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Q3 2015 League Tables Analysis
/2
US$m Count
Value (US$m) Count Source: IJGlobal
0
50
100
150
200
250
-
20,000
40,000
60,000
80,000
100,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
GLOBAL PROJECT FINANCE TRANSACTION VOLUME 2010 – Q3 2015
GLOBAL TOP TRANSACTIONS Q3 2015
Sector Transaction Value (US$m) Location Financial Close
Transport Gebze-Izmir Toll Road Phase III PPP 6,356 Turkey Friday, 10 July 2015
Water Thames Tideway Tunnel 3,567 United Kingdom Monday, 24 August 2015
Transport Intercity Express Programme Phase 1 PPP Refinancing 3,384 United Kingdom Tuesday, 7 July 2015
Oil & Gas Jazan Air Separation Complex 2,120 Saudi Arabia Wednesday, 1 July 2015
Oil & Gas Cidade de Saquarema FPSO 1,940 Brazil Monday, 27 July 2015
Transport Regina Bypass PPP 1,514 Canada Tuesday, 4 August 2015
Oil & Gas Tartaruga FPSO 1,263 Brazil Thursday, 10 September 2015
Transport Toowoomba Second Range Crossing (TSRC) PPP 1,169 Australia Friday, 21 August 2015
Renewables Negev Solar Thermal Plant (121MW) 1,070 Israel Thursday, 16 July 2015
Transport ITR Concession Company Acquisition Refinancing 1,050 United States Thursday, 23 July 2015
There were eight MENA deals in Q3, totalling $5.6 billion. For the first time in at least five years, total investment into the region exceeded $5 billion for each of the first three quarters of the year. As many as 18 deals closed in the region in Q2, although this level of activity is unusual. The Q2 deal count was the highest seen since 2010, and only one other quarter since has seen more than nine transactions completed.
Asia Pacific, in contrast, is going through a period of depressed activity. Total investment volume was a mere $11.1 billion, barely recovering from a five-year low of $9.8 billion seen in Q2 and only a quarter of the $41.7 billion achieved in Q3 2010. There were only 28 deals completed in Q3 2015, not much better than the recent low of 26 in Q4 2014.
Global deal count rose nearly 5% from Q3 2014
ijglobal.com
$63.3 billion:project-finance deal volume closed in Q3
Global project-finance volume rose nearly 6% in the third quarter from the same period last year, boosted by trends in the Americas, Europe and MENA but held back by weakness in Asia Pacific.
Global transaction volume totalled $63.3 billion between July and September, compared to $59.8 billion in last year’s Q3 period. Deal count rose nearly 5% above its Q3 2014 level to 169.
The wider trend was reflected in Europe, where third-quarter transaction value rose nearly 40% to $20.3 billion across 52 deals - compared to 56 last year.
North America saw 56 transactions in Q3, worth a combined $17.1 billion. This was above the 45 deal count from Q3 2014 and 75% above Q3 2013. Though transaction volumes have lurched from quarter to quarter, when smoothed out the trend line appears positive. In Latin America, deal count rose 16% to 22, but investment volume fell.
Global Q3 project finance volume rises 6%, with stronger performance in most markets.Asia Pacific proves the exception, with lower volume and deal count
/3
GLOBAL VOLUME BY SOURCE OF FUNDING 2010 – Q3 2015
ijglobal.com
IJGlobal’s League Tables Analysis Q3 2015
At $6.4 billion, the No1 Q3 transaction was about half H1’s largest
In terms of total investment size, individual transactions were also anaemic worldwide. The largest, Turkey’s Gebze-Izmir Toll Road Phase III, was $6.4 billion. This is roughly half the size of the largest deal in the first half, the $12.4 billion Corpus Christi LNG oil and gas deal in the US.
Transport projects represented more than half of total value across the top 10 transactions globally.
Each of the last three quarters has seen more than $19 billion invested in transport worldwide.
The Q1-Q3 2015 breakdown of volume by source of funding closely resembles the same period last year.
Primary Financing Refinancing Acquisition Source: IJGlobal
US$m
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
GLOBAL VOLUME BY FINANCING PURPOSE 2010 – Q3 2015
In Q2 bonds and lending by international financial institutions decreased year-on-year as a portion of overall financing volume, while commercial debt and equity rose. Debt was at its lowest quarterly proportion against equity, at 80% of total investment, since the 77:23 debt-to-equity split seen in Q2 2013.
Primary financing and refinancing both grew year-on-year in Q3 to $41.7 billion and $18.6 billion, respectively, while asset acquisition plunged from $4.0 billion in Q3 2014 to only $871 million in the most recent quarter – its lowest level since 2010.
