Reuters/John Javellana GLOBAL PROJECT FINANCE REVIEW

GLOBAL PROJECT FINANCE REVIEW MANAGING UNDERWRITERS First Half 2018

Reuters/John Javellana

]

# of Deals per Arranger

* Tie

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

▼

Industry % Change over Last Quarter

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

Industry Total

Industry % Change over Last Quarter▼

▼ -18.3% Industry % Change over Same Period Last Year-16.3%

Global Project Finance Loans in first half of 2018 totaled US$104.2 billion from 326 transactions, down 16.3%

from the same period last year. Despite falling 17% from first half 2017, Power sector accounted for 53.3% of

market activity and reached US$55.5 billion from 215 deals.

Americas Project Finance Loans in the first half of 2018 reached US$33.6 billion, up 15.9% from comparable

period last year. South America showed the biggest growth, up 204.9% from the first half of 2017, with US$6.6

billion from 27 deals. The US$6.1 billion project finance loan of Cheniere Corpus Christi is the largest deal for

the period.

EMEA Project Finance Loans totalled US$37.3 billion from 130 deals in the first half of 2018, down 18.8% year-

on-year. The Power sector posted a 4.5% increase in activity compared to the first half of 2017, with 85 deals at

US$17.5 billion.

Asia Pacific and Japan Project Finance Loans volume reached US$33.4 billion in the first six months of 2018,

decreased 32.9% from the same period of last year. Activity in Australia drove this market, and its NSW

Electricity Networks’ US$3.2 billion deal was the largest deal in this region.

104,190.4

64.3

-43.0%

Industry Total

8.8 32,923.4

▼-32.3%Industry % Change over Same Period Last Year

-73 51,241.7

▼▼-26.7%

https://www.thomsonone.com

-28.0%

13.7 ▲

Jan 1 - Jun 30

▼

-

-0.2

0.51.3

100.0

-28.8%

▲1.1DBS Group Holdings 48

▲

▼

57.7

100.0

1.1

27

-10State Bank of India 0.9

474.2

570.5

552.3 1.1

0.9

1.1

21*

14

HSBC Holdings PLC 1,132.5 3.7

20

23

1,256.5

16 1

3.6▼

▲

7

6

3.6

▲

▲

7

1

▲

1.7

3

5▲

0.5

1.5 0.4

1.6 -5.1 ▼798.2

1.5

1.6

1.021.6 1.2

13

Natixis

6

1,106.0

938.2BNP Paribas SA

15

14

Societe Generale

10

6

1.840 1.1

▼

Change in

2,125.3

1,506.7

▼ 8.2

Market

DealsSh %

1.1

2018

Rank

Market

2.6

25 13.0

2

Proceeds per Mandated Arranger (US$m)

Sh % Sh %

Market

Sh Ch.

# of

Deals

First Half 2018

Global Deals Intelligence

Global Project Finance Down 16% I Americas Up 16% I Cheniere Corpus Christi - Largest Deal

Global Project Finance Loans Review

MANAGING UNDERWRITERS

2017

Rank

# of

# of Deals

Change in

# of Deals per Bookrunner

Market2018

Rank Sh %Proceeds Sh Ch.Bookrunner

Proceeds per Bookrunner (US$m)

Market

# of Deals

3.1

▲▲

35

0

1

▼

-

808.3

654.7

748.5

1,774.4

-1.4

3.2

0.7

71

1.3 -0.1

-0.2

764.0

2.2

28

649.8

1.8

2,665.9

2,450.8

1,570.1

2,000.0 1.9

2.22,313.5

2.02,065.2

1.7

1.3

1.4

1,650.9National Australia Bank▼

▲ 0-4

ANZ Banking Group

-

29

1,155.1

1,392.3

1,279.3

1.4

1.5

1.1

1.2

1.6

1.2

27

19

17

10

21

22

13

47

22

Banca IMI (Intesa Sanpaolo)

2

4420

18

Bank of China Ltd

Cooperatieve Rabobank UA

Korea Development Bank

8

7

-0.5

0.1

14

1,721.711

33

1,484.5

1,429.2

1

Deutsche Bank

13

Commonwealth Bank of Australia

15

KfW IPEX-Bank GmbH 14

16National Australia Bank

RBC Capital Markets

-0.7

3.1 12.0

Natixis

China Development Bank

3,029.3

40

11

12

2,687.5

6

12

3.1

2.6

2.6 34

▲2.0 7

2.9 3

1.1

▲

Mizuho Financial Group▲

4.9

4.2

▼

0.4

▲

▲1.81

▲▲

113.0

-4

25

1

4

Mitsubishi UFJ Financial Group 5

3,389.32

4Credit Agricole CIB

4,194.9

4,577.9▲ 263Morgan Stanley

17.23.2

0.5 Sumitomo Mitsui Finl Grp Inc▲

0.6

6.6▲2,519.3

▼39

56 3

▲

11.3 -2.1

▲ -

0

6.2

▼ 5 3.9 0.5

-5

▲3.1

-7

12.6 ▲23 4.9 3.8

53

410.6

Mandated Arranger

1

2017

Rank

Mitsubishi UFJ Financial Group ▲

3

3,264.3

5.7

3,295.74.4

16.3

Market

Proceeds

5,889.1 1.63

Sumitomo Mitsui Finl Grp Inc

ING

2 4Societe Generale 8

4 9

5 7Credit Agricole CIB

5

12

15Santander Global Corporate Bnk 6

BNP Paribas SA

Morgan Stanley

Industrial & Comm Bank China 10

Mizuho Financial Group 9

6

▲

2.4

▼

▼

1.3

3,220.3

37

0.2 ▲ China Development Bank 2,000.0

11.3 6

37 -3

22

▼

▲724

1,639.7

-1112 6.2

2.9

-0RBC Capital Markets

3.5 1.4

▲

10

3.16

7

▲

4

▼

11

12

▼

20 10.4

0.1▲

-4

▲1,406.1 2.7

▲

8

5.2

1.5

▲

10.4

▲ 13

2.1 11

8.0

Santander Global Corporate Bnk

2

ING

0.3

▼

Goldman Sachs & Co▼

8

19

26

4.3

-6

9

-1.2

0.3

-2

▲

-3.4

0.4 6.7 1

14

-2

-1.0

3.10.7

▲

1▼

2.5

16 4.9

8

0.6

0.7

▼

0.9

20

19

19▲

▲

10

3.4-1.3

▲0.4

11

▲

▼

6.1

5.8

5.8

State Bank of India

Jefferies LLC▲

0

▲

-

1

9

2

-2

-9

▼

13

8

5

▼ 2.5

4.0

▼

0

▲

▼

16

▼

▲

19

21

Yes Bank Ltd

KeyBanc Capital Markets Inc

- -

4.1 ▼-9

039

930.7▼936.7

▼

-7

4

5

▲5.2

8

-0

10

2.6

-0.8

1,089.7

7

1.2

▼

▲30 2.1

▲

-1

18

1.8

17

-7

1

886.3

1 1.6

53*

3

1.1

0.6

1,143.1

-0.4

-3.9 1.5

9 2.8

12

Nord/LB

KfW IPEX-Bank GmbH

32

Top Twenty Five Total

24 ▲1,110.2

▼

22,866.1

326

▼

▼

▼

4.7

Westpac Banking

HSBC Holdings PLC

1.1

24

Scotiabank

▼

722

23

▲

3.1

13 ▼

▲

Project Finance Loans Regional Breakdown Jan 1 - Jun 30

9

6

6.7

6

▲

2.6 -8

-6

-2

-39.3%

5

▼

▲1

▲

193 -78


Goldman Sachs & Co 25 24 1,061.7 1.0 -0.1 ▼ 5 1.5 -1 ▼ Citi 2.6 1 ▲25 51 459.6 0.9 0.4 ▲

$0

$20

$40

$60

$80

$100

$120

$140

1H09 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18

Pro

ceeds (

US

$b)

EMEA Americas Asia-Pacific & Japan

http://dmi.thomsonreuters.com/




http://banker.thomsonib.com/

1

Telecommunications

-0.2 ▼0.3

14,049.9

Oil & Gas

Power

844.5 5 -21.8 ▼

5

Global

139

-52.0

4

2,239.8

No.

