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3Q2013 Global Project Finance Review

Oct 23, 2016

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review of project finance in 2013

  • GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERSMANAGING UNDERWRITERS

    First Nine Months 2013

  • ]Project Finance Regional Breakdown Jan 1 - Sep 30

    Global Project Finance for the first nine months of 2013 was recorded at US$147.5 billion, showing a slight uptick of 3%from the previous period. EMEA was the busiest market, accounting for 44.9% of global market activity.

    In the third quarter, Americas Project Finance experienced a 40.8% drop in proceeds compared to the second quarter,to just under US$10 billion compared to US$16.9 billion last quarter. Despite the drop off in volume, the strength of thesecond quarter drove Americas volumes in the first nine months up 22.7% compared with the same period last year.

    EMEA based projects in the third quarter received just US$16.3 billion of funding split amongst 38 projects, a 33.6%decrease from the US$24.6 billion raised in the second quarter. Year to date EMEA volumes were up 21.6% on thesame time last year, with the Oil & Gas and Transportation sectors accounting for 29.2% and 28.5% of volume,respectively.

    Asia Pacific and Japan volume reached US$46.3 billion in the first nine months, dropping 23.1% from the comparableperiod in 2012. The Petrochemical sector showed a 590.3% year-on-year increase, primarily driven by the US$5 billionNghi Son Refinery project in Vietnam.

    First Nine Months 2013

    Global Deals Intelligence

    Global Project Finance Up 3% I Americas Volume Up 23% I EMEA Volume Up 22%

    Global Project Finance ReviewMANAGING UNDERWRITERS

    $0$20$40$60$80

    $100$120$140$160$180

    2009 2010 2011 2012 2013

    P

    r

    o

    c

    e

    e

    d

    s

    (

    U

    S

    $

    b

    )

    EMEA Americas Asia-Pacific & Japan

    * Tie

    1

    4

    -33

    40

    6

    2.4

    -4

    3.5

    2

    1.6 2

    1

    -91.2 1

    -0.4%-45.0%

    86,520.4

    147,458.9 100.0

    Industry Total

    3.0%

    2.00.112.2

    39683,671.7 56.9

    1.01,475.1 2

    19

    2.02.0-

    Credit Suisse

    34

    5

    18

    12

    16

    1059 9

    -0.11,769.6

    -

    4.3

    11

    419

    1.6

    4

    102.1

    161.9

    58

    2.03.56.3

    0.11.21,721.2

    1.0 0.51,665.5 1.11,535.9

    1

    11

    10

    5

    1,467.4

    6

    11

    55.13.5 5

    17

    21

    JP Morgan

    Natixis

    2.8

    -1.5

    1.2 1.1 116

    2.8 -8

    1,862.10.3

    20

    1.31,818.3 1.2 14

    -0.3 0.7 2.3

    206.325

    2679

    6.6

    16

    Cassa Depositi e Prestiti

    Korea Development BankStandard Chartered PLC

    4.0

    21

    5.6

    2-4

    0

    0.15

    13

    5.3

    24

    0.90.3

    ING-0.2

    30

    13 3.3 4

    -1

    7.65.8

    6.6

    1,688.3

    Bank of America Merrill Lynch 14

    91019

    3.9

    1,740.5

    1.5

    6.11,767.5

    2.1

    105.91515

    2.6

    0.31.6 9

    6242,269.9

    -0.12.6

    -57.54.8 Sumitomo Mitsui Finl Grp Inc

    10.9

    6 7Societe Generale13 7

    1,840.5178

    0.7

    11

    40

    2,445.5

    3.5

    1,893.7 2.2

    2,375.7

    2,205.9

    22

    Credit Agricole CIB 6

    HSBC Holdings PLCBarclays

    8

    26

    5,159.843

    0.3

    Deutsche Bank 10ING 9

    77 64

    5 4Mizuho Financial Group

    3715

    6

    2Mitsubishi UFJ Financial Group

    Sumitomo Mitsui Finl Grp Inc

    2 1China Development Bank 38

    4 3 6,471.6

    7.5

    7,700.05.9

    5.6

    MarketProceeds11,092.5 2.3 22

    34.5

    Mandated Arranger1

    2012 Rank

    State Bank of India

    3

    -3

    13.318

    0.8 31 5.8 1.2

    209.8 -0.9

    57.8

    4.4 16.40.5

    8.94,997.4

    65

    748,720.7 33Mitsubishi UFJ Financial Group

    18.75.2

    -0.1 China Development Bank10,999.5

    16

    3,188.0Mizuho Financial Group

    1

    4

    State Bank of India 17,700.0

    18 7.111.2

    -23

    34

    12.7 5.3

    3.7

    7.5

    54

    2

    13 5.15 2.8Axis Bank Ltd

    1.8 190.0

    39

    12-0.3

    9

    12.8

    5

    1.72,541.61.8

    3,389.2

    3.5

    2.12.0 23

    National Australia Bank

    1321 2,344.111

    2,888.12,637.5

    15RBC Capital Markets 14

    1.5

    2,322.9

    1819

    17

    Axis Bank LtdStandard Chartered PLC

    1112

    Societe Generale

    20

    NatixisCommonwealth Bank of Australia

    BNP Paribas SA

    0.4-0.5

    1.42,163.0

    1.5

    1.6

    16

    51524

    32

    12

    CIBC World Markets Inc

    16

    8

    23

    Goldman Sachs & Co 21ANZ Banking Group

    124*36

    Bank of America Merrill Lynch

    2298

    14

    3,120.9

    1.72,445.5

    1.62,294.2

    1,793.4

    2,196.9

    -0.2

    1.617 0.0

    -0.3

    Top Twenty Five Total2524JP Morgan

    Korea Development Bank

    Credit Suisse

    23

    MarketSh Ch.

