.7 ▲
▲ 1 5.0
▲3.9
5.8
1 ▲
1
▲2 10.0
▲2 10.0
5.0
▲
1
▲5.8308.3
211.5 3.9
2
5.0 -1403.9
5.8 ▲5.8308.3
403.9 5.17.5
1403.9
-11
1 5.07.5
▲
7.5 ▲
▼▼ 17.5 -1.4
2 10.0
▼
▼5.0
▼
▲
2 10.0 -3
Market
-0.1433.0 8.1
1 - 587.2 11.0
2
Proceeds
11.0 2 10.0
Sh Ch. Sh %
▲
Sh %
2.1
3* 13
8
Mizuho Financial Group 9 -
-BNP Paribas SA
KfW IPEX-Bank GmbH
47
3
2 4.3
Standard Chartered PLC 6* -
14 -
0
22,038.2
Industry % Change over Last Quarter 45.7% ▲ ▼-31.9%
100.0
▲10.6
3* -
6*
3*
Siam Commercial Bank PLC
-
Standard Bank Group Ltd
Deutsche Bank
-7
ING
Investec
▲
▲
▲
▲
-
▲
▲24.9
1 1 ▲
2
▲11.5 1
▲
1
RBS
JP Morgan
Macquarie Group
UniCredit
▲ 1
3
Nord/LB
1.5 1.5
Societe Generale
5
2.1
1
▲
▲1.8
67.2
Industry % Change over Same Period Last Year 48.5% ▲
Top Twenty Five Total
Industry Total
14,705.5
2.1
1.5
▲
▲1.5
- 320.0
National Bank of Abu Dhabi 24* - 320.0
1.5
389.1
23 - 326.0Prudential PLC
Abu Dhabi Commercial Bank Ltd 24*
Banca Popolare di Verona-BSGSP 18* -
Nord/LB 22 26
▲ 1 2.1
1.8 0.4
Centrobanca 18* 43 389.6
1.8
1 2.1 0
389.6
-
1.8 1.4
1.7 ▲
-
1.8
Cassa Depositi e Prestiti 18* - 389.6
BMPS 18* 55* 389.6
JP Morgan 17
1.8 1.8
1.8 ▲
▲
1.8- 403.9 11 2.1
1 2.1 1
Lloyds Bank 16 4 507.0 6 12.82.3 -2.9
1.6 ▲
▼▼ -1
2.3 8 17.0 5
Credit Agricole CIB 14 11 527.8
ING 15 37 510.0
7 14.92.4 -1.1
0.8 ▲
▼
2.5542.0Standard Bank Group Ltd 13 2 4.3
4 8.5 ▲▲ 3
4
Mizuho Financial Group 12 33 544.4
▲21*
1
3 6.4 0
2.5 1.6
-0.9 ▼
0.410 18 571.9 2.6 8.5▲
4
7
4
Societe Generale 11 10 568.1 2.6
20
HSBC Holdings PLC
631.3
3.0 1.3
9
▲
1.2 ▲2.9
3.1BNP Paribas SA 7
Citi 8 21* 651.7
682.4
KfW IPEX-Bank GmbH 14.9 3 ▲
▲
▲8.5 3
▼7
▲5 10.6 4
8 17.0 4
▲Standard Chartered PLC 6 21* 699.8 1.53.2
Intesa SanPaolo 5
838.0
3.0 12.83.344
3.8 1.0
▲
▲
▲ 9 19.1 5
6
14.974.3
717.0
12
19 2.4956.1
Market
2.1 Citi
Deals
▲
▲
9 19.1
UniCredit
▲ ▲6
106.5
4.6 0.4
# of Deals per Arranger
2 ▲
# of Deals
Market
21.3 ▲
First Quarter 2013 | Project Finance | Managing Underwriters
Proceeds per Mandated Arranger (US$m)
Proceeds
2013
Rank
Market
Sh %
Jan 1 - Mar 31
Mitsubishi UFJ Financial Group 2
DealsMandated Arranger
RBS 3
Sumitomo Mitsui Finl Grp Inc
1
4
1,008.96
Jan 1 - Mar 31EMEA - Bookrunners (X16)
# of Market
Sh % Sh Ch. Bookrunner
2
-0.9
Proceeds per Bookrunner (US$m)
Change in # of2012
Rank
5 1,431.7
Europe, Middle East & Africa Project Finance
EMEA - Mandated Arrangers (X15)
-44.0%
-13.0%
-28.6%
-59.2%Industry % Change over Last Quarter
▼
Change in
# of Deals per Bookrunner
Market2013
Rank # of Deals
2012
Rank
https://www.thomsonone.com
3
▲
4 ▲
▲
▲
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-
100.0 204,457.5
59.3100.0
1
4,457.5
1 - -
3.7
5.8
1/1/2012-03/31/2012
China
Proceeds Mkt.