9

3,674.5

Australasia

28,991.0

Date

Central America

US$m

33,588.5

% Chge in

Proceeds

-16.3 ▼

Region

5/22/2018

104 ▲

326

Issues

Middle East

Leisure & Property

399

No.

2,541.4

North America

11

3

Issues

4,308.6

2,850.6

US$m

6,742.4

1,906.4

Central Asia

12

14,675.4

2,090.7

636.4

45,847.7

North Africa 305.0

▼Caribbean 4

130

-69.6

EMEA

Africa/Middle East/Central Asia

37,246.7

193.5

13,310.5

62

Cheniere Corpus Christi Hldg

NSW Electricity Networks

US$m

Scorecard: Global Project Finance Loans

Global Project Finance Loans

ProjectClosing1/1/2017 - 6/30/2017 Borrower

1

124,543.5

8

▼

-71.3

-51.0

23,664.824,753.2

104,190.4

Europe

Sub-Saharan Africa

6,644.96

5,721.9

5,821.1

111 32,537.2

South America

4/13/2018

▼

21

160

6,551.1

US$m

3.5

7,132.5

6

27

South Asia

19

Japan

Southeast Asia

Water & Sewerage

11

660.0

Sector Analysis

16

92

North Asia

Jan 1 - Jun 30

Mkt.Proceeds

Americas

Nation

1/1/2018 - 6/30/2018

First Half 2018 | Project Finance Loans | Managing Underwriters

Power6/7/2018

2,148.4 11 204.9

Proceeds

Package Amt

6/7/201815.9

2,673.8North Marmara Highway

Canakkale Otoyol

2/21/2018

3/16/2018

▲

67 ▲

No.

Issues

86

4.6

-17.7

2/28/2018

Pospower Co Ltd

Power

Turkey

1,869.0

United States

Pakistan

Oil & Gas

2,831.3 Transportation

Vietnam

Oil & Gas

Australia

Australia

6,137.4

3,210.1

South Korea

Transportation

Transportation

United States

Germany Power

Jan 1 - Jun 30Global Project Finance Loans By Sector (US$b)

Turkey

2,599.3

▼

5.6

▲

▼

-19.6 ▼

3,516.7

15

22.59

▲

153

12924,392.3 102 30,347.9

49,704.833,355.2

10

Project Finance Sector

13,900.433

-32.9

31

-60.75,389.1

4,538.5

13,699.325 66

21,991.0

215

30

55,514.2

25

32

Mkt. No.

US$mSh %

4,587.5

18.4

4

66,877.1

1/1/2017 - 6/30/2017

Proceeds

53.7

Issues

1/1/2018 - 6/30/2018

2,430.3

Petrochemicals

Industry Total

555.0

19,128.1

0.4

19

7 1.5

16.2

9

984.5

124,543.5100.0104,190.4

0.1 1 382.0

Mining

Transportation

551.1

Note: 2018 League Tables are based on fully syndicated project finance volume.

399 326

2.3


21.1

0.5

45 45

470.1

25,121.0

286

4

20,203.5

16

▼

-1.0 ▼


236.5

109.7

0.5

100.0

3,784.0 ▼

-0.3

3.7 -1.4 ▼

-2.8

3

2 0.2

0.9

3.1

▲

Mkt. ShSh %

53.3

20.2

Industry 3.0

1,848.1

▲

7

0.8

▲

Chg. in

▼-0.4

-50.6

2.2

▼

Eastern Europe

Asia-Pacific & Japan

▼

▼

▲2,189.3

31,524.8

Western Europe

5/15/2018

3,060.9

Top Global Project Finance Loans Deals Jan 1 - Jun 30

Sector

-3.1

225.8

1,837.7

-57.0

-18.8 2/7/2018

▼

Nghi Son 2 Power LLC

2,000.0

▼

Merkur Offshore GmbH6/29/2018

China Power Hub Generation Co

Power

2,415.0Flex Intermediate Holdco LLC

Power

1 - - - -

Stella Mmts Fin Pty Ltd

8

Proceeds

▼

55.5 53%

22.0 21%

19.1 18%

3.7 4%

Power Oil & Gas Transportation

Water & Sewerage Leisure & Property Mining

Telecommunications Industry Petrochemicals






Panama 104.0 1 - - -

-

3 -3.5 ▼

- - -

Industry 4.2

-Mining 225.0

5

▲

▼

554.2

Oil & Gas

1 - - -

-42.0

-

1

225.0 0.7 1

-

-

-

56.84

Uruguay

Mexico 1,986.7 10 1,267.3

Paraguay 50.0

Central America 2,090.7 11 2,541.4 5 -17.7

Brazil 7

Colombia 1,611.0

7.4

69.5 1 119.9

Proceeds

11

Peru 505.0

Argentina 473.4

1,866.5

2

5 -

▲

5 65.0 1 676.9

-- -

▲

Power

4

1,226.8

0.7 1

28,991.0104

2.9

1,677.7

Leisure & Property

US$m

15 668.45.0

68

US$m

Chg. in

0.3

66 19,245.4

▲

Issues

▼

97.2

16.7

Sh %


Americas Project Finance Loans Up 16% I South America Up 205%

▲

2.6

Jan 1 - Jun 30

▲

86

Oil & Gas

Oil & Gas

▲0.7

2.7

Mkt. Sh

-20.4


Industry Total 100.0

1.7

Americas Project Finance Loans Volume

5/17/2018

3/29/2018

750.05/31/2018 PowerPower

Power1/10/2018

Lucid Energy Group II LLC

▼

▲

Oil & Gas

Brazos Midstream Hldg LLC

Brazil

Power

Bcp Renaissance Parent Llc

Astoria Energy II LLC

Beijing Shengrui Tiansheng

987.7Sepia MV30 BV

United States

Project

Jan 1 - Jun 30Top Americas Deals

Americas Project Finance Loans

BorrowerClose Sector

Scorecard: Americas Project Finance Loans

▼

1,255.0

2/16/2018 1,000.0

6/19/2018

Cerro Dominador Solar Power

1255

3

-

▼

-82.2

-68.01

Oil & Gas

950.0204.9

5/15/2018 2,415.0

1,000.0

8point3 Solar Cei LLC

Oil & Gas

United States

Colombia

Chile

Oil & Gas

1,160.0

▲

1/1/2018 - 6/30/2018

% Chge in

Proceeds

▲

15.9

30.1

5/22/2018

Proceeds

1/1/2017 - 6/30/2017

US$m Issues US$m

33,588.5 104Americas

North America

Proceeds No.

Issues

28,991.0

No.