$11.1 billion:Asia Pacific volume, near recent low
Bank loans DFI loans Bonds Equity Transaction count Source: IJGlobal
US$m
0
50
100
150
200
250
300
-
20,000
40,000
60,000
80,000
100,000
120,000
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
/4 ijglobal.com
EquityDebtSource: IJGlobal
82%
18%
Q3 2014
86%
14%
Q1 2015
81%
19%
Q2 2015 Q3 2015
81%
19%
Q4 2014
80%
20%
DEBT-EQUITY RATIOS
Source: IJGlobal
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
YearsSENIOR LOAN TENOR
Download the data behind the deals at IJGlobal
MOST LEVERAGED PRIMARY FINANCINGS
Sector Deal Name Location Debt Equity Debt-Equity Ratio
Renewables Frodsham Wind Farm (50MW) United Kingdom 97 5 95:5
Telecoms Kentucky Broadband Network PPP United States 320 20 94:6
Transport Eglinton Crosstown LRT PPP Canada 953 73 93:7
Social & Defence Anderson High School PPP United Kingdom 80 7 92:8
Social & Defence Human and Social Sciences (SHS) Department Grenoble
University PPP
France 67 6 92:8
Power Valle de Mexico II CCGT Power Plant (615MW) Mexico 388 38 91:9
Social & Defence Midlands Schools (PSBP) Batch 5 PPP United Kingdom 214 21 91:9
Renewables Ichigo Showamura Ogose ECO Power Plant Japan 103 11 90:10
Social & Defence De Knoopkazerne Utrecht Government Building PPP Netherlands 100 11 90:10
Power Alon Tavor and Ramat Gabriel Cogeneration Power Plants Israel 269 36 88:12
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SPONSORS
IJGlobal’s League Tables Analysis Q3 2015
ijglobal.com
BOND ARRANGERS
Global league tables Q1- Q3 2015
Rank Company Total US$ m Transactions
1 Cheniere Energy 21,704 4
2 IFM Investors 7,840 6
3 Freeport LNG Development 4,617 1
4 SunEdison 3,312 10
5 Macquarie 3,303 10
6 Saudi Aramco 3,247 2
7 Vale SA 3,120 1
8 Sumitomo Corp 3,047 1
9 Astaldi 2,623 3
10 Adani Group 2,592 5
Rank Company Total US$ m Transactions
1 EIG Global Energy Partners 1,500 1
2 Royal Bank of Canada 1,302 8
3 Allianz 1,255 2
4 Scotiabank 1,136 8
5 HSBC 1,123 8
6 National Bank of Canada 1,122 8
7 JPMorgan 881 7
8 Mitsubishi UFJ Financial Group 866 6
9 Goldman Sachs 694 3
10 Bank of America 625 6
Rank Company Total US$ m Transactions
1 Mitsubishi UFJ Financial Group 8,740 76
2 Sumitomo Mitsui Financial Group 6,529 67
3 Santander 4,659 52
4 Credit Agricole Group 4,645 57
5 BNP Paribas 4,585 29
6 Mizuho Financial Group 4,523 46
7 ING Group 4,375 42
8 Societe Generale 3,419 38
9 HSBC 3,409 23
10 Deutsche Bank 2,634 21
Rank Company Total US$ m Transactions
1 Japan Bank for International Cooperation 4,860 9
2 KfW 3,939 37
3 European Investment Bank 2,527 18
4 Export-Import Bank of Korea 999 2
5 China Development Bank 825 1
6 Export Development Canada 794 5
7 International Finance Corporation 594 15
8 European Bank for Reconstruction and
Development
445 7
9 World Bank 400 2
10 African Development Bank 371 5
MLAs DFIs
Rank Company Total US$ m Transactions
1 Marsh Insurance 14,057 15
2 INTECH Risk Management 7,258 9
3 Benatar & Co 1,909 2
4 Jardine Lloyd Thompson 1,653 3
5 Cook Advisory Services 1,026 1
6 Ames & Gough 632 1
7 Willis 611 9
8 Aon 497 6
9 Moore McNeil 380 2
10 Crotty Group 224 2
/6 ijglobal.com
LEGAL ADVISERS
FINANCIAL ADVISERS
Global league tables Q1-Q3 2015
Rank Company Total US$ m Transactions
1 Chadbourne & Parke 41,011 37
2 Milbank, Tweed, Hadley & McCloy 31,674 32
3 Clifford Chance 31,120 48
4 White & Case 27,184 23
5 Norton Rose Fulbright 25,839 45
6 Allen & Overy 20,343 44
7 Ashurst 18,014 29
8 DLA Piper 17,511 22
9 Linklaters 17,074 27
10 Sullivan & Cromwell 14,145 3
Rank Company Total US$ m Transactions
1 HSBC 24,510 12
2 Societe Generale 22,106 7
3 PwC 19,073 17
4 Ernst & Young 16,422 30
5 Macquarie 13,723 12
6 Sumitomo Mitsui Financial Group 11,553 7
7 UBS 10,988 3
8 Evercore Partners 9,216 2
9 Santander 8,162 13
10 Greengate 8,125 1
Rank Company Total US$ m Transactions
1 Mott MacDonald 16,796 38
2 Lummus Consultants International 14,621 3
3 Arup 13,627 9
4 CH2M Hill 9,518 3
5 Nexant 8,125 1
6 Poten & Partners 5,077 2
7 SgurrEnergy 4,678 7
8 Infrata 3,239 4
9 Parsons Corporation 2,729 3
10 K2 Management 2,340 1
TECHNICAL ADVISERS INSURANCE ADVISERS
/7
IJGlobal’s League Tables Analysis Q3 2015
ijglobal.com
REGIONALLEAGUETABLES
/8 ijglobal.com
EUROPE LEGAL ADVISERS EUROPE FINANCIAL ADVISERS
EUROPE PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
EUROPE TECHNICAL ADVISERS
US$m Count
Period
Value (US$m) Count Source: IJGlobal
0
20
40
60
80
100
120
140
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Europe league tablesQ1-Q3 2015
Rank Company Total US$ m
Tran.
