LEAGUE TABLES - Breakingviews · The banks had rich margins and swap fees to ... SG had a very good year too, with PNG LNG and some ... Peru 378.6 0.3 2

http://www.pfie.com 13 January2010 |pfi | 43

LEAGUETABLES

PROJECTFINANCEINTERNATIONAL13 JANUARY 2010ISSUE 424

Introduction 44BankMLAs 48Bondleadmanagers 68Advisers 69Multilaterals 73

Contents

44 |pfi | 13 January2010 http://www.pfie.com

Nottoobad-PFin2009T

he global project finance loan figurestood at US$139.2bn in 2009 comparedwith the staggering figure of US$250bnin 2008 and US$220bn in 2007. Add in thefigures for project bonds – US$8.2bn,down from US$11.9bn in 2008 – and

overall project finance market volume stood atUS$147.4bn. That was a drop of 44% from 2008, a sig-nificant fall. But to put it in context, in 2004 the overallglobal PF figure was US$114.5bn and in 2005 it wasUS$166bn.

As an asset class, project finance had a fairly decent yearin 2009. The banks had rich margins and swap fees toenjoy, while the sponsors benefited from lower under-lying interest rates. All in the garden, of course, is far fromrosy. Ultimately, the need for project finance is driven byeconomic growth and that has been knocked sideways– at least in the West – for the time being.

The global project finance market was propped up in2009 by government-linked projects such as social infra-structure and renewables and by the fact that 20% of themarket is in India. But nevertheless, seeing as this timelast year some were suggesting project finance was deadan asset class due to its need for long tenured debt, 2009

did not turn out toobad after all.

Themainmarket in2009 was the domes-ticated Indianmarket,which recorded loansof US$30bn, or 21.5%of the global total.This was up fromUS$19bn in 2008. Ofcourse, all other mar-kets – apart fromPapuaNewGuinea for

obvious reasons – were down significantly. Australiadropped from US$21.2bn to US$12.3bn but still remainedsecond in the table. Spain and the US dropped by half toobut kept their third and fourth spots in the table. The UKwas fifth while Brazil held up well in sixth on US$5.5bn.

SBI Capital topped the global loans table for the firsttime. This is not surprising given that India topped theglobal loans table and SBI Capital dominates the Indianmarket.

However, SBI remains a domestic Indian player that hasin the past shown signs of following Indian sponsorsabroad but not to a great extent.

The rest of the global loan top 10 is just as interesting.There are no Anglo-Saxon, or even Saxon, banks in it forone.

Three French banks follow SBI Capital – Calyon, BNPParibas and SG. They are followed by SMBC, which hadan active start to the year but slowed down as the mar-ket picked up, IDBI from India, BTMU, BBVA, Santanderand Mizuho.

The global bond table was topped by Credit Suisse, withDeutsche coming in second. Activity in the project bondsmarket was surprisingly quiet in 2009. The corporatebond market boomed as corporates took advantage of lowyields and good demand for issuance, plus the fact thatthe loan market was illiquid. It could have been expect-ed, therefore, that the project bond market would ben-efited as well, but it did not.

This is probably because of the part of the capitalmarkets the projectfinance market occu-pies in credit ratingterms – around theBBB+ area. Bondinvestors are moreinterested in SingleA rated credits. So

2009LeagueTables

The perform-ance of theprojectfinancemarket in2009 wasfairly decentgiven theabject state ofthe capitalmarkets inlate 2008 andearly 2009.Volumeswere downsignificantlyon 2008 butstill remainedat a level closeto thoseachieved in2005.

1–SBICapital (3)

2–Calyon (5)

3–BNPParibas (2)

4–SG (12)

5–SMBC (4)

6– IDBI (45)

7–BTMU(7)

8–BBVA (13)

9–Santander (11)

10–Mizuho (15)

GLOBAL TOP 10 FOR LOANS(2008 POSITION IN BRACKETS)

1–Credit Suisse (6)

2–Deutsche (1)

3–Citigroup (9)

=3–HSBC (18)

5–RBC (12)

GLOBAL TOP 5 FOR BONDS(2008 POSITION IN BRACKETS)

are fairly risk-free anddependonstable long-term cashflows.

The project financeadvisory market wasquieter but again nottoo quiet. The num-ber of global advisorymandateswondippedbetween 2008 and2009but only by27 to493. Given that thesemandate represent

13 January2010 |pfi | 45http://www.pfie.com

SBICapital toppedthegloballoanstableforthefirst time.This isnotsurprising

while banks like the rich BBB+ project finance credit,which have a good credit history compared with otherasset classes, bond investors cannot get comfortable.

In thedaysof themonolinewrap, theproblemwaseasilysolvedwith thewrapand theprojectbondmarketboomed.

But rightnow,nonewfinancingsolutionhasbeen found to marryproject finance withthe bond market –despite the fact thatthe twoshouldbenat-ural bedfellows. Both

1-Ernst&Young (1)

2 -PwC (2)

3 -HSBC (3)

4 -Grant Thornton (4)

=4 -KPMG(5)

GLOBAL TOP 5 FOR ADVISORIES WON(2008 POSITION IN BRACKETS)

1–PwC (4)

2–SG (10)

3–BNPParibas (1)

4–Macquarie (5)

5–HSBC (8)

6–RBS (7)

7–KPMG(2)

8–Ernst&Young (6)

9– JPMorgan (–)

10–Deutsche (3)

GLOBAL TOP 10 FOR ADVISORIES CLOSED(2008 POSITION IN BRACKETS)

The league tables are compiledfrom returns sent in fromcommercial banks and finan-cial advisers. Only businessconducted in the projectfinance sector is included inthe tables. The submissionsare checked by Project FinanceInternational (PFI) andThomson Financial SecuritiesData (TFSD) staff in London,New York and Singa-pore/Manila. The tables arepresented in a regional formand then global tables are cal-culated from the regional fig-ures.

On the loans side, only lead-arranging mandates are credit-ed in the tables. Theaccreditation is worked out onthe following basis. If onebank lead-arranges a US$500mproject finance loan, itreceives a US$500m credit, iftwo arrange a US$500m loan,they receive US$250m credits,if four, US$125m each, and soon. The credits are added upand the league tables are pro-duced.

On some deals, an individualbank's submitted figure mightbe lower in the published ver-sion of the league table or it

might increase. To ensure thetables are market-accurate,some banks might be added tothe table even if they had notclaimed for a mandated lead-arranging role, while othersmight not be credited even ifthey have claimed.

The evaluation of lead-arranging roles has been mademuch stricter to include onlyinitial mandated leadarrangers. In the Americas, themandated lead arranger cate-gory is similar to the TFSDbookrunner category. Last yearsaw more and more club dealsemerge. On these, each bankin the club is given equal cred-it.

Overall, the tables areonly concerned with measur-ing the performance ofthose that arrange deals, notnecessarily their final under-writing commitment or finaltake.

The deals counting towardsa bank's total are detailed inthe regional sections, with therelevant amounts per deal.From these details the countryand sector league tables aredrawn up. The process is verysimilar on the bond league

table. The tables measure theactivities only of lead man-agers.

On the advisory side, thetable is split into three sec-tions: private sector mandates,government or government-owned sponsor advisory man-dates, and advice to bidders ina competition. Only financialadvisory mandates are includ-ed. The table measures man-dates won last year in thesesectors and ranks advisersaccordingly in the total col-umn. In addition, there is a fig-ure calculated for all mandatesbeing worked on by a firm inthe overall column.

The advisory submissionsare checked by the reportersfor accuracy to ensure they aremandates won last year andnot claimed for in previousyears. This table is limited toadvisory mandates aboveUS$20m. In addition, there is atable of advisory mandatesreaching financial close lastyear. The table is rankedregionally and globally by thetotal amount of funds raisedby each financial adviser.

For the second year, anew set of tables has been

included to meet theevolving needs of the projectfinance market – for multilat-erals. These tables measurethe involvement of multilater-als in project finance deals inthe emerging markets,whether through export creditguarantees or direct lendingtranches. Loans to projects inthe developed world areincluded in their owndeveloped world multilateraltable, new for 2009. It is likely,as the credit crunch takeshold, that the multilaterals –or international developmen-tal finance institutions (IDFIs)– will become ever moreimportant.

The 2009 league tableswill now go on the ThomsonDeals Project Finance website.To ease the league tableprocess in 2010, it is worthkeeping PFI and TFSD staff upto date.

Contact PFI's Rod Morrison(London 44 207 369 7570),TFSD's Carina Israel (Manila 00632 878 5867) and StephenAngelides (London 44 207 5421991) if there are concernsregarding the tables and ongo-ing 2010 data collection.

Methodology


the pipeline of new deals, this is a positive sign for thefuture.

Ernst & Young, PwC and HSBC topped this list. PwC hada very good year, topping the global advisory mandatesclosed table – which shows the amount of business actu-ally transacted, and by some way. It benefited frommega deals such as the M25, R1 and Victoria desalination.SG had a very good year too, with PNG LNG and someinfrastructure deals to call on, plus the mega Nord Steamdeal, which did not quite close by year-end.

For the secondyear,PFI has published itsmultilateral projectfinance league tablesfor emerging mar-kets. The tables showthat the actual vol-ume of multilateral-

linked project finance business remained fairly staticbetween 2008 and 2009, at US$23.7bn in 2008 comparedwith US$20.5bn in 2009. But the volume of project dollarsthis activity has supported fell dramatically, fromUS$50.7bn in 2008 to US$32bn in 2009.

This is not surprisingly in the current environment.The multilaterals have had to provide a much higherpercentage of a project's debt – through direct lending– given the crunch among commercial lenders, and par-ticularly given that the deals concerned were in theriskier emergingmarkets. JBIC toppedthe combined directloan/guarantee tablefollowed by US Ex-Imand KEIC/Kexim.

In addition to theemergingmarketmul-

2009LeagueTables

1- JBIC (1)

2 -USExim (7)

3 -KEIC/Kexim (2)

4 -Sace (4)

5 -ChinaEximbank (-)

MULTILATERAL TOP 5(2008 POSITION IN BRACKETS)

1–Calyon (2)

2–BMTU (7)

3–WestLB (5)

4–BNPParibas (16)

5 –SG (13)

AMERICAS TOP 5 LOAN ARRANGERS(2008 POSITION IN BRACKETS)

India 29,944.1 21.5 72

Australia 12,284.2 8.8 33

Spain 10,105.3 7.3 55

UnitedStatesofAmerica 9,334.9 6.7 40

UnitedKingdom 8,185.6 5.9 27

Brazil 5,547.9 4.0 15

UnitedArabEmirates 5,433.3 3.9 8

PapuaNewGuinea 4,746.6 3.4 2

Portugal 4,116.7 3.0 16

Italy 3,661.8 2.6 14

Singapore 3,306.5 2.4 3

RussianFederation 3,001.2 2.2 4

Ghana 2,750.0 2.0 2

Turkey 2,729.9 2.0 6

Germany 2,340.0 1.7 10

France 2,012.6 1.5 17

SaudiArabia 1,900.0 1.4 1

Indonesia 1,651.7 1.2 8

Chile 1,618.5 1.2 7

Canada 1,539.6 1.1 11

Bahrain 1,341.0 1.0 1

Norway 1,340.0 1.0 2

SouthKorea 1,321.5 1.0 14

Belgium 1,313.7 0.9 7

Japan 1,226.1 0.9 10

SlovakRepublic 1,218.1 0.9 1

Morocco 1,157.7 0.8 1

SouthAfrica 1,138.4 0.8 7

Netherlands 1,112.7 0.8 6

Qatar 949.0 0.7 1

Thailand 874.8 0.6 4

Mexico 839.1 0.6 4

Botswana 825.0 0.6 1

Oman 801.6 0.6 2

Poland 780.2 0.6 3

Gabon 500.0 0.4 1

Pakistan 483.7 0.4 3

Romania 469.6 0.3 2

Republic of Ireland 438.1 0.3 6

Denmark 438.0 0.3 1

Israel 389.5 0.3 1

Peru 378.6 0.3 2

Philippines 376.7 0.3 2

Panama 375.0 0.3 1

Nigeria 355.0 0.3 2

Jordan 340.0 0.2 1

Bulgaria 311.0 0.2 1

Greece 251.4 0.2 3

Colombia 250.0 0.2 3

Switzerland 225.8 0.2 1

Vietnam 200.0 0.1 1

Cyprus 193.8 0.1 1

Azerbaijan 120.0 0.1 1

Malaysia 110.0 0.1 1

Kenya 105.0 0.1 1

Argentina 103.0 0.1 1

China 87.8 0.1 1

Jamaica 71.0 0.1 1

CzechRepublic 50.4 0.0 4

Malawi 35.0 0.0 1

Mauritania 30.0 0.0 1

Senegal 28.6 0.0 1

Mozambique 20.0 0.0 1

Industry total 139,186.2 100.0 461

GLOBAL LOANS BY COUNTRY

NoofNation US$m % deals



TheUS$14bndeclinesoundshugebutitwasstillmuchsmallerthanexpected

tilateral table,wehaveadded a table for thedevelopedworld,giventhe need for multilat-eral finance in thesemarketstoo.This tablewas easily topped bythe European Invest-ment Bank (EIB).

AmericasProject finance loan volume in the Americas fell by a dra-matic 53%, down from US$42bn in 2008 to US$20bn in2009. Just as in 2008, December found bankers hopingfor better luck in the coming year, rather than pushingto reach for financial close by year-end. Throughout thetumultuous year, there were some banks that remaineddedicated to the Americas. Among them, Calyon earnedthe top spot on the Americas project finance lending table.

Calyon participated broadly across the region, lendingto traditional power plants, windfarms and transporta-tion projects in the US, the high profile Odebrecht drillship financing in Brazil to the small Rubiales oil fieldfinancing in Colombia. Similarly, Mitsubishi UFJ, whichin 2009 ranked second for the region, participated in awide range of deals, closely trailing Calyon's US$1.63bnin lending by just US$120m. WestLB ranked third in theregion, followed by BNP Paribas and Societe Generale infourth and fifth places, respectively.

While power deals have long dominated the projectfinance sector, this concentration grew last year, with USrenewables attracting the most attention from establishedplayers in the market as well as newcomers. The trendis exemplified by Banco Espirito Santo, which receivedits New York banking licence at the beginning of 2009,hired members of WestLB's Latin American team andpromptly assigned them to US renewable deals.

Power deals made up 50% of all North American dealsin 2009. Many of the renewables deals came to marketin the latter half of the year after the new cash grant inlieu of tax credits programme was put in place at the endof July. Looking ahead to 2010, a new flexibility withinthe US Department of Energy's loan guarantee pro-gramme may finally see commercial banks beginning totake advantage of the programme.

Given that the project finance industry in the US is dom-inated by non-US banks, the global credit crunch sawmany lenders reduce their appetite for US credits and con-centrate on projects with some link to their home coun-tries. HSH/Nordbank pulled out of the US altogether, whileBayernLB took some months off from lending and CITtemporarily put new lending on hold before quicklyemerging from bankruptcy.

US volumes fell to US$9.99bn in 2009 from US$21.67bnin 2008. North of the border, Canada's robust public-pri-

vate partnership market hit some snags, with some proj-ects – most notably the Highway 1/Port Mann crossing –reworked as publicly-funded. Canadian project financevolumes fell from US$4.7bn in 2008 to US$1.5bn in2009, partly due to the fall in the Canadian dollar.

In Latin America, Brazil once again dominated the land-scape. The powerhouse nation showed its economicmuscle with huge drill ship deals for Petrobras as well asa major refinancing of the Sao Paulo Rodoanel. Petrobrasneeds these and many more drill ships and FSPO (float-ing, production, storage and off-loading) vessels for ultra-deep water drilling off its Atlantic Coast, and thedevelopers of these projects will probably try to tap theproject finance markets in the coming year.

After Brazil, which saw 15 project deals raising a totalof US$5.5bn, Chile ranked a distant second. There wereseven project finance deals in Chile in 2009, whichraised a total of US$1.6bn. Though a far smaller marketthan Brazil, Chile remains a favourite location for proj-ect finance because of its economic stability. Mexico,which ranks third in the project finance tables, sawfour project finance deals that together did not break theUS$1bn mark.

Asia-PacificLast year was not so bad after all! Despite the gloomy start,2009 closed on a high note, with the optimistic outlookbeing carried over into 2010. The Asia-Pacific regionregistered a total of US$56.6bn worth of project financ-ing loans, down by 20% from the previous year's recordvolume of US$70.5bn, but higher than 2007's US$44.8bnfigure.

The US$14bn decline sounds huge but it was stillmuch smaller than initially expected, following a slug-gish first six months that saw the half-year PFI leaguetables diminish by 45.5% in activities. However, the mar-ket sentiment improved in the second half, with a num-ber of massive deals achieving financial close beforebanks waved the year good bye.

India and SBI Capital are taking the PF world by storm.The state-owned bank remains consistent and for the fifthstraight year it was the top arranger in Asia-Pacific. Itarranged 36 deals amounting to almost US$20bn of debt– that's 35.2% or more than one-third of the total volumefor the region. These included massive financings for theSasan UMPP and the huge projects of Adani Power andSterlite Energy as well as funds for the Vodafone andUnitech in the tele-coms sector.

But it is not justSBI Capital that isattracting attention.Looking at the latesttable, the top fourarrangers are all

Powerdealsmadeup50%ofallNorthAmericandeals thisyear.

