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06 Pfileaguetables2010 47-84.Pdf http://www.pfie.com 13 January 2011 | pfi | 47 PROJECT FINANCE INTERNATIONAL 13 JANUARY 2011 ISSUE 448 LEAGUE TABLES Contents Introduction 48 Bank MLAs 53 Bond lead managers 75 Multilaterals 77 Advisers 81 48 | pfi | 13 January 2011 http://www.pfie.com 2010 League Tables P F g e t s a 54% lift he global project finance loan market T h e g l o b a l levels seen before the crash. Still, the pipeline is strong reached US$208.1bn last year, up from and the mix of the US and very healthy Canadian mar- US$139.2bn in 2009 but not yet back to project ket is a good bet for 2011. In Latin America, much the giddy heights attained in 2007 and finance loan depends on Brazil and whether funders other than 2008 of US$220bn and US$250bn respec- BNDES can be encouraged to lend to schemes. Interest- tively. Add in the bond market contri- market staged ingly, local bank finance in the LatAm region is growing butionT of US$19.8bn and the commercial projects funding a recovery last in importance. market reached US$227.9bn, up by US$80.5bn, or 54%, The EMEA region posted US$83.9bn last year, up from from US$147.4bn in 2009. There was more good news on year, making US$62.5bn in 2009. However, this region could suffer from the multilateral finance front, which overlaps the com- up more than the various austerity packages being put in place. The fear mercial finance sector, where activity shot up in the for banks now will probably not be lack of bank liquid- emerging markets by a third to US$27bn. half of the dip ity but a smaller number of projects. The MEA part of Of course, the market circa 2010 has its own charac- inevitably EMEA will probably become a focus. Volumes in the Mid- teristics that makes comparisons with previous years dle East remained at around US$15bn last year but there imprecise and to some extent misleading. The predom- experienced were few projects. This year, activity will pick up a lot. inance of the Indian market is important to note straight in 2009. In Africa and Eastern Europe could be in for more activity away, and makes up one-quarter of the global loans too. total. Indian loan volumes rose from US$29.9bn in 2009 addition, there It is interesting that the alternative forms of debt to US$54.8bn in 2010. Indian banks are already starting finance for the projects finance market had a good to wonder if they can continue to fund their domestic were big rises year last year. Bond issuance was down to a bare US$8.5bn market in this way. International banks started to par- in the project in 2009 but rose back to US$19.7bn last year, led by the ticipate in Indian deals in 2010, but only in a toe-in-the US and Canada, those attractive-looking markets water kind of way. finance mentioned earlier. There was a healthy spread of emerg- There was one other single event to note. The refi- bond and ing market bonds too. The projects bond market, outside nancing of the Taiwan high-speed rail project added a fur- the US and Canada, is still trying to get over the collapse ther US$12bn to the loans total in one project hit, an event multilateral of the monolines. Competitively funding long-dated that will not be repeated. The result was that the Asian project infrastructure paper is still a problem. But maybe the loans total reached US$98.7bn, up from US$56.6bn in market is resolving this issue by itself. Certainly, it has 2009. Nevertheless, even accounting for the domestic Indi- finance in Canada. an deals and the Taiwan refi, the Asian markets are markets. The multilateral market tables present some important becoming as important to the global projects market as conclusions. Banks are still risk-averse, despite the end they were before the late 1990s Asian crisis. Local banks of the credit crunch per se, and multilaterals – whether are playing a growing role too, across the region. through direct loans or export cover – are still vital to The Americas loan market felt more active in 2010 but many deals. The last couple of years has seen the return volumes grew by just US$5bn to US$25.5bn. The US of multi-sourced financing packages in the emerging mar- renewables sector started to recover but not quite to the kets and indeed, even in some developed markets. The http://www.pfie.com 13 January 2011 | pfi | 49 Multilateral activity in projects in the emerging world jumped Methodology The league tables are compiled might increase. To ensure the similar on the bond league For the third year, a new set from returns sent in from tables are market-accurate, table. The tables measure the of tables has been included to commercial banks and finan- some banks might be added to activities only of lead man- meet the evolving needs of the cial advisers. Only business the table even if they had not agers. project finance market – for conducted in the project claimed for a mandated lead- On the advisory side, the multilaterals. These tables finance sector is included in arranging role, while others table is split into three sec- measure the involvement of the tables. The submissions might not be credited even if tions: private sector mandates, multilaterals in project are checked by Project Finance they have claimed. government or government- finance deals in the emerging International (PFI) and Thom- The evaluation of lead- owned sponsor advisory man- markets, whether through son Financial Securities Data arranging roles has been made dates, and advice to bidders in export credit guarantees or (TFSD) staff in London, New much stricter to include only a competition. Only financial direct lending tranches. Loans York and Singapore/Manila. initial mandated lead advisory mandates are includ- to projects in the developed The tables are presented in a arrangers. In the Americas, the ed. The table measures man- world are included in their regional form and then global mandated lead arranger cate- dates won last year in these own developed world multi- tables are calculated from the gory is similar to the TFSD sectors and ranks advisers lateral table. It is likely, as the regional figures. bookrunner category. Recent accordingly in the total col- credit crunch takes hold, that On the loans side, only lead- years have seen more and umn. In addition, there is a fig- the multilaterals – or interna- arranging mandates are credit- more club deals emerge. On ure calculated for all mandates tional developmental finance ed in the tables. The these, each bank in the club is being worked on by a firm in institutions (IDFIs) – will accreditation is worked out on given equal credit. the overall column. become ever more important. the following basis. If one Overall, the tables are The advisory submissions The 2010 league tables will bank lead-arranges a US$500m only concerned with measur- are checked by the reporters now go on the Thomson Deals project finance loan, it ing the performance of those for accuracy to ensure they are Project Finance website. To receives a US$500m credit, if that arrange deals, not mandates won last year and ease the league table process two arrange a US$500m loan, necessarily their final under- not claimed for in previous in 2011, it is worth keeping PFI they receive US$250m credits, writing commitment or final years. This table is limited to and TFSD staff up to date. if four, US$125m each, and so take. advisory mandates above Contact PFI's Rod Morrison on. The credits are added up The deals counting towards US$20m. In addition, there is a (London 44 207 369 7570), and the league tables are pro- a bank's total are detailed in table of advisory mandates TFSD's Carina Israel (Manila 00 duced. the regional sections, with the reaching financial close last 632 878 5867) and Stephen On some deals, an individual relevant amounts per deal. year. The table is ranked Angelides (London 44 207 542 bank's submitted figure might From these details the country regionally and globally by the 1991) if there are concerns be lower in the published ver- and sector league tables are total amount of funds raised regarding the tables and ongo- sion of the league table or it drawn up. The process is very by each financial adviser. ing 2011 data collection. credit boom made arranging life much easier but that has The advisory tables make grim reading. The number of now gone. advisories won in 2010, which shows up the project finance Multilateral involvement in projects in the emerging pipeline of deals, dropped from 488 to 411. While advisories world jumped to US$27bn in 2010 from US$20.5bn in won rose in both the Americas and Asia-Pacific, interestingly, 2009. Leading the way, institutional wise, were the Ger- they dropped off in EMEA, by 106 to 231. The slowdown in mans, given their involvement in Nord Stream 1 followed the PPP/PFI markets in countries such as the UK would have by the Japanese, the Chinese and then, perhaps surpris- played an important part in this decline. ingly the South Koreans. It is likely the South Koreans, SBI Capital once again topped the loans list, and with given the level of activity of their EPC contractors right IDBI, Axis and IDFC made up the four Indian banks in the now, will rise up this table in 2011.
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