Package Amt

6,137.4

▲

4.6 United States

Cheniere Corpus Christi Hldg United States

Flex Intermediate Holdco LLC

Nation

86

67

Date US$(m)

4/20/2018

United States

United States

-69.6

--

5/1/2018 PowerUnited StatesUnited States of AmericaCanada

23,793.3 18,284.7959.9 6 5,380.1

United States of America

1/1/2018 - 6/30/2018

24,753.2 62 23,664.8

56

2,148.4

Borrower Industry

Sector Analysis

1,004.5

Sh %

42.5

Issues


33,588.5 100.0100.0

-

46.0 15,434.2

11 7,470.7

0.7

1

No.

2 2 282.5 1.0

5 2.3

25.8 9

66.4

Telecommunications

Water & Sewerage

Transportation

--

Carribean

Mkt.

965.8

-

1/1/2017 - 6/30/2017

▼

Jamaica

636.44193.5

Dominican Republic 153.5 2

-

Mkt.

40.0 2 125.0

6,551.1 27

7

14,277.7

229.0

97.0

Americas Project Finance Loans By Sector (US$b)

▲1,795.1

South America

2,004.1

-2

Chile 1,838.2 4

--

Jan 1 - Jun 30

Proceeds No.

0

10

20

30

40

50

60

70

80

$0

$20

$40

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

# o

f Is

sues

Pro

ceeds (

US

$b)

15.4 46.0%

14.3 42.5%

1.7 5.0%

Power Oil & Gas Transportation Leisure & Property Water & Sewerage Telecommunications Industry Mining





* Tie

Citi

▼-1.2

1.3 0.8

-321

0.6

Citi

- 388.7

18

-3.2

BBVA 22

3Credit Suisse

45

54* 453.6

408.6

▲ 5 5.4

1.4

23

43 348.7

1.4

1.3

1.2

▼

1.3 ▲ 4 4.3 ▲

2.2

▲

3

3 ▲

▼

▲

4 4.3 2 ▲

2

▼

Banca IMI (Intesa Sanpaolo) 20 - 416.9 1.4 ▲ 3 3.3

3 ▲

Industrial & Comm Bank China 19 14 425.0 1.4 4 4.3 -2

1.5 1.3 ▲

5.4

4 4.3

459.6 1.5 ▲0.6 ▲

7

17 3217

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

Goldman Sachs & Co 14 636.9

2.2

2.1

100.0

4

-50.7%

+28

2

Industry Total

▼Industry % Change over Last Quarter ▼

33,588.5

▲

3.8

▼-1

73.6

▲

KeyBanc Capital Markets Inc 1.3

5

▲

20.9%20.9%

30,164.1

43.8%

17.222,159.5

▼

KfW IPEX-Bank GmbH

Top Twenty Four Total

24

402.7

Siemens Financial Services Inc

Bookrunner Total

▲

40

▲

20.8%

4.8

-62.7% ▼ ▼

Industry % Change over Same Period Last Year

Industry % Change over Last Quarter

92

16 ▲KeyBanc Capital Markets Inc

5.4

570.5

0.42.0

9.8

600.8

9

▼

▲

▲

▲

▲

-2.0 ▲

4 -14.3

▲▲

▼

▲

▲

1.9

▼

7 7.6

5

▲

▼

-2.5

Scotiabank 8*

2.4 -0.5

748.5

▼

13

4

Mizuho Financial Group

-3

1.5

35 1.8755.2

654.7 6

30 4

1

6.52.5 6

▲

▲

2 2.2

4

Jefferies LLC 2.7808.3

6 6.5

▲

7 7.6▲

719.9

1

-3.8

3.8

2.0

▲ 5 5.4

5

▲

▲

10

1.5

2.8

3.9

2.5

26*

▼

▼

1,246.0

1,262.9

4.1

8 8.7 1

14 15.2 8


9

BNP Paribas SA 12 12

1,154.3

HSBC Holdings PLC


1.9

ING 7 -64.2 -0.2

-1▼5 5.4

Credit Agricole CIB 7 16

0.113 849.3

23

2,519.3

Sumitomo Mitsui Finl Grp Inc 11

KfW IPEX-Bank GmbH

National Australia Bank

1

2

-1

15

▲

10

8

1

Santander Global Corporate Bnk 6

Societe Generale1

RBC Capital Markets

17

8.7

5.8

8.7

1.9

2

4▲

18.3

17.3

▼

-

▲

4

▲

▲

▲

-3

▼-1

4

25

399.7

4

▲

▲

▲

70.223,601.0

0.5

0.9

415.3

5

57

19.3

1.2

5▲

388.7

24

1.2

1.238

▼

2

4.8 223 0.4

2 1.9

Citi 34

Deutsche Bank 22 16 -0.7436.4

5 4.8 4

1.3

▲ 51.3 4.8

-2

0.9

1.3

1.6 5.8

Banca IMI (Intesa Sanpaolo) 53 451.421

Commonwealth Bank of Australia 20 ▲62* 496.8

-2.4

▲

▼ 5 4.8 2 ▲

1.3

CIBC World Markets Inc 18 3 549.2 1.6

19 56 547.5ABN AMRO Bank

▲ 7 6.7 ▲5

▲ 6

BBVA

▲

-1.8 ▼ 7

1.7

Goldman Sachs & Co 16

Scotiabank

▼

17 50 560.3

5 592.6 1.8

HSBC Holdings PLC ▲ 7

8* 610.4

KeyBanc Capital Markets Inc 14

13

37

30 704.2

2.1

1.8

▲ 101.2

2.1 1.2

BNP Paribas SA 12 12 719.9

15

6.7

-0.4

1.9

6.7

632.3

▲ 2

36

27*

▼ 6

▲ 9

1.3

777.3Natixis

▲

0.6 ▲ 9

2.3

Jefferies LLC 10

11

Societe Generale 13

▲ 9Mizuho Financial Group 8 21

9

1.63.1

808.3 2.4

3.0

1,028.3

1,011.5

1.6

Credit Agricole CIB 5

-2.9

-0.37 10ING

RBC Capital Markets 6

3.2

3.6

1,088.9

▼ 5

▼ 12

▲1.55.4

▲

▲

17 1,365.8 2.1

18 1,481.6Santander Global Corporate Bnk 4

Mitsubishi UFJ Financial Group 3,031.0

1,826.8

Deals

9.0 ▲

7.4

2.7

Market

3

2


2,475.0

Mandated Arranger Proceeds

Morgan Stanley 2 11

1

6

19

Sh %

9.6

7.5

4.9 ▲ 6.5

Market

4.4 ▲2,266.6

1 1,201.8

18

▲ 10

1,181.8

4.4

1

▼ 9 9.8

15.214

Market # of

Sh %

Change in

▼

Jan 1 - Jun 30

Sh Ch.

Americas Project Finance Loans

Sh %

Market

Deals

2018

Rank

9.6

▼

7

9

6

3

-1 1Mitsubishi UFJ Financial Group

11

▲

▲

▲

▲

▲

6

Jan 1 - Jun 30

Morgan Stanley

Proceeds

-2

# of Deals

Market

162 ▲4.8

Market2017

Rank

11.5

2,880.7

2017

Rank

4.8

0

19

4.8

Change in

Sh %

▼

▲

4.1

-2.1

1.3

4

Natixis

1

# of

# of Deals

5.8

9.6

8.7


+18

▲

6

3.8 -1 ▼

32

▼

-46.8%

104


Industry % Change over Same Period Last Year ▲

100.0

15.9%

-59.5%

# of Deals per Arranger # of Deals per Bookrunner


Bookrunner

2018

Rank

1

17.4

1.5


8.4


4

4

-4

18.3

Sh Ch.