1–SBICapital (1)

2– IDBI13

3– IDFC (19)

4 -AxisBank (28)

5–Calyon (14)

ASIA PACIFIC TOP 5LOAN ARRANGERS(2008 POSITION IN BRACKETS)

1–Calyon (4)

2–BNPParibas (2)

3–BBVA (8)

4–Santander (9)

5–SG (11)

EMEA TOP 5 LOAN ARRANGERS(2008 POSITION IN BRACKETS)


2009LeagueTables

1 StateBankof India 19,944.9 14.3 372 Calyon 7,359.6 5.3 803 BNPParibasSA 5,836.1 4.2 634 SocieteGenerale 4,283.7 3.1 515 SumitomoMitsui FinlGrp Inc 4,025.1 2.9 406 IDBIBank Ltd 3,989.2 2.9 117 MitsubishiUFJ FinancialGroup 3,875.6 2.8 528 BBVA 3,641.3 2.6 549 Santander 3,344.4 2.4 55

10 MizuhoFinancialGroup 2,819.4 2.0 2611 StandardChartered PLC 2,805.9 2.0 2112 Natixis 2,755.9 2.0 3313 WestLBAG 2,753.9 2.0 4014 UniCreditGroup 2,647.2 1.9 2715 Infrastructure DevFinance 2,390.5 1.7 1616 NationalAustralia Bank 2,381.4 1.7 2917 AxisBank Ltd 2,049.4 1.5 818 RBS 2,036.9 1.5 2419 DexiaSA 2,015.0 1.5 3220 ING 1,877.2 1.4 2821 BancoEspirito SantoSA 1,818.1 1.3 2122 CommonwealthBankofAustralia 1,815.9 1.3 1923 CaixaGeral deDepositos 1,813.4 1.3 2124 ANZBankingGroup 1,801.5 1.3 1925 HSBCHoldingsPLC 1,706.6 1.2 2026 LloydsBankingGroup 1,609.6 1.2 1527 BarclaysCapital 1,442.5 1.0 2228 IntesaSanPaolo 1,308.9 0.9 1229 WestpacBanking 1,286.8 0.9 1630 CajaMadrid 1,261.2 0.9 3131 Nord/LB 1,161.7 0.8 2032 KfWBankengruppe 1,031.4 0.7 1533 NIBCNV 976.2 0.7 1334 Caixad'Estalvis yPensions 964.2 0.7 1635 Turkiye IsBankasiAS 921.7 0.7 436 BankNegara Indonesia PT 903.3 0.7 637 Bayerische Landesbank Giro 843.3 0.6 1038 KBCGroupNV 804.7 0.6 1239 Garanti Bank 730.8 0.5 240 Bankof Ireland 708.9 0.5 841 Landesbank Hessen-Thueringen 699.2 0.5 1342 DnBNORBANKASA 666.7 0.5 743 CreditMutuel SA 649.1 0.5 644 KoreaDevelopmentBank 637.2 0.5 845 BancoComercial PortuguesSA 618.5 0.4 646 DeutscheBankAG 617.2 0.4 647 BancoPortugues Investimento 610.7 0.4 648 Rabobank 585.4 0.4 1049 Attijarawafa Bank 578.9 0.4 1

=49 BanqueMarocaine duCommExt 578.9 0.4 151 StandardBankGroupLtd 540.9 0.4 352 ExportDevelopmentCanada 517.1 0.4 653 NationwideAngliaBuildingSoc 510.5 0.4 6

54 BancodeSabadell 501.2 0.4 1555 NedcorBank Ltd 494.2 0.4 356 Citi 461.8 0.3 657 MegaFinancialHoldingCo 445.8 0.3 258 Nordea 442.3 0.3 459 InstitutodeCreditoOficial 437.9 0.3 660 DevelopmentBankof Japan Inc 434.9 0.3 461 ItauUnibanco 414.2 0.3 362 NationalBankofAbuDhabi 411.5 0.3 763 BancodoBrasil SA 406.3 0.3 264 DBSGroupHoldings 404.8 0.3 465 Oversea-Chinese Banking 404.1 0.3 466 RBCCapitalMarkets 383.9 0.3 567 BancoPopular Espanol SA 365.3 0.3 768 HSHNordbank 356.8 0.3 369 Mashreq Bank 355.0 0.3 170 BMPS 348.5 0.3 471 BancoBradescoSA 339.2 0.2 272 CoBankACB 334.3 0.2 873 Metropolitan Bank&Trust Co 333.3 0.2 174 BancodoNordestedoBrasil SA 330.9 0.2 1

=74 CaixaEconomicaFederal 330.9 0.2 176 Credit Suisse 323.9 0.2 477 JPMorgan 305.2 0.2 378 Scotiabank-Bank ofNovaScotia 285.4 0.2 779 Mediobanca 277.7 0.2 280 MacquarieGroup 277.5 0.2 381 Malayan BankingBhd 258.8 0.2 382 ASNBank 258.6 0.2 183 KBFinancialGroup Inc 253.1 0.2 384 Bankof China 247.4 0.2 7

=84 CommerzbankAG 247.4 0.2 286 Al-RajhiAl-Sedais Co 245.2 0.2 2

=86 BanqueSaudi Fransi 245.2 0.2 288 FirstGulfBank 233.3 0.2 3

=88 UnionNationalBank, LittleRk 233.3 0.2 390 BankMandiri 222.4 0.2 291 YapiVeKrediBankasiAS 219.2 0.2 292 CITGroup Inc 191.7 0.1 293 AlinmaBank 190.0 0.1 1

=93 National CommericalBank 190.0 0.1 1=93 SambaLeasing Ltd 190.0 0.1 1=93 SaudiBritish Bank 190.0 0.1 197 DanskeMarkets 182.6 0.1 298 Industrial&CommBankChina 178.4 0.1 199 SumitomoTrust&Banking 175.6 0.1 2

100 GrupoFinanciero InbursaSA 175.4 0.1 1101 CaixaNova 173.7 0.1 4102 CommercialBankofQatar 167.8 0.1 2103 BankRakyat Indonesia 166.0 0.1 1104 AbuDhabi CommercialBank Ltd 163.3 0.1 2105 KeyBanc CapitalMarkets Inc 160.8 0.1 4106 Investec 151.8 0.1 4

Mandated Noofarrangers US$ (m) % deals


GLOBAL INITIAL MANDATED LEAD ARRANGERS


107 SambaFinancialGroup 151.4 0.1 2108 ArabBankingCorporation 151.3 0.1 2109 BancodeCreditodeBolivia 149.2 0.1 3110 BSPHoldings Ltd 146.6 0.1 1111 BancaPopolare Italiana 141.1 0.1 1112 ArabBankLtd 138.6 0.1 2113 GECapital 137.5 0.1 1114 Woori FinancialGroup 131.4 0.1 2115 BankNederlandseGemeenten NV 131.1 0.1 2116 Centrobanca 130.2 0.1 4117 BankMuscatAlAhli AlOmani 125.7 0.1 1

=117 NationalBankofOmanLtd 125.7 0.1 1=117 SoharBank 125.7 0.1 1120 EuropeanArabBankLtd 124.9 0.1 1121 ErsteGroup 122.6 0.1 2122 BankofAyudhyaPlc 120.9 0.1 1

=122 Kasikornbank PCL 120.9 0.1 1124 AlmondzGlobal Securities Ltd 120.2 0.1 1

=124 PunjabNationalBank 120.2 0.1 1=124 SPAMerchantBankers 120.2 0.1 1127 IBA 120.0 0.1 1128 CaixadeGalicia 119.9 0.1 3129 FortisBankNederlandNV 118.1 0.1 2130 EFGGroup 115.8 0.1 2131 ChinaDevelopmentBank 114.7 0.1 1132 BMOCapitalMarkets 113.5 0.1 2

=132 KrungThaiBank 113.5 0.1 2=132 SiamCommercialBankPLC 113.5 0.1 2135 IslamicDevelopmentBank 113.3 0.1 1136 TriodosBankNV 102.6 0.1 4137 PiraeusBankSA 98.2 0.1 1138 TDSecurities Inc 97.0 0.1 2139 UnitedOverseasBankLtd 94.1 0.1 1140 CajadeAhorros yMZaragoza 90.5 0.1 1141 HandelsbankenCapitalMarkets 89.8 0.1 1142 BancodeValenciaSA 85.6 0.1 1143 RMBHoldings Ltd 84.0 0.1 1144 AlHilal IslamicBank 82.0 0.1 1145 Landesbank Baden-Wurttemberg 77.5 0.1 2146 BancoGeneral SA 75.0 0.1 1147 AMPAssetManagementPLC 74.4 0.1 1148 KoreaExchangeBank 73.6 0.1 1149 Raiffeisen Zentralbank 73.4 0.1 1150 Caixad'Estalvis deCatalunya 72.9 0.1 2151 ShinhanFinancialGroupLtd 72.7 0.1 2152 CajaCantabria 72.6 0.1 2

=152 CajaDeBadajoz 72.6 0.1 2154 CajadeCastilla laMancha 72.4 0.1 1155 IndustrialBankofKorea 70.8 0.1 1156 AlKhaliji CommercialBank 70.0 0.1 1

=156 BankofBaroda 70.0 0.1 1=156 FransabankSAL 70.0 0.1 1159 DepfaDeutschePfandbriefbank 68.9 0.1 1

160 CaixadeAforros deVigoeOur 65.1 0.1 1161 YesBankLtd 64.5 0.1 1162 BancoEstado 63.1 0.1 1163 FIHPartners AS 62.6 0.0 1

=163 NykreditA/S 62.6 0.0 1165 SociedadesBolivar SA 62.5 0.0 3166 BankPolskaKasaOpieki SA 62.4 0.0 1167 SunTrustBanks 60.0 0.0 1168 BancoGallegoSA 59.6 0.0 2169 Export ImportBankofROC 57.4 0.0 1170 SocEspanolaBancaNegocios 57.2 0.0 2171 FirstEnergyCapital Corp 55.2 0.0 1172 InvestecPLC 54.6 0.0 1173 BangkokBank 53.0 0.0 1

=173 GovernmentSavingsBankof TH 53.0 0.0 1=173 HabibBankLtd 53.0 0.0 1=173 NationalAgricultural CoopFed 53.0 0.0 2=173 NationalBankofPakistan 53.0 0.0 2178 Prudential Securities Inc 46.7 0.0 1179 DZBank 44.7 0.0 1180 FinansbankAS 44.2 0.0 1

=180 TSKBMenkulDegerler 44.2 0.0 1182 ChinaMerchants Bank 43.9 0.0 1183 PhilippineNationalBank 43.4 0.0 1184 BANIF 40.2 0.0 2185 GrupoVotorantim 39.7 0.0 1186 MorganStanley 39.4 0.0 1187 Bankinter SA 39.0 0.0 2188 BankofNewYorkMellonCorp 38.8 0.0 1189 Caterpillar Financial Services 38.0 0.0 1190 KyoboLife InsuranceCo 37.7 0.0 1191 AgenceFrancaisedeDevel 35.0 0.0 1

=191 DEG-Deutsche Invest undEnt 35.0 0.0 1193 AlliedBankLtd 33.3 0.0 1

=193 BankAlfalah 33.3 0.0 1=193 FaysalBank Ltd 33.3 0.0 1=193 MeezanBankLimited 33.3 0.0 1=197 Bankcoop 32.3 0.0 1=197 HypothekarBank (Lenzburg) 32.3 0.0 1=197 LuzernerKantonalbank 32.3 0.0 1=197 UBS 32.3 0.0 1=197 Valiant Bank 32.3 0.0 1=197 VerbandSchweizerischer Kanton 32.3 0.0 1203 BancoCooperativoEspanol 30.8 0.0 1

=203 BancoPastor SA 30.8 0.0 1=203 CajadeExtremadura 30.8 0.0 1=203 MontedePiedadHuelvaySevilla 30.8 0.0 1207 NederlandseFin.-Maat. 30.0 0.0 1208 Al-Ahli UnitedBank 29.2 0.0 1

=208 DohaBank 29.2 0.0 1210 CooperativeBankPLC 29.1 0.0 1211 CreditoValtellinese 28.3 0.0 1

=211 Exportkreditnamnden (EKN) 28.3 0.0 1



GLOBAL INITIAL MANDATED LEAD ARRANGERS CONTINUED


occupied by Indian banks – an indication of the robustamount of infrastructure activities in that country. Caly-on is fifth and is the only French or European bank in theregion's top 10.

The other five top arrangers are regional banks.They are Australian banks CBA in sixth, NAB in seventhand ANZ in eighth position; and Japanese banks SMBCand BTMU, in ninth and 10th position respectively.Extending the list, the third major Japanese bankMizuho is in 11th while the fourth Australian bankWestpac is in 12th. Indeed, the top arrangers are all banksfrom the region – India, Australia and Japan – except forCalyon.

India surged to become the biggest and busiest marketlast year, toppling Australia from the previous year's poleposition. Almost US$30bn worth of deals were signed inthe country of Taj Mahal during the year, accounting formore than half (53%) of the total loan volume in Asia-Pacif-ic. Australia was a distant second with 33 deals forUS$12.3bn, some US$18bn less than India's record. Butthat was still healthy performance, supported by theA$4.5bn Aquasure deal, despite the global financial cri-sis.

Papua New Guinea was another surprise – it ended asthe third largest market with US$4.7bn, thanks to themassive PNG LNG project loan, which featured an inter-esting mix of ECA funding and bank lending. Singaporeand Indonesia were the fourth and fifth busiest markets,largely due to power financings and refinancings. Othermarkets such as South Korea and Japan were largely busywith social infrastructure such as schools and library PPPfundings. Japan had the Narita Rapid Rail project, one oflargest infrastructure projects there.

The power sector continued to dominate lendingactivities. More than US$22.3bn worth of loans for53 transactions were signed during the year. They madeup of almost 40% of the whole market, and possibly arecord high volume for that sector. The oil and gas sec-tor seems to be returning. It was second busiest withUS$9.2bn of deals. The transportation sector was alsoanother hectic industry and the third largest withUS$8.3bn of deals done. Also grabbing a big piece of the

loans pie were the telecoms and water and seweragesectors, ranking fourth and fifth with US$7.35bn andUS$3.3bn respectively.

On the advisory table, PwC led with 22 new mandatesawarded to it in 2009. E&Y and SBI Capital were secondand third respectively with 12 mandates each, whileKPMG had 11 and Grant Thornton eight.

SG topped the list on closed advisory deals. While it onlyhad one completed deal, the project was the massiveUS$14bn PNG LNG facility. PwC was second busiestadviser with 11 deals signed US$6.4bn, and third was Mac-quarie with five deals and US$4.3bn.

Europe,MiddleEast&AfricaLoan volumes in the project finance market dropped fromUS$138bn in 2008 to a more modest, and perhaps real-istic, US$62.5bn in 2009 – a 55% fall. This was a huge dropbut given that the 2008 figure was so high, not surpris-ing.

Last year could have been much better. There werethree mega deals in the global project finance market thatbanks were working on in the latter half of 2009 – NordStream, Jubail and PNG LNG. While PNG LNG reached aclose the others did not, despite making a lot of progress.If Nord Stream and Jubail had reached financial close, thedrop would have been about 40%.

2009LeagueTables

India surgedtobecomethebiggestandbusiestmarket lastyear,topplingAustralia.

http://www.pfie.com

213 UBAF 27.1 0.0 1214 BankofAmericaMerrill Lynch 26.0 0.0 1

=214 SEBEnskilda 26.0 0.0 1216 SiemensFinancial Services 25.9 0.0 1217 PKOBP 23.7 0.0 1218 BankPHB 23.6 0.0 1

=218 OceanicBank (Nigeria) 23.6 0.0 1

=218 SkyeBank 23.6 0.0 1=218 UnitedBank forAfricaPLC 23.6 0.0 1222 CajaNavarra 7.2 0.0 1

=222 KutxaGuipuzcoa 7.2 0.0 1224 HyakujushiBank Ltd 4.7 0.0 1

Total* 139,186.2 100.0 461



GLOBAL INITIAL MANDATED LEAD ARRANGERS CONTINUED

Power 56,289.1

Oil&Gas 25,639.6

Transportation 25,450.9

Telecommunications 8,117.6

PPP 7,473.6

Water&Sewerage 4,698.6

Mining 4,070.9

Industry 3,454.2

Petrochemicals 2,797.4

Waste&Recycling 1,194.3

Total 139,186.2

Sector Volume (US$m)

GLOBAL LOANS BY SECTOR

13 January2010 |pfi | 51http://www.pfie.comhttp://www.pfie.com

1 Calyon 1,631.6 8.1 26 OdebrechtDrillships (Brazil, 75.4), CampicheCoal-Fired Plant (Chile, 107.5),Astoria II PowerPlant (United

States, 170.5),MineraEsperanza (Chile, 80.0), Interstate 5953Toll Lanes (UnitedStates, 65.1),Heartland

Wind II LLC (UnitedStates, 49.0), Votorantim Metais Cajamarquilla (Peru, 75.0), EmbratelWireless

Broadband (Brazil, 40.0), Rubiales FieldExpansion (Colombia, 50.0), PacificHydroChacayes (Chile, 53.0),

BridgepointHospital (Canada, 50.1), PecemThermalPlant (Brazil, 60.0),Manzanillo LNG (Mexico, 59.8),Alta

Wind I (UnitedStates, 46.7),HatchetRidgeWindFarm (UnitedStates, 40.1), CiaMinera LosPelambres Ltda

(Chile, 63.1), Rubiales FieldExpansion (Colombia, 6.3),

PanAmericanEnergyOilAssets (Argentina, 34.3), Port ofMiami Tunnel (UnitedStates, 34.1), ChicagoStreet

PrkngConcsion (UnitedStates, 80.0), Rubiales FieldExpansion (Colombia, 6.3), Toronto SouthDetention

Centre (Canada, 91.8), CalpineSteamboatHoldings (UnitedStates, 62.3), ValleyRoadFundingLLC (United

States, 125.0),RodoanelOeste (Brazil, 66.7), ItiquiraHydroelectric (Brazil, 39.7)

2 MitsubishiUFJ Financial 1,511.1 7.5 28 FowlerRidgeWindFarmPhase1 (UnitedStates, 32.6), EtescoConstrucoes (Brazil, 63.3),Aquilo LPULC

Group (Canada, 38.1),DeerParkPowerPlant (UnitedStates, 52.0),Astorial II PowerPlant (UnitedStates, 170.5),

Continental EnergySystems (UnitedStates, 60.0),MineraEsperanza (Chile, 80.0), ElbaExpressCo (United

States, 43.1),GasOpportunityMV20BV (Brazil, 85.6),Heartland Wind II LLC (UnitedStates, 49.0), Votorantim

Metais Cajamarquilla (Peru, 75.0),GenConnEnergyPowerPlants (UnitedStates, 24.3),

GenConnEnergyPowerPlants (UnitedStates, 58.2),GenConnEnergyPowerPlants (UnitedStates, 30.4),

Otter Tail Corp (UnitedStates, 25.0), SBMDeepPanukeSA (Canada, 87.5),Manzanillo LNG (Mexico, 59.8),

VientoFunding II Inc (UnitedStates, 25.9),HoosierWindFarm (UnitedStates, 49.0),HatchetRidgeWind

Farm (UnitedStates, 40.1), CiaMinera LosPelambres Ltda (Chile, 63.1),Antofagasta PLC-Esperanza&El

(Chile, 65.0), Lost CreekWindFacility (UnitedStates, 46.3), CalpineSteamboatHoldings (UnitedStates, 62.3),

BlackHillsWyoming (UnitedStates, 30.0), FPLCalhounEnergy LLC (UnitedStates, 32.0),Gosfield Wind

(Canada, 46.9),Arnprior Solar (Canada, 16.3)

3 WestLBAG 1,317.2 6.6 21 SantaRitaNickel Sulphide (Brazil, 38.0),OdebrechtDrillships (Brazil, 75.4),DeerParkPowerPlant (United

States, 52.0),Astoria II PowerPlant (UnitedStates, 170.5), Interstate 5933Toll Lanes (UnitedStates, 65.1),

LongviewWtr Treatmnt Facility (UnitedStates, 130.0),GenConnEnergyPowerPlants (UnitedStates, 24.3),

AlaskanStar (Brazil, 50.0), Rubiales FieldExpansion (Colombia, 50.0), FrankeMine (Chile, 30.0), Pacific

HydroChacayes (Chile, 53.0), VientoFunding II Inc (UnitedStates, 25.9),AbengoaTransmision NorteSA

(Peru, 39.3),HatchetRidgeWindFarm (UnitedStates, 40.1), Rubiales FieldExpansion (Colombia, 6.3), Port

ofMiami Tunnel (UnitedStates, 34.1), Rubiales FieldExpansion (Colombia, 6.3), CalpineSteamboatHoldings

(UnitedStates, 62.3), ValleyRoadFundingLLC (UnitedStates, 125.0), ItiquiraHydroelectric (Brazil, 39.7),

BlackGoldSemi-Submersible (Brazil, 200.0)

4 BNPParibasSA 1,067.4 5.3 19 OdebrechtDrillships (Brazil, 75.4), CampicheCoal-Fired Plant (Chile, 107.5),Milford IWind (UnitedStates,

47.1), Votorantim Metais Cajamarquilla (Peru, 75.0),GenConnEnergyPowerPlants (UnitedStates, 58.2),

NorthernStarGenPortfolio (UnitedStates, 50.0), Rubiales FieldExpansion (Colombia, 50.0), Kingston&St.