1 Clifford Chance 23,757 25
2 Linklaters 14,528 19
3 DLA Piper 11,840 17
4 Hogan Lovells 10,673 7
5 Freshfields Bruckhaus
Deringer
10,041 8
6 Ashurst 9,840 19
7 Hergüner Bilgen Özeke 9,102 4
8 Norton Rose Fulbright 6,979 16
9 Verdi 6,356 1
10 Gide Loyrette Nouel 6,263 4
Rank Company Total US$ m
Tran.
1 PwC 12,751 11
2 HSBC 7,402 8
3 Ernst & Young 6,574 15
4 Rothschild 5,795 4
5 KPMG 5,561 10
6 Royal Bank of Canada 4,707 3
7 Green Giraffe 3,749 2
8 Evercore Partners 3,567 1
= UBS 3,567 1
10 Societe Generale 2,849 2
Rank Company Total US$ m
Tran.
1 Mott MacDonald 12,228 20
2 SgurrEnergy 4,548 6
3 CH2M Hill 3,384 1
4 K2 Management 2,340 1
5 Fichtner 789 4
6 Lummus Consultants
International
696 1
7 DNV GL 651 7
8 Mill Group 370 1
9 Turner & Townsend 352 2
10 WSP Group 311 2
EUROPE SPONSORS EUROPE MLAs EUROPE BOND ARRANGERS
Rank Company Total US$ m
Tran.
1 BNP Paribas 2,656 11
2 Mitsubishi UFJ Financial
Group
1,621 7
3 Santander 1,523 21
4 Sumitomo Mitsui
Financial Group
1,506 10
5 Credit Agricole Group 1,432 14
6 Deutsche Bank 1,378 7
7 UniCredit 1,226 16
8 Societe Generale 1,166 13
9 Isbank 1,041 4
10 Natixis 1,001 8
Rank Company Total US$ m
Tran.
1 Allianz 555 1
2 Aviva 484 5
3 HSBC 303 3
4 Royal Bank of Scotland 225 3
5 Santander 200 2
6 Mitsubishi UFJ Financial
Group
173 1
= Sumitomo Mitsui
Financial Group
173 1
8 Lloyds Banking Group 162 2
9 Deutsche Bank 144 1
10 Credit Suisse 144 1
Rank Company Total US$ m
Tran.
1 Astaldi 2,623 3
2 Macquarie 2,375 6
3 Hitachi Ltd 2,369 1
4 Siemens 1,996 3
5 Eiffage 1,912 2
6 BNP Paribas 1,672 1
7 Laidlaw Capital Group 1,334 1
8 Gocay 1,271 1
= Makyol 1,271 1
= Nurol 1,271 1
= Ozaltin 1,271 1
/9ijglobal.com
NORTH AMERICA LEGAL ADVISERS
NORTH AMERICA FINANCIAL ADVISERS
NORTH AMERICA PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
NORTH AMERICA TECHNICAL ADVISERS
Value (US$m) Count Source: IJGlobal
US$m Count
0
10
20
30
40
50
60
70
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
North America league tablesQ1-Q3 2015
Rank Company Total US$ m
Tran.
1 Chadbourne & Parke 28,825 24
2 Milbank, Tweed, Hadley
& McCloy
14,085 20
3 Sullivan & Cromwell 13,904 2
4 Latham & Watkins 11,622 24
5 Shearman & Sterling 10,419 13
6 Orrick, Herrington &
Sutcliffe
7,520 6
7 White & Case 7,186 9
8 Kirkland & Ellis 6,094 3
9 Norton Rose Fulbright 6,012 5
10 Andrews Kurth 5,842 2
Rank Company Total US$ m
Tran.
1 Societe Generale 19,057 4
2 Macquarie 11,897 5
3 Moelis & Company 5,649 1
= Santander 5,649 1
= BBVA 5,649 1
= Evercore Partners 5,649 1
= Houlihan Lokey 5,649 1
= UBS 5,649 1
9 National Bank of
Canada
5,476 3
10 Ernst & Young 4,950 8
Rank Company Total US$ m
Tran.
1 Arup 9,217 3
2 CH2M Hill 6,134 2
3 Lummus Consultants
International
5,800 1
4 Poten & Partners 5,077 2
5 Infrata 2,990 2
6 Altus Group 1,732 2
7 Parsons Corporation 1,659 2
8 Hatch Mott MacDonald 1,520 2
9 BTY Group 1,477 3
10 Atkins 1,026 1
NORTH AMERICA SPONSORS NORTH AMERICA BOND ARRANGERS
NORTH AMERICA MLAs
Rank Company Total US$ m
Tran.
1 Cheniere Energy 21,704 4
2 IFM Investors 6,699 2
3 Freeport LNG
Development
4,617 1
4 SunEdison 2,459 6
5 Nextera Energy 1,925 4
6 First Reserve 1,556 5
7 Pattern Energy 1,189 4
8 Plenary Group 1,182 3
9 Mitsubishi Corp 1,143 2
10 LS Power 1,140 4
Rank Company Total US$ m
Tran.
1 EIG Global Energy
Partners
1,500 1
2 Royal Bank of Canada 1,302 8
3 National Bank of
Canada
1,122 8
4 Scotiabank 897 5
5 Allianz 700 1
6 Goldman Sachs 694 3
7 JPMorgan 614 4
8 Toronto-Dominion Bank 598 5
9 HSBC 514 2
10 Mitsubishi UFJ Financial
Group
489 4
Rank Company Total US$ m
Tran.