4.7





-

Serbia 101.2

Slovak Republic 26.4 1 - - -

▼

Switzerland 96.5 1 477.8 1

2 -78.3

1 - - -

Oman 30.0

112.3 1 243.2 ▲

-79.8 ▼

Finland 118.4

Rwanda 11.5 1 256.0 1 -95.5

1 640.0 1 -95.3

Namibia 50.0 1 - - -

Zambia 39.0 1 - - -

-

-

▼

▼

-

1 -96.6

Republic of Ireland 429.7 3 132.6 3

Norway

1 545.1

Jordan

224.1

Belgium 548.7 1 874.1 3 -37.2

1 1,582.0

0.9 0.3

Oil & Gas

Mining2

37,246.7

849.8

130 45,847.7

1,161.6

Nigeria

1

-

-

-

-

189.0 -96.2

-

2

-4

▼

-

-

1

-

1,127.1

1


484.2

-

120.0

Guinea 89.0

1,153.0

Mozambique

10

54.0

▲

Water & Sewerage

160 100.0

Telecommunications

Industry Total

2.7

Turkey

Project

187.7 0.4

Netherlands

Israel

Spain

Zimbabwe

10

Scorecard: EMEA Project Finance Loans

Power

Jan 1- Jun 30

1,814.4 3 4,730.0

▼

305.0 1 -

Sector

Nation

BorrowerClose

US$m

Transportation

Transportation


2

4.5 ▲

28.5 -15.8

-1.0

▲

5 -1.2

3.1

3.1

9

13.38,948.1

0.6

2

▼

2,039.5

22 18

-1.4

▼13,068.9

4

Sh %

19,530.0

4.5

Mkt. Sh

1 670.0 1.5

▲

10

Leisure & Property

Transportation

100.0

42.6

US$m Deals US$m

19.5

1.9

1/1/2017 - 6/30/2017

47.1

5/25/2018

32.8

Deals

# of

Power 106 17,537.7 85

Mkt. Mkt.Proceeds

1,059.613,627.0

2,643.3

Jan 1- Jun 30

9 104.2

Netherlands

Saeta Yield Acq

Power

Transportation

Top EMEA Deals

2,831.3

A13/A16 Toll Road Project

2/21/2018

1,837.7

3/1/2018

# ofProceeds

1,234.0

▲

-57.0

90.3 ▲

▲

21

3

5

Merkur Offshore GmbH

1,186.8

North Marmara Highway

Canal Bidco B.V.

13

Package Amt

3/16/2018

Date

▼

46.0


EMEA Down 18.8% I Merkur Offshore - Largest Deal in the Second Quarter

Power

Europe, Middle East & Africa Project Finance Loans

2,673.8

Borrower Industry

Sector Analysis

Italy

1,000.0

6/28/2018

Hwange Thermal Power Plant

Chg. in

1,188.3 Power

6/29/2018

Transportation

1,275.0

1,349.4

1/1/2018 - 6/30/2018

% Chge in

Proceeds

130 45,847.7 160 -18.8

Proceeds No. Proceeds No.

US$m Issues US$m Issues

Western Europe 24,392.3 102 30,347.9 129 ▼-19.6

37,246.7EMEA

14.0Germany

France

Netherlands 5,396.6 8

3,294.6

16 3,185.1 22 12.93,596.4

5 2,889.2 16

▼United Kingdom 1,759.4 33 -87.1

2,006.4Spain 2,929.3 16

2,568.2

5,721.9 13,310.5

-

Italy

20

4,934.5

Israel

385.4 2

Egypt

Denmark

252.2

Africa/Middle East/Central Asia

4

18

6,346.6 6

1,349.8

17

2,625.0

1/1/2017 - 6/30/2017

Uzbekistan 660.0

5 525.7 2

Sweden

1

1237.2

649.1 3 25.3

1

19

2,189.3

- -

1 -

9

1 150.5

Portugal 1,706.4

835.3

Turkey 1,086.4

120.0

South Africa

1,000.0

▼322.1

Zimbabwe 733.3 ▲

-

-

Eastern Europe 7,132.5

-

224.6 ▲

-

-

Austria 78.3 2

6/27/2018

10

▼

▲

2,465.6 ▲

Sh %

1/1/2018 - 6/30/2018

12.7 -30.9

658.4 1 262.8Poland

1

Turkey

225.8 ▲

12,210.9

▲

EMEA Project Finance Loans Volume

Canakkale Otoyol

PowerGermany

Blauwwind Ii C.V.

EF Solare Italia PV Portfolio

Netherlands

▲

Oil & GasKarish and Tanin Natural Gas

3/6/2018

▼

3/2/2018

6/6/2018

▲

▲

▼

-- - -

Palestine 8.0 1 - - -

345.0

1 -0.6 ▼

-

Industry 11.5 - 1 267.9

▼

-

50

100

150

200

0

20

40

60

80

1H09 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18

Pro

ce

ed

s (

US

$b

)

# o

f D

eals





* Tie

* Tie

- 1 2.3 1 ▲

1 2.3 1 ▲

Banco Comercial Portugues SA 20 - .6 0.0 0.0

19 - 9.9 0.3 0.3 ▲

-5.1 ▼ 1 2.3 -6 ▼

▲ 1 2.3 1 ▲

BNP Paribas SA 18 6 11.7 0.3

1 2.3 -1 ▼

Mizuho Financial Group 17 - 30.0 0.8 0.8

1 2.3 0 -

Barclays 16 20 46.0 1.2 0.3

15 31 56.6 1.4 1.1 ▲

97

Sh Ch.Proceeds

0.3

2018

Rank

20


Industrial & Comm Bank China

▼

▼

3

Societe Generale

Bookrunner# of Deals

Market


10

2017

Rank

Market


▲9.1

▲

▲

Europe, Middle East & Africa Project Finance Loans

2017

Rank

EMEA Project Finance Loans Top Five Sector

CaixaBank SA

EMEA - Bookrunners (X16)

-5

5.28.2 6 -1

Sh % Deals

Change in

-18.8%

Jan 1- Jun 30

Change in

353.6

DealsMandated Arranger Sh Ch.