AndrewWater (Jamaica, 71.0), VientoFunding II Inc (UnitedStates, 25.9),AbengoaTransmision NorteSA

(Peru, 39.3), Rubiales FieldExpansion (Colombia, 6.3), PanAmericanEnergyOilAssets (Argentina, 34.3),

Boralex Inc (Canada, 47.0), Port ofMiami Tunnel (UnitedStates, 34.1), Petroterminal dePanamaSA

(Panama,75.0), ChicagoStreet PrkingConcsion (UnitedStates, 80.0), Rubiales FieldExpansion (Colombia,

6.3), Terra-Gen Power LLC (UnitedStates, 60.0), ValleyRoadFundingLLC (UnitedStates, 125.0)

5 SocieteGenerale 1,019.9 5.1 14 OdebrechtDrillships (Brazil, 75.4), FowlerRidgeWindFarmPhase I (UnitedStates, 32.6), EtescoConstrucoes

(Brazil, 63.3),Astoria II PowerPlant (UnitedStates, 170.5),Milford IWind (UnitedStates, 47.1), Interstate 595

3Toll Lanes (UnitedStates, 65.1), Votorantim Metais Cajamarquilla (Peru, 75.0), EmbratelWireless

Broadband (Brazil, 40.0),NiagaraHealthSystem (Canada, 38.8), PacificHydroChacayes (Chile, 53.0),

HoustonPropylene Plant (UnitedStates, 205.0),HatchetRidgeWindFarm (UnitedStates, 40.1), Port ofMiami

Tunnel (UnitedStates, 34.1), ChicagoStreet PrkngConcsion (UnitedStates, 80.0)

6 MizuhoFinancialGroup 745.6 3.7 7 EtescoConstrucoes (Brazil, 63.3),Aquilo LPULC (Canada, 38.1),MineraEsperanza (Chile, 80.0), EurusBull

CreekWindLLC (UnitedStates, 239.4),Manzanillo LNG (Mexico, 59.8),Antofagasta PLC-Esperanza&El

(Chile, 65.0),BlackGoldSemi-Submersible (Brazil, 200.0)

7 ING 737.5 3.7 11 OdebrechtDrillships (Brazil, 75.4), EtescoConstrucoes (Brazil, 63.3),DeerParkPowerPlant (UnitedStates,

52.0),MineraEsperanza (Chile, 80.0), ElbaExpressCo (UnitedStates, 39.4),AlaskanStar (Brazil, 50.0),

Leadmanager Volume (U$Sm) % Noofdeals Deals

AMERICAS INITIAL MANDATED LEAD ARRANGERS


2009LeagueTables

GenConnEnergyPowerPlant (UnitedStates, 58.2), SBMDeepPanukeSA (Canada, 87.5), Port ofMiami

tunnel (UnitedStates, 34.1), Terra-Gen Power LLC (UnitedStates, 60.0), PortRiver FundingLLC (United

States, 137.5)

8 UniCreditGroup 593.6 3.0 9 SantaRitaNickel Sulphide (Brazil, 38.0),Heartland Wind II LLC (UnitedStates, 49.0), CombineHills II LLC

(UnitedStates, 40.8),GrandRidge II& IIIWindfarm (UnitedStates, 93.1), Port ofMiami Tunnel (UnitedStates,

34.1), Lost CreekWindFacility (UnitedStates, 46.3), CalpineSteamboatHoldings (UnitedStates, 62.3),Black

HillsWyoming (UnitedStates, 30.0),BlackGoldSemi-Submersible (Brazil, 200.0)

9 SumitomoMitsui FinlGrp Inc 532.6 2.7 6 UsiminasSantanadoParaiso (Brazil, 178.9), EtescoConstrucoes (Brazil, 63.3),MineraEsperanza (Chile,

80.0),GasOpportunityMV20BV (Brazil, 85.6),Manzanillo LNG (Mexico, 59.8),Antofagasta PLC-Esperanza&

El (Chile, 65.0)

10 Santander 524.8 2.6 11 OdebrechtDrillships (Brazil, 75.4), FowlerRidgeWindFarmPhase1 (UnitedStates, 32.6),Milford IWind

(UnitedStates, 47.1), Interstate 5953Toll Lanes (UnitedStates, 65.1),Heartland Wind II LLC (UnitedStates,

49.0), EmbratelWireless Broadband (Brazil, 40.0),AlaskanStar (Brazil, 50.0), CiaMinera LosPelambres Ltda

(Chile, 63.1), Port ofMiami Tunnel (UnitedStates, 34.1), Lost CreekWindFacility (UnitedStates, 46.3),Oaxaca

IWind (Mexico, 22.1)

11 BancoEspirito SantoSA 518.7 2.6 9 OdebrechtDrillships (Brazil, 75.4),AguasdoAmazonas (Brazil, 8.3),Milford IWind (UnitedStates, 47.1),

Royal VictoriaHospital (Canada, 58.9),Glacier I (UnitedStates, 9.5), Toronto SouthDetention Centre (Canada,

91.8), ValleyRoadFundingLLC (UnitedStates, 125.0),RodoanelOeste (Brazil, 66.7), CAMH(Canada, 36.1)

12 StandardChartered PLC 493.1 2.5 4 EtescoConstrucoes (Brazil, 63.3),Manzanillo LNG (Mexico, 59.8), Petrobras &Mitsubishi (Brazil, 170.0),

BlackGoldSemi-Submersible (Brazil, 200.0)

13 DexiaSA 462.5 2.3 11 FowlerRidgeWindFarmPhase1 (UnitedStates, 32.6), Interstate 5953Toll Lanes (UnitedStates, 65.1),

BridgepointHospital (Canada, 50.1), VientoFunding II Inc (UnitedStates, 25.9), CombineHills II LLC (United

States, 40.8),GrandRidge II& IIIWindfarm (UnitedStates, 93.1),HoosierWindFarm (UnitedStates, 49.0),

Port ofMiami Tunnel (UnitedStates, 34.1),BentonCountyWindFarmLLC (UnitedStates, 19.5), CAMH

(Canada, 36.1),Amprior Solar (Canada, 16.3)

14 ExportDevelopmentCanada 435.8 2.2 5 Astoria II PowerPlant (UnitedStates, 170.5), SBMDeepPanukeSA (Canada, 87.5), CiaMinera LosPelambres

(Chile, 63.1), Petroterminal dePanamaSA (Panama,75.0), ItiquiraHydroelectric (Brazil, 39.7)

15 Natixis 427.5 2.1 7 Astoria II PowerPlant (UnitedStates, 170.5), EmbratelWireless Broadband (Brazil, 40.0),GenConnEnergy

PowerPlants (UnitedStates, 24.3),GenConnEnergyPowerPlants (UnitedStates, 30.4),HatchetRidgeWind

Farm (UnitedStates, 40.1), Terra-Gen Power LLC (UnitedStates, 60.0), CalpineSteamboatHoldings (United

States, 62.3)

16 ItauUnibanco 414.2 2.1 3 AguasdoAmazonas (Brazil, 8.3), JirauHydroelectric Plant (Brazil, 330.9), Petroterminal dePanamaSA

(Panama,75.0)

17 BancodoBrasil SA 406.3 2.0 2 OdebrechtDrillships (Brazil, 75.4), JirauHydroelectric Plant (Brazil, 330.9)

18 BBVA 374.4 1.9 9 FowlerRidgeWindFarmPhase I (UnitedStates, 32.6), Interstate 5953Toll Lanes (UnitedStates, 65.1),

EmbratelWireless Broadband (Brazil, 40.0),Manzanillo LNG (Mexico, 59.8), CiaMinera LosPelambres Ltda

(Chile, 63.1), SanLuisPotosi PPPUniversity (Mexico, 25.6), Port ofMiami Tunnel (UnitedStates, 34.1),

Oaxaca IWind (Mexico, 22.1), FPLCalhounEnergy LLC (UnitedStates, 32.0)

19 BancoBradescoSA 339.2 1.7 2 AguasdoAmazonas (Brazil, 8.3), JirauHydroelectric Plant (Brazil, 330.9)

20 CoBankACB 334.3 1.7 8 SnowflakeBiomassPlant (UnitedStates, 53.3), Continental EnergySystems (UnitedStates, 60.0),Milford I

Wind (UnitedStates, 47.0),GenConnEnergyPowerPlants (UnitedStates, 24.3),GenConnEnergyPower

Plants (UnitedStates, 30.4),WapsipiniconWindProject (UnitedStates, 27.0), CalpineSteamboatHoldings

(UnitedStates, 62.3),BlackHillsWyoming (UnitedStates, 30.0)

21 RBS 334.1 1.7 7 Continental EnergySystems (UnitedStates, 60.0),Milford IWind (UnitedStates, 47.1),GenConnEnergy

PowerPlants (UnitedStates, 24.3),GenConnEnergyPowerPlants (UnitedStates, 58.2),GenConnEnergy

PowerPlants (UnitedStates, 30.4), Port ofMiami Tunnel (UnitedStates, 34.1), ChicagoStreet PrkngConcsion

(UnitedStates, 80.0)

22 BancodoNordestedoBrasilSA 330.9 1.7 1 JirauHydroelectric Plant (Brazil, 330.9)

=22 CaixaEconomicaFederal 330.9 1.7 1 JirauHydroelectric Plant (Brazil, 330.9)

24 LloydsBankingGroup 280.5 1.4 4 Heartland Wind II LLC (UnitedStates, 49.0),BentonCountyWindFarmLLC (UnitedStates, 19.5), FPLCalhoun

Energy LLC (UnitedStates, 32.0), I4SelmonExpresswayConnector (UnitedStates, 180.0)


AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED


25 Nord/LB 251.2 1.3 5 RoyalVictoriaHospital (Canada, 58.9),WapsipiniconWindProject (UnitedStates, 27.0),BentonCountyWind

FarmLLC (UnitedStates, 19.5), Lost CreekWindFacility (UnitedStates, 54.1), Toronto SouthDetention Centre

(Canada, 91.8)

26 BarclaysCapital 226.1 1.1 3 SantaRitaNickel Sulphide (Brazil, 38.0), ElbaExpressCo (UnitedStates, 43.1),BRSPLLC (UnitedStates,

145.0)

27 NIBCNV 212.9 1.1 3 OdebrechtDrillships (Brazil, 75.4),AlaskanStar (Brazil, 50.0), SBMDeepPanukeSA (Canada, 87.5)

28 Landesbank 206.8 1.0 5 Heartland Wind II LLC (UnitedStates, 49.0),WapsipiniconWindProject (UnitedStates, 27.0),HoosierWind

Hessen-Thueringen Farm (UnitedStates, 49.0),BentonCountyWindFarmLLC (UnitedStates, 19.5), CalpineSteamboatHoldings

(UnitedStates, 62.3)

29 CaixaGeral deDepositos 202.1 1.0 3 OdebrechtDrillships (Brazil, 75.4), PecemThermalPlant (Brazil, 60.0), RodoanelOeste (Brazil, 66.7)

30 Scotiabank-Bank ofNova 202.0 1.0 5 VientoFunding II Inc (UnitedStates, 25.9), CiaMinera LosPelambres Ltda (Chile, 63.1),BlackHillsWyoming

Scotia (UnitedStates, 30.0), CAMH(Canada, 36.1),GosfieldWind (Canada, 46.9)

31 Citi 194.8 1.0 2 PortodoPecem II (Brazil, 134.8), Terra-Gen Power LLC (UnitedStates, 60.0)

32 CITGroup Inc 191.7 1.0 2 BRSPLLC (UnitedStates, 145.0),AltaWind I (UnitedStates, 46.7)

33 RBCCapitalMarkets 190.1 1.0 3 Continental EnergySystems (UnitedStates, 60.0),BridgepointHospital (Canada, 50.1), ChicagoStreet Prkng

Concsion (UnitedStates, 80.0)

34 DnBNORBANKASA 179.6 0.9 3 Totoral Windfarm (Chile, 61.5), Interstate 5953Toll Lanes (UnitedStates, 65.1), PacificHydroChacayes

(Chile, 53.0)

35 Caixad'Estalvis yPensions 175.4 0.9 1 Mexico-Pacifico NorteHighway (Mexico, 175.4)

=35 GrupoFinanciero InbursaSA 175.4 0.9 1 Mexico-Pacifico NorteHighway (Mexico, 175.4)

37 KeyBanc CapitalMarkets Inc 160.8 0.8 4 Milford IWind (UnitedStates, 47.1),Otter Tail Corp (UnitedStates, 25.0), VientoFunding II Inc (UnitedStates,

25.9), KraynWindFarm (UnitedStates, 62.9)

38 HSBCHoldingsPLC 150.4 0.8 2 OdebrechtDrillships (Brazil, 75.4), Petroterminal dePanamaSA (Panama,75.0)

39 GECapital 137.5 0.7 1 PortRiver FundingLLC (UnitedStates, 137.5)

40 NationalAustralia Bank 124.0 0.6 2 RoyalVictoriaHospital (Canada, 58.9), Interstate 5953Toll Lanes (UnitedStates, 65.1)

41 HSHNordbank 123.1 0.6 2 Milford IWind (UnitedStates, 47.1), StetsonWindFarm (UnitedStates, 76.0)

42 Credit Suisse 123.0 0.6 2 SantaRitaNickel Sulphide (Brazil, 38.0), LeaPowerPartners LLC (UnitedStates, 85.0)

43 BMOCapitalMarkets 113.5 0.6 2 NiagaraHealthSystem (Canada, 38.8),Bondfield ConstructionCoLtd (Canada, 74.7)

44 BancodeSabadell 107.2 0.5 3 FowlerRidgeWindFarmPhase I (UnitedStates, 32.6), Interstate 5953Toll Lanes (UnitedStates, 65.1),

Glacier I (UnitedStates, 9.5)

45 CreditMutuel SA 102.4 0.5 2 OdebrechtDrillships (Brazil, 75.4),WapsipiniconWindProject (UnitedStates, 27.0)

46 CajaMadrid 97.7 0.5 2 FowlerRidgeWindFarmPhase I (UnitedStates, 32.6), Interstate 5953Toll Lanes (UnitedStates, 65.1)

47 TDSecurities Inc 97.0 0.5 2 NiagaraHealthSystem (Canada, 38.8),GenConnEnergyPowerPlants (UnitedStates, 58.2)

48 CommerzbankAG 81.6 0.4 2 FowlerRidgeWindFarmPhase I (UnitedStates, 32.6),Heartland Wind II LLC (UnitedStates, 49.0)

49 BancoGeneral SA 75.0 0.4 1 Petroterminal dePanamaSA (Panama,75.0)

50 BancodeCreditodeBolivia 65.1 0.3 1 Interstate 5953Toll Lanes (UnitedStates, 65.1)

=50 CaixadeAforros deVigoeOur 65.1 0.3 1 Interstate 5953Toll Lanes (UnitedStates, 65.1)

52 BancoEstado 63.1 0.3 1 CiaMinera LosPelambres Ltda (Chile, 63.1)

=52 KfWBankengruppe 63.1 0.3 1 CiaMinera LosPelambres Ltda (Chile, 63.1)

54 SociedadesBolivar SA 62.5 0.3 3 Rubiales FieldExpansion (Colombia, 50.0), Rubiales FieldExpansion (Colombia, 6.3), Rubiales Field

Expansion (Colombia, 6.3)

55 Bankof Ireland 62.3 0.3 1 CalpineSteamboatHoldings (UnitedStates, 62.3)

56 BancoComercial PortuguesSA 60.0 0.3 1 PecemThermalPlant (Brazil, 60.0)

=56 SunTrustBanks 60.0 0.3 1 Continental EnergySystems (UnitedStates, 60.0)

58 DevelopmentBankof Japan Inc 59.8 0.3 1 Manzanillo LNG (Mexico, 59.8)

59 Prudential Securities Inc 46.7 0.2 1 AltaWind I (UnitedStates, 46.7)

60 Rabobank 46.3 0.2 1 Lost CreekWindFacility (UnitedStates, 46.3)

61 Landesbank 40.1 0.2 1 HatchetRidgeWindFarm (UnitedStates, 40.1)

Baden-Wurttemberg

62 GrupoVotorantim 39.7 0.2 1 ItiquiraHydroelectric (Brazil, 39.7)

63 MorganStanley 39.4 0.2 1 ElbaExpressCo (UnitedStates, 39.4)




That notwithstanding, it was still a very tough year.And it is highly unlikely that volumes in the marketwill ever reach the 2007 and 2008 heights again. Forone thing, the number of projects is just not there.Deals are more profitable for banks, and projectfinance as a credit asset class has performed verywell – so the market is in good shape – but it isunlikely to recover fully to the levels of the boomyears.

French and Spanish banks had a good year. Calyon andBNP Paribas topped the loan tables, followed by BBVA, San-tander and SG. The other significant performer in theregion was Standard Chartered – which showed up wellin Africa and the Middle East, its emerging markets ter-ritory.

The bond market had a rough time in the EMEAregion. The Dolphin pipeline refinancing and the Ras Laf-fan LNG bonds were the only ones transacted. Impor-tantly, both had strong credit histories and were rated inthe Single A territory. Demand from investors for paperin the traditional BBB+ area where project finance liveswas a lot more limited.

Spain topped the country tables on US$10.1bn,perhaps surprisingly given the depth of the country'srecession. The UK followed, with the UAE next. Ghana wasseventh on US$2.7bn due to the Tullow and KosmosJubilee deals, which set the market alight earlier in theyear.

The Middle East region had a fairly tough time, withloan volumes dropping from US$25.7bn to US$12.1bn –although the 50% drop was replicated in most otherproject finance market across the world. And if you addin the two project bonds from the region, totallingUS$3.6bn, the fall is actually much better than the glob-al average at 36%.

The African project finance market was – asidefrom India – the only market that actually grew in 2009,to US$5.6bn from US$4bn in 2008, although it hadreached US$9.2bn in 2007. The Jubilee deals clearlyhelped.

Sectorally, power remained a stalwart with the renew-ables sector growing in importance. Transportationand oil and gas were the next highest, as in previousyears.