1 Mitsubishi UFJ Financial
Group
3,690 43
2 Sumitomo Mitsui
Financial Group
2,645 33
3 ING Group 2,050 20
4 Credit Agricole Group 1,869 26
5 Mizuho Financial Group 1,787 24
6 Societe Generale 1,556 17
7 Santander 1,537 14
8 Scotiabank 1,420 11
9 Royal Bank of Canada 1,340 13
10 Bank of America 1,247 7
/10 ijglobal.com
ASIA PACIFIC PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
Value (US$m) Count Source: IJGlobal
US$m Count
0
10
20
30
40
50
60
70
80
90
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Asia Pacific league tablesQ1-Q3 2015
ASIA PACIFIC LEGAL ADVISERS
ASIA PACIFIC FINANCIAL ADVISERS
ASIA PACIFIC DFIs
Rank Company Total US$ m
Tran.
1 King & Wood Mallesons 7,427 14
2 Norton Rose Fulbright 6,318 10
3 Herbert Smith Freehills 6,223 14
4 Allens 5,136 14
5 Ashurst 4,481 4
6 Clayton Utz 3,925 4
7 Gilbert & Tobin 2,542 7
8 Cyril Amarchand
Mangaldas
2,443 8
9 Minter Ellison 1,923 6
10 Skadden, Arps, Slate,
Meagher & Flom
1,772 1
Rank Company Total US$ m
Tran.
1 State Bank of India 5,359 16
2 Capella Capital 2,954 3
3 PwC 1,813 2
4 UBS 1,772 1
5 Ernst & Young 1,671 2
6 Royal Bank of Canada 1,363 2
7 Bajaj Group 1,357 2
8 Korea Development Bank 1,131 3
9 Mitsubishi UFJ Financial
Group
1,131 2
10 FMO 940 1
Rank Company Total US$ m
Tran.
1 China Development Bank 825 1
2 Korea Development Bank 368 3
3 Export-Import Bank of
India
242 2
4 Asian Development Bank 195 3
5 Export Development
Canada
144 1
6 DBS Bank 95 1
7 Export-Import Bank of
Korea
89 1
8 Japan Bank for
International Cooperation
87 1
9 European Bank for
Reconstruction and
Development
87 1
10 KfW 79 2
ASIA PACIFIC SPONSORS ASIA PACIFIC MLAs ASIA PACIFIC BOND ARRANGERS
Rank Company Total US$ m
Tran.
1 Mitsubishi UFJ Financial
Group
1,864 17
2 Westpac 1,756 16
3 State Bank of India 1,412 15
4 Commonwealth Bank
of Australia
1,305 12
5 Axis Bank 1,284 7
6 ING Group 1,096 7
7 National Australia Bank 1,019 13
8 Australia and New
Zealand Banking Group
935 10
9 Canadian Imperial
Bank of Commerce
638 5
10 Sumitomo Mitsui
Financial Group
592 9
Rank Company Total US$ m
Tran.
1 Westpac 322 2
2 HSBC 262 2
3 Kotak Mahindra Bank 205 1
4 Canadian Imperial Bank
of Commerce
204 1
= Mitsubishi UFJ Financial
Group
204 1
6 National Australia Bank 197 2
7 JPMorgan 183 2
8 Australia and New
Zealand Banking Group
125 1
= Bank of America 125 1
= Scotiabank 125 1
Rank Company Total US$ m
Tran.
1 Adani Group 2,592 5
2 GMR Group 1,478 5
3 IRB Infrastructure
Developers
1,357 2
4 IFM Investors 1,141 4
5 ConnectEast 1,052 1
6 AMP Limited 1,033 2
7 First State Super 1,026 1
8 Ansteel 773 1
9 Hastings Fund
Management
765 3
10 Dorian LPG 758 1
/11ijglobal.com
Rank Company Total US$ m Transactions
1 Saudi Aramco 3,247 2
2 Sumitomo Corp 3,047 1
3 ACWA Power 2,010 6
4 ACWA Holding 1,617 2
5 Mubadala Development Company 834 1
6 Abengoa 535 1
= Shikun & Binui 535 1
8 Air Products and Chemicals 530 1
9 Moroccan Agency for Solar Energy 500 2
10 Sahara Petrochemical 467 1
MENA SPONSORS
MENA PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
MENA MLAs
Value (US$m) Count Source: IJGlobal
US$m Count
0
2
4
6
8
10
12
14
16
18
20
-
5,000
10,000
15,000
20,000
25,000
30,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
MENA league tablesQ1-Q3 2015
Rank Company Total US$ m Transactions
1 Mitsubishi UFJ Financial Group 1,113 5
2 Mizuho Financial Group 1,106 6
3 Sumitomo Mitsui Financial Group 1,102 6
4 HSBC 937 4
5 Banque Saudi Fransi 584 4
6 National Bank of Abu Dhabi 402 3
7 Samba Financial 370 4
8 First Gulf Bank 369 3
9 Bank Muscat 366 3
10 Alinma Bank 264 2
MENA TOP LEGAL ADVISERS MENA TOP FINANCIAL ADVISERS
MENA TOP DFIs
Rank Company Total US$ m
Tran.