    # of

    1.5

    2,159.0 1.5

    2.3

    ScotiabankRBS 25

    National Australia Bank

    8

    5.1

    4 1.0

    22

    20

    BNP Paribas SA

    272

    23UniCredit

    15 18

    2,152.7

    9

    13

    10Deutsche Bank

    8

    RBC Capital MarketsCredit Agricole CIB

    Goldman Sachs & Co

    Barclays

    Sh %Proceeds Sh Ch.Change in Market

    Deals # of DealsDeals2012 Rank

    # of# of Deals

    # of Deals per ArrangerChange in 2013

    RankMarket

    Proceeds per Mandated Arranger (US$m)

    Sh % Sh %

    # of Deals per BookrunnerMarket2013

    Rank Sh %

    -1.7 7.5

    Bookrunner

    Proceeds per Bookrunner (US$m)Market

    2.0 9 3.5

    2.771.6 0.5 1.4 1.4 1,249.0 0.4

    61.3

    1.7 0.41,402.1

    13

    4.3 11

    1,204.6 1.4 0.6

    5 2.00.11.2

    1.2 0.2-4.1

    1,028.8

    875.0

    996.2

    26

    1,044.81,119.3

    22

    24

    1.2

    0.7

    0.6

    1.049 850.2

    2042

    59,082.4 19.2

    0.0-0.1

    -1.01.1963.0

    0.8 2

    9

    255 -1100.0

    Jan 1 - Sep 30

    68.42.4

    Top Twenty Five Total

    Industry % Change over Same Period Last Year

    33

    -38.9%11.6%

    -11.5%Industry % Change over Last Quarter

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

    Industry % Change over Last Quarter

    Industry Total -5

    -1.2%-3.0%

    Industry % Change over Same Period Last Year

    https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables

    1

  • Industry

    Kazakhstan

    Utd Arab Em

    Top Global Project Finance Deals Jan 1 - Sep 30

    2,337.4

    India

    Asia-Pacific

    8

    1/29/2013Thameslink Rail

    -

    Italy99.4

    3/27/201321.6

    -

    Global Project Finance By Sector (US$m)

    Transportation3/25/2013275.1

    3,959.64,000.0

    2,462.8BreBeMi Toll Road

    74.0 Sadara Chemical CoGebze-Orhangazi-Izmir Highway

    2,785.9 6/27/2013

    Oil & Gas

    TurkeyPetrochemicalsTransportation

    Industry

    United Kingdom

    Saudi Arabia

    IndustryIndia

    133 -24.8

    164.2158.7

    128

    11

    -18.8

    51.9141 -8.0

    Eastern EuropeWestern Europe

    2,914.0

    48 8 12 452 9 24 306 2

    -24

    27

    27,141.9 97 33,440.9

    2

    57,843.831

    6,078.6

    138

    13

    26

    5,377.512

    Europe

    EMEA

    North America

    36,374.0

    Sub-Saharan AfricaMiddle East

    -Africa/Middle East/Central Asia

    Central Asia

    8,262.3

    Transportation

    First Nine Months | Project Finance | Managing Underwriters

    Sector

    Scorecard: Global Project Finance

    Issues Sabine Pass Liquefaction LLC

    6/16/2013

    4/30/20135/22/2013

    EMAL

    Asia Gas PipelineTata Steel Odisha Ltd

    Proceeds

    5,091.5

    2,800.0

    Vietnam

    66,249.1

    873,952.5

    34,912.9Nghi Son Refinery

    No.

    14

    165 ONGC Petro-additions Ltd

    143,126.1 3.0401

    54,502.614,983.1

    92

    US$mNo.

    US$mProceeds

    Issues396 Petrochemicals

    39,519.5

    43,504.5

    North Africa

    Australasia

    13,912.8

    4,488.8 3

    15843.9

    22

    Global 147,458.9

    3

    9,232.1107

    149

    7,700.0

    28,925.0

    10

    29,875.1

    4/10/2013

    42

    2,202.8

    5666 16,619.3

    -

    South AmericaCentral America 5

    28,452.2

    7,880.4

    Americas

    Closing

    6/4/2013

    5,900.0US$m

    4,096.9

    5/28/2013

    4,700.0-78.6

    22.7

    Oil & Gas% Chge in Proceeds

    NationPackage Amt

    5,000.0

    -35.4

    United StatesRegion

    Borrower DomicileDate

    1/1/2013-09/30/2013 1/1/2012-09/30/2012

    Global Project Finance

    Caribbean 52.5 1 - - -

    3% 2%

    Note: 2013 League Tables are based on fully syndicated project finance volume.

    Mkt.

    4.1

    30.8

    -4.8

    19

    Mkt. Sh

    -4.6

    Chg. in

    26.9 207 -1.3

    72

    -18.6

    Sector Analysis

    -4.0

    -6.3

    100.0

    4,021.0

    5 0.2100.0

    11 2.2 2.8 7

    -1.5

    5 0.6 2.2

    12 -1.7

    9,181.0

    9.3

    3,190.6

    3,196.8

    -0.634

    0.5

    6.4

    7

    10

    147,458.9Industry Total 401

    0.7

    396

    1 801.5

    143,