DOCSLIB.ORG

Evaluation of the Effects of Financial Regulatory Reforms on Infrastructure Finance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Evaluation of the Effects of Financial Regulatory Reforms on Infrastructure Finance Evaluation of the effects of financial regulatory reforms on infrastructure finance 20 November 2018 The Financial Stability Board (FSB) is established to coordinate at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. These activities, including any decisions reached in their context, shall not be binding or give rise to any legal rights or obligations under the FSB’s Articles of Association. Contacting the Financial Stability Board Sign up for e-mail alerts: www.fsb.org/emailalert Follow the FSB on Twitter: @FinStbBoard E-mail the FSB at: [email protected] Copyright © 2018 Financial Stability Board. Please refer to: http://www.fsb.org/terms_conditions/ Table of Contents Executive Summary ................................................................................................................... 1 1. Introduction ........................................................................................................................ 4 1.1 Motivation and objectives .......................................................................................... 4 1.2 Scope .......................................................................................................................... 5 1.3 Approach .................................................................................................................... 6 1.4 Structure of report ...................................................................................................... 7 2. Trends in infrastructure finance ......................................................................................... 8 2.1 Definition and scope .................................................................................................. 8 2.2 Characteristics of infrastructure finance .................................................................... 8 2.3 Market trends ........................................................................................................... 11 3. Relevant reforms .............................................................................................................. 17 3.1 Overview .................................................................................................................. 17 3.2 Implementation status .............................................................................................. 17 3.3 Transmission channels ............................................................................................. 19 4. Effects of the reforms on infrastructure finance .............................................................. 22 4.1 Analytical approach ................................................................................................. 22 4.2 Importance of financial regulation versus other factors .......................................... 23 4.3 Effects of reforms .................................................................................................... 26 5. Conclusion ....................................................................................................................... 35 5.1 Cost-benefit considerations ...................................................................................... 35 5.2 Overall assessment ................................................................................................... 36 Annex A: Market structure and trends in infrastructure finance ............................................. 38 Annex B: Financial regulations potentially affecting infrastructure finance ........................... 49 Annex C: Data, design and findings of empirical analysis ...................................................... 63 C.1 Data sources .................................................................................................................. 63 C.2 Analytical design and conceptual approach .................................................................. 67 C.3 Overview of results ....................................................................................................... 72 Annex D: Qualitative survey design and results .................................................................... 112 Annex E: Stylised example of the impact of changes in regulatory capital .......................... 118 Annex F: Literature review and bibliography ........................................................................ 125 Annex G: Composition of the evaluation working group ...................................................... 133 iii Abbreviations AEs Advanced Economies ASF Available Stable Funding (NSFR) BCBS Basel Committee on Banking Supervision BIS Bank for International Settlements CCF Credit conversion factor CCP Central counterparty CCR Counterparty credit risk CECL Current expected credit loss model CVA Credit valuation adjustment (Basel III) DiD Difference-in-difference (statistical technique) ECA Export Credit Agency ECL Expected credit loss EFRAG European Financial Reporting Advisory Group EMDEs Emerging Market and Developing Economies FASB Financial Accounting Standards Board (US) FSB Financial Stability Board GDP Gross Domestic Product GFCF Gross Fixed Capital Formation G-SIB Global systemically important bank HLA Higher loss absorbency HQLA High Quality Liquid Assets IAIS International Association of Insurance Supervisors IASB International Accounting Standards Board ICS Insurance Capital Standard IF Infrastructure Finance IFI International Financial Institution IFRS International Financial Reporting Standards IOSCO International Organization of Securities Commissions IRB Internal ratings based approach (Basel III) LCR Liquidity Coverage Ratio LGD Loss Given Default LIQ Liquidity ratio LR Leverage Ratio MDB Multilateral Development Bank NCCDs Non-centrally cleared derivatives NSFR Net Stable Funding Ratio OECD Organisation for Economic Co-operation and Development OTC Over-the-counter (Derivatives) PPP Private-public partnership RBC Risk-based Tier 1 capital ratio RSF Required Stable Funding (NSFR) RW Risk weight RWAs Risk-weighted assets SIFI Systemically Important Financial Institution SPV Special purpose vehicle WACC Weighted Average Cost of Capital iv Executive Summary This report presents the results of the evaluation of the effects of financial regulatory reforms on infrastructure finance (IF). The evaluation is carried out under the FSB framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms. It is part of a broader evaluation of the effects of reforms on financial intermediation, and complements work under the Argentine G20 Presidency to develop infrastructure as an asset class. The evaluation focuses on IF provided by the financial sector in the form of corporate and project debt financing (loans and bonds), covering the types of financing that are most likely to be directly affected by financial regulation. IF provided by the financial sector accounts for a relatively small share (e.g. around 5-10%) of the global spending on infrastructure investments. Public financing, which constitutes the bulk of IF, is outside the scope of the evaluation, except to the extent that such financing supports private sources (such as via credit enhancements). While the G20 reforms do not specifically target the provision of IF, a broad range of financial regulations can potentially affect it. This reflects the diverse nature of IF, involving different types of financial intermediaries and instruments. The reforms that have been largely implemented and are most relevant for this evaluation are the initial Basel III capital and liquidity requirements (agreed in 2010) and over-the-counter (OTC) derivatives reforms. Both sets of reforms are subject to qualitative and quantitative analyses. Other G20 reforms that may be relevant for IF but are at an earlier implementation stage (e.g. Basel III reforms finalised in December 2017, investment funds reforms accounting standards) are reviewed qualitatively, given the lack of data required for a quantitative assessment. In addition to the G20 reforms, national and regional regulations for insurers (e.g. differentiated treatment of infrastructure assets introduced recently into Solvency II and in some other jurisdictions) and pension funds (e.g. investment limits) may affect IF, and these regulations are also considered qualitatively. The evaluation draws on a broad range of information sources and is based on multiple analyses. They include empirical analysis using micro and aggregate data on infrastructure investment; qualitative analysis, including a public survey on trends in IF and relevant drivers; extensive engagement with IF experts, including via a workshop with industry and interviews with market participants; a literature review; and public feedback on the consultative report. Notwithstanding data and methodological challenges, these sources – taken together – form the basis for the conclusions in the report. Trend analysis suggests that the overall amount of IF has grown in recent years after a temporary drop during the financial crisis. The growth has been slower than in the pre-crisis years and is concentrated mainly within advanced economies (AEs). In the case of emerging market and developing economies (EMDEs), overall growth
Load more

Recommended publications
  • Understanding Infrastructure Debt
    Marketing Material Research Report Understanding Infrastructure Debt July 2017 Please note certain information in this presentation constitutes forward-looking statements. Due to various risks, uncertainties and assumptions made in our analysis, actual events or results or the actual performance of the markets covered by this presentation report may differ materially from those described. The information herein reflect our current views only, are subject to change, and are not intended to be promissory or relied upon by the reader. There can be no certainty that events will turn out as we have opined herein. Certain Deutsche Asset Management investment strategies may not be available in every region or country for legal or other reasons, and information about these strategies is not directed to those investors residing or located in any such region or country. For Professional Clients (MiFID Directive 2004/39/EC Annex II) only. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For Qualified Clients (Israeli Regulation of Investment Advice, Investment Marketing and Portfolio Management Law 5755-1995). Outside the U.S. for Institutional investors only. In the United States and Canada, for institutional client and registered representative use only. Not for retail distribution. Further distribution of this material is strictly prohibited. Table of Contents 1 Executive Summary 3 2 Introducing Infrastructure Debt 4 2.1 Market Overview 4 2.2 Private and Listed Debt Markets 5 3 Defining
    [Show full text]
  • Infrastructure Debt (M/F/D)
    Internship MUC Portfolio Management – Infrastructure Debt (m/f/d) Assenagon is one of the fastest growing independent asset managers in Europe. The company specialises in the active management of capital market risks, and the provision of investment solutions for institutional investors and distribution partners. In particular, fund management focuses on the need of capital investors to generate income within clearly risk budgets. Our company currently employs around 80 staff at its locations in Luxembourg, Munich, Frankfurt and Zurich. We regularly offer exciting internships for students, graduates and ambitious young professionals. Seize the opportunity to gain insights into a dynamic company and put your abilities to the test for at least ten weeks. I If you have a background in mathematical finance/science, business informatics or economics/business studies with a focus on math- ematical finance, have top grades and are looking for a challenging 6-month internship in credit portfolio management (infrastructure debt) as part of your degree, we look forward to receiving your application! Your responsibilities Supporting the infrastructure debt portfolio management team in: Creating portfolio and market analyses Preparing annual credit reviews Maintaining and optimising the infrastructure debt database Developing data-based investment strategies with a focus on infrastructure debt Assisting in preparation of presentations You will also have the opportunity to gain BloombergTM professional certification. Your profile You are in the latter stages of your university degree (mathematical finance, business studies/economics, science or IT – ideally with a focus on mathematics and/or finance) You are interested in capital markets and prevalent asset management products You are interested in and have understanding/comprehension of infrastructure projects and project financing Ideally you have first experience in business analysis and lending processes, e.g.