1 White & Case 12,179 5
2 Chadbourne & Parke 10,896 6
3 Dentons 8,292 2
4 Milbank, Tweed, Hadley &
McCloy
8,125 1
5 Allen & Overy 3,002 10
6 Norton Rose Fulbright 2,761 4
7 Ashurst 2,427 4
8 King & Spalding 2,120 1
9 Hajji & Associes 2,000 2
10 Herzog Fox & Neeman 1,376 2
Rank Company Total US$ m
Tran.
1 HSBC 10,868 3
2 Greengate 8,125 1
= Sumitomo Mitsui Financial
Group
8,125 1
4 Synergy Consulting 2,150 2
5 Ernst & Young 2,000 2
= Alderbrook 2,000 2
7 Deutsche Bank 1,070 1
= Goren Capital 1,070 1
= TASC 1,070 1
10 PwC 640 1
Rank Company Total US$ m
Tran.
1 Japan Bank for
International Cooperation
2,767 3
2 World Bank 400 2
3 European Investment Bank 371 3
4 KfW 320 4
5 National Commercial Bank 304 2
6 Overseas Private
Investment Corporation
250 1
7 European Union 216 2
= African Development Bank 216 2
= Agence Francaise de
Development
216 2
10 Clean Technology Fund 119 2
/12 ijglobal.com
LATIN AMERICA PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
Value (US$m) Count Source: IJGlobal
US$m Count
0
5
10
15
20
25
30
35
-
2,000
4,000
6,000
8,000
10,000
12,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Latin America league tablesQ1-Q3 2015
LATIN AMERICA LEGAL ADVISERS
LATIN AMERICA FINANCIAL ADVISERS
LATIN AMERICA DFIs
Rank Company Total US$ m
Tran.
1 Milbank, Tweed, Hadley &
McCloy
8,050 6
2 White & Case 7,274 4
3 Baker & McKenzie 6,574 2
4 Mattos Filho 6,423 2
5 Allen & Overy 6,240 1
= Emmet Marvin & Martin 6,240 1
7 Clifford Chance 3,569 15
8 Ritch Muller 2,734 3
9 Norton Rose Fulbright 2,253 4
10 Gonzalez Calvillo 1,654 1
Rank Company Total US$ m
Tran.
1 HSBC 6,240 1
2 Santander 2,513 12
3 Mitsubishi UFJ Financial
Group
1,940 1
4 Sumitomo Mitsui Financial
Group
1,763 2
5 Structure Banca de
Inversion
1,655 3
= Goldman Sachs 1,655 3
7 BNP Paribas 1,654 1
8 Citigroup 820 1
9 Corporacion Andina de
Fomento (CAF)
452 3
10 Itausa Investimentos Itau 429 6
Rank Company Total US$ m
Tran.
1 Export-Import Bank of Korea 910 1
2 KfW 595 10
3 International Finance
Corporation
306 3
4 Banobras 277 1
5 Japan Bank for International
Cooperation
252 1
6 Nacional Financiera -
Nafinsa
240 1
7 Inter-American Development
Bank
206 3
8 North American
Development Bank
151 3
9 Banco Nacional de Comercio
Exterior - Bancomext
146 2
10 Export Import Bank of the
United States
129 3
LATIN AMERICA SPONSORS LATIN AMERICA MLAs LATIN AMERICA BOND ARRANGERS
Rank Company Total US$ m
Tran.
1 Santander 1,324 15
2 Goldman Sachs 1,285 5
3 HSBC 807 6
4 BNP Paribas 716 4
5 Sumitomo Mitsui
Financial Group
684 9
6 Itausa Investimentos
Itau
661 14
7 Credit Agricole Group 554 9
8 Mizuho Financial Group 453 3
9 Mitsubishi UFJ Financial
Group
452 4
10 ING Group 386 3
Rank Company Total US$ m
Tran.
1 Itausa Investimentos Itau 249 1
2 Santander 189 5
3 Novo Banco 137 1
= Credit Suisse 137 1
5 BNP Paribas 102 1
= Corporacion Andina de
Fomento (CAF)
102 1
7 Bank of America 85 1
= JPMorgan 85 1
= Mizuho Financial Group 85 1
= Scotiabank 85 1
= Sumitomo Mitsui
Financial Group
85 1
Rank Company Total US$ m
Tran.