2018

Rank Proceeds Sh %

1

4

1,547.79

ING

Santander Global Corporate Bnk 2

8

5 1,492.7

1,775.9 ▲

Market

Sh %

Jan 1- Jun 30

Nord/LB-44.8

EMEA - Mandated Arrangers (X15)

20

ING

▼

Market

19

4.2

Market# of



▲5.4


▼8.9


Sh %

Market

4.0

1.4

14.6 -5

4.6

1.0 19 14.6▲

3▲▲


6

15.4

-6

1

▼ 2 324.9

▼

-6

0.3 2

0.0

▼

-

▼ 160.1

# of

# of Deals

20.5

Credit Agricole CIB 5

1,370.0

-1.6 15.43.62

3.7

1,326.2

6

▼BNP Paribas SA 6 1 1,303.5 -2.93.5 ▼18 13.8 -9

11 8.5 -43.2

Deutsche Bank 3.8 2 ▲

▼

▼12.3 -1

▲10Natixis 7

Sumitomo Mitsui Finl Grp Inc 8 7 1,137.5

1,207.6

1,075.3

3.1 -0.3

9

▼

2.2 ▲2.9

16

5

9

Banca IMI (Intesa Sanpaolo) 11 22 820.6 2.2

38

KfW IPEX-Bank GmbH 10 13 932.7 2.5 6.9▲ -4

11 8.5 2

2.2 1.1

1.1 ▲

0.4

-5Cooperatieve Rabobank UA 12 25 810.4

15 737.6CaixaBank SA 13 ▲

▲

2.0 10.0

6 4.6▲

4 3.1

13

15 84* 677.1

2.0 2.0

0.2

1.8 3 2.3 2 ▲

Turkiye Garanti Bankasi AS 14 116 735.2

Turkiye Is Bankasi AS

UniCredit 16 19 660.8 11 8.51.8 0.2 ▲

SEB 17

1.6 -2.2

-0.1 ▼

▼

1.616 605.4

Mitsubishi UFJ Financial Group 18 4 589.9

Turkiye Vakiflar Bankasi TAO 19* - 587.9

1.6 1.6

1.6 ▲

▲

1.6

2

2

National Bank of Greece SA 19* - 587.9

560.0Landesbank Baden-Wurttemberg 99*

445.6 1.2

60.4 ▲12.3

▲

1.2

1.2

-18.8% ▼


Industry Total

22,408.5

37,246.7

-2

▲

▲

▲ 2 1.5

1.5 ▲

▼

▼

▼

2

-46 4.6

10 7.7

▼-2

▲

8.5

▲


-9

▲

3

3

Bayerische Landesbank Giro

Banco Portugues Investimento

1.7

1

▲

11

1 0.8

1

▲

RBC Capital Markets

1.0

1

▼

▼

▲

▲

-0.6

1.5

-30

KfW IPEX-Bank GmbH

UniCredit

8

HSH Nordbank

2

0.8

Banco de Sabadell

Industry % Change over Last Quarter -15.9% ▼ ▼-27.8%

100.0


130

8

3 2.3

Mitsubishi UFJ Financial Group 7 19

14

-

Natixis

▲

4.5 ▼

▼▲ 1

1 2.33.2

4.0

▼

288.7 5.2

177.5

7.3 14

▲ -6

13.6

4.0 1.6 -2

▲

12.3

2.3

1▲4.0160.1

2.3

0

1

147.0 3.7 -2 4.5

▲1136.0 3.4

2.7

3.4 ▲

-7.6

▼

2

-1

4.5▼ -1114.6 2.9

105.1

▼

4.5

92.1 2.3

2112.5

2.7 1.9

4.5 1

1

▲

▲▲

2.8

4 9.1

1.3 ▲

2.1 -8.8

2.1 ▲

2

-2 ▼

▲2 4.5 1

4.52

-38

4

1

86.4

Credit Agricole CIB

RBS 9

13 37

12 32

11 21

-

5*

10 14

9

▲2.1

Bookrunner Total

2,494.7Top Twenty Total

2.2

81.3 ▼

▲

-79.0% ▼

63.0 19.1

3,970.4

▲

▼

100.0

-51.0%▼Industry % Change over Last Quarter -79.1%

2.3

23 60 477.4 1.3 ▲

1.3

21

498.0

-

▼

44

Turkiye Halk Bankasi AS 24* - 445.6 1.2

Industry % Change over Same Period Last Year -46.3%

5*

2

18

Kommunalkredit

1.5

Nord/LB 22 14 -6

2

▼

Ziraat Bankasi AS 24*

$0

$5

$10

$15

$20

Power Transportation Oil & Gas Leisure & Property

Water & Sewerage

Pro

ce

ed

s (

US

$b

)

January 1, 2018 - June 30, 2018

January 1, 2017 - June 30, 2017





-Mongolia 37.7 1 - - -

-

Hong Kong 196.9 1 - - - -

Taiwan 846.4 2 - - -

-

Malaysia 255.0 1 - -

Singapore 729.4 2 - - -

▼

South Korea 3,227.6 2 2,716.5 8 18.8 ▲

Japan 2,239.8

Australia

-60.7 ▼

-

Viva Energy Pty Ltd

▼

16 4,538.5 32 -50.6

Nam Theun 1 Power

Vietnam 1,869.0 1 - -

9

▼

3,516.7

-29.6

6/7/2018

1,869.0

Australia813.6

Power

Power

Power

Power


Asia Pacific & Japan Project Finance Loans

Asia Pacific & Japan Project Finance Down 33% I NSW Electricity Networks - Largest Deal

Borrower Sector

Water & Sewerage

153

-76.0

-32.9

Stella Mmts Fin Pty Ltd

▼

▲

2,000.0▲

3,060.9

2/28/2018

Closing

South Korea

Nation

Nghi Son 2 Power LLC

Project

Date

NSW Electricity Networks

Pospower Co Ltd

2,599.3 Australia

Package Amt

US$m

Australia

1,260.0

Laos

1,303.8

934.5

Proceeds

6/7/2018

700.0

Pakistan

SDP Finco Pty Ltd

Australia3,210.1

Power

3/26/2018

2/28/2018

2/7/2018 China Power Hub Generation Co

Iona Finance Pty Ltd

IndonesiaHuadian Bukit Asam Power

22.5


5.6

5.6

Jan 1 - Jun 30

Power


1/1/2018 - 6/30/2018

% Chge in

Proceeds

Proceeds No.

US$m

No.

Issues

1/1/2017 - 6/30/2017

Issues US$m

Australia 14,675.4 33 13,900.4

92 49,704.8Asia-Pacific & Japan 33,355.2

24

4/6/2018

31

934.5 1

6,742.4 12 ▼-52.0

-

-

- -

10,859.3

66

-68.8

-

Australasia 14,675.4 33 3113,900.4

Indonesia 2,954.5

15Southeast Asia

Top Asia Pacific & Japan Deals

3/1/2018

14,049.9

12,314.5 8

-

4/13/2018

5/31/2018

Transportation

Vietnam

Scorecard: Asia Pacific Japan Project Finance Loans

7

Oil & Gas

Jan 1 - Jun 30

▼

-

Pakistan

Oil & Gas

Asia Pacific & Japan Project Finance Loans Volume4,308.6

3,389.1

South Asia 25

6

64

North Asia

India

Top Five Project Nation

▲

2,000.0

Laos

2

13,699.3

2,840.01

5,389.1

-

5

10

15

Australia India South Korea Indonesia Japan

Pro

ceeds U

S$ (

b)

January 1, 2018 - June 30, 2018

January 1, 2017 - June 30, 2017

0

40

80

120

160

0

10

20

30

40

50

1H09 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 P

roceeds (

US

$b)

# o

f D

eals





▼

# of Chg. in

▲

1

56.5

Petrochemicals 109.7 0.3 1 382.0 0.8 -0.5

303.0 4.9

Mining

Water & Sewerage

21.3 12 15.7

2 1,178.1

Leisure & Property

Transportation

1,967.4

5,239.6

-

▼

9.2 -0.3

-5.6

8

▼

Mkt.

11.1

-1.82.4 2

2,450.83

28,101.7

Deals

National Australia Bank

25

1.6 ▲

Mkt. Sh

# of

Sh %

-2.5

12

1

100.0 100.0

210.0

▼

83.1%

▼ -54.4%-46.2%

1.1

4

1.1

▼ 1 1.8 -6166.7 1.0 -4.5

33,355.2

5.9

0.9

8.9

22

0.6

67.6

US$m

6

1.1-

▲

1.1

1.81

-

1▲

1.1

▲

▲

▲1.1

18 15 2▼

19*

-0.5

Sh %

1.4

China Development Bank

3

6

24

22

33

6

0.8

-

1.5

2,983.3

18 10,587.0

Mkt.