    [Show full text]
  • Infrastructure Financing Instruments and Incentives
    Infrastructure Financing Instruments and Incentives 2015 Infrastructure Financing Instruments and Incentives Contact: Raffaele Della Croce, Financial Affairs Division, OECD Directorate for Financial and Enterprise Affairs [Tel: +33 1 45 24 14 11 | [email protected]], Joel Paula, Financial Affairs Division, OECD Directorate for Financial and Enterprise Affairs [Tel: +33 1 45 24 19 30 | [email protected]] or Mr. André Laboul, Deputy-Director, OECD Directorate for Financial and Enterprise Affairs [Tel: +33 1 45 24 91 27 | [email protected]]. FOREWORD Foreword This taxonomy of instruments and incentives for infrastructure financing maps out the investment options available to private investors, and which instruments and incentives are available to attract private sector investment in infrastructure. The coverage of instruments is comprehensive in nature, spanning all forms of debt and equity and risk mitigation tools deployed by governments and agents. While the taxonomy is meant to capture all forms of private infrastructure finance techniques, a focus of this work is to identify new and innovative financing instruments and risk mitigation techniques used to finance infrastructure assets. Part I of this report provides the foundation for the identification of effective financing approaches, instruments, and vehicles that could broaden the financing options available for infrastructure projects and increase as well as diversify the investor base, potentially lowering the cost of funding and increasing the availability of financing in infrastructure sectors or regions where investment gaps might exist. Part II identifies the range of incentives and risk mitigation tools, both public and private, that can foster the mobilisation of financing for infrastructure, particularly those related to mitigating commercial risks.
    [Show full text]
  • A Guide to Understanding the Complex Universe of Private Debt Assets
    Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets First edition, May 2017 For professionals Important disclosure: The opinions expressed and conclusions reached by the authors in this publication are their own and do not represent an official position. The publication has been prepared solely for the purpose of information and knowledge-sharing. Neither NN Investment Partners B.V., NN Investment Partners Holdings N.V. nor any other company or unit belonging to NN Group make no guarantee, warranty or representation, express or implied, to the accuracy, correctness or completeness thereof. Readers should obtain professional advice before making any decision or taking any action that may affect their finances or business or tax position. This publication and its elements may contain information obtained from third parties, including ratings from credit rating agencies. Reproduction and distribution of (parts of) this publication, logos, and third party content in any form is prohibited, except with the prior written permission of NN Investment Partners B.V. or NN Investment Partners Holdings N.V. or the third party concerned. © 2017 NN Investment Partners is part of NN Group N.V. NN Group N.V. is a publicly traded corporation, and it and its subsidiaries are currently using trademarks including the “NN” name and associated trademarks of NN Group under license. All rights reserved. Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets Table of contents Preface ...............................................................................................................................................................6 1. Introduction .................................................................................................................... 8 2. The history and rise of alternative credit .....................................................................11 2.1.
