Académique Documents
Professionnel Documents
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Day 2
Session 10.1
1
Day 2
Risks & Responsibilities
Session 6
Service Standards,
Tariffs & Subsidy
Agenda
3
New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Who is NORD/LB?
8th Largest German Bank (in terms of Equity) with a balance sheet of $267 Bn
Landesbank of Lower Saxony, Saxony-Anhalt, Mecklenburg Western
Pomerania and Bremen
Focused on the Baltic Rim (with a 49% ownership in Bank DnB Nord A/S)
2007 Net Income of Euro 305MM (IFRS) with no subprime exposure
Stable ratings of A (S&P) Aa2 (Moodys) and A (Fitch)
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
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New Models for Financing PPPs Infrastructure:
A Commercial Project Lenders Perspective
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Tlalnepantla Contractual Structure
IFC Counter-guarantee
MUNICIPALITY of
TLALNEPANTLA
CREDIT ENHANCEMENT
(DEXIA Letter of Credit)
MEXICAN FINANCING
TRUST
INSTITUTIONS
issued BONDS
MEXICAN INSTITUTIONAL
(Certificados Burstiles)
INVESTORS
TARIFF
U
S
E
OPDM R
WATER AND SANITATION S
WATER UTILITY of SERVICES
the MUNICIPALITY
of TLALNEPANTLA
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Project Participants
Municipality of Tlalnepantla
Arranger: Protego
Challenges
Municipal Risk
IFCs Involvement
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Financing Structure
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Inflation-Index Example
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Observations
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Castrop-Rauxel: Project Details
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Castrop-Rauxel: Project Structure
Compensation
(Unitary Charge)
1 Assignment of
Turnkey Compensation Sparkasse
construction Payments Osnabrck
(Forfaiting) Repayment
contract
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
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New Models for Financing Infrastructure PPPs: A Commercial Project
Lenders Perspective
Public Private Partnership
Projects Completed Task Force
Financial
Awarding authority Project Capex m Close Efifciency
City of Kln Schools 34 Apr 05 10,00%
City of Monheim Schools 24 Jan 04 15,00%
Rhein-Erft-Kreis Schools 15 Feb 04 10,30%
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New Models for Financing Infrastructure PPPs:
A Commercial Project Lenders Perspective
Conclusions & Outlook
Local currency funding mechanisms
need to be promoted more
vigorously in Emerging Markets
Bilateral & Multilateral Development
Finance Agencies should focus on
providing long-term currency and
inflation hedging tools
Ditto with sub-sovereign credit
enhancements
Very long-term financing in EM could
ideally rely on the World Bank Partial
Guarantee Program
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The private sector is best suited to
bring efficiency and capital
PPPs in Infrastructure
THANK YOU!
Bruno Mejean, Managing Director
NORD/LB New York Branch
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Contacts
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Infrastructure Project Finance References
Niedersachsen-
Warnow-crossing Realschule in
stadion Hannover Construction of a community
Castrop-Rauxel centre
First privately financed Modification and operation in Hannover
Construction and operation
traffic project in Germany of a soccer stadium of a secondary school
EUR 70 Mio.
EUR 215.8 Mio. EUR 63.84 Mio. EUR 12.5 Mio.
Lead Arranger Adviser / Arranger Arranger
Adviser / Arranger
Lower Saxonys
communities
Volkswagen Arena
factoring Wolfsburg
Burg Madel Community
Factoring
Construction and operation of Harsewinkel
for home advancement and
Financing of a soccer stadium a prison
land acquisition Construction and operation of
EUR 51 Mio. EUR 12.35 Mio. a ring-road
Arranger Arranger Arranger
Arranger
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Arge Tunnel Burgholz
Welfenakademie in
Braunschweig
Construction and operation of Financing of a tunnel
Refurbishment of a nursery
the Heinrich-Bll-Foundation Construction and operation of
in Lbz
in Berlin an educational institution EUR 92 Mio.