114

1/1/2018 - 6/30/2018

Proceeds

Borrower Industry

Power 22,542.3

US$m Deals

-

Sector Analysis

19

62

-

Korea Development Bank

18

16


25

Industrial Bank of Korea

16*

Goldman Sachs & Co

Hana Financial Group Inc

Shinhan Financial Group Ltd

918.4

▲

1.0

23

1.7

United Overseas Bank Ltd

Bank Central Asia Tbk PT(BCA)▲2523.9

6.7%

▲ 1

10

▲

▲

19* -

▲

Asia Pacific & Japan Project Finance Loans

191.4 1.1

1.5

1.9

1.6Shinsei Bank

▲


▲

▲

21,604.4

92

2.4

0.5

1.1642.5

0.5

2.1%Industry % Change over Last Quarter

▼Industry % Change over Same Period Last Year

33,355.2

Credit Agricole CIB

52

21*

18

-

543.2

Woori Financial Group

Yes Bank Ltd

23

561.1

16*

BNP Paribas SA 15

510.2

Industry Total

440.07

Asia Pacific & Japan- Mandated Arrangers (X27)

12

24

United Overseas Bank Ltd 20

21*

DBS Group Holdings

NongHyup Financial Group Inc 21* 1.5

▲

▲

Industrial & Comm Bank China

1.6

510.273 1.5

▼-32.9%

1.1

-39.9%

▲

100.0

14

469.1

Bank of China Ltd

9 17

510.2

13

11 13

782.4

Societe Generale

10

8 14

▲

2.0

5.0

803.1

856.4

1.9

▲2.7

▼

▼

4

▲

▼

1.8

-8

1

▼

▼

1 1.8

-4

11.177.3

▲ Korea Development Bank 3

16

Bank Mandiri

ICICI Bank Ltd

Indusind-Bank-Ltd

13,243.1

17,107.3

188.1

- 175.0

188.1

▲

0 188.1CIMB Group Holdings Bhd 19*

1.0

1

3

3.3

10.9

▲

▼

-

1

1

-2

1

5 -4

▲12

2

5.4 ▼

2

Axis Bank Ltd

Shinsei Bank

Natixis

4.3

-8 ▼

-6

2.0%

-61

Jan 1 - Jun 30

57

▲

▲

-68

-

▼

▲

3.5

1.8

-4

1.8

▲

▲

▼

1.8 1

1

1

1

1

-2

▲

1

2 3.5 -7

1

3.5

1

2.7

764.0

10 11 3.8

4.5

649.8

8

11 -

▲

▼-11.44.7

4.7

798.2 5.33

3.6

8.85

▼

▼-1

-7

5.3

▲

3

-

3.5 0 -

0

▲

3.6 ▲ 9 15.8

3.6

▲ 3 5.33.8

2

6.1

930.7

1,041.3

5.4

-2

▼

-47.0

2

2.0 ▼Mizuho Financial Group 4 5 1,008.9 5.9 4▲

3 9

6


18

ANZ Banking Group

Credit Agricole CIB

5

▲

▲

▼

8 1

National Australia Bank 7

State Bank of India

Yes Bank Ltd▲14.1

2.2 ▲

2.2 BNP Paribas SA

5.4

Goldman Sachs & Co

▲

ING7.6

1.3

64.7

1

1.1

1.1

▼

▲

1.4

1.4

1.1▲ 1

1

1.5

1.4 1.1

3

▲1.6 0.3528.3

▲

▲561.1 1.7

1.7

2.3

2.4

Westpac Banking

11

801.9

7 2.8

2.5

2.4


810.7

834.7 0.6 13▲

2.7

13860.2

914.2

2.6 ▲

1.1 ▲

3.5

▼

6

Mizuho Financial Group

▲1.3

4

15

State Bank of India

ANZ Banking Group 2.8


China Development Bank 2 1

4

5 2

Proceeds

1

2018

Rank

▲

1,613.7 21 ▲4.8

6.0 ▼

2

7 1,167.2

11.72,000.0 1

3.4

Deals

1.8

7

-2.5 -

Sh Ch.

Market Change in

0

92

# of2018

Rank

Market Market Market

Sh %

153 49,704.8

3

-4.0

26.1

-21.1

920.2

6.8

--


Proceeds

Change in # of

Mandated Arranger

Market

Sh Ch.

2017

Rank

Market

Industry Total


Proceeds

▼

1/1/2017 - 6/30/2017

2017

Rank

-


# of Deals


Bookrunner# of DealsSh %Sh %

Jan 1 - Jun 30

Asia Pacific & Japan- Bookrunners (X28) Jan 1 - Jun 30

53

Deals

2,000.0

-0.5

0.5

Asia Pacific & Japan Project Finance By Sector (US$b)


Sh %

1,143.1

▼

10

▼

13

1 2.4 ▲

1,172.8

3

Mitsubishi UFJ Financial Group 2,268.3

5

1

▲

-103.4

-7.3

1

-9.1

▲

5

Mitsubishi UFJ Financial Group▼

▲

▲

22.8

2

5.4

10.9

100.7

1

14.1

10.9

14.113

▲ 2

7


4▼-1.6

764.0

0.5

9 4,581.4

-

Oil & Gas

▲▲12

0.1

206.6

▲

334.1 2.0

211.5

▲

32*

25 -10 ▼

0

▲

▼

1▲

312.2

2

1.3 0.6

0.5

0.3

-4.0229.5

1.8

1.8

1.8

15 32* 2222.0

4 ▼

1.2

2

1.3

469.1

21

9

3.5

▲6.8 12.3

16

1

14

▲

8 8.7

3

14

1.2

▲ Westpac Banking

4

100.0

1.8

1.3

27*

7.6

4.3

5

▲Industry % Change over Last Quarter

Top Twenty Four Total

17

13

7


* tie

▲

14.1

Bookrunner Total

Jan 1 - Jun 30

1.3

L&T Financial Services Ltd

2

2 3.5 -1 ▼24 35 141.1 0.8 0.3 ▲

22.5 67%

5.2 16%

3.0 9%

2.0 6% Power

Transportation

Oil & Gas

Water & Sewerage

Leisure & Property

Mining

Petrochemicals






* Tie

2,200.0

Transportation

3.8

53

Proceeds

US$m

Global 21,177.0

1.1

Scorecard: Global Project Finance Bonds

1/1/2018 - 6/30/2018 1/1/2017 - 6/30/2017

% Chge in

Proceeds

Deutsche Bank

Global - Bookrunners

226.7



-10Industry Total

Project Finance Sector

Mining

47.2

Issues

5,198.0

22

15

Mkt.

--

Jan 1 - Jun 30

▼

43

-0.2

1.41.4

100.0

-15.9%

32.2

21

1.1 1.1235.0

1.6 -1.3

1.7 1.4

1.9▲

▲

1

1

1.9

▲ 2

81.7

25 1.0

17,307.2

57

231.3 0.5

1.1

1.1

Power

Issues

Industry

313.3

-

-

-

20

19

Proceeds

Issues US$m

53

2

US$m

1/1/2018 - 6/30/2018

Sector Analysis

▲

28

No.