2009LeagueTables

64 BankofNewYorkMellonCorp 38.8 0.2 1 NiagaraHealthSystem (Canada, 38.8)

65 Caterpillar Financial Services 38.0 0.2 1 SantaRitaNickel Sulphide (Brazil, 38.0)

66 KoreaDevelopmentBank 34.3 0.2 1 PanAmericanEnergyOilAssets (Argentina, 34.3)

67 Bayerische Landesbank Giro 32.0 0.2 1 FPLCalhounEnergy LLC (UnitedStates, 32.0)

68 Investec 25.9 0.1 1 VientoFunding II Inc (UnitedStates, 25.9)

=68 SiemensFinancial Services 25.9 0.1 1 VientoFunding II Inc (UnitedStates, 25.9)

70 JPMorgan 25.0 0.1 1 Otter Tail Corp (UnitedStates, 25.0)

Total* 20,057.7 100.0 85

Proportional CreditSource: Thomson Reuters



Power 9,999.6

Oil&Gas 4,417.8


Mining 1,620.0

PPP 965.9

Water&Sewerage 226.0

Telecommunications 200.0

Petrochemicals –

Industry –

Total 20,057.7


AMERICAS LOANS BY SECTOR

UnitedStatesofAmerica 9,334.9 46.5 40

Brazil 5,547.9 27.7 15

Chile 1,618.5 8.1 7

Canada 1,539.6 7.7 11

Mexico 839.1 4.2 4

Peru 378.6 1.9 2

Panama 375.0 1.9 1

Colombia 250.0 1.3 3

Argentina 103.0 0.5 1

Jamaica 71.0 0.4 1

Total 20,057.7 100.0 85


AMERICAS LOANS BY COUNTRY


1 StateBankof India 19,923.3 35.2 36 SasanPower Ltd (India, 2,887.1),WRT [Maharshtra] Power (India, 134.1),AdaniPowerMaharashtra Ltd

(India, 1,075.2),WRT [Gujarat] Power (India, 69.3), Sterlite Energy Ltd (India, 526.7),MundraPort&Special

EcoZone (India, 237.0),AdaniPower Ltd (India, 1,482.9),Meenakshi EnergyPvt Ltd (India, 206.9),ONGC

Petro-additions Ltd (India, 1,814.1),Delhi-Gurgaon Super (India, 268.2), IndusTowers Ltd (India, 265.8),

Vijayawada Tollway Pvt Ltd (India, 122.5), VodafoneEssar Ltd (India, 2,006.0), JubilantOffshoreDrilling

(India, 135.5),AdaniPower Ltd (India, 21.0),GTL Infrastructure Ltd (India, 144.0), JaigadPowerTransco Ltd

(India, 87.2),Aircel Ltd (India, 2,279.8), Prithvi FerroAlloysPvt Ltd (India, 16.5),MNAL (India, 107.5),

JaiprakashPower Ventures Ltd (India, 340.6),Arshiya Rail Infrastructure (India, 86.5),B&CMachinery Ltd

(India, 30.1), Indus Towers Ltd (India, 469.0),UnitechWireless Ltd (India, 1,047.6),AdaniPower

Maharashtra Ltd (India, 447.3), AnrakAluminumLtd (India, 322.8), Cairn India Ltd (India, 861.0),AWEL

(India, 27.2), Indiabulls Power Ltd (India, 1,107.4), CorporatePower Ltd (India, 471.3),DhulePalesner

Tollway Ltd (India, 228.0),GSPCGasExpansion (India, 179.8), JaiprakashHydro-Power Ltd (India, 224.8),

JaiprakashHydro-Power Ltd (India, 64.4), LoopTelecomRoll-out (India, 128.4)

2 IDBIBank Ltd 3,989.2 7.1 11 DalmiaCementVentures Ltd (India, 652.1), Sterlite Energy Ltd (India, 386.7), Jhajjar Power Ltd (India, 818.5),

PuneSolapurExpressways (India, 203.4), KalyanSangamInfratech Ltd (India, 45.0), PinkCity Expressway

(India, 197.8),RosaPowerSupplyCo (India, 690.1),BinaPowerSupplyCoLtd (India, 415.5), L&TAhmedabad

Maliya Tollway (India, 268.4),BhushanSteel Ltd (India, 209.8),RosaPowerSupplyCo (India, 101.8)

3 Infrastructure DevFinance 2,390.5 4.2 16 GMRKamalangaEnergy Ltd (India, 716.6),AshokaHighways [Durg] Ltd (India, 84.3),Gujarat PipavavPort Ltd

(India, 253.0),Mundra Intl Container Terminal (India, 61.6),Bharti Infratel Ltd (India, 117.7), Industrial

Energy Ltd (India, 168.0),Gujarat StatePetronet Ltd (India, 101.5), IndusTowers Ltd (India, 360.8),Mhaiskar

Infrastructure (India, 87.1),BPEnergy IndiaPvt Ltd (India, 71.7), Pioneer Power Towers Ltd (India, 10.0),

Pioneer Power Towers Ltd (India, 8.8),Wireless TT InfoServices Ltd (India, 103.9), IndusTowers Ltd (India,

85.3), Krishna HydroEnergy Ltd (India, 20.4),Wireless TT InfoServices Ltd (India, 140.0)

4 AxisBank Ltd 2,049.4 3.6 8 AbhijeetMADCNagpurEnergy (India, 152.1),DelhiAirportMetroExpress (India, 401.1), PinkCity

Expressway (India, 197.8),BadarpurFaridabadTollway Ltd (India, 78.8), Vidarbha IndustriesPower Ltd

(India, 344.4), EssarBulk Terminal Ltd (India, 107.8), KorbaWestPowerCompanyLtd (India, 444.8),Anrak

AluminumLtd (India, 322.8)

5 Calyon 1,968.5 3.5 17 YTLPowerSeraya Pte Ltd (Singapore, 198.4), CaiMep Intl Terminal Co Ltd (Vietnam, 200.0),OiltankingOdfjell

Terminal (Singapore, 45.7),HillsMotorway Management Ltd (Australia, 67.9),DBNGPFinanceCoPty Ltd

(Australia, 46.7),AquaSureFinancePty Ltd (Australia, 178.4),AirportMotorway Ltd (Australia, 69.0),

Waterloo WindFarmPty Ltd (Australia, 40.7),MTPHPPOManufacturing CoLtd (Thailand, 33.3),Westralia

Airports CorpPty (Australia, 80.4), LionPower [2008]Pte Ltd (Singapore, 105.5),BrisbaneAirport Finance

(Australia, 133.6), CairnEnergyHydrocarbons Ltd (India, 100.0),MelbourneAirport (Australia, 130.4), Epic

EnergyPty Ltd-SouthWest (Australia, 94.1), Interlink RoadsPty Ltd (Australia, 74.4), PNGLNGGlobal CoLDC

(PapuaNewGuinea, 370.0)

6 CommonwealthBankof 1,815.9 3.2 19 SPVFinancePty Ltd (Australia, 64.4), EnVic (Australia, 74.2),ATCOKarratha PowerStation (Australia, 65.4),

Australia AspireSchools FinancingSvcs (Australia, 20.5),HillsMotorway Management Ltd (Australia, 67.9), Plenary

ResearchPty Ltd (Australia, 55.8),DBNGPFinanceCoPty Ltd (Australia, 46.7),AquaSureFinancePty Ltd

(Australia, 178.4),BaskerManterGummyField (Australia, 35.0),AirportMotorway Ltd (Australia, 69.0),

Stella SASchoolsPty Ltd (Australia, 51.1),Westralia Airports CorpPty (Australia, 80.4), SeaGas (Australia,

54.5), Canberra Intl Airport (Australia, 176.5),Minerva&Athena Joint (Australia, 168.9), Epic EnergyPty Ltd-

SouthWest (Australia, 94.1),BBPFinanceAustralia Pty Ltd (Australia, 262.6), Interlink RoadsPty Ltd

(Australia, 74.4), PNGLNGGlobal CoLDC (PapuaNewGuinea, 176.2)

7 NationalAustralia Bank 1,811.2 3.2 19 YTLPowerSeraya Pte Ltd (Singapore, 198.4),AspireSchools FinancingSvcs (Australia, 20.5),AspireSchools

FinancingSvcs (Australia, 41.6),AspireSchools FinancingSvcs (Australia, 1.6),HillsMotorway Management

Ltd (Australia, 67.9), Plenary ResearchPty Ltd (Australia, 55.8),DBNGPFinanceCoPty Ltd (Australia, 46.7),

AquaSureFinancePty Ltd (Australia, 281.6),MountGibson Iron Ltd (Australia, 68.5), Stella SASchoolsPty Ltd

(Australia, 51.1),Waterloo WindFarmPty Ltd (Australia, 40.7),Westralia Airports CorpPty (Australia, 80.4),

LionPower [2008]Pte Ltd (Singapore, 105.5), SeaGas (Australia, 54.5),Australia JapanCable Ltd (Australia,

36.0),Hallett 4Pty Ltd (Australia, 52.5), Epic EnergyPty Ltd-SouthWest (Australia, 94.1),BBPFinance

Australia Pty Ltd (Australia, 262.6), PNGLNGGlobal CoLDC (PapuaNewGuinea, 251.2)


ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS


2009LeagueTables

8 ANZBankingGroup 1,774.4 3.1 18 Western EnergyPty Ltd (Australia, 55.3), SPVFinancePty Ltd (Australia, 64.4),AquaSureFinancePty Ltd

(Australia, 178.4),AirportMotorway Ltd (Australia, 69.0), ECUUniversity StudentAccom(Australia, 36.0),

Waterloo WindFarmPty Ltd (Australia, 40.7),Westralia Airports CorpPty (Australia, 80.4), LionPower [2008]

Pte Ltd (Singapore, 105.5), SeaGas (Australia, 54.5),Australia JapanCable Ltd (Australia, 36.0), Stadium

Investments Pty Ltd (Australia, 78.4),Malaysia OffshoreMobileProdn (Malaysia, 22.0),Hallett 4Pty Ltd

(Australia, 55.1), Epic EnergyPty Ltd-SouthWest (Australia, 94.1),BBPFinanceAustralia Pty Ltd (Australia,

262.6), Interlink RoadsPty Ltd (Australia, 74.4),NextGenNetworkExtension (Australia, 97.7), PNGLNG

Global CoLDC (PapuaNewGuinea, 370.0)

9 SumitomoMitsui FinlGrp Inc 1,586.0 2.8 12 YTLPowerSeraya Pte Ltd (Singapore, 198.4), EnVic (Australia, 74.2), Tokyo International Air Cargo (Japan,

297.5),AquaSureFinancePty Ltd (Australia, 178.4),MTPHPPOManufacturing CoLtd (Thailand, 33.3),

Westralia Airports CorpPty (Australia, 80.4), LionPower [2008]Pte Ltd (Singapore, 105.5), CairnEnergy

Hydrocarbons Ltd (India, 100.0),Minerva&Athena Joint (Australia, 168.9),Malaysia OffshoreMobileProdn

(Malaysia, 22.0), Epic EnergyPty Ltd-SouthWest (Australia, 94.1), PNGLNGGlobal CoLDC (PapuaNew

Guinea, 233.5)

10 MitsubishiUFJ Financial 1,499.2 2.7 15 YTLPowerSeraya Pte Ltd (Singapore, 198.4), EnergyPartnership [Gas]Pty (Australia, 34.6), Plenary Research

Group Pty Ltd (Australia, 17.1),DBNGPFinanceCoPty Ltd (Australia, 46.7),AquaSureFinancePty Ltd (Australia,

178.4),AirportMotorway Ltd (Australia, 69.0),MTPHPPOManufacturing CoLtd (Thailand, 33.3), LionPower

[2008]Pte Ltd (Singapore, 105.5), TsukubaUniversityHospital (Japan, 201.4),Hallett 4Pty Ltd (Australia,

52.5), Epic EnergyPty Ltd-SouthWest (Australia, 94.1),HiraoWindFirm (Japan, 10.4), SulawesiHydropower

Plant (Indonesia, 150.0), Interlink RoadsPty Ltd (Australia, 74.4), PNGLNGGlobal CoLDC (PapuaNew

Guinea, 233.5)

11 MizuhoFinancialGroup 1,452.5 2.6 15 TaegisanWindPowerCorp (SouthKorea, 26.5), ShinonomeNext CoLtd (Japan, 98.6), YokohamaDigestion

GasPower (Japan, 10.1), EuropaHouseGodoKaisya (Japan, 107.5),NaritaRapidRailAccess (Japan, 116.4),

SwimCityKagoshimaCorp (Japan, 14.2), TokushimaHighSchoolPFI (Japan, 4.7),AquaSureFinancePty Ltd

(Australia,178.4),AirportMotorwayLtd (Australia,69.0), LionPower [2008]PteLtd (Singapore,105.5),Eurus

EnergyNohejiCorp (Japan,43.0),MalaysiaOffshoreMobileProdn (Malaysia,22.0),Hallett4Pty Ltd (Australia,

136.8), SulawesiHydropowerPlant (Indonesia, 150.0), PNGLNGGlobal CoLDC (PapuaNewGuinea, 370.0)

12 WestpacBanking 1,286.8 2.3 16 SPVFinancePty Ltd (Australia, 64.4), EnVic (Australia, 74.2), SydneyAirport FinCoPty Ltd (Australia, 27.9),

EnergyPartnership [Gas]Pty (Australia, 34.6),HillsMotorway Management Ltd (Australia, 67.9), Plenary

ResearchPty Ltd (Australia, 55.8),DBNGPFinanceCoPty Ltd (Australia, 46.7), AquaSureFinancePty Ltd

(Australia, 281.6),AirportMotorway Ltd (Australia, 69.0), Stella SASchoolsPty Ltd (Australia, 51.1),Westralia

Airports CorpPty (Australia, 80.4),Australia Japan Cable Ltd (Australia, 36.0),Hallett 4Pty Ltd (Australia,

52.5), Epic EnergyPty Ltd-SouthWest (Australia, 94.1), Interlink RoadsPty Ltd (Australia, 74.4), PNGLNG

Global CoLDC (PapuaNewGuinea, 176.2)

13 BNPParibasSA 1,093.1 1.9 6 NorthernPowerGeneration (Pakistan, 122.1),AquaSureFinancePty Ltd (Australia, 178.4), Lion Power

[2008]Pte Ltd (Singapore, 105.5), SeaGas (Australia, 54.5),BBPFinanceAustralia Pty Ltd (Australia, 262.6),

PNGLNGGlobal CoLDC (PapuaNewGuinea, 370.0)

14 Natixis 945.1 1.7 6 YTLPowerSeraya Pte Ltd (Singapore, 198.4),MTPHPPOManufacturing CoLtd (Thailand, 33.3), Lion Power

(2008)Pte Ltd (Singapore, 105.5), Epic EnergyPty Ltd-SouthWest (Australia, 94.1),BBP FinanceAustralia

Pty Ltd (Australia, 262.6), PNGLNGGlobal CoLDC (PapuaNewGuinea, 251.2)

15 BankNegara Indonesia PT 903.3 1.6 6 PTGeoDipaEnergi (Indonesia, 103.1), PTTrans Jabar Toll (Indonesia, 176.8),MargaNujyasumo AgungPT

(Indonesia, 163.3), PTMargaSarana Jabar (Indonesia, 56.4), PTPriamanaya Energi (Indonesia, 237.8), PT

TransMarga Jateng (Indonesia, 166.0)

16 SocieteGenerale 838.1 1.5 4 LionPower [2008]Pte Ltd (Singapore, 105.5), CairnEnergyHydrocarbons Ltd (India, 100.0),BBPFinance

Australia Pty Ltd (Australia, 262.6), PNGLNGGlobal CoLDC (PapuaNewGuinea, 370.0)

17 StandardChartered PLC 608.1 1.1 5 Beijing GaoantunCoLtd (China, 43.9), L&TRajkotVadinar Tollway (India, 179.6),MTPHPPOManufacturing

CoLtd (Thailand, 33.3), CairnEnergyHydrocarbons Ltd (India, 100.0), PNGLNGGlobal CoLDC (PapuaNew

Guinea, 251.2)

18 KoreaDevelopmentBank 602.8 1.1 7 TaegisanWindPowerCorp (SouthKorea, 26.5),West Suwon-UiwangRoad (SouthKorea, 314.2),Greenair

Co Ltd (SouthKorea, 152.9), SeosanCity SewageSystem (SouthKorea, 62.4),GyeonggiPublic Schools (South

Korea, 26.0), IksanKnowledgeSharingCoLtd (SouthKorea, 9.1),HaeundaeLibrary (SouthKorea, 11.8)


ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS CONTINUED


19 IntesaSanPaolo 548.4 1.0 2 AquaSureFinancePty Ltd (Australia, 178.4), PNGLNGGlobal CoLDC (PapuaNewGuinea, 370.0)

20 HSBCHoldingsPLC 502.3 0.9 5 NorthernPowerGeneration (Pakistan, 122.1),AquaSureFinancePty Ltd (Australia, 178.4),MountGibson

Iron Ltd (Australia, 68.5),MTPHPPOManufacturing CoLtd (Thailand, 33.3), CairnEnergyHydrocarbons Ltd

(India, 100.0)

21 WestLBAG 491.6 0.9 4 Westralia Airports CorpPty (Australia, 80.4), SeaGas (Australia, 54.5), Epic EnergyPty Ltd-SouthWest

(Australia, 94.1),BBPFinanceAustralia Pty Ltd (Australia, 262.6)

22 UniCreditGroup 452.3 0.8 2 BBPFinanceAustralia Pty Ltd (Australia, 262.6), PNGLNGGlobal CoLDC (PapuaNewGuinea, 189.7)

23 DexiaSA 440.9 0.8 2 AquaSureFinancePty Ltd (Australia, 178.4),BBPFinanceAustralia Pty Ltd (Australia, 262.6)

24 BBVA 410.6 0.7 5 SPVFinancePty Ltd (Australia, 64.4),DBNGPFinanceCoPty Ltd (Australia, 46.7),AquaSureFinancePty Ltd

(Australia, 178.4),Waterloo WindFarmPty Ltd (Australia, 40.7),Westralia Airports CorpPty (Australia, 80.4)

25 Oversea-Chinese Banking 404.1 0.7 4 YTLPowerSeraya Pte Ltd (Singapore, 198.4),OiltankingOdfjell Terminal (Singapore, 45.7), LionPower [2008]

Pte Ltd (Singapore, 105.5), SeaGas (Australia, 54.5)

26 DeutscheBankAG 386.7 0.7 1 Sterlite Energy Ltd (India, 386.7)

27 DBSGroupHoldings 349.6 0.6 3 YTLPowerSeraya Pte Ltd (Singapore, 198.4),OiltankingOdfjell Terminal (Singapore, 45.7), LionPower [2008]

Pte Ltd (Singapore, 105.5)

28 CreditMutuel SA 345.4 0.6 2 EpicEnergyPty Ltd-SouthWest (Australia, 94.1), PNGLNGGlobal CoLDC (PapuaNewGuinea, 251.2)

29 Metropolitan Bank&Trust Co 333.3 0.6 1 CebuEnergyDevelopmentCorp (Philippines, 332.2)

30 DevelopmentBankof Japan Inc 317.7 0.6 2 NaritaRapidRailAccess (Japan, 116.4), TsukubaUniversityHospital (Japan, 201.4)

31 MacquarieGroup 277.5 0.5 3 DBNGPFinanceCoPty Ltd (Australia, 46.7),AquaSureFinancePty Ltd (Australia, 178.4),Hallett 4Pty Ltd

(Australia, 52.5)

32 KBFinancialGroup Inc 253.1 0.5 3 HanshinEnergyCoLtd (SouthKorea, 19.7), IncheonGrandBridge (SouthKorea, 70.8), YongmaTunnel

(SouthKorea, 162.6)

33 DnBNORBANKASA 251.2 0.4 1 PNGLNGGlobal CoLDC (PapuaNewGuinea, 251.2)

34 Malayan BankingBhd 231.7 0.4 2 YTLPowerSeraya Pte Ltd (Singapore, 198.4),MTPHPPOManufacturing CoLtd (Thailand, 33.3)

35 BankMandiri 222.4 0.4 2 PTMargaSarana Jabar (Indonesia, 56.4), PT TransMarga Jateng (Indonesia, 166.0)

36 KBCGroupNV 199.6 0.4 2 LionPower [2008]Pte Ltd (Singapore, 105.5), Epic EnergyPty Ltd-SouthWest (Australia, 94.1)

37 RBS 195.4 0.4 3 HillsMotorway Management Ltd (Australia, 67.9), LionPower [2008]Pte Ltd (Singapore, 105.5),Malaysia

OffshoreMobileProdn (Malaysia, 22.0)