    [Show full text]
  • Credit Risk Dynamics of Infrastructure Investment
    WPS8373 Policy Research Working Paper 8373 Public Disclosure Authorized Credit Risk Dynamics of Infrastructure Investment Public Disclosure Authorized Considerations for Financial Regulators Andreas A. Jobst Public Disclosure Authorized Public Disclosure Authorized Office of the Managing Director and Chief Financial Officer March 2018 Policy Research Working Paper 8373 Abstract Prudential regulation of infrastructure investment plays close—supported by a consistently high recovery rate with an important role in creating an enabling environment limited cross-country variation in non-accrual events. How- for mobilizing long-term finance from institutional ever, the resilient credit performance of infrastructure—also investors, such as insurance companies, and, thus, gives in emerging market and developing economies—is not critical support to sustainable development. Infrastructure reflected in the standardized approaches for credit risk in projects are asset-intensive and generate predictable and most regulatory frameworks. Capital charges would decline stable cash flows over the long term, with low correlation significantly for a differentiated regulatory treatment of to other assets; hence they provide a natural match for infrastructure debt as a separate asset class. Supplemen- insurers’ liabilities-driven investment strategies. The his- tary analysis suggests that also banks would benefit from torical default experience of infrastructure debt suggests greater differentiation, but only over shorter risk hori- a “hump-shaped” credit risk profile, which converges to zons, encouraging a more efficient allocation of capital investment grade quality within a few years after financial by shifting the supply of long-term funding to insurers. This paper is a product of the Office of the Managing Director and Chief Financial Officer of the World Bank Group.
    [Show full text]
  • Pooling of Institutional Investors Capital – Selected Case Studies in Unlisted Equity Infrastructure
    POOLING OF INSTITUTIONAL INVESTORS CAPITAL – SELECTED CASE STUDIES IN UNLISTED EQUITY INFRASTRUCTURE April 2014 This analytical report is circulated under the responsibility of the OECD Secretary General. The views contained herein may not necessarily reflect those of the G20 and OECD Members. This report is circulated as background to the April 2014 meetings of the G20 Finance Ministers and Central Bank Governors. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Ce document et toute carte qu'il peut comprendre ne préjugent en rien du statut de tout territoire, de la souveraineté s’exerçant sur ce dernier, du tracé des frontières et limites internationales, et du nom de tout territoire, ville ou région. © OECD 2014 Applications for permission to reproduce or translate all or part of this material should be made to: OECD Publishing, [email protected] or by fax 33 1 45 24 99 30. 2 ABSTRACT / RÉSUMÉ POOLING OF INSTITUTIONAL INVESTORS CAPITAL - SELECTED CASE STUDIES IN UNLISTED EQUITY INFRASTRUCTURE This paper “Pooling of Institutional Investors Capital – Selected Case Studies in unlisted equity infrastructure” aims to provide clarity on some of the issues associated with the evolving field of infrastructure investment and highlights some of the new models that are being used to facilitate the flow of financing. It firstly looks at the evolution of private institutional investment in infrastructure and examines how the market has developed. An analysis of the various investment vehicles is carried out with a snapshot of the growth experienced in the market.
    [Show full text]
  • Private Markets Infrastructure Investing – a Primer
    Infrastructure investing — A primer Private markets insights welcome to brighter Private markets infrastructure investing — A primer 2 What is infrastructure investing? Infrastructure is an asset class that emerged More recently, newer subsectors within infrastructure, such as digital infrastructure (telecommunications towers, data in the mid-1990s and has continued to centers and fiber optic networks) and energy transition gain greater acceptance from institutional infrastructure (renewable energy but also energy storage/ investors over time. The market is now over efficiency), have become more mainstream. The asset class continues to evolve, with certain logistics assets (such US$100 billion strong in terms of capital as food supply chains/cold storage, heavy goods vehicle raised per year, with more than 100 funds trailers and short-line rail assets), healthcare and education closed annually.1 Infrastructure is typically businesses (for example, private hospitals and elderly care considered in a portfolio context alongside homes) and infrastructure services businesses (such as industrial equipment leasing) also increasingly featuring other private markets asset classes, such within portfolios. as private equity and real estate. However, infrastructure investments share certain This paper will primarily focus on private markets infrastructure equity investing. However, investors should attributes that make them unique and are also be aware that it is possible to access the asset class meant to provide steady, reliable returns through listed infrastructure equity strategies and private across a wide variety of economic conditions. markets infrastructure debt strategies. As with any asset class, investors should first consider the strategic role of an Returns are generally inclusive of a cash investment within an overall portfolio context.