1 Vale SA 3,120 1
2 Dongkuk S&C 1,872 1
3 POSCO Engineering &
Construction
1,248 1
4 Pemex 1,195 1
5 SBM Offshore NV 1,086 1
6 Mario Huertas Cotes 955 3
7 Partners Group 820 1
8 Mitsui & Co 781 1
9 SunEdison 660 2
10 Meco Constructors 610 3
/13ijglobal.com
SUB-SAHARAN SPONSORS
SUB-SAHARAN PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
SUB-SAHARAN MLAs
0
5
10
15
20
25
30
35
0
5000
10000
15000
20000
25000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Value (US$m) Count Source: IJGlobal
US$m Count
Sub-Saharan Africa league tablesQ1-Q3 2015
SUB-SAHARAN LEGAL ADVISERS SUB-SAHARAN FINANCIAL ADVISERS
Rank Company Total US$ m Transactions
1 Transnet 600 1
2 Nava Bharat Ventures 540 1
3 Abengoa 342 1
4 CMC-Ravenna 337 1
5 Industrial Development Corporation of
South Africa
308 2
= Public Investment Corporation (SOC) 308 2
7 ZCCM Investments Holding 291 1
8 China Longyuan Power Group 259 2
9 Xina Community Trust 171 1
10 ACS Group 138 1
Rank Company Total US$ m Transactions
1 Bowman Gilfillan 1,718 3
2 Norton Rose Fulbright 1,516 6
3 Webber Wentzel 1,390 4
4 DLA Piper 1,069 2
5 Clifford Chance 965 2
6 Ledwaba Mazwai 958 2
7 Linklaters 854 1
= Edward Nathan Sonnenbergs 854 1
9 Allen & Overy 839 2
10 Fasken Martineau DuMoulin 760 1
Rank Company Total US$ m Transactions
1 Fieldstone 1,531 5
2 Ernst & Young 1,228 3
3 Marsh Insurance 854 1
= PwC 854 1
5 Barclays 830 1
= Cresco Project Finance 830 1
7 Bridge Capital 760 1
8 Development Bank of Southern Africa 239 1
9 Cutfield Freeman 120 1
10 Basis Points Capital 104 1
Rank Company Total US$ m Transactions
1 Nedbank Group 493 6
2 Barclays 372 3
3 Investec 209 2
4 BNP Paribas 206 2
5 Intesa San Paolo 168 1
6 Standard Bank 115 3
7 Standard Chartered Bank 91 1
= Industrial and Commercial Bank of China 91 1
= Bank of China 91 1
10 Vantage Capital 59 1
/14 ijglobal.com
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IJGlobal’s League Tables Analysis Q3 2015
/15
SECTORLEAGUETABLES
ijglobal.com
/16 ijglobal.com
Rank Company Total US$ m Transactions
1 Cheniere Energy 21,704 4
2 Freeport LNG Development 4,617 1
3 Saudi Aramco 3,247 2
4 Sumitomo Corp 3,047 1
5 ACWA Holding 1,590 1
6 Mitsubishi Corp 1,414 3
7 Pemex 1,195 1
8 SBM Offshore NV 1,086 1
9 Partners Group 1,040 2
10 North West Upgrading 1,018 2
= Canadian Natural Resources 1,018 2
Rank Company Total US$ m Transactions
1 Mitsubishi UFJ Financial Group 3,124 18
2 Sumitomo Mitsui Financial Group 2,555 16
3 Mizuho Financial Group 2,177 11
4 HSBC 1,795 8
5 Societe Generale 1,430 9
6 ING Group 1,359 9
7 Credit Agricole Group 990 7
8 Scotiabank 965 5
9 IFM Investors 925 1
10 Bank of America 875 4
OIL & GAS SPONSORS
OIL & GAS PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
OIL & GAS MLAs
US$m Count
Value (US$m) Count Source: IJGlobal
0
5
10
15
20
25
30
-
10,000
20,000
30,000
40,000
50,000
60,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Oil & Gas league tablesQ1-Q3 2015
OIL & GAS LEGAL ADVISERS OIL & GAS FINANCIAL ADVISERS OIL & GAS DFIs
Rank Company Total US$ m
Tran.
1 Chadbourne & Parke 33,066 5
2 White & Case 15,484 7
3 Sullivan & Cromwell 13,904 2
4 Milbank, Tweed, Hadley
& McCloy
9,965 4
5 Dentons 8,125 1
6 Norton Rose Fulbright 7,409 5
7 Andrews Kurth 5,800 1
8 Latham & Watkins 4,760 4
9 Akin Gump 4,617 1
10 Ritch Muller 2,474 2
Rank Company Total US$ m
Tran.
1 Societe Generale 18,204 2
2 HSBC 10,868 3
3 Sumitomo Mitsui
Financial Group
10,143 3
4 Greengate 8,125 1
5 Macquarie 4,617 1
6 Synergy Consulting 2,120 1
7 Mitsubishi UFJ Financial
Group
1,940 1
8 BNP Paribas 1,654 1
= Santander 1,654 1
10 State Bank of India 1,433 2
Rank Company Total US$ m
Tran.
1 Japan Bank for International
Cooperation
3,593 7
2 Banobras 277 1
3 KfW 260 4
4 Nacional Financiera - Nafinsa 240 1
5 Export-Import Bank of India 220 1
6 National Commercial Bank 179 1
7 Development Bank of Japan 110 1
8 Export-Import Bank of
Malaysia
108 1
9 Banco Nacional de
Comercio Exterior -
Bancomext
100 1
10 Bank Gospodarstwa
Krajowego
98 1
/17ijglobal.com
RENEWABLES PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
US$m Count
Value (US$m) Count Source: IJGlobal
0
20
40
60
80
100
120
-
5,000
10,000
15,000
20,000
25,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Renewables league tablesQ1-Q3 2015
RENEWABLES LEGAL ADVISERS
RENEWABLES FINANCIAL ADVISERS
RENEWABLES TECHNICAL ADVISERS
Rank Company Total US$ m
Tran.
1 Norton Rose Fulbright 5674 21
2 Latham & Watkins 4942 14
3 Chadbourne & Parke 4748 24
4 Milbank, Tweed, Hadley &
McCloy
4072 16
5 Linklaters 3951 14
6 Ashurst 3912 13
7 Clifford Chance 3345 12
8 CMS 3003 10
9 Watson Farley & Williams 2755 6
10 McCarthy Tétrault 2353 12
Rank Company Total US$ m
Tran.