38 BancoEspirito SantoSA 178.4 0.3 1 AquaSureFinancePty Ltd (Australia, 178.4)

=38 Industrial&CommBankChina 178.4 0.3 1 AquaSureFinancePty Ltd (Australia, 178.4)

=38 Santander 178.4 0.3 1 AquaSureFinancePty Ltd (Australia, 178.4)

41 BankRakyat Indonesia 166.0 0.3 1 PTTransMarga Jateng (Indonesia, 166.0)

42 ING 157.5 0.3 3 PT Jakarta TankTerminal [JTT] (Indonesia, 30.0), LionPower [2008]Pte Ltd (Singapore, 105.5),Malaysia

OffshoreMobileProdn (Malaysia, 22.0)

43 BSPHoldings Ltd 146.6 0.3 1 PNGPower Ltd (PapuaNewGuinea, 146.6)

44 Woori FinancialGroup 131.4 0.2 2 KoreaAutoValleyOperation (SouthKorea, 53.0),Woolsan GreenCoLtd (SouthKorea, 78.4)

45 BankofAyudhyaPlc 120.9 0.2 1 SiamSynthetic LatexCoLtd (Thailand, 120.9)

=45 Kasikornbank PCL 120.9 0.2 1 SiamSynthetic LatexCoLtd (Thailand, 120.9)

47 AlmondzGlobal Securities Ltd 120.2 0.2 1 BCPL (India, 120.2)

=47 PunjabNationalBank 120.2 0.2 1 BCPL (India, 120.2)

=47 SPAMerchantBankers 120.2 0.2 1 BCPL (India, 120.2)

50 ChinaDevelopmentBank 114.7 0.2 1 PNGLNGGlobal CoLDC (PapuaNewGuinea, 114.7)

51 KrungThaiBank 113.5 0.2 2 PTTPhenol CoLtd (Thailand, 60.5),DonMuangTollway CoLtd (Thailand, 53.0)

=51 SiamCommercialBankPLC 113.5 0.2 2 PTTPhenol CoLtd (Thailand, 60.5),DonMuangTollway CoLtd (Thailand, 53.0)

53 SumitomoTrust&Banking 105.5 0.2 1 LionPower [2008]Pte Ltd (Singapore, 105.5)

54 LloydsBankingGroup 100.0 0.2 1 CairnEnergyHydrocarbons Ltd (India, 100.0)

55 UnitedOverseasBankLtd 94.1 0.2 1 EpicEnergyPty Ltd-SouthWest (Australia, 94.1)

56 AMPAssetManagementPLC 74.4 0.1 1 Interlink RoadsPty Ltd (Australia, 74.4)

57 KoreaExchangeBank 73.6 0.1 1 Soul Flora (SouthKorea, 73.6)

58 ShinhanFinancialGroupLtd 72.7 0.1 2 HanshinEnergyCoLtd (SouthKorea, 19.7), KoreaAutoValleyOperation (SouthKorea, 53.0)

59 IndustrialBankofKorea 70.8 0.1 1 IncheonGrandBridge (SouthKorea, 70.8)



Power 22,318.7

Oil&Gas 9,228.0


Telecommunications 7,354.0


Petrochemicals 2,388.0

PPP 1,486.1

Mining 1,120.2

Industry 1,047.9

Waste&Recycling 78.4

Agriculture&Forestry –

Total 56,613.6


ASIA PACIFIC LOANS BY SECTOR

India 29,944.1 52.9 72

Australia 12,284.2 21.7 33

PapuaNewGuinea 4,746.6 8.4 2

Singapore 3,306.5 5.8 3

Indonesia 1,651.7 2.9 8

SouthKorea 1,321.5 2.3 14

Japan 1,226.1 2.2 10

Thailand 874.8 1.6 4

Pakistan 483.7 0.9 3

Philippines 376.7 0.7 2

Vietnam 200.0 0.4 1

Malaysia 110.0 0.2 1

China 87.8 0.2 1

Industry total 56,613.6 100.0 154


ASIA PACIFIC LOANS BY COUNTRY


2009LeagueTables

60 YesBankLtd 64.5 0.1 1 IndoZinc Ltd (India, 64.5)

61 InvestecPLC 54.6 0.1 1 SeaGas (Australia, 54.5)

62 BangkokBank 53.0 0.1 1 DonMuangTollway CoLtd (Thailand, 53.0)

=62 GovernmentSavingsBankof TH 53.0 0.1 1 KoreaAutoValleyOperation (SouthKorea, 53.0)

=62 HabibBankLtd 53.0 0.1 1 DonMuangTollway CoLtd (Thailand, 53.0)

=62 NationalAgricultural CoopFed 53.0 0.1 2 LaraibEnergy Ltd (Pakistan, 19.7), LibertyPower Ltd (Pakistan, 33.3)

=62 NationalBankofPakistan 53.0 0.1 2 LaraibEnergy Ltd (Pakistan, 19.7), LibertyPower Ltd (Pakistan, 33.3)

67 BarclaysCapital 46.7 0.1 1 DBNGPFinanceCoPty Ltd (Australia, 46.7)

68 ChinaMerchants Bank 43.9 0.1 1 Beijing GaoantunCoLtd (China, 43.9)

69 PhilippineNationalBank 43.4 0.1 1 ManilaNorth Tollways Corp (Philippines, 43.4)

70 KyoboLife InsuranceCo 37.7 0.1 1 GumNamuCoLtd (SouthKorea, 37.7)

71 AlliedBankLtd 33.3 0.1 1 LibertyPower Ltd (Pakistan, 33.3)

=71 BankAlfalah 33.3 0.1 1 LibertyPower Ltd (Pakistan, 33.3)

=71 Citi 33.3 0.1 1 MTPHPPOManufacturing CoLtd (Thailand, 33.3)

=71 FaysalBank Ltd 33.3 0.1 1 LibertyPower Ltd (Pakistan, 33.3)

=71 MeezanBankLimited 33.3 0.1 1 MTPHPPOManufacturing CoLtd (Thailand, 33.3)

=71 MegaFinancialHoldingCo 33.3 0.1 1 LibertyPower Ltd (Pakistan, 33.3)

77 NederlandseFin.-Maat. 30.0 0.1 1 PT Jakarta TankTerminal [JTT] (Indonesia, 30.0)

78 HyakujushiBank Ltd 4.7 0.0 1 TokushimaHighSchoolPFI (Japan, 4.7)

Total* 56,613.6 100.0 154

Proportional Credit

Source: Thomson Reuters




1 Calyon 3,759.6 6.0 37 M25RoadWidening (UnitedKingdom,109.8),GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4),

OostrozebekeBiomassPower (Belgium,48.7), PalmaDelRioMajadasSolar (Spain, 29.8),OperaFibre-Optic

(France, 83.5),DolphinEnergy Ltd [DEL] (UtdArabEm,124.9),Gate TerminalBV (Netherlands, 89.8), Jubilee

Oil FieldOffshore (Ghana, 400.0), Varg LLC (Norway, 26.0), R4MadridSurRoad (Spain, 275.2),ADSSC II (Utd

ArabEm,28.7),AlDur IWPP (Bahrain, 410.2),GatwickAirportAcquisition (UnitedKingdom,143.6),Onal

FieldDevelopmentProject (Gabon,125.0),AlWathbaAlAllahamah (UtdArabEm,28.7), JubileeOil Field

Offshore (Ghana, 150.0), Endaki Tecnocast SL (Spain, 7.2), CopenhagenAirportRefinancing (Denmark, 62.6),

QGTCLNGShipbuilding (Qatar, 57.4), R1Motorway (SlovakRep,97.7),

Manchasol 2SolarPlant (Spain, 55.8), Rabigh IndependentPower (SaudiArabia, 190.0), ZayedUniversity

(UtdArabEm,82.0), RenomarValenciaWindfarm (Spain, 85.6),A2Road-Phase2 (Poland, 62.4), Shuweihat

IWPP (UtdArabEm,70.1),OAOGazprom-Yuzhno-Russkoye (RussianFed,150.3), EnelReteGasSpA (Italy,

136.6), Seadrill Drilling (Norway, 120.0),HaderaDesalination Expansion (Israel, 194.8), Edar II Aragon

SewagePlant (Spain, 8.2),AlWathbaAlAllahamah (UtdArabEm,50.9), Extresol 2SL (Spain, 41.8), EDFEN

Photovoltaic Plant (France, 55.0), PalmaDelRioMajadasSolar (Spain, 30.8),AlticeBlueOneRefinancing

(France, 32.7),NuCeNordCCGT (Italy, 53.6)

2 BNPParibasSA 3,675.7 5.9 38 EDFENWindfarmPortfolio (France, 97.5),GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4),

IntercambiadordeTransportes (Spain, 50.8), SanPatrickWindPortfolio (France, 28.4),DolphinEnergy Ltd

[DEL] (UtdArabEm,81.3),Gate TerminalBV (Netherlands, 89.8),BaixoAlentejo Road (Portugal, 37.3),

JubileeOil FieldOffshore (Ghana, 400.0), Varg LLC (Norway, 26.0),AnconaWater

Cycle&Treatment (Italy, 31.4),AP1Burgos toArminonToll (Spain, 76.9),Onal FieldDevelopmentProject

(Gabon, 125.0), JubileeOil FieldOffshore (Ghana, 150.0),QGTCLNGShipbuilding (Qatar, 29.2), R1Motorway

(SlovakRep,97.7), Chirano&Tasiast GoldMines (Mauritania, 30.0), EnertragWindfield Wolfsmoor

(Germany, 112.7), ProvidenceAcquistion (UnitedKingdom,100.0),BlaiseDiagneAirport (Senegal, 28.6),

Shuweihat IWPP (UtdArabEm,70.1),OAOGazprom-Yuzhno-Russkoye (RussianFed,150.3), EnelReteGas

SpA (Italy, 136.6), Seadrill Drilling (Norway, 120.0),Boralex Wind (France, 351.7),GarbadanPV (France,

14.4), Fantanale andCogealacWind (Romania, 123.4),Babcock&BrownPortfolio SALE (France, 68.9),Al

WathbaAlAllahamah (UtdArabEm,50.9), Extresol 2SL (Spain, 41.8), ChamLonge2 (France, 8.8), LeChasse

MareeSCOP (France, 19.1), SakhalinEnergy InvestmentCo (RussianFed,350.0),MagacelaSolar 1SL (Spain,

40.9),MMKAtakasSteel Complex (Turkey, 282.7),AlQatranaGasFired IPP (Jordan, 113.3),AguasTenidas

CopperMine (Spain, 16.7),NuCeNordCCGT (Italy, 53.6), RenovaliaWind2SL (Spain, 29.7)

3 BBVA 2,856.4 4.6 40 Manchester WasteManagement (UnitedKingdom,211.8),A5BadenBaden toOffenburg (Germany, 162.9),

M25RoadWidening (UnitedKingdom,109.8),Martel IIIWindPlant (Portugal, 26.5),GLIDWindFarmsTopco

Ltd (UnitedKingdom,40.4), PalmaDelRioMajadasSolar (Spain, 29.8),Gate TerminalBV (Netherlands,

89.8),BaixoAlentejo Road (Portugal, 37.3), R4MadridSurRoad (Spain, 275.2), ZaragozaAltaVelocidad

2002 (Spain, 90.5), SociedadEolicadeAndalucia (Spain, 169.8), LeridaSolar Farm (Spain, 6.7),Acciona

Solar ThermalPlant (Spain, 30.1), ParcdeBellochS.L. (Spain, 69.1), R1Motorway (SlovakRep,97.7),

Manchasol 2SolarPlant (Spain, 55.8),

AccionaEolicaDel LevanteSL (Spain, 54.8),UTERondaSabadell (Spain, 24.8), VicRipoll ShadowToll Road

(Spain, 58.4), RenomarValenciaWindfarm (Spain, 85.6), Torresol Energy (Spain, 151.3), EcoparcdelBesos

S.A (Spain, 14.5),Bajoz&HornijaEolicaSL (Spain, 23.0),GestampCalasparraSol de (Spain, 21.0),Gestamp

BenahaduxSolar Farm (Spain, 26.9),A2Road-Phase2 (Poland, 62.4), IberwindWindfarmPlant (Portugal,

375.7),GijonalNorteRailwaySA (Spain, 12.7),AutoviaDeLos LlanosSA (Spain, 28.8),GarbadanPV (France,

14.4), ParqueEolicosGestinver SL (Spain, 43.3), Catalanad'EnergiesRenovables (Spain, 22.3),Alten

AlconeraDosSL (Spain, 27.6), Eolica LaVega I SL (Spain, 44.1),Barcelona SagreraAlta (Spain, 102.0),

Extresol 2SL (Spain, 41.8), Promociones Fotovoltaicas (Spain, 12.8), PalmaDelRioMajadasSolar (Spain,

30.8),UTETorroella C31Road (Spain, 47.3), RubauConcesionProyecto (Spain, 27.1)

4 Santander 2,641.2 4.2 43 A5BadenBaden toOffenburg (Germany, 162.9),GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4), Palma

DelRioMajadasSolar (Spain, 29.8),OperaFibre-Optic (France, 83.5),BaixoAlentejo Road (Portugal, 37.3),

BaixoTejoRoadProject (Portugal, 188.5),R4MadridSurRoad (Spain, 275.2),GatwickAirportAcquisition

(UnitedKingdom,143.6), ZaragozaAltaVelocidad2002 (Spain, 90.5),AP1Burgos toArminonToll (Spain,

76.9),AccionaSolar ThermalPlant (Spain, 30.1), ParqueEolicodeAbara (Spain, 30.6),Algarve Litoral Road


EMEA INITIAL MANDATED LEAD ARRANGERS


2009LeagueTables

(Portugal, 58.5),AlhamaSolar SL (Spain, 25.6),GaliciaCastilla Leon (Spain, 32.0),Manchasol 2SolarPlant

(Spain, 55.8), Renovalia Solar IVPV (Spain, 12.8),AccionaEolicaDel LevanteSL (Spain, 54.8),UTERonda

Sabadell (Spain, 24.8), VicRipoll ShadowToll Road (Spain, 58.4), RenomarValenciaWindfarm (Spain, 85.6),

Ecopark4Waste Treatment (Spain, 33.6), Torresol Energy (Spain, 151.3),Bajoz&HornijaEolicaSL (Spain,

23.0),GestampCalasparraSol de (Spain, 21.0),GestampBenahaduxSolar Farm (Spain, 26.9),

FortorePhotovoltaic[PV] Plant (Italy, 15.3), EnelReteGasSpA (Italy, 136.6),GijonalNorteRailwaySA (Spain,

12.7), Project Lorenzo (Spain, 24.2), ParqueEolicosGestinver SL (Spain, 43.3), CastorUndergroundGas

Storage (Spain, 89.8), Catalanad'EnergiesRenovables (Spain, 22.3), PEVillamayor WindFarm (Spain, 26.4),

Eolica LaVega I SL (Spain, 44.1),Barcelona SagreraAlta (Spain, 102.0), Extresol 2SL (Spain, 41.8),

Promociones Fotovoltaicas (Spain, 12.8), PalmaDelRioMajadasSolar (Spain, 30.8),UTETorroella C31Road

(Spain,47.3),MurciaTramway(Spain,12.4),NuCeNordCCGT(Italy,53.6), InfinitaRenovablesSA(Spain,72.4)

4 Santander 2,641.2 4.2 43 A5BadenBaden toOffenburg (Germany, 162.9),GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4), Palma

DelRioMajadasSolar (Spain, 29.8),OperaFibre-Optic (France, 83.5),BaixoAlentejo Road (Portugal, 37.3),

BaixoTejoRoadProject (Portugal, 188.5),R4MadridSurRoad (Spain, 275.2),GatwickAirportAcquisition

(UnitedKingdom,143.6), ZaragozaAltaVelocidad2002 (Spain, 90.5),AP1Burgos toArminonToll (Spain,

76.9),AccionaSolar ThermalPlant (Spain, 30.1), ParqueEolicodeAbara (Spain, 30.6),Algarve Litoral

Road (Portugal, 58.5),AlhamaSolar SL (Spain, 25.6),GaliciaCastilla Leon (Spain, 32.0),Manchasol 2Solar

Plant (Spain, 55.8), Renovalia Solar IVPV (Spain, 12.8),AccionaEolicaDel LevanteSL (Spain, 54.8),UTE

RondaSabadell (Spain, 24.8), VicRipoll ShadowToll Road (Spain, 58.4), RenomarValenciaWindfarm

(Spain, 85.6), Ecopark4Waste Treatment (Spain, 33.6), Torresol Energy (Spain, 151.3),Bajoz&Hornija

EolicaSL (Spain, 23.0),GestampCalasparraSol de (Spain, 21.0),GestampBenahaduxSolar Farm (Spain,

26.9),

5 SocieteGenerale 2,425.8 3.9 33 Kaylekera UraniumMine (Malawi, 34.9),M25RoadWidening (UnitedKingdom,109.8),MaiaEolisWindfarm

Portfolio (France, 46.3), Turceni Coal-Fired Plant (Romania, 24.9), EDFENWindfarmPortfolio (France, 97.5),

DolphinEnergy Ltd [DEL] (UtdArabEm,124.9),BaixoAlentejo Road (Portugal, 37.3), ENSTAPPP (France,

341.0),GatwickAirportAcquisition (UnitedKingdom,143.6),AP1Burgos toArminonToll (Spain, 76.9), SFE

Plainchamp (France, 10.4), JubileeOil FieldOffshore (Ghana, 150.0),Algarve Litoral Road (Portugal, 58.5),

CopenhagenAirportRefinancing (Denmark, 62.6), R1Motorway (SlovakRep,97.7), SoleduMoulinVieux

Windfarm (France, 14.2),AccionaEolicaDel LevanteSL (Spain, 54.8), ZayedUniversity (UtdArabEm,82.0),

RenomarValenciaWindfarm (Spain, 85.6),

Vincennes Aquatic Center (France, 53.0), Sardinia [Campidano]WindPark (Italy, 36.9),A2Road-Phase2

(Poland, 62.4), Shuweihat IWPP (UtdArabEm,70.1),OAOGazprom-Yuzhno-Russkoye (RussianFed,150.3),

EnelReteGasSpA (Italy, 136.6),GarbadanPV (France, 14.4), Ruscam-KirishiGlassExpansion (RussianFed,

14.1),Montalto di Castro [Cassiopea] (Italy, 59.0), CastorUndergroundGasStorage (Spain, 89.8), PalmaDel

RioMajadasSolar (Spain, 30.8),Murcia Tramway (Spain, 12.4),AguasTenidasCopperMine (Spain, 16.7),

SaintQuentinVelodrome (France, 26.6)

6 SumitomoMitsui FinlGrp Inc 1,906.5 3.1 22 CumbriaWastePFI (UnitedKingdom,35.6),Manchester WasteManagement (UnitedKingdom,211.8), CNDR

(UnitedKingdom,40.5),M25RoadWidening (UnitedKingdom,109.8),M80Stepps toHaggsToll Road

(UnitedKingdom,57.2),DolphinEnergy Ltd (UtdArabEm,81.3), SouthwarkBSF (UnitedKingdom,34.9),

Salalah IWPP (Oman,125.7),GatwickAirportAcquisition (UnitedKingdom,143.6), FifePFIHospital (United

Kingdom,50.2), ParqueEolicodeAbara (Spain, 30.6),QGTCLNGShipbuilding (Qatar, 86.6), LutonBSF