23
Infraspeed
Lusoscut Norscut Europpass
Privately financed
construction and operation Privately financed Privately financed
of a high speed link in the Electrical tolling system
shadow toll road shadow toll road
Netherlands for trucks on motorways
in Portugal in Portugal
in Austria
EUR 1,178 Mio. EUR 1,007 Mio. EUR 723.5 Mio.
EUR
EUR215,8 Mio.
195 Mio.
Lead Manager Arranger Arranger
Lead
Senior Arranger
Lead Manager
Glasgow Schools
A2-section Airport Prague
Berlin - Warsaw Scutvias Refurbishment and
maintenance of all
Privately financed Construction of
Privately financed secondary schools in
road construction project North terminal 2
toll road project Glasgow
in Portugal
in Poland CZK 10 bn.
EUR 882 Mio. EUR 847.6 Mio. GBP 339 Mio. Arranger
Co-Arranger Co-Arranger Club Participant
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E39 Lyngdal
Flekkefjord Airport Warsaw Phyrn-Corridor
Zagreb-Macelj
Privately financed Extension of terminal 2 Privately financed
road construction project road construction project
in Norway Privately financed in Great Britain
USD 215 Mio. toll motorway in Croatia GBP 750 Mio.
NOK 1.31 bn. Co-Arranger
Senior Lead Manager Lead Arranger / Underwriter Arranger
Premier
Prisons
Schools North-
Ayrshire
Madrid Design, construction and
Radial 3 & Radial 5 management of 5 Construction and
Privately financed
juvenile detention centres toll motorway in France operation of two primary
Privately financed in Great Britain and secondary schools
toll roads in Spain
EUR 940,5 Mio.
EUR 668.5 Mio. GBP 217 Mio.
EUR 141 Mio.
Lead Arranger
Co-Arranger Lead Manager
Arranger
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Hull Maternity
Hospital
Construction and operation Kent Education
of a waste disposal plant for Leeds City Council Partnership
Construction and
4 urban districts in the East Construction and
operation of a Construction and operation
of London operation of
hospital in Hull of 6 secondary schools
6 schools
EUR 195 Mio. EUR 34 Mio.
EUR 159 Mio.
Arranger Arranger EUR 178 Mio. Arranger
Arranger
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Paradigm Secure
Communications
Schools Traffic Information
Construction and operation Construction and operation of
of a waste disposal a satellite communication Northamptonshire Systems
in Dumfries & Galloway system for the MoD/UK Construction and operation of Construction and operation of
51 primary and secondary the traffic information system
in England
EUR 53 Mio. schools
EUR 1.94 bn.
MLA EUR 351 Mio. EUR 103 Mio.
Arranger
Arranger Arranger
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Construction and operation
Financing of a Financing of a Financing of a of the Sea to Sky Highway
port portfolio port portfolio port portfolio Vancouver
USA and Latin America Montral USA
CAD 498 Mio.
USD 2,400 Mio. CAD 372 Mio. USD 625 Mio. Lender
Arranger Lender Lender
Financing of a
Financing of a Construction and operation
port portfolio Construction and operation
port portfolio
USA and Canada of a light rail connection of Autoroute 25
USA Montral
British Columbia
USD 955 Mio. USD 1,880 Mio. CAD 600 Mio.
Sub-Underwriter Lender CAD 270 Mio.
Co-Lead-Arranger &
Lender
Swap Provider
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William R. Bennett
Bridge
Financing
Financing of aofmotorway
a motorway Construction of Okanagan
Financing of a motorway
Construction of a Petro- Lake Bridge Project
Sydney Brisbane
Brisbane
terminal British Columbia
Singapore
AUD 1,8 bn. AUDAUD
580580 Mio.
Mio.
Lead Manager Lead Manager
Lead Manager CAD 145 Mio.
SGD 20 Mio.
Co-Financial Advisor
Arranger
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PPPs in Infrastructure
THANK YOU!
Bruno Mejean, Managing Director
NORD/LB New York Branch
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