1,430.0

Region

▼-5.4%

10.4

Sh %US$m

28 13,602.0 32 7.9 ▲

Issues

22,384.0 63

2018

Rank

RHB

Malayan Banking Bhd

Societe Generale

11RBC Capital Markets

Bookrunner

2.0


Market

1

19

Citi 2

2

4Bank of America Merrill Lynch 1,249.2

43JP Morgan

Mitsubishi UFJ Financial Group 1

-

Peru 1,642.0 3 -

Panama 2,075.0

4

Market

DealsSh %

Market

First Half 2018

Global Project Finance Bonds Down 5% I Asia Pacific & Japan Up 34% I Edra Global Energy - Largest Deal

Global Project Finance Bonds Review

MANAGING UNDERWRITERS

2017

Rank

# of Change in


Sh %

No.

-5.4 ▼Proceeds Sh Ch. # of Deals

No.

Americas 14,671.0

▼

United Kingdom 899.0 5 3,439.0 13 -73.9 ▼

Canada 1,546.0

United States 4,811.0 10 8,924.0 16

-

Brazil 2,109.0 3

-46.1

23 -37.3 ▼

1

- - -

Saudi Arabia 933.0 1 814.0

EMEA

▲5

7

8

2,204.4 ▲

▲1.8

1

▼

5.0

-213.2

20.8

9.5

1110.4

2,013.5

6.6 1.5

-5

15.1

15.1

3.8

▲

5 5.5

HSBC Holdings PLC

Goldman Sachs & Co 1,162.3

6 6

5.9

2

3.9

5

1,400.5

8

1.0

▲

▲

3

33.0 2 6,290.9

2 -

▲ ▲

▼

Asia-Pacific & Japan 2,346.0 7 1,748.3 6

2,226.0 6

-

Spain 530.3 5 182.0 3 191.4 ▲

Netherlands

▲

▼

4,160.0 18 6,634.0

- -

2

705.0

2 - -

-30.5

2 49.0 1 1,338.8

631.0 -

14.6 ▲

Malaysia 1,335.0 -

-

34.2

360.3 1

-

-0

▼

▼

12.0

▲

3 5.7

▲1,142.9 5.4 0.2

▲

4 7.53.3

▲1.6

424.3

455.9

▲

3 011.3

2

▲749.9 3.5

3.8

40

-19.451.316

541.3

804.3 1.3

7.5Barclays -


Credit Suisse 16

10

7 4.1

8


BNP Paribas SA

352.2

44

381.3

-

424.312

14

2.0

CIMB Group Holdings Bhd

-

2.2Itau Unibanco

13

866.5

12

*13

*13

*13

17

7 2.5

▲2.62.6

527.0

-

7.5

-2

4

▼5.7

4

▲4

3

▲3

0▼ 1

1

1.9

▲▲2.0 1.9

-1.4

-0.6

1

-2

-4

424.3

7.5

334.4

2.0

▲

1.9

3.821.8 0.0 -

1

4

2▼

▲

▲

▲

1.9

Samuel A. Ramirez & Co.

CIBC World Markets Inc

▼Credit Agricole CIB

53

Credicorp

*23

SunTrust Banks

300.0

ING

Standard Chartered PLC

-

311.1 1.5 1.5

1.51.5

22

*23

▲

▲

1

1

1

▲

1018

-

6.8

-

22,384.0100.021,177.0Industry Total

1,100.0

2,496.0

0.1

-

25.2

2

2 -

5.2

6 4

15.0

-

11.8

1

Chg. in

▼-10.3

-13.4

▲

▼


▼

▲

2

3.8

▲

1.9

Top Five Nation

Sh %

37.0

17.7 12 3,970.0

6.8 -

5,642.0

-

63 53 100.0

10.3

▲24.5

Water & Sewerage

Oil & Gas

-

231.3

Mkt.

1 ▲

1.9 96.0 1 - - - -

34

Jan 1 - Jun 30

-4

1

▲1

▲

0

1

▼

-

1

1.9

1

No.

10,576.0

1/1/2017 - 6/30/2017

Proceeds

▼

Mkt. Sh

Argentina 1,259.0 3 1,048.0 3 20.1 ▲

Mexico 1,164.0 2 - - - -

Uruguay 65.0 1 - - - -

Portugal

Jan 1 - Jun 30

France 234.9 1 643.0 1 -63.5 ▼

Ireland 135.4 1 - - - -

- - - -

Germany 307.1 1 32.0 1 859.7 ▲

Denmark 129.0 1 - - - -

Leisure & Property 922.0 4.4 6 2,091.0 9.3 9 -5.0 ▼

Thailand 210.0 2 15.0 1 1,300.0 ▲

Laos

21,177.0

Proceeds

7,831.0

▲

-

▲Australia

-

2

4

6

8

10

12

0

1

2

3

4

5

United States Brazil Panama Peru Canada

US

$ (

b)

# o

f D

eals






ICO

EAIF

First Half 2018 | Project Finance | Multilateral Agencies

Global Project Finance Multilateral

Jan 1 - Jun 30

Global Multilateral Exposure in Developing Markets at US$7.2 billion

Multilateral Developing Country Exposures Jan 1 - Jun 30Multilateral Developing Country Exposures

Total Exposure

US$(m)

Direct Lending

US$(m)

Guarantees

US$(m)IDFI

# of

Deals List of Deals

China Export Import Bank1 1,260.0 - 1,260.0

2

652.5 -652.5 IFC4

1915 Canakkale Dardanelles II Bridge

(Turkey, 370), Nghi Son 2 (IPP) Thermal Power

Plant (Vietnam, 537)

2

787,233.1

Ventos Do Araripe III Wind Complex

Acquisition (Brazil, 317)1 316.7 -316.7 BNDES7

5

907.5 -907.5 Kexim3

IDFI

Direct Lending

US$(m)

Guarantees

US$(m)

Total Exposure

US$(m)

# of

Deals List of Deals

Parques Eolicos del Caribe (Pecasa) Wind

(Dominican Rep, 15), Ressano Garcia IPP Gas

Refinancing (Mozambique, 46), Hardap Solar PV

(Namibia, 25), Paradise Park Solar (Jamaica, 24),

Port Harcourt Second Ammonia and Urea Fertiliser

Plant (Nigeria, 61)

Kandym Gas Processing Plant (Uzbekistan, 165)1 165.0 -165.0 K-sure12

1 Sumsel 8 Mine Mouth Power Plant (Indonesia,

1,260)

Sepia Floating Production Storage and

Offloading (FPSO) (Brazil, 494), Rantau

Dedap Geothermal (Indonesia, 189), Nghi Son

2 (IPP) Thermal Power Plant (Vietnam, 537)

3 1,219.7 -1,219.7 JBIC

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Sepia Floating Production Storage and

Offloading (FPSO) (Brazil, 247), Rantau

Dedap Geothermal (Indonesia, 126)

2 372.7 -372.7 Nexi

Industry Total

24

258.3 IDB Invest8

Mekong Delta Waste-to-Energy (WtE)

(Vietnam, 100), Rantau Dedap Geothermal

(Indonesia, 175), Baikonur Solar Park Project

(Kazakhstan, 12), Vena Energy Solar

Photovoltaic (PV) Plants (Indonesia, 40)