SecondarySchools (UnitedKingdom,47.2), Shuweihat IWPP (UtdArabEm,70.1),OAOGazprom-Yuzhno-

Russkoye (RussianFed,150.3), FortorePhotovoltaic [PV]Plant (Italy, 15.3),NEFRA (UnitedKingdom,28.9),

ArmadaOyoLimitedFPSOVessel (Nigeria, 27.1),BradfordBSFPhase2 (UnitedKingdom,111.2),AlWathba

AlAllahamah (UtdArabEm,50.9), SakhalinEnergy InvestmentCo (RussianFed,350.0),AlMusanahLNG

Tanker (Oman,47.6)

7 StandardChartered PLC 1,704.7 2.7 12 LebowaPlatinumAcquisition (SouthAfrica, 97.0),DolphinEnergy Ltd [DEL] (UtdArabEm,124.9), JubileeOil

FieldOffshore (Ghana, 400.0), Salalah IWPP (Oman,125.7),AlDur IWPP (Bahrain, 355.0), JubileeOil Field

Offshore (Ghana, 150.0),QGTCLNGShipbuilding (Qatar, 57.4), Rabigh IndependentPower (SaudiArabia,

190.0), Shuweihat IWPP (UtdArabEm,70.1),MPNNaturalGas LiquidsPlant (Nigeria, 23.6),ArmadaOyo

LimitedFPSOVessel (Nigeria, 27.1),Boschmanspoort &KwaggaMines (SouthAfrica, 84.0)


EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED


8 CaixaGeral deDepositos 1,611.4 2.6 18 Martel IIIWindPlant (Portugal, 26.5),BaixoAlentejo Road (Portugal, 37.3),BaixoTejoRoadProject

(Portugal, 188.5), Litoral OesteRoad (Portugal, 382.1), ViladoCondeBragaHospital (Portugal, 59.3), Vilado

CondeBragaHospital (Portugal, 181.8),Algarve Litoral Road (Portugal, 58.5), EcoparcdelBesosS.A (Spain,

14.5),AguasdaAzambujaSA (Portugal, 10.3),GestampBenahaduxSolar Farm (Spain, 26.9), Equimetragem

TollMotorway (Portugal, 20.8), IberwindWindfarmPlant (Portugal, 375.7), IlhaTerceiraHospital (Portugal,

65.2),AguasdeGondomar (Portugal, 37.0), EuroscutNorte Litoral Toll (Portugal, 20.4), LouresHospital

(Portugal, 14.3), Infinita RenovablesSA (Spain, 72.4), CimentosdeNacalaSA (Mozambique, 20.0)

9 UniCreditGroup 1,601.3 2.6 16 Turceni Coal-Fired Plant (Romania, 24.9), CoplerGold (Turkey, 62.5), FlorenceRailwayStation (Italy, 53.6),

Desarrollos Empresariales (Spain, 36.3), Termoli CCGT (Italy, 141.1),R1Motorway (SlovakRep,143.6),OAO

Gazprom-Yuzhno-Russkoye (RussianFed,150.3), EnelReteGasSpA (Italy, 136.6), CarpioneWindfarm (Italy,

48.8),MPNNaturalGas LiquidsPlant (Nigeria, 23.6), EmiratesSteel Plant (UtdArabEm,70.0),Moscow

SodiumHypochlorite (RussianFed,73.4), Propapier (Germany, 233.7),GiunchettoWindFarm (Italy, 38.5),

NuCeNordCCGT (Italy, 53.6), StNikolaWindfarm (Bulgaria, 310.8)

10 RBS 1,507.4 2.4 14 M25RoadWidening (UnitedKingdom,109.8), IntercambiadordeTransportes (Spain, 50.8),DolphinEnergy

Ltd [DEL] (UtdArabEm,81.3),Gate TerminalBV (Netherlands, 89.8), JubileeOil FieldOffshore (Ghana,

400.0),GatwickAirportAcquisition (UnitedKingdom,143.6), Viridis PowerPortfolio (Germany, 29.2), Zayed

University (UtdArabEm,82.0), RenomarValenciaWindfarm (Spain, 85.6),M7andL8GasFields

(Netherlands, 41.9),ArmadaOyoLimitedFPSOVessel (Nigeria, 27.1), EcoWindPortfolio (Ireland, 18.1),

GreenwichBSF (UnitedKingdom,65.6),MMKAtakasSteel Complex (Turkey, 282.7)

11 Natixis 1,383.2 2.2 20 M25RoadWidening (UnitedKingdom,109.8), EDFENWindfarmPortfolio (France, 97.5),Opera

Fibre-Optic (France, 83.5),DolphinEnergy Ltd [DEL] (UtdArabEm,81.3),ADSSC II (UtdArabEm,28.7),Onal

FieldDevelopmentProject (Gabon,125.0),AlWathbaAlAllahamah (UtdArabEm,28.7),Greentech-Monte

Grighine (Italy, 28.3), R1Motorway (SlovakRep,97.7), ZayedUniversity (UtdArabEm,82.0), Shuweihat

IWPP (UtdArabEm,70.1), EnelReteGasSpA (Italy, 136.6), Seadrill Drilling (Norway, 120.0), Project Lorenzo

(Spain, 24.2), EmiratesSteel Plant (UtdArabEm,70.0),Babcock&BrownPortfolio SALE (France, 68.9),Al

WathbaAlAllahamah (UtdArabEm,50.9), PalmaDelRioMajadasSolar (Spain, 30.8),AguasTenidasCopper

Mine (Spain, 16.7),AlticeBlueOneRefinancing (France, 32.7)

12 LloydsBankingGroup 1,229.2 2.0 10 Manchester WasteManagement (UnitedKingdom,211.8),M25RoadWidening (UnitedKingdom,109.8),

GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4),DolphinEnergy Ltd [DEL] (UtdArabEm,81.3), JubileeOil

FieldOffshore (Ghana, 400.0), FifePFIHospital (UnitedKingdom,50.2), Project Lorenzo (Spain, 24.2), Surrey

Street Lighting (UnitedKingdom,70.9), SouthCoast Lighting (UnitedKingdom,175.0),GreenwichBSF

(UnitedKingdom,65.6)

13 BarclaysCapital 1,169.7 1.9 18 CumbriaWastePFI (UnitedKingdom,35.6), CNDR (UnitedKingdom,40.5),M25RoadWidening (United

Kingdom,109.6),M80Stepps toHaggsToll Road (UnitedKingdom,57.2), Enniskillen Hospital (United

Kingdom,135.4),Desarrollos Empresariales (Spain, 36.3),NorthRhinsWindfarm (UnitedKingdom,51.2),

Puglia [Foresight Solar Fund]A (Italy, 19.8), JubileeOil FieldOffshore (Ghana, 150.0),Greentech-Monte

Grighine (Italy, 28.3), ParqueEolico LombadoVale (Portugal, 16.7),BPCC (SouthAfrica, 233.4),Burnstone

GoldMine (SouthAfrica, 45.8), Project Lorenzo (Spain, 24.2), SurreyStreet Lighting (UnitedKingdom,70.9),

EdarIIAragonSewagePlant(Spain,8.2),GreenwichBSF(UnitedKingdom,65.6),MagacelaSolar1SL(Spain,40.9)

14 CajaMadrid 1,163.5 1.9 29 BaixoAlentejo Road (Portugal, 37.3), ZaragozaAltaVelocidad2002 (Spain, 90.5), Endaki Tecnocast SL

(Spain, 7.2),Manchasol 2SolarPlant (Spain, 55.8), Renovalia Solar IVPV (Spain, 12.8),AccionaEolicaDel

LevanteSL (Spain, 54.8),UTERondaSabadell (Spain, 24.8), VicRipoll ShadowToll Road (Spain, 58.4),

RenomarValenciaWindfarm (Spain, 85.6), Torresol Energy (Spain, 151.3), EcoparcdelBesosS.A (Spain,

14.5),Neo-Quintanilla (Spain, 6.7),GestampCalasparraSol de (Spain, 21.0),GestampBenahaduxSolar

Farm (Spain, 26.9),A2Road-Phase2 (Poland, 62.4), EquimetragemTollMotorway (Portugal, 20.8),

Desarrollo Fotovoltaico (Spain, 16.6), EnglobaEnergySolarPVPlant (Spain, 10.2),GijonalNorteRailwaySA

(Spain, 12.7), ParqueEolicosGestinver SL (Spain, 43.3), CastorUndergroundGasStorage (Spain, 89.8),

Catalanad'EnergiesRenovables (Spain, 22.3), PEVillamayor WindFarm (Spain, 26.4), Trinity CollegeSan

Sebastian (Spain, 13.7),AltenAlconeraDosSL (Spain, 27.6),Barcelona SagreraAlta (Spain, 102.0),M45

RingRoadO'Donnell-NII (Spain, 29.6),UteResidenciadeMayores (Spain, 7.8), PalmaDelRioMajadasSolar

(Spain, 30.8)




2009LeagueTables

15 BancoEspirito SantoSA 1,121.0 1.8 11 Martel IIIWindPlant (Portugal, 26.5),BaixoTejoRoadProject (Portugal, 188.5),GatwickAirportAcquisition

(UnitedKingdom,143.6), ParqueEolico LombadoVale (Portugal, 16.7),A2Road-Phase2 (Poland, 62.4),

IberwindWindfarmPlant (Portugal, 375.7),Alentejo SolarPV (Portugal, 25.9),HaderaDesalination

Expansion (Israel, 194.8), LouresHospital (Portugal, 14.3), Extresol 2SL (Spain, 41.8), PalmaDelRioMajadas

Solar (Spain, 30.8)

16 DexiaSA 1,111.6 1.8 19 M25RoadWidening (UnitedKingdom,109.8),Rotor ElektrikWindfarm (Turkey, 20.5),GLIDWindFarms

TopcoLtd (UnitedKingdom,40.4), PalmaDelRioMajadasSolar (Spain, 29.8),Belwind NV (Belgium,258.6),

AnconaWaterCycle&Treatment (Italy, 31.4), R1Motorway (SlovakRep,97.7),AkfenHEPPPortfolio (Turkey,

44.2), Ecopark4Waste Treatment (Spain, 33.6), Sardinia[Campidano]Wind Park (Italy, 36.9), FlemishPilot

Vessel PPP (Belgium,135.0),GarbadanPV (France, 14.4),Babcock&BrownPortfolio SALE (France, 68.9),

Brabo1TramSystem (Belgium,77.7),M45RingRoadO'Donnell-NII (Spain, 29.6), SolarPulsePowerplant

(Belgium,13.8), PalmaDelRioMajadasSolar (Spain, 30.8), SaintQuentinVelodrome (France, 26.6), KVNRG

Wind (Belgium,11.9)

17 HSBCHoldingsPLC 1,053.9 1.7 13 M25RoadWidening (UnitedKingdom,109.8),Rotor ElektrikWindfarm (Turkey, 20.5),GLIDWindFarms

TopcoLtd (UnitedKingdom,40.4), PalmaDelRioMajadasSolar (Spain, 29.8),DolphinEnergy Ltd [DEL] (Utd

ArabEm,124.9),GatwickAirportAcquisition (UnitedKingdom,143.6),AccionaSolar ThermalPlant (Spain,

30.1),QGTCLNGShipbuilding (Qatar, 57.4), Rabigh IndependentPower (SaudiArabia, 190.0), Shuweihat

IWPP (UtdArabEm,70.1), EnelReteGasSpA (Italy, 136.6), EmiratesSteel Plant (UtdArabEm,70.0), Palma

DelRioMajadasSolar (Spain, 30.8)

18 ING 982.2 1.6 14 GateTerminalBV (Netherlands, 89.8), Varg LLC (Norway, 26.0),GatwickAirportAcquisition (UnitedKingdom,

143.6), KromhoutBarracks (Netherlands, 53.4), R1Motorway (SlovakRep, 97.7),AccionaEolicaDel Levante

SL (Spain, 54.8),OAOGazprom-Yuzhno-Russkoye (RussianFed,150.3), Seadrill Drilling (Norway, 120.0),

Ruscam-KirishiGlassExpansion (RussianFed,14.1),OritesWindPowerPlant (Cyprus, 64.6),AlWathbaAl

Allahamah (UtdArabEm,50.9), PalmaDelRioMajadasSolar (Spain, 30.8),AlticeBlueOneRefinancing

(France, 32.7),NuCeNordCCGT (Italy, 53.6)

19 KfWBankengruppe 968.3 1.6 14 OlkariaGeothermalPowerPlant (Kenya, 35.0), ZonguldakThermalPowerPlants (Turkey, 28.3),Gustrow

BiogasPlant (Germany, 55.1),M25RoadWidening (UnitedKingdom,109.8),M80Stepps toHaggsToll Road

(UnitedKingdom,57.2),GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4), Salalah IWPP (Oman,125.7),R1

Motorway (SlovakRep,97.7),BrandenburgSolarPV (Germany, 44.7),A2Road-Phase2 (Poland, 62.4),

Shuweihat IWPP (UtdArabEm,70.1),MoscowSodiumHypochlorite (RussianFed,73.4),Brandenburg

Parliament (Germany, 55.4),AlQatranaGasFired IPP (Jordan, 113.3)

20 WestLBAG 945.1 1.5 15 M25RoadWidening (UnitedKingdom,109.8), PalmaDelRioMajadasSolar (Spain, 29.8),DolphinEnergy

Ltd [DEL] (UtdArabEm,81.3), Termoli CCGT (Italy, 141.1), Puglia [Foresight Solar Fund]A (Italy, 19.8),

GatwickAirportAcquisition (UnitedKingdom,143.6),AccionaSolar ThermalPlant (Spain, 30.1),

CopenhagenAirportRefinancing (Denmark, 62.6),Manchasol 2SolarPlant (Spain, 55.8),A2Road-Phase2

(Poland, 62.4),Montalto di Castro[Cassiopea] (Italy, 59.0),ArmadaOyoLimitedFPSOVessel (Nigeria, 27.1),

PalmaDelRioMajadasSolar (Spain, 30.8),GiunchettoWindFarm (Italy, 38.5),NuCeNordCCGT (Italy, 53.6)

21 Turkiye IsBankasiAS 921.7 1.5 4 ZonguldakThermalPowerPlants (Turkey, 447.5),AkfenHEPPPortfolio (Turkey, 44.2),Alkumru

Dam/Hydroelectric (Turkey, 175.0),MMKAtakasSteel Complex (Turkey, 255.0)

22 Nord/LB 910.4 1.5 15 Enniskillen Hospital (UnitedKingdom,135.4), LesCent JaloisWindfarm (France, 18.3),BrandenburgSolarPV

(Germany, 44.7),NEFRA (UnitedKingdom,28.9),AgendGlassBottlePlant (Germany, 63.4),WiganLife

CentrePPP (UnitedKingdom,48.1),Barnsley BSF (UnitedKingdom,70.6),GlenoughWindFarm (Ireland,

24.0),OritesWindPowerPlant (Cyprus, 64.6), Propapier (Germany, 233.7),MagdeburgSchoolsPackage3

(Germany, 38.2), Staffordshire FireStation (UnitedKingdom,34.6),Gortahile OnshoreWindfarm (Ireland,

25.3), Salford/Wigan BSF (UnitedKingdom,58.6), CotesbachWaste Treatment (UnitedKingdom,22.0)

23 MitsubishiUFJ FinancialGroup 865.3 1.4 9 M25RoadWidening (UnitedKingdom,109.8),GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4),Dolphin

Energy Ltd [DEL] (UtdArabEm,81.3),QGTCLNGShipbuilding (Qatar, 57.4), ZayedUniversity (UtdArabEm,

82.0), Shuweihat IWPP (UtdArabEm,70.1),MPNNaturalGas LiquidsPlant (Nigeria, 23.6),AlWathbaAl

Allahamah (UtdArabEm,50.9), SakhalinEnergy InvestmentCo (Russia, 350.0)

24 Bayerische Landesbank Giro 811.3 1.3 9 M25RoadWidening (UnitedKingdom,109.8),GLIDWindFarmsTopcoLtd (UnitedKindgom,40.4),Dolphin

Energy Ltd [DEL] (UtdArabEm,81.3),Gate TerminalBV (Netherlands, 89.8),GatwickAirportAcquisition




(UnitedKingdom,143.6),R1Motorway (SlovakRep,97.7), Shuweihat IWPP (UtdArabEm,70.1), Fantanale

andCogealacWind (Romania, 123.4),BrandenburgParliament (Germany, 55.4)

25 Caixad'Estalvis yPensions 788.9 1.3 15 ZaragozaAltaVelocidad2002 (Spain, 90.5),AP1Burgos toArminonToll (Spain, 76.9),AlhamaSolar SL

(Spain, 25.6),GaliciaCastilla Leon (Spain, 32.0), Renovalia Solar IVPV (Spain, 12.8),AccionaEolicaDel

LevanteSL (Spain, 54.8), VicRipoll ShadowToll Road (Spain, 58.4), Torresol Energy (Spain, 151.3),Bajoz&

HornijaEolicaSL (Spain, 23.0),GestampCalasparraSol de (Spain, 21.0), ParqueEolicosGestinver SL (Spain,

43.3), Catalanad'EnergiesRenovables (Spain, 22.3), Eolica LaVega I SL (Spain, 44.1),Barcelona SagreraAlta

(Spain, 102.0), PalmaDelRioMajadasSolar (Spain, 30.8)

26 NIBCNV 763.3 1.2 10 CumbriaWastePFI (UnitedKingdom,35.6),A5BadenBaden toOffenburg (Germany, 162.9),GustrowBiogas

Plant (Germany, 55.1),GLIDWindFarmsTopcoLtd (UnitedKindgom,40.4), Varg LLC (Norway, 26.0), R1

Motorway (SlovakRep,97.7), Seadrill Drilling (Norway, 120.0),BrandenburgParliament (Germany, 55.4),

Aura-Newcastle BSF2 (UnitedKingdom,138.1), ZeughausarealBurgdorf (Switzerland, 32.3)

27 IntesaSanPaolo 760.5 1.2 10 Turceni Coal-Fired Plant (Romania, 24.9), IntercambiadordeTransportes (Spain, 50.8), Termoli CCGT (Italy,

141.1),AnconaWaterCycle&Treatment (Italy, 31.4), ZayedUniversity (UtdArabEm,82.0),OAOGazprom-

Yuzhno-Russkoye (RussianFed,150.3), EnelReteGasSpA (Italy, 136.6),Montalto di Castro[Cassiopea] (Italy,

59.0), PalmaDelRioMajadasSolar (Spain, 30.8),NuCeNordCCGT (Italy, 53.6)

28 Garanti Bank 730.8 1.2 2 ZonguldakThermalPowerPlants (Turkey, 475.8),MMKAtakasSteel Complex (Turkey, 255.0)

29 Bankof Ireland 646.6 1.0 7 Manchester WasteManagement (UnitedKingdom,211.8), Enniskillen Hospital (UnitedKingdom,135.4),

GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4),Desarrollos Empresariales (Spain, 36.3), FirstBundleof

theSchools (Ireland-Rep, 99.7), EcoWindPortfolio (Ireland-Rep, 18.1), Tranche1ServiceAreas (Ireland-

Rep,105.0)

30 MizuhoFinancialGroup 621.3 1.0 4 Shuweihat IWPP (UtdArabEm,70.1),OAOGazprom-Yuzhno-Russkoye (RussianFed,150.3),AlWathbaAl