Borrower Industry
Sector Analysis
1/1/2012-03/31/2012
Musselroe Wind Farm Pty Ltd PowerPower
355.8
1
DSN Corp
468.2
4
Telecommunications
Power
27.1 Industry 3,391.7
Leisure & Property 1,673.4 6
4,000.8
OM Sarawak Co Ltd
South KoreaHanam Energy Service Co Ltd 579.4
13.4
16,764.0
20.4
3
21
9
24.3 27
2,553.9
ONGC Petro-additions Ltd
Studio City Co Ltd
Indiabulls Realtech Limited
US$m Sh %
3,042.3
50.0
India
Australia
Transportation
Australia
Transportation
Petrochemicals
Brookfield WA Rail Pty Ltd 1,022.5
3/26/2013 India
2/28/2013
3/28/2013
46.0
1
-
49
1/28/2013
3/11/2013
3/20/2013
1/21/2013
3/28/2013
823.1
1,014.3
Water & Sewerage 19.5 0.2
Industry Total 12,518.2 100.0
Petrochemicals
100.0
2/5/2013
1
1 -
250.0
1/1/2013-03/31/2013
49
-0.1
-
▼
-
6.6
▲
8.1
10
1
7,703.0
▲26.8
10.3
-25.6
▲
0.3
6.6 -
44.3
18
Sh % Deals
# of
▼
23.9
3.1
▲0.4
4
Japan
Deals US$m
Chg. in Proceeds# of
https://www.thomsonone.com
513.8
1
0.3
288.1
Mkt. Sh
Mkt.
Jan 1 - Mar 31
1.5
Power
Industry
1,399.5
India
899.0
1,014.3
Malaysia
Japan Telecommunications
Domicile Nation Breakdown
Closing
Date
Package Amt
US$m
Transportation
Power
India
Macau
Nation
Sector
Leisure & Property
Industry2,785.91/29/2013
First Quarter 2013 | Project Finance | Managing Underwriters
Asia Pacific (inc. Australia & Japan) Project Finance
Asia Pacific & Japan Project Finance Fell 25% I India Grew 6%
Borrower
823.1
HPCL Mittal Energy Ltd
DIAL
Domicile
Proceeds No.
Issues
Asia-Pacific (ex. Japan) 10,798.6
Scorecard: Asia Pacific (inc. Australia & Japan)
1/1/2013-03/31/2013
% Chge in
Proceeds
Proceeds No.