1 Green Giraffe 4117 3
2 Ernst & Young 3181 6
3 Alderbrook 2000 2
4 Chatham Financial 1807 3
5 KPMG 1379 5
6 Fieldstone 1292 4
7 Deutsche Bank 1070 1
= Goren Capital 1070 1
= TASC 1070 1
10 PwC 1056 2
Rank Company Total US$ m
Tran.
1 SgurrEnergy 4678 7
2 Mott MacDonald 3327 16
3 K2 Management 2340 1
4 DNV GL 1518 12
5 Parsons Corporation 1070 1
6 Fichtner 789 4
7 Leidos 432 2
8 Lahmeyer International 405 3
9 Arup 374 2
10 Cabinet Gadvisory 215 1
RENEWABLES SPONSORS RENEWABLES MLAs RENEWABLES DFIs
Rank Company Total US$ m
Tran.
1 Santander 1967 29
2 Mitsubishi UFJ Financial
Group
1568 24
3 Sumitomo Mitsui
Financial Group
1346 22
4 Deutsche Bank 1129 11
5 NordLB 943 22
6 Rabobank 846 16
7 Barclays 816 10
8 Credit Agricole Group 816 19
9 Key Bank 795 13
10 Citigroup 662 4
Rank Company Total US$ m
Tran.
1 SunEdison 3312 10
2 Nextera Energy 1925 4
3 ACWA Power 1580 3
4 Pattern Energy 1471 6
5 Laidlaw Capital Group 1334 1
6 First Reserve 1311 3
7 Northland Power 1249 2
8 Siemens 1006 1
9 Abengoa 877 2
10 Canadian Solar 779 7
Rank Company Total US$ m
Tran.
1 KfW 2412 20
2 European Investment Bank 547 4
3 World Bank 400 2
4 African Development Bank 330 3
5 Eksport Kredit Fonden 309 2
6 Industrial Development
Corporation of South Africa
270 4
7 Overseas Private Investment
Corporation
266 2
8 International Finance
Corporation
237 11
9 European Union 216 2
= Agence Francaise de
Development
216 2
/18 ijglobal.com
Rank Company Total US$ m Transactions
1 Adani Group 1,895 3
2 GMR Group 997 3
3 Oaktree Capital Group 855 1
4 LS Power 750 3
5 Aboitiz Power Corp 748 1
6 NRG Energy 668 1
7 Korea South-East Power Co 594 2
8 Nava Bharat Ventures 540 1
9 Macquarie 538 2
10 Mitsubishi Corp 523 2
Rank Company Total US$ m Transactions
1 State Bank of India 1,010 9
2 Mitsubishi UFJ Financial Group 769 11
3 Credit Agricole Group 702 14
4 ING Group 674 12
5 Deutsche Bank 580 4
6 Bank of Montreal 548 3
7 BNP Paribas 477 7
8 Mizuho Financial Group 438 9
9 Industrial and Commercial Bank of China 435 6
10 Santander 376 7
POWER SPONSORS
POWER DFIs
POWER PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
POWER MLAs
US$m Count
Value (US$m) Count Source: IJGlobal
0
5
10
15
20
25
30
35
40
45
-
5,000
10,000
15,000
20,000
25,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Power league tablesQ1-Q3 2015
Rank Company Total US$ m
Tran.
1 Korea Development Bank 222 1
2 KfW 186 4
3 European Investment Bank 148 2
4 Export-Import Bank of
Korea
89 1
5 Industrial Development
Corporation of South Africa
75 1
= Development Bank of
Southern Africa
75 1
7 Asian Development Bank 65 1
8 Corporation Bank 54 1
= Andhra Bank 54 1
= India Infrastructure Finance
Company
54 1
= Oriental Bank of Commerce 54 1
POWER LEGAL ADVISERS
Rank Company Total US$ m
Tran.
1 Milbank, Tweed, Hadley &
McCloy
3,450 5
2 Clifford Chance 3,281 7
3 Latham & Watkins 3,062 9
4 Chadbourne & Parke 2,720 6
5 Morgan Lewis & Bockius 2,366 3
6 Allen & Overy 2,228 6
7 Linklaters 1,995 2
8 Shearman & Sterling 1,847 7
9 DLA Piper 1,709 3
10 Gide Loyrette Nouel 1,521 1
POWER BOND ARRANGERS
Rank Company Total US$ m
Tran.
1 Mitsubishi UFJ Financial
Group
395 2
2 Sumitomo Mitsui Financial
Group
258 2
3 Societe Generale 222 1
4 HSBC 173 1
5 Lloyds Banking Group 133 1
= Royal Bank of Scotland 133 1
= Santander 133 1
8 Scotiabank 85 1
= Bank of America 85 1
= JPMorgan 85 1
= Mizuho Financial Group 85 1
/19ijglobal.com
TRANSPORT PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
US$m Count
Value (US$m) Count Source: IJGlobal
0
5
10
15
20
25
30
35
40
45
50
-
5,000
10,000
15,000
20,000
25,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Transport league tablesQ1-Q3 2015
TRANSPORT LEGAL ADVISERS
TRANSPORT FINANCIAL ADVISERS
TRANSPORT TECHNICAL ADVISERS
Rank Company Total US$ m
Tran.