    [Show full text]
  • The Pricing of Private Infrastructure Debt
    A Publication of the EDHEC Infrastructure Institute-Singapore The Pricing of Private Infrastructure Debt A Dynamic Approach and Comparison with Corporate Debt April 2019 with the support of Table of Contents Executive Summary ............................... 4 1 Introduction ................................. 9 2 Credit Spreads in Corporate and Infrastructure Loans ........ 13 3 Approach & Data .............................. 19 4 Dynamic Modeling ............................. 31 5 Findings ................................... 37 6 Market Trends ................................ 54 7 Conclusions ................................. 62 References .................................... 71 About Natixis ................................... 72 About EDHEC Infrastructure Institute-Singapore .............. 74 EDHEC Infrastructure Institute Publications ................. 78 The author would like to thank Anne-Christine Champion, Herve Chopard and Bruno Deichelbohrer for useful comments and suggestions. Financial support from Natixis is acknowledged. This study presents the author’s views and conclusions which are not necessarily those of EDHEC Business School or Natixis The Pricing of Private Infrastructure Debt - April 2019 About the Authors Frédéric Blanc-Brude is the Director of EDHEC Infrastructure Institute. He holds a PhD in Finance (King’s College London) and degrees from the London School of Economics, the Sorbonne, and Sciences Po Paris. He is a member of the editorial board of the Journal of Alternative Investments, a regular contributor to G20 and WEF working groups on long-term infras- tructure investment, and has advised the European Insurance and Occupa- tional Pensions Authority (EIOPA) on the prudential treatment of infras- tructure investments. He also represents EDHEC on the Advisory Board of the Global Infrastructure Facility of the World Bank. Jing-Li Yim is a Senior Corporate Analyst at EDHEC Infrastructure Institute. She has prior experience in a major accounting firm analysing financial statements of electronics and technology companies.
    [Show full text]
  • The Infrastructure Finance Challenge
    THE INFRASTRUCTURE FINANCE CHALLENGE A Report by the Working Group on Infrastructure Finance Stern School of Business New York University EDITED BY INGO WALTER To access digital resources including: blog posts videos online appendices and to purchase copies of this book in: hardback paperback ebook editions Go to: https://www.openbookpublishers.com/product/544 Open Book Publishers is a non-profit independent initiative. We rely on sales and donations to continue publishing high-quality academic works. The Infrastructure Finance Challenge A Report by the Working Group on Infrastructure Finance, Stern School of Business, New York University chaired by Professor Ingo Walter https://www.openbookpublishers.com © 2016 New York University/Stern School of Business This work is licensed under a Creative Commons Attribution 4.0 International license (CC BY 4.0). This license allows you to share, copy, distribute and transmit the text; to adapt the text and to make commercial use of the text providing attribution is made to the authors (but not in any way that suggests that they endorses you or your use of the work). Attribution should include the following information: Ingo Walter (ed.), The Infrastructure Finance Challenge. Cambridge, UK: Open Book Publishers, 2016. http://dx.doi.org/10.11647/OBP.0106 In order to access detailed and updated information on the license, please visit https:// www.openbookpublishers.com/isbn/9781783742936#copyright Further details about CC BY licenses are available at http://creativecommons.org/licenses/ by/4.0/ All external links were active on 3/11/2016 unless otherwise stated and have been archived via the Internet Archive Wayback Machine at https://archive.org/web Every effort has been made to identify and contact copyright holders and any omission or error will be corrected if notification is made to the publisher.