US$m Issues US$m
Australia 1,310.6 2 4,117.8
39 14,802.7 50
Southeast Asia 482.2 10
Australasia 1,310.6 2 4,117.8 9
9
▼
▼
▼
-68.2
-68.2
-27.0
Malaysia 355.8
-13.9 ▼
873.8 2 -59.3 ▼
Thailand 126.4
- -
▼589.1
-
5
-
-78.5
North Asia 2,078.7 4 2,415.0
1
80.3
South Korea 599.0
Macau 1,399.5
28
South Asia 6,927.1 23 6,677.0
India 6,927.1
29
23 6,550.4
Jan 1 - Mar 31Top Asia Pacific & Japan Project Finance Deals
1,719.6 10 1,961.2 6 -12.3 ▼
▲
1
▲
1,602.8 3 -62.6
712.3
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▼
1
1,592.9 7 ▼-69.7
2
$0
$1
$2
$3
$4
$5
$6
$7
$8
Ind
ia
Japan
Macau
Austr
alia
South
K
ore
a
Mala
ysia
Thaila
nd
Ch
ina
Pro
ce
ed
s (
US
$b
)
January 1, 2012 - March 31, 2012
January 1, 2013 - March 31, 2013
*tie
*tie
49
Asia Pacific (inc. Australia & Japan) Project Finance
10
Korea Development Bank 24 3
12
15
2.6 -2 ▼Bank of America Merrill Lynch 1.2 ▲11 -11.6
https://www.thomsonone.com
▼
▲ 10.5 0.1 1
155.5
19*
Top Twenty Five Total
-
12,341.3
155.5
18
118.925
17
RHB
0.7
Westpac Banking
UBS
6 ▲
-5.8%
▲ 9
98.3
-56.0%
Kasikornbank PCL
Industry Total
-25.3%
26.2
33
▼
IDBI Bank Ltd
Bank of Communications Co Ltd
▼
19*
Malayan Banking Bhd
Mitsubishi UFJ Financial Group
Industry % Change over Same Period Last Year
Industry % Change over Last Quarter
15*
-12.5%
24* 177.9
1.4
205.8
177.9
1.5
11
▲
-
21
155.5
31
24*
1.4
IDBI Bank Ltd
▼-1 Credit Agricole CIB
Deutsche Bank
Mitsubishi UFJ Financial Group
State Bank of India
-2
-6
Bank of America Merrill Lynch
Standard Chartered PLC
Sumitomo Mitsui Finl Grp Inc
UBS
Development Bank of Japan Inc
Bank of China Ltd
Citi
▼
Industry % Change over Same Period Last Year
▼Industry % Change over Last Quarter
Industry Total
▼
-57.5%
▲
-24.9%
-7
Top Twenty Four Total 10,320.8
▼-2.6%
-10
-20.8%
38
▼
10,320.8
36.0100.0
100.0
0.2 0.2 1
▼
▲
2.6 +1 ▲
2.6 +1
2.6 +1 ▲
22* -
▲Bank of Iwate Ltd 22* -
22.2 0.2
22.2
77 Bank Ltd
1
0.2 1▲
0.8 0.8
▲
21 -
20 20 1.2
▲
1.7
+623.70.8
2.6 -11▲
1.7
9
▲ ▲
2.6 +111* - 1.7
11* -
▲
1.7 1.7
174.9 1.7
2.6 +11174.9
1▲
2.6 +1
11* - ▲
11* - 1.7174.9
174.9
1.7
▲ ▲
▲
▲
1
1
+1
▲
2.6
11* -
174.9
▲
2.6 +1
▲
111* -
+12.61
1.7
174.9 1.7
1.7
1.7
+12.61▲174.9 1.7 ▲
1.7 -1-3.4
▲
2.6▲
2.0
1.7
+1 ▲
1 2.6
8* - 205.8 2.0 2.0 1
▼
2.0 ▲ 2.61
11* 174.9 ▼7
-1
-21
205.8
▲
▼
▼
+1
▲
2.8
205.8 2.0 -0.9
▼ 1 2.6-0.7
▼ 2.6
-
15.8 +6
288.1
▼ 3 7.95.1 -5.5
64.6- 474.9
-1
5.6 1▲
0
4.6
8.7
▲Woori Financial Group 4 - 579.4 5.6 +12.6
▼
▼4.8 ▲ 1 2.6
4
+4 ▲10.0 23.7
10.5
9
1
2
531.1
Yes Bank Ltd
Axis Bank Ltd
899.0
5 4
3 8
6
ICICI Bank Ltd
Industrial & Comm Bank China
9
8* -
8* 10
National Australia Bank
11* -
1
▲
▲
1
19 173.8
1 80.3
Kasikornbank PCL 126.4