1 Clifford Chance 14,245 14
2 DLA Piper 11,716 5
3 Hogan Lovells 7,728 5
4 Orrick, Herrington &
Sutcliffe
7,685 3
5 Ashurst 7,549 6
6 Shearman & Sterling 7,331 3
7 Milbank, Tweed, Hadley &
McCloy
6,543 3
8 Hergüner Bilgen Özeke 6,356 1
= Verdi 6,356 1
10 Taft Stettinius & Hollister 5,649 1
Rank Company Total US$ m
Tran.
1 PwC 10,366 7
2 UBS 7,421 2
3 Ernst & Young 7,395 10
4 HSBC 6,597 4
5 Macquarie 6,048 3
6 BBVA 5,922 3
7 Santander 5,729 2
8 Evercore Partners 5,649 1
= Moelis & Company 5,649 1
= Houlihan Lokey 5,649 1
Rank Company Total US$ m
Tran.
1 Arup 12,313 6
2 CH2M Hill 9,518 3
3 Mott MacDonald 6,213 9
4 Infrata 2,936 1
5 Parsons Corporation 1,659 2
6 Rider Levett Bucknall 1,641 1
7 Hatch Mott MacDonald 1,520 2
8 Altus Group 1,514 1
9 BTY Group 1,273 2
10 Aon 1,026 1
TRANSPORT SPONSORS TRANSPORT MLAs TRANSPORT DFIs
Rank Company Total US$ m
Tran.
1 Mitsubishi UFJ Financial
Group
2,142 13
2 Sumitomo Mitsui
Financial Group
1,533 12
3 ING Group 1,479 9
4 Credit Agricole Group 1,430 11
5 Commonwealth Bank
of Australia
1,244 7
6 Goldman Sachs 1,200 3
7 BNP Paribas 857 9
8 BBVA 842 9
9 Scotiabank 836 7
10 Westpac 831 6
Rank Company Total US$ m
Tran.
1 Japan Bank for International
Cooperation
1,190 1
2 European Investment Bank 1,162 4
3 KfW 637 4
4 Export Development Canada 494 2
5 International Finance
Corporation
257 2
6 Korea Development Bank 146 2
7 European Bank for
Reconstruction and
Development
90 1
8 Asian Development Bank 75 1
9 Corporacion Andina de
Fomento (CAF)
50 1
10 African Development Bank 6 1
= West African Development
Bank
6 1
Rank Company Total US$ m
Tran.
1 IFM Investors 7,791 5
2 Hitachi Ltd 2,369 1
3 Eiffage 2,010 2
4 Astaldi 2,004 2
5 Macquarie 1,733 3
6 IRB Infrastructure
Developers
1,357 2
7 John Laing 1,345 2
8 Plenary Group 1,311 3
9 Ozaltin 1,271 1
= Nurol 1,271 1
= Makyol 1,271 1
= Gocay 1,271 1
/20 ijglobal.com
Rank Company Total US$ m Transactions
1 BNP Paribas 1,672 1
2 DIA Holding 1,229 1
3 AMP Limited 940 1
4 Mubadala Development Company 834 1
5 Healthscope 645 1
6 Astaldi 618 1
7 Turkerler 594 1
8 Corvias Group 563 1
9 Capella Capital 473 1
= HostPlus Pty Limited 473 1
Rank Company Total US$ m Transactions
1 BNP Paribas 1,786 1
2 Westpac 600 5
3 Isbank 490 3
4 Mitsubishi UFJ Financial Group 452 5
5 National Bank of Abu Dhabi 312 2
6 Credit Agricole Group 310 3
7 Australia and New Zealand Banking Group 291 2
8 Aviva 262 4
9 UniCredit 260 2
10 Garanti Bank 234 1
SOCIAL & DEFENCE SPONSORS
SOCIAL & DEFENCE PROJECT FINANCE TRANSACTION VOLUME 2010 - Q3 2015
SOCIAL & DEFENCE MLAs
US$m Count
Value (US$m) Count Source: IJGlobal
0
5
10
15
20
25
30
35
40
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Social & Defence league tablesQ1-Q3 2015
SOCIAL & DEFENCE LEGAL ADVISERS
SOCIAL & DEFENCE FINANCIAL ADVISERS
SOCIAL & DEFENCE TECHNICAL ADVISERS
Rank Company Total US$ m
Tran.
1 DLA Piper 3,322 6
2 Clifford Chance 3,069 6
3 Hergüner Bilgen Özeke 2,746 3
4 Norton Rose Fulbright 2,469 5
5 Freshfields Bruckhaus
Deringer
2,460 2
6 Linklaters 2,229 1
= Stibbe 2,229 1
8 Allen & Overy 2,171 7
9 Herbert Smith Freehills 1,958 3
10 King & Wood Mallesons 1,585 2
Rank Company Total US$ m
Tran.
1 UniCredit 2,460 2
2 PwC 2,077 4
3 Ernst & Young 1,323 8
4 Capella Capital 1,314 2
5 Aon 1,248 1
6 Citigroup 1,213 1
7 Macquarie 1,077 3
8 Mitsubishi UFJ Financial
Group
940 1
= FMO 940 1
= Goldman Sachs 940 1
Rank Company Total US$ m
Tran.
1 Mott MacDonald 6,219 11
2 Arup 940 1
3 Evans & Peck 645 1
4 Mill Group 370 1
5 WSP Group 311 2
6 Gleeds 298 2
7 Dolsar 285 1
8 Turner & Townsend 230 1
9 Altus Group 218 1
10 BTY Group 204 1
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