Allahamah (UtdArabEm,50.9), SakhalinEnergy InvestmentCo (RussianFed,350.0)

31 BancoPortugues Investimento 610.7 1.0 6 BaixoAlentejo Road (Portugal, 37.3), Litoral OesteRoad (Portugal, 382.1),Algarve Litoral Road (Portugal,

58.5), IlhaTerceiraHospital (Portugal, 65.2),AguasdeGondomar (Portugal, 37.0), PalmaDelRioMajadas

Solar (Spain, 30.8)

32 KBCGroupNV 605.1 1.0 10 A5BadenBaden toOffenburg (Germany, 162.9),OostrozebekeBiomassPower (Belgium,48.8),Dolphin

Energy Ltd [DEL] (UtdArabEm,81.3), SuwalkiWind (Poland, 60.9), Project Syrovice (CzechRepublic, 15.5),

Fantanale andCogealacWind (Romania, 123.4), Syrovice II -Rajhradska (CzechRepublic, 9.8),Brabo1Tram

System (Belgium,77.7), Solar 5SROPortfolio (CzechRepublic, 14.9), Enfinity 20SRO (CzechRepublic, 10.1)

33 Attijarawafa Bank 578.9 0.9 1 TangierMed2Terminal (Morocco, 578.9)

=33 BanqueMarocaine duComm 578.9 0.9 1 TangierMed2Terminal (Morocco, 578.9)

Ext

35 BancoComercial PortuguesSA 558.5 0.9 5 Martel IIIWindPlant (Portugal, 26.5), ParqueEolico LombadoVale (Portugal, 16.7),BoneteCastille la

Mancha& (Spain, 28.9), TychowoWindfarm (Portugal, 110.8), IberwindWindfarmPlant (Portugal, 375.7)

36 StandardBankGroupLtd 540.9 0.9 3 Onal FieldDevelopmentProject (Gabon,125.0), Sethekgo (SouthAfrica, 3.4),MorupulePowerStation

(Botswana, 412.5)

37 Rabobank 539.1 0.9 9 GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4),Gate TerminalBV (Netherlands, 89.8),Belwind NV

(Belgium,258.6),DutchOnshoreWind (Netherlands, 5.7), LijncoEnergyBiogasPlant (Netherlands, 22.0),

Topell BiomassPlant (Netherlands, 16.3),BelfuturePVPortfolio (Belgium,35.1), CastledockrellWindGroup

Ltd (Ireland-Rep, 40.5), PalmaDelRioMajadasSolar (Spain, 30.8)

38 NationwideAngliaBuilding 510.5 0.8 6 Barnsley BSF (UnitedKingdom,70.6),Derbyshire BSF (UnitedKingdom,60.5), SouthCoast Lighting (United

Soc Kingdom,175.0),BradfordBSFPhase2 (UnitedKingdom,111.2), Staffordshire FireStation (UnitedKingdom,

34.6), Salford/Wigan BSF (UnitedKingdom,58.6)

39 NedcorBank Ltd 494.2 0.8 3 Intelsat NewDawnSatellite (SouthAfrica, 215.0),BPCC (SouthAfrica, 233.4),Burnstone GoldMine (South

Africa, 45.8)

40 Landesbank 492.4 0.8 8 M25RoadWidening (UnitedKingdom,109.8), FifePFIHospital (UnitedKingdom,50.2),Manchasol 2Solar

Hessen-Thueringen Plant (Spain, 55.8),BrandenburgSolarPV (Germany, 44.7),WiganLifeCentrePPP (UnitedKingdom,48.1),

BradfordBSFPhase2 (UnitedKingdom,111.2), Extresol 2SL (Spain, 41.8), PalmaDelRioMajadasSolar

(Spain, 30.8)

41 NationalAustralia Bank 446.2 0.7 8 CNDR (UnitedKingdom,40.5),M25RoadWidening (UnitedKingdom,109.8),M80Stepps toHaggsToll Road




2009LeagueTables

(UnitedKingdom,57.2),GLIDWindFarmsTopcoLtd (UnitedKingdom,40.4),DolphinEnergy [DEL] (UtdArab

Em,81.3), FifePFIHospital (UnitedKingdom,50.2), LeedsMentalAcquisition (UnitedKingdom,48.8), Eco

WindPortfolio (Ireland-Rep, 18.1)

42 Nordea 442.3 0.7 4 Varg LLC (Norway, 26.0), CopenhagenAirportRefinancing (Denmark, 62.6), Seadrill Drilling (Norway, 120.0),

Propapier (Germany, 233.7)

43 InstitutodeCreditoOficial 437.9 0.7 6 ZaragozaAltaVelocidad2002 (Spain, 90.5), VicRipoll ShadowToll Road (Spain, 58.4), Torresol Energy

(Spain, 151.3),Bajoz&HornijaEolicaSL (Spain, 23.0),GijonalNorteRailwaySA (Spain, 12.7),Barcelona

SagreraAlta (Spain, 102.0)

44 MegaFinancialHoldingCo 412.5 0.7 1 MorupulePowerStation (Botswana, 412.5)

45 NationalBankofAbuDhabi 411.5 0.7 7 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3),ADSSC II (UtdArabEm,28.7),AlWathbaAlAllahamah (Utd

ArabEm,28.7), ZayedUniversity (UtdArabEm,82.0), Shuweihat IWPP (UtdArabEm,70.1), EmiratesSteel

Plant (UtdArabEm,70.0),AlWathbaAlAllahamah (UtdArab, 50.9)

46 BancodeSabadell 394.0 0.6 12 PalmaDelRioMajadasSolar (Spain, 29.8), SFEPlainchamp (France, 10.4),AccionaSolar ThermalPlant

(Spain, 30.1),Manchasol 2SolarPlant (Spain, 55.8), RenomarValenciaWindfarm (Spain, 85.6), Ecoparcdel

BesosS.A. (Spain, 14.5),Neo-Quintanilla (Spain, 6.7),Bajoz&HornijaEolicaSL (Spain, 23.0), ParqueEolicos

Gestinver SL (Spain, 43.3), Catalanad'EnergiesRenovables (Spain, 22.3), Extresol 2SL (Spain, 41.8), Palma

DelRioMajadasSolar (Spain, 30.8)

47 BancoPopular Espanol SA 365.3 0.6 7 PalmaDelRioMajadasSolar (Spain, 29.8),Manchasol 2SolarPlant (Spain, 55.8), Torresol Energy (Spain,

151.3), ParqueEolicosGestinver SL (Spain, 43.3), Extresol 2SL (Spain, 41.8), PalmaDelRioMajadasSolar

(Spain, 30.8),Murcia Tramway (Spain, 12.4)

48 Mashreq Bank 355.0 0.6 1 AlDur IWPP (Bahrain, 355.0)

49 BMPS 348.5 0.6 4 Termoli CCGT (Italy, 141.1), EnelReteGasSpA (Italy, 136.6), Terni Solarenergy Srl (Italy, 17.2),NuCeNord

CCGT (Italy, 53.6)

50 JPMorgan 280.2 0.5 2 GatwickAirportAcquisition (UnitedKingdom,143.6), EnelReteGasSpA (Italy, 136.6)

51 Mediobanca 277.7 0.4 2 Termoli CCGT (Italy, 141.1), EnelReteGasSpA (Italy, 136.6)

52 ASNBank 258.6 0.4 1 Belwind NV (Belgium,258.6)

53 Bankof China 247.4 0.4 2 QGTCLNGShipbuilding (Qatar, 57.4), Rabigh IndependentPower (SaudiArabia, 190.0)

54 Al-RajhiAl-Sedais Co 245.2 0.4 2 AlDur IWPP (Bahrain, 55.2), Rabigh IndependentPower (SaudiArabia, 190.0)

=54 BanqueSaudi Fransi 245.2 0.4 2 AlDur IWPP (Bahrain, 55.2), Rabigh IndependentPower (SaudiArabia, 190.0)

56 DnBNORBANKASA 235.8 0.4 3 GateTerminalBV (Netherlands, 89.8), Varg LLC (Norway26.0), Seadrill Drilling (Norway, 120.0)

57 Citi 233.7 0.4 1 Propapier (Germany, 233.7)

=57 HSHNordbank 233.7 0.4 3 Varg LLC (Norway, 26.0),QGTCLNGShipbuilding (Qatar, 57.4),OAOGazprom-Yuzhno-Russkoye (Russian

Fed,150.3)

59 FirstGulfBank 233.3 0.4 3 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3), ZayedUniversity (UtdArabEm,82.0), EmiratesSteel Plant (Utd

ArabEm,70.0)

=59 UnionNationalBank, LittleRk 233.3 0.4 3 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3), ZayedUniversity (UtdArabEm,82.0), EmiratesSteel Plant (Utd

ArabEm,70.0)

61 DeutscheBankAG 230.4 0.4 5 QGTCLNGShipbuilding (Qatar, 57.4), CordobesdeEnergias (Spain, 63.8),A2Road-Phase2 (Poland, 62.4),

CarpevigoUternehmensgruppe (Germany, 26.1), 'EquimetragemTollMotorway (Portugal, 20.8)

62 YapiVeKrediBankasiAS 219.2 0.4 2 AkfenHEPPPortfolio (Turkey, 44.2),AlkumruDam/Hydroelectric (Turkey, 175.0)

63 CreditMutuel SA 201.3 0.3 2 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3), Seadrill Drilling (Norway, 120.0)

64 Credit Suisse 200.9 0.3 2 GatwickAirportAcquisition (UnitedKingdom,143.6),QGTCLNGShipbuilding (Qatar, 57.4)

65 RBCCapitalMarkets 193.8 0.3 2 GatwickAirportAcquisition (UnitedKingdom,143.6), FifePFIHospital (UnitedKingdom,50.2)

66 AlinmaBank 190.0 0.3 1 Rabigh IndependentPower (SaudiArabia, 190.0)

=66 National CommericalBank 190.0 0.3 1 Rabigh IndependentPower (SaudiArabia, 190.0)

=66 SambaLeasing Ltd 190.0 0.3 1 Rabigh IndependentPower (SaudiArabia, 190.0)

=66 SaudiBritish Bank 190.0 0.3 1 Rabigh IndependentPower (SaudiArabia, 190.0)

70 DanskeMarkets 182.6 0.3 2 CopenhagenAirportRefinancing (Denmark, 62.6), Seadrill Drilling (Norway, 120.0)

71 CaixaNova 173.7 0.3 4 AutoviaDeLos LlanosSA (Spain, 28.8), Extresol 2SL (Spain, 41.8), PalmaDelRioMajadasSolar (Spain, 30.8),

Infinita RenovablesSA (Spain, 72.4)

72 CommercialBankofQatar 167.8 0.3 2 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3),QGTCLNGShipbuilding (Qatar, 86.6)




73 CommerzbankAG 165.8 0.3 5 Greentech-Monte Grighine (Italy, 28.3),A2Road-Phase2 (Poland, 23.7),GlenoughWindFarm (Ireland,

24.0),OritesWindPowerPlant (Cyprus, 64.6),Gortahile OnshoreWindfarm (Ireland, 25.3)

74 AbuDhabiCommercialBankLtd 163.3 0.3 2 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3), ZayedUniversity (UtdArabEm,82.0)

75 SambaFinancialGroup 151.4 0.2 2 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3), Shuweihat IWPP (UtdArabEm,70.1)

76 ArabBankingCorporation 151.3 0.2 2 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3), EmiratesSteel Plant (UtdArabEm,70.0)

77 BancaPopolare Italiana 141.1 0.2 1 Termoli CCGT (Italy, 141.1)

78 ArabBankLtd 138.6 0.2 2 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3),QGTCLNGShipbuilding (Qatar, 57.4)

79 BankNederlandseGemeenten 131.1 0.2 2 KromhoutBarracks (Netherlands, 53.4)Brabo1TramSystem (Belgium,77.7)

NV

80 Centrobanca 130.2 0.2 4 PugliaPVPlantB (Italy, 22.6), Sardinia[Campidano]Wind Park (Italy, 36.9), Terni Solarenergy Srl (Italy, 17.2),

NuCeNordCCGT (Italy, 53.6)

81 Investec 125.9 0.2 3 Viridis PowerPortfolio (Germany, 29.2),Burnstone GoldMine (SouthAfrica, 45.8), Pilanesberg Platinum

(SouthAfrica, 50.9)

82 BankMuscatAlAhli AlOmani 125.7 0.2 1 Salalah IWPP (Oman,125.7)

=82 NationalBankofOmanLtd 125.7 0.2 1 Salalah IWPP (Oman,125.7)

=82 SoharBank 125.7 0.2 1 Salalah IWPP (Oman,125.7)

85 EuropeanArabBankLtd 124.9 0.2 1 DolphinEnergy Ltd [DEL] (UtdArabEm,124.9)

86 ErsteGroup 122.6 0.2 2 Turceni Coal-Fired Plant (Romania, 24.9), R1Motorway (SlovakRep,97.7)

87 IBA 120.0 0.2 1 AzmecoMethanol Complex (Azerbaijan, 120.0)

88 CaixadeGalicia 119.9 0.2 3 ZaragozaAltaVelocidad2002 (Spain, 90.5), Endaki Tecnocast SL (Spain, 7.2), Catalanad'Energies

Renovables (Spain, 22.3)

89 FortisBankNederlandNV 118.1 0.2 2 GateTerminalBV (Netherlands, 89.8),Greentech-Monte Grighine (Italy, 28.3)

90 EFGGroup 115.8 0.2 2 ThivaNaturalGas-Fired (Greece, 98.3),GreekFireStations (Greece, 17.6)

91 IslamicDevelopmentBank 113.3 0.2 1 AlQatranaGasFired IPP (Jordan, 113.3)

92 TriodosBankNV 102.6 0.2 4 SanPatrickWindPortfolio (France, 28.4), LijncoEnergyBiogasPlant (Netherlands, 22.0), Castledockrell

WindGroupLtd (Ireland, 40.5), KVNRGWind (Belgium,11.9)

93 PiraeusBankSA 98.2 0.2 1 ThivaNaturalGas-Fired (Greece, 98.2)

94 CajadeAhorros yMZaragoza 90.5 0.1 1 ZaragozaAltaVelocidad2002 (Spain, 90.5)

95 HandelsbankenCapitalMarkets 89.8 0.1 1 GateTerminalBV (Netherlands, 89.8)

96 BancodeValenciaSA 85.6 0.1 1 RenomarValenciaWindfarm (Spain, 85.6)

97 BancodeCreditodeBolivia 84.1 0.1 2 AP1Burgos toArminonToll (Spain, 76.9), Endaki Tecnocast SL (Spain, 7.2)

98 RMBHoldings Ltd 84.0 0.1 1 Boschmanspoort &KwaggaMines (SouthAfrica, 84.0)

99 Scotiabank-Bank ofNovaScotia 83.4 0.1 2 Varg LLC (Norway, 26.0),QGTCLNGShipbuilding (Qatar, 57.4)

100 AlHilal IslamicBank 82.0 0.1 1 ZayedUniversity (UtdArabEm,82.0)

101 ExportDevelopmentCanada 81.3 0.1 1 DolphinEnergy Ltd [DEL] (UtdArabEm,81.3)

102 Raiffeisen Zentralbank 73.4 0.1 1 MoscowSodiumHypochlorite (RussianFed,73.4)

103 Caixad'Estalvis deCatalunya 72.9 0.1 2 VicRipoll ShadowToll Road (Spain, 58.4), EcoparcdelBesosS.A (Spain, 14.5)

104 CajaCantabria 72.6 0.1 2 Extresol 2SL (Spain, 41.8), PalmaDelRioMajadasSolar (Spain, 30.8)

=104 CajaDeBadajoz 72.6 0.1 2 Extresol 2SL (Spain, 41.8), PalmaDelRioMajadasSolar (Spain, 30.8)

106 CajadeCastilla laMancha 72.4 0.1 1 Infinita RenovablesSA (Spain, 72.4)

107 SumitomoTrust&Banking 70.1 0.1 1 Shuweihat IWPP (UtdArabEm,70.1)

108 AlKhaliji CommercialBank 70.0 0.1 1 EmiratesSteel Plant (UtdArabEm,70.0)

=108 BankofBaroda 70.0 0.1 1 EmiratesSteel Plant (UtdArabEm,70.0)

=108 FransabankSAL 70.0 0.1 1 EmiratesSteel Plant (UtdArabEm,70.0)

111 DepfaDeutschePfandbriefbank 68.9 0.1 1 Babcock&BrownPortfolio SALE (France, 68.9)

112 FIHPartners AS 62.6 0.1 1 CopenhagenAirportRefinancing (Denmark, 62.6)

=112 NykreditA/S 62.6 0.1 1 CopenhagenAirportRefinancing (Denmark, 62.6)

114 BankPolskaKasaOpieki SA 62.4 0.1 1 A2Road-Phase2 (Poland, 62.4)

115 BancoGallegoSA 59.6 0.1 2 AutoviaDeLos LlanosSA (Spain, 28.8), PalmaDelRioMajadasSolar (Spain, 30.8)

116 DevelopmentBankof Japan Inc 57.4 0.1 1 QGTCLNGShipbuilding (Qatar, 57.4)

=116 Export ImportBankofROC 57.4 0.1 1 QGTCLNGShipbuilding (Qatar, 57.4)




2009LeagueTables

118 SocEspanolaBancaNegocios 57.2 0.1 2 PEVillamayor WindFarm (Spain, 26.4), PalmaDelRioMajadasSolar (Spain, 30.8)

119 DBSGroupHoldings 55.2 0.1 1 AlDur IWPP (Bahrain, 55.2)

=119 FirstEnergyCapital Corp 55.2 0.1 1 AlDur IWPP (Bahrain, 55.2)

121 DZBank 44.7 0.1 1 BrandenburgSolarPV (Germany, 44.7)

122 FinansbankAS 44.2 0.1 1 AkfenHEPPPortfolio (Turkey, 44.2)

=122 TSKBMenkulDegerler 44.2 0.1 1 AkfenHEPPPortfolio (Turkey, 44.2)

124 BANIF 40.2 0.1 2 Alentejo SolarPV (Portugal, 25.9), LouresHospital (Portugal, 14.3)

125 Bankinter SA 39.0 0.1 2 Edar IIAragonSewagePlant (Spain, 8.2), PalmaDelRioMajadasSolar (Spain, 30.8)

126 LandesbankBaden-Wurttemberg37.4 0.1 1 IktinosProject (Greece, 37.4)

127 AgenceFrancaisedeDevel 35.0 0.1 1 OlkariaGeothermalPowerPlant (Kenya, 35.0)

=127 DEG-Deutsche Invest undEnt 35.0 0.1 1 OlkariaGeothermalPowerPlant (Kenya, 35.0)

129 Bankcoop 32.3 0.1 1 ZeughausarealBurgdorf (Switzerland, 32.3)

=129 HypothekarBank (Lenzburg) 32.3 0.1 1 ZeughausarealBurgdorf (Switzerland, 32.3)

=129 LuzernerKantonalbank 32.3 0.1 1 ZeughausarealBurgdorf (Switzerland, 32.3)

=129 UBS 32.3 0.1 1 ZeughausarealBurgdorf (Switzerland, 32.3)

=129 Valiant Bank 32.3 0.1 1 ZeughausarealBurgdorf (Switzerland, 32.3)