1.7
▲
▼15 0.5
-
▼
▲
▼
ANZ Banking Group
-
▲
7
0
-2
2.0
▼
▲
-0
▼
24.1
2.0 -3
12,518.2
▲
100.0
18.41.0
▲1
2.0 1
1
1.2 2.0
▲
2.0▲ 1
1
1.2
1.2
1.2 ▲
2.0▲- 155.5
Deutsche Bank 155.5- 1.219*
2.01
1.2 1
2.0
Citi 19*
2.0155.519*
1▲1.2 1.2
-
Credit Agricole CIB 19* 1.2
1.2
- 1.2
1▲173.8 1.4 0.4
1.4170.4 -1.1 ▼
2.0 0
2.0 -
▼
0.7
▲0.7 1 0
-1.9 1
1▲
National Australia Bank 14 9 181.0
15*
Industrial & Comm Bank China 13 191.2
▼
▼2▲
- 1.5 1.5 2▲
-1.5
6.1 2 ▲
4.1 -1
1 2.0
325.9 2.6
▲361.6
1.6
ANZ Banking Group 11 16 0.4
Development Bank of Japan Inc
2.9Bank of China Ltd 2.5 3
6.13
Sumitomo Mitsui Finl Grp Inc 8 12 411.9
Yes Bank Ltd -
531.1
63.8 6 12.23.8 ▲
4.12
3.3
-5.5
6.1
376.2 3.0 ▼
0.3 ▲
9 4
3
5 -
▼-4.5
474.97
IDFC Ltd 4 5
3ICICI Bank Ltd
4.2
6.0754.1
Axis Bank Ltd 6
Woori Financial Group 579.4
3
Change in
4.6
-1.4
4.6
▼
▲
32.71 1
# of Market
2
Market
0.2
-1
▲
15.1
Sh % # of Deals
39.3 19.6
-6.5Mizuho Financial Group
▼
▲ 6 ▼12.2
▲
-6 1
Market# of
-6
▼
▲
# of Deals per Bookrunner
ProceedsBookrunner Sh Ch.Sh %
2012
Rank
2 1,032.7
4,063.6
Sh % Sh Ch. Deals Sh %
# of Deals per Arranger
Mandated Arranger Proceeds
2013
Rank
Market
Jan 1 - Mar 31Asia Pacific & Japan- Mandated Arrangers (X30)
2012
Rank
Proceeds per Bookrunner (US$m)
Jan 1 - Mar 31
Change in
Deals
Proceeds per Mandated Arranger (US$m)
MarketMarket
Asia Pacific & Japan- Bookrunners (X28)
# of Deals
First Quarter 2013 | Project Finance | Managing Underwriters
State Bank of India 4,094.2
2013
Rank
Mizuho Financial Group 2 2 1,203.1
7.210
9.6
899.0 4.0
20.4
1 2.0
10
▲
12.2 -4 ▼
1 ▲2.0 1
6
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-
-
-
-
-
-
-
-
First Quarter | 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:
Tel: +65-6870-3085
Europe
Americas
E-mail: [email protected]: +1 646-223-8424
Database coverage includes all loan transactions that have reached General close between January 1, 2012 and March 31, 2013 of which
Thomson Reuters has been made aware. All current data and previous year's data is as of 9:00am EDT on April 5, 2013.
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.
All league tables are based on deal proceeds unless otherwise specified.
Regional league tables are based on Domicile Nation.
Tel: +44 207 542 1991E-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.
In cases 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/parent
firm
Kai Soriano-Sta. Cruz
Stephen Sotere Angelides
https://www.thomsonone.com
E-mail: [email protected] All league table volumes and rankings are based on general close date instead.
Asia Pacific/Japan:
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