4 327.5 -327.5 ADB6



Refinancing (Mozambique, 55), Gaza Solar

Rooftop (Palestine, 2), Ventos Do Araripe III

Wind Complex Acquisition (Brazil, 50), Brazil

Wireless Infrastructure (Brazil, 46), Achiras

Wind Farm (Argentina, 21), Porto de Sergipe I

Natural Gas-Fired Power (Brazil, 200),

Cordoba City Ring Road (Argentina, 150), Port

Harcourt Second Ammonia and Urea Fertiliser

Plant (Nigeria, 100), Zambia Scaling Solar 2

(Zambia, 10)

10

5 171.0 -171.0 Proparco11

197.2 FMO10



Refinancing (Mozambique, 21), Monte Plata

Solar Photovoltaic (Dominican Rep, 19),

Mongolia Gobi Desert 30MW Solar Plant

(Mongolia, 11), Paradise Park Solar (Jamaica,

24), Port Harcourt Second Ammonia and Urea

Fertiliser Plant (Nigeria, 61), Chubut Norte

Wind & Villalonga Wind (Argentina, 44)

7 197.2 -

Bogota-Villavicencio Corridor 4G (Colombia,

139), Transversal del Sisga Highway

(Colombia, 60), Transversal del Sisga Highway

(Colombia, 17)

3 216.0 -216.0 FDN9

Achiras Wind Farm (Argentina, 20), Cordillera

Solar I (Argentina, 11), Porto de Sergipe I

Natural Gas-Fired Power (Brazil, 228)

3 258.3 -

San Martin Port (Peru, 92), Ergon Peru Solar (Peru,

71)2 163.0 -163.0 Cofide13


(Dominican Rep, 12), La Virgen Hydro Power (Peru,

30), Monte Plata Solar Photovoltaic (Dominican Rep,

19), Pomona Wind Farm (Argentina, 21), Port

Harcourt Second Ammonia and Urea Fertiliser Plant

(Nigeria, 61)

5 141.9 -141.9 DEG14

Formosa Wind Power (Taiwan, 54), Chubut Norte

Wind & Villalonga Wind (Argentina, 44)2 97.9 -97.9 EKF16

Te Heavy-Fuel Oil Power Plant (Guinea, 45), Port

Harcourt Second Ammonia and Urea Fertiliser Plant

(Nigeria, 61)

2 105.2 -105.2 CDC15

Yavoriv Solar Plant (Ukraine, 21), Menzelet and

Kilavuzlu Hydropower Privitisation (Turkey, 20),

Menzelet and Kilavuzlu Hydropower Privitisation

(Turkey, 35), Mongolia Gobi Desert 30MW Solar

Plant (Mongolia, 11), Baikonur Solar Park Project

(Kazakhstan, 10)

5 96.9 -96.9 EBRD17

La Virgen Hydro Power (Peru, 50), Chubut Norte

Wind & Villalonga Wind (Argentina, 44)2 93.7 -93.7 CAF18

19

Port Harcourt Second Ammonia and Urea Fertiliser

Plant (Nigeria, 61), Zambia Scaling Solar 2 (Zambia,

12)

2 72.5 -72.5 EIB20

Kosten Wind Farm (Argentina, 15), Pomona Wind

Farm (Argentina, 60)

-

Te Heavy-Fuel Oil Power Plant (Guinea, 45)1

2 75.5 -75.5 Euler Hermes

TAI-VI Solar (Mexico, 70)1 70.1 -70.1 NAFIN

Kosava Wind Farm Project Phase 1 (Serbia, 34)Austrian Development Bank

(OeEb)33.7 - 33.7 1

21.0

21

Yavoriv Solar Plant (Ukraine, 9), Rantau Dedap

Geothermal (Indonesia, 50), Baikonur Solar Park

Project (Kazakhstan, 9)

3 67.3 -67.3 Clean Technology Fund (CTF)22

44.5 -44.5 OPIC23

27

Achiras Wind Farm (Argentina, 10), Cordillera Solar I

(Argentina, 10)2 20.0

Transversal del Sisga Highway (Colombia, 31)1 31.1-31.125


(Dominican Rep, 17), Gaza Solar Rooftop (Palestine,

2), Zambia Scaling Solar 2 (Zambia, 12)

3 - 31.031.0IFC- Canada Climate Change

Program26

-20.0Canadian Climate Fund for

Private Sector of the Americas 28

Ressano Garcia IPP Gas Refinancing (Mozambique,

21)1 21.0

Gaza Solar Rooftop (Palestine, 4)World Bank 1 4.0-4.029

7,233.1 -


Indonesia 1,840.2 1,840.2

89.0Guinea

Mexico

Argentina 448.6

425.3

70.1

Taiwan 596.0

70.1

54.2

3,169.5Turkey

243.0

Uzbekistan

Peru

89.0

143.0

Dominican Rep 118.0 118.0


Zambia

Jamaica 48.5


Total

Development

Finance Institution

provision

660.0

Mozambique 189.0

165.0

Multilateral Developing Exposure

by Country

713.5

949.9Nigeria

13,602.1

1,969.2Vietnam

1,877.5

Total DebtCountry

Colombia

Namibia 50.0 25.0

Mongolia 31.6 21.1

Palestine 8.0 8.0

Serbia 33.7 33.7

Kazakhstan 30.8 30.8

Ukraine 29.7 29.7

684.0 247.2

1,580.7Brazil

1,174.8

403.6

405.0

7,233.1

39.1

Industry Total

48.5

33.8

Industry Total 1,757.0 - 1,757.0 10

3,470.0 1,757.0

Total Debt

Total

Development

Finance Institution

provisionNetherlands

Global Multilateral Exposure in Developed Markets at US$1.8 billion



Industry Total

Total Exposure

US$(m)

Guarantees

US$(m)

# of

Deals

Euler Hermes 105.4 -


105.4 1 IPM Beer Tuvia Project (Israel, 105)

Spain 203.2 59.8

Sweden 342.0 48.9

Austria 32.2

3

22.8

2 380.0 - 380.0 1 Genex Kidston Solar Power Plant Stage 2

(Australia, 380)Germany 318.0 318.0

A10/A24 Neuruppin-Pankow Motorway

Expansion PPP Project (Germany, 318),

Grangegorman University Campus PPP

(Ireland, 135), Goya Wind Farm Phase 1

(Spain, 60), A355 Road [Grand Contournement

Ouest de Strasbourg] (France, 207), Oweninny

Wind Farm Phase 1 Project

(Ireland, 94), Afsluitdijk Lock PPP Upgrade

81,272.0 -1,272.0 EIB1

NAIF

321.6

380.0 380.0

952.7

France 429.0 207.0

Israel 491.4 105.4

Ireland

Australia

229.0

385.8Country

Multilateral Exposure by CountryMultilateral Developed Country Exposures Jan 1 - Jun 30

IDFI

Direct Lending

US$(m) List of Deals

-

-

-

-

-

-

-

-

-JapanAi HashimotoTel: +813 6441 1155E-mail: [email protected]

Project BondsChristina ListanaTel: +632 459 1814E-mail: [email protected]

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

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First Half 2018 | Project Finance | Managing Underwriters

Project Finance Criteria Summary

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please contact:

Tel: +632 459 1566

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Americas

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

Carina Causon

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League tables include limited recourse, non-recourse, and project finance loans and bonds. It exclude loans with a maturity of less than 90

days from close date.

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 Project Nation.

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Database coverage includes all transactions that have reached General Close for Loans and Priced for Bonds between January 1, 2018 and

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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.

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