    [Show full text]
  • Infrastructure Investment, Private Finance, and Institutional Investors: Asia from a Global Perspective
    ADBI Working Paper Series Infrastructure Investment, Private Finance, and Institutional Investors: Asia from a Global Perspective Georg Inderst No. 555 January 2016 Asian Development Bank Institute Georg Inderst is an independent adviser at Inderst Advisory in London, United Kingdom. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Working papers are subject to formal revision and correction before they are finalized and considered published. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. Suggested citation: Inderst, G. 2016. Infrastructure Investment, Private Finance, and Institutional Investors: Asia from a Global Perspective. ADBI Working Paper 555. Tokyo: Asian Development Bank Institute. Available: http://www.adb.org/publications/infrastructure-investment- private-finance-and-institutional-investors-asia-global/ Please contact the author for information about this paper. Email: [email protected] Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan Tel: +81-3-3593-5500 Fax: +81-3-3593-5571 URL: www.adbi.org E-mail: [email protected] © 2016 Asian Development Bank Institute ADBI Working Paper 555 Inderst Abstract This study evaluates infrastructure investment and finance in Asia from a global perspective.
    [Show full text]
  • Unlisted Infrastructure Debt Valuation & Performance Measurement
    An EDHEC-Risk Institute Publication Unlisted Infrastructure Debt Valuation & Performance Measurement Theoretical Framework and Data Collection Requirements July 2014 with the support of Institute Table of Contents Executive Summary ............................. 5 1 Introduction .............................. 19 2 Characteristics of Private Infrastructure Debt ........... 25 3 Approaching the Valuation of Infrastructure Debt ......... 34 4 Model Implementation ........................ 56 5 Results ................................. 69 6 Conclusions ............................... 80 7 Technical Annex ............................ 89 References .................................. 96 About Natixis ................................ 99 About EDHEC-Risk Institute ........................ 101 EDHEC-Risk Institute Publications and Position Papers (2010-2014) . 105 . The author would like to thank Noel Amenc, Frédéric Ducoulombier, Lionel Martellini, Julien Michel, Marie Monnier and Benjamin Sirgue for useful comments and suggestions. Financial support from NATIXIS is acknowledged. This study presents the authors' views and conclusions which are not necessarily those of EDHEC Business School or NATIXIS. Printed in France, July 2014, Copyright EDHEC ©2014. Unlisted Infrastructure Debt Valuation & Performance Measurement - July 2014 Foreword The purpose of the present publication, Building on advanced and robust credit “Unlisted Infrastructure Debt Valuation risk modelling and private debt valuation & Performance Measurement”, which is techniques, this
    [Show full text]
  • Infrastructure Debt Investments: an Overview
    PRIVATE CAPITAL Infrastructure Debt Investments: An Overview September 21, 2020 A Core Infrastructure Focus Private infrastructure debt investment strategies focus on core infrastructure sectors in developed countries that support the economic and social wellbeing of a region. The assets demonstrate monopolistic or quasi-monopolistic traits and benefit from high barriers to entry. Typically, the assets are supported by direct or indirect government support given their relative importance. Sub-sectors of infrastructure investment activity include economic assets such as airports, ports, roads, rail, power, energy, water and transmission. Investments can also include social infrastructure assets such as social housing, hospitals, courthouses, and universities. Infrastructure investments include projects and companies that own and/or operate assets with economic lives that span over multiple decades. Given the long-lived nature of the asset, infrastructure investments provide global insurance and pension fund investors an opportunity to invest in a stable, long- duration sector that effectively matches their long duration liabilities. MetLife Investment Management 2 Private infrastructure debt strategies generally focus on established, brownfield investments that provide essential public services and benefit from stable and predictable cash flows. Additionally, investments can include attractive greenfield assets where construction risk is mitigated and where revenue projections are based on contracted/regulated cash flows. Infrastructure investments benefit from financial covenants and/or collateral that can help lenders with downside protections at attractive yields relative to similar public corporate peers. Lender protections, coupled with stable cash flow potential and asset essentiality, enable lenders to lend to infrastructure assets for 20, 30, 40 or possibly 50 years. Investments are typically secured investment-grade opportunities with contracted or regulated entities that have established performance track records and stable projected trends.
    [Show full text]