=129 VerbandSchweizerischerKanton 32.3 0.1 1 ZeughausarealBurgdorf (Switzerland, 32.3)

135 BancoCooperativoEspanol 30.8 0.1 1 PalmaDelRioMajadasSolar (Spain, 30.8)

=135 BancoPastor SA 30.8 0.1 1 PalmaDelRioMajadasSolar (Spain, 30.8)

=135 CajadeExtremadura 30.8 0.1 1 PalmaDelRioMajadasSolar (Spain, 30.8)

=135 MontedePiedadHuelvaySevilla 30.8 0.1 1 PalmaDelRioMajadasSolar (Spain, 30.8)

139 Al-Ahli UnitedBank 29.2 0.1 1 QGTCLNGShipbuilding (Qatar, 29.2)

=139 DohaBank 29.2 0.1 1 QGTCLNGShipbuilding (Qatar, 29.2)

141 CooperativeBankPLC 29.1 0.1 1 Midlothian CommunityHospital (UnitedKingdom,29.1)

=142 CreditoValtellinese 28.3 0.1 1 Greentech-Monte Grighine (Italy, 28.3)

142 Exportkreditnamnden (EKN) 28.3 0.1 1 ZonguldakThermalPowerPlants (Turkey, 28.3)

144 ANZBankingGroup 27.1 0.0 1 ArmadaOyoLimitedFPSOVessel (Nigeria, 27.1)

=144 Malayan BankingBhd 27.1 0.0 1 ArmadaOyoLimitedFPSOVessel (Nigeria, 27.1)

=144 UBAF 27.1 0.0 1 ArmadaOyoLimitedFPSOVessel (Nigeria, 27.1)

147 BankofAmericaMerrill Lynch 26.0 0.0 1 Varg LLC (Norway, 26.0)

=147 SEBEnskilda 26.0 0.0 1 Varg LLC (Norway, 26.0)

149 PKOBP 23.7 0.0 1 A2Road-Phase2 (Poland, 23.7)

150 BankPHB 23.6 0.0 1 MPNNaturalGas LiquidsPlant (Nigeria, 23.6)

=150 OceanicBank (Nigeria) 23.6 0.0 1 MPNNaturalGas LiquidsPlant (Nigeria, 23.6)

=150 SkyeBank 23.6 0.0 1 MPNNaturalGas LiquidsPlant (Nigeria, 23.6)

=150 UnitedBank forAfricaPLC 23.6 0.0 1 MPNNaturalGas LiquidsPlant (Nigeria, 23.6)

154 StateBankof India 21.6 0.0 1 RasAlKhaimahGalvanizing (UtdArabEm,21.6)

155 CajaNavarra 7.2 0.0 1 Endaki Tecnocast SL (Spain, 7.2)

=155 KutxaGuipuzcoa 7.2 0.0 1 Endaki Tecnocast SL (Spain, 7.2)

Total* 62,515.0 100.0 222

Proportional CreditSource: Thomson Reuters




Power 23,970.8


Oil&Gas 11,993.8

PPP 5,021.7

Industry 2,406.4

Mining 1,330.7


Waste&Recycling 1,115.9

Telecommunications 563.6

Petrochemicals 409.4

Total 62,515.0


EMEA LOANS BY SECTOR

Spain 10,105.3 16.2 55

UnitedKingdom 8,185.6 13.1 27

UnitedArabEmirates 5,433.3 8.7 8

Portugal 4,116.7 6.6 16

Italy 3,661.8 5.9 14

RussianFederation 3,001.2 4.8 4

Ghana 2,750.0 4.4 2

Turkey 2,729.9 4.4 6

Germany 2,340.0 3.7 10

France 2,012.6 3.2 17

SaudiArabia 1,900.0 3.0 1

Bahrain 1,341.0 2.2 1

Norway 1,340.0 2.1 2

Belgium 1,313.7 2.1 7

SlovakRepublic 1,218.1 2.0 1

Morocco 1,157.7 1.9 1

SouthAfrica 1,138.4 1.8 7

Netherlands 1,112.7 1.8 6

Qatar 949.0 1.5 1

Botswana 825.0 1.3 1

Oman 801.6 1.3 2

Poland 780.2 1.3 3

Gabon 500.0 0.8 1

Romania 469.6 0.8 2

Republic of Ireland 438.1 0.7 6

Denmark 438.0 0.7 1

Israel 389.5 0.6 1

Nigeria 355.0 0.6 2

Jordan 340.0 0.5 1

Bulgaria 311.0 0.5 1

Greece 251.4 0.4 3

Switzerland 225.8 0.4 1

Cyprus 193.8 0.3 1

Azerbaijan 120.0 0.2 1

Kenya 105.0 0.2 1

CzechRepublic 50.4 0.1 4

Malawi 35.0 0.1 1

Mauritania 30.0 0.1 1

Senegal 28.6 0.1 1

Mozambique 20.0 0.0 1

IndustryTotal 62,515.0 100.0 222



EMEA LOANS BY COUNTRY


2009LeagueTables

Oil&Gas 5,497

Power 1,613

Social infrastructure 877

Infrastructure 539

Total 8,526


BONDS BY SECTOR

USA 3,645

UAE 2,229

Qatar 1,248

Canada 877

Peru 200

Australia 188

SouthKorea 139

Total 8,526


BONDS BY COUNTRY

1 Credit Suisse 3 1,934 BlackHills (US,Power, 191),Maritimes &Northeast Pipelines (US,Oil&Gas, 250), FloridaGas (USA,

Oil&Gas, 500),Rasgas (Qatar,Oil&Gas, 743), CCFC refi (USA,Power, 250)

2 Deutsche 3 1,070 MEP (USA,Oil&Gas, 555), CCFC refi (USA,Power, 250), Southeast Supply (USA,Oil&Gas, 265)

3 Citigroup 1 743 Rasgas (Qatar,Oil&Gas, 743)

=3 HSBC 1 743 Rasgas (Qatar,Oil&Gas, 743)

5 RBC 3 713 407 (Canada, Infrastructure, 425), Plenary HealthNiagara (Canada, Social infrastructure, 38),Bridgepoint

(Canada, Social infrastructure, 250)

6 RBS 2 503 BlackHills (US,Power191),Dolphin refi (UAE,Oil&Gas, 312)

7 BNPParibas 1 312 Dolphin refi (UAE,Oil&Gas, 312)

=7 ADCB 1 312 Dolphin refi (UAE,Oil&Gas, 312)

=7 NBAD 1 312 Dolphin refi (UAE,Oil&Gas, 312)

=10 BankofAmerica 1 250 Maritimes &Northeast Pipelines (US,Oil&Gas, 250)

=10 MorganStanley 1 250 CCFC refi (USA,Power, 250)

=10 GoldmanSachs 1 250 CCFC refi (USA,Power, 250)

=13 BCP 1 200 Peru LNG (Peru,Oil&Gas, 200)

=13 JPMorgan 1 200 NTEMobility (USA, Infrastructure, 200)

=13 Merrill Lynch 1 200 NTEMobility (USA, Infrastructure, 200)

16 Macquarie 1 139 Cheonan (SouthKorea, Infrastructure, 139)

17 BTMU 1 47 SPI (Australia, Power, 47)

=18 CBA 1 47 SPI (Australia, Power, 47)

=18 OCBC 1 47 SPI (Australia, Power, 47)

=18 Westpac 1 47 SPI (Australia, Power, 47)

21 Dexia 1 44 CAMH(Canada, Social infrastructure, 44)

=21 Scotia 1 44 CAMH(Canada, Social infrastructure, 44)

23 Co-Bank 1 43 IowaLakes (US,Power, 43)

24 Bankof Montreal 1 38 Plenary HealthNiagara (Canada, Social infrastructure, 38)

=24 Toronto Dominion 1 38 Plenary HealthNiagara (Canada, Social infrastructure, 38)

Total 8,526

Leadmanager Noofdeals Volume (U$Sm) Deals

NON RECOURSE PROJECT BONDS


1 Ernst&Young 10 89 18 117 340

2 PwC 12 52 40 104 248

3 HSBC 21 4 16 41 62

4 Grant Thornton 2 3 26 31 31

4 KPMG 1 23 7 31 31

6 Taylor de Jongh 15 8 1 24 32

7 Calyon 7 1 12 20 23

8 BNPParibas 10 3 5 18 58

9 SG 13 0 0 13 13

10 SBICapital 5 3 4 12 32

11 Greengate 12 0 0 12 16

12 TASC 3 4 4 11 47

13 International Finance& 8 1 1 10 12

Advisory

14 PSPC 0 3 4 7 13

15 Investec 5 2 0 7 7

16 Citigroup 3 2 1 6 13

17 NordLB 5 1 0 6 8

18 Natixis 5 1 0 6 6

18 Project FinancingSolutions 4 2 0 6 6

20 ING 5 0 0 5 8

21 SMBC 4 0 0 4 5

22 BankMuscat 1 0 0 1 4

23 StandardChartered 1 0 0 1 1

Total 152 202 139 493(520)Key

1 -Privately ownedsponsors

2 -Governmentorgovernmentownedsponsors

3–Bidders ina competition

1 2 3 Total Overall

GLOBAL ADVISORY MANDATES WON IN 2009

1 PwC 18,076

2 SG 14,881

3 BNPParibas 12,556

4 Macquarie 8,284

5 HSBC 6,134

6 RoyalBankof Scotland 4,978

7 KPMG 4,735

8 Ernst&Young 3,815

9 JPMorgan 3,344

10 Deutsche 3,108

11 RoyalBankof Canada 2,711

12 Citigroup 2,500

13 Grant Thornton 2,148

14 Natixis 1,959

15 Taylor de Jongh 1,678

16 Delphos International 1,600

17 Project FinancingSolutions 1,600

18 Mizuho 1,330

19 Calyon 1,045

20 SMBC 950

21 SBICapital 620

22 BTMU 520

23 Investec 330

24 PSPC 116

25 Cuatrecasas 25

Advisor Volume (US$m)

GLOBAL ADVISORIES CLOSED


2009LeagueTables

1 PwC 2 4 16 22 44

2 Ernst&Young 1 10 1 12 53

3 SBICapital 5 3 4 12 32

4 KPMG 0 11 0 11 11


5 HSBC 6 0 2 8 8

7 International Advisory& 4 0 0 4 6

Finance


9 SG 3 0 0 3 3


11 Calyon 1 0 1 2 2

12 Greengate 1 0 0 1 2

13 ING 1 0 0 1 1

14 StandardChartered 1 0 0 1 1

15 TASC 0 0 0 0 1

Total 30 30 30 90(80)Key




1 2 3 Total Overall

ASIA PACIFIC ADVISORY MANDATES WON IN 2009

1 Ernst&Young 0 10 2 12 37

2 Greengate 11 0 0 11 11



5 PwC 1 6 1 8 30

6 HSBC 7 0 0 7 7


8 NordLB 0 1 0 1 3

9 International Finance 1 0 0 1 1

&Advisory

=9 KPMG 0 1 0 1 1

=9 SG 1 0 0 1 1

Total 30 24 8 62(59)Key –1 -Privately ownedsponsors



1 2 3 Total Overall

AMERICAS ADVISORY MANDATES WON IN 2009

1 BNPParibas 4 6,280 Juruti (1, 2262),Alumar (1, 3115), Vizcarra/ATN

(3, 328),UmoeBioEnergy (1, 575)

2 Macquarie 3 3,215 I-595 (3, 1678), IDEAL (3, 695), Port ofMiami

Tunnel (3, 842)

3 KPMG 2 2,139 Toronto detention (319),North Tarrant (3, 2000)

4 Taylor de Jongh 1 1,678 1-595 (2, 1678)

5 Mizuho 2 1,330 Marubeni LP (1, 650),Manzanillo LNG (1, 680)

6 PwC 3 1,012 NBSchools (2, 47),UniversidadPolitecnica (2, 30),

Rodoanel (3, 935)

7 RoyalBankof 1 650 MineraEl Tesor (1, 650)

Scotland

8 RoyalBankof 2 519 Bridgepoint (3, 380), Toronto detention

Canada (3, 139)

9 HSBC 1 480 Petroterminal dePanama (1, 480)

10 Ernst&Young 1 418 ChampianHealth (2, 418)

Key




Noof Volumedeals (US$m) Deals

AMERICAS ADVISORY MANDATES CLOSED IN 2009

1 SG 1 14,000 PNGLNG(1, 14000)

2 PwC 11 6,431 ShinDo (3, 50), Sungwon (3, 60), Shin-Young

(3, 25), JaipurGurgaon (3, 669), Panipath

Jalandhar (3, 1004), Victoriadesal (2, 3600),

Kishangarh Beawer (2, 290),Maharashtra Dhule

(2, 316), PimpalgaonGonde (2, 167), Faridabad

Gurgaon (2, 173), Kofu (2, 77)

3 Macquarie 5 4,304 Cheonan-Nonsan refi (1, 139),HallettWind sale

(1, 418),MokpoNewPort (1, 105),OkgaeDongbu

school (3, 42), Victoriadesal (3, 3600)

4 JPMorgan 1 1,184 EpicEnergy (1, 1184)

5 SBICapital 3 620 Aircel (1, 250), L&TVivekanandabridge sale (1, 25),

BSCPL roads (3, 345),

6 HSBC 2 620 Senoko Incineration (1, 320),MTPHPPO (1, 300)

7 Ernst&Young 6 480 Chennai Tada (2, 22), Chilkaluripet (2, 20),Gurgaon

Kotpuli (2, 60), Panipat Jalandar (2, 90), Surat

Dahisar (2, 59),Queensland schools (2, 229)

8 KPMG 2 323 LaTrobeUniversity (2, 215),Adelaide schools

(2, 108)

9 BNPParibas 1 113 TheunHinbounexpansion (1, 113)

Key





ASIA PACIFIC ADVISORY MANDATES CLOSED IN 2009


1 Ernst&Young 9 69 15 93 250

2 PwC 9 42 23 74 174

3 HSBC 8 4 14 26 47


5 KPMG 1 11 7 19 19

6 Calyon 6 1 11 18 21


8 TASC 3 4 4 11 46

9 SG 9 0 0 9 9


11 PSPC 0 3 4 7 13

12 Investec 5 2 0 7 7

13 Citigroup 3 2 1 6 13

14 Natixis 5 1 0 6 6

15 Project FinancingSolutions 4 2 0 6 6

16 International Finance&Advisory 3 1 1 5 5

17 Nord LB 5 0 0 5 5

18 ING 4 0 0 4 6

19 SMBC 4 0 0 4 5

20 BankMuscat 1 0 0 1 4

21 Greengate 1 0 0 1 5

Total 93 148 101 342(381)Key




1 2 3 Total Overall

EMEA ADVISORY MANDATES WON IN 2009

1 PwC 23 10,633 CoscoPacific (3,528),BarnsleyBSF (3,162),BradfordBSF (3,372),HullPCT (3,23),Magdeburgschool (3,39),Greentechwind

(1,143), LiquigasMalta (1,40),Solarstrom(1,22),M80(3,477),GreaterManchesterwaste (3,924),VelodromeSaintQuentin

(2,107),A2 (2,2263),R1 (2,2000),CapeTownAirportRail (1,300),SouthwarkBSF (1,35),NewcastleBSFphase2 (2,97), Fife

hospital (2,321), LeedsLift (2,29),NorthEastFire (2,60),Surreystreet lighting (2,150),M25(2,2400),Cumbriawaste (2,96),

Blackpool street lighting (2,45)

2 BNPParibas 5 6,163 ISTP2 (2,500),AlQatrana (3,463),Salalah (2,1000),AlDur (2,2200),R1 (3,2000)

3 HSBC 2 5,034 Shuweihat2 (2,2634),M25(3,2400)

4 RoyalBankofScotland 2 4,328 Dolphin refi (1,4110),Gateexpansion (1,218)

5 Deutsche 2 3,108 A5(3,845),A2 (3,2263)

6 Ernst&Young 25 2,917 UPPExeter (1,213),UPPBroadgatePark (1,184),HampshirePCT (2,20), LeedsNHS(2,101),NorthStaffs Lift (2,5),OldhamLift

(2,21),StHelensLift (2,12), TamesideBSF (2,74),WiganLift (2,21),MedwayLift (2,8),GreaterManchesterwaste (3,924),

LancashireBSFphase3 (2,57),StreathamLift (2,9), SandwellBSF (2,79),Cornwall Lift (2,6),CoscoPacific (3,528),HampshireLift

(2,5),BirminghamLift (2,40),SalfordBSF (2,115),Mitte schools (2,148), Luxemburgschools (2,185),NorthEastFire (3,60),

LewishamBSF(3,38),East LancashireLift (3,42),BoltonLift (3,22)

7 Citigroup 1 2,500 Rabigh (2,2500)

8 KPMG 17 2,273 M80(3,610), ForestGatehousing (2,70),BaixoAlentejo (2,68),AshtonLift (2,19),Bragahospital (2,284),Belfast college (2,62),

Down&Connorschools (2,56),StPatrick’s school (2,28), LutonBSF (2,47),NewhamBSF(2,200),EdithCowanuniversity (2,31),

CNDR(3,146),Brandenburg (2,170),Azoreshospital (2,109),Motorwayservices Ireland (2,112),ZeughausaraelBurgdorf (2,146),

SalfordBSF (3,115)

9 RoyalBankofCanada 2 2,192 GatwickAirport (3,2160),SouthwarkBSF (3,32)

10 JPMorgan 1 2,160 GatwickAirport (3,2160)

11 GrantThornton 19 2,148 BirminghamBSF(3,86),Blackburnhealth (2,37),DerbyshireBSF (2,58),Enniskillen (3,397),ENTSA(2,175),HellenicFire (2,40),

HullPCT (2,23), LancashireBSFphase3 (3,57), LeedsNHS(3,101), LewishamBSF(2,35), Liverpool Lift 3 (3,35),Midlothianhospital

(2,32),OPPKilpev-Sanderborg (3,275),NewcastleBSFphase2 (3,97),Opera (3,400),SandwellBSF (3,79),Walsall Lift (2,11),

GreenwichBSF (3,167),SouthTynesideBSF (2,43)

12 Delphos International 1 1,600 Morupule (1,1600)

12 ProjectFinancingSolutions 1 1,600 Morupule (2,1600)

14 Natixis 3 1,959 SolaicaPower (1,101), TangierMed II (2,1158),EmiratesSteel refi (1,700)

15 Calyon 1 1,045 Zayed (2,1045)

16 SMBC 1 950 Nakilat (1,950)

17 SG 3 881 PPPVincennes (3,26),ENSTA(3,175),BaixoAlentejo (3,680)

18 Macquarie 3 765 BPCCrefi (1,505), Irishschools (3,137),Andaluciasolar (1,123)

19 BTMU 1 562 Boreas (1,562)

20 Investec 3 330 TamesideBSF (3,70),WiganLifeCentre (3,118),SurreyStreet Lighting (3,142)

21 PSPC 3 116 MoersCityHall (2,65),SchoolGummersbach (2,21),SeeCampus (2,30)

22 Cuatrecasas 1 25 TramwayofMurcia (3,25)

Key





EMEA ADVISORY MANDATES CLOSED IN 2009

2009LeagueTableshttp://www.pfie.com72 |pfi | 13 January2010

VaderPietwind farm Aruba 75 60 60 EKFguaranteedaUS$60mloan.

AlDur IWPP Bahrain 2,200 1,650 1,180 KEICguaranteed65%ofaUS$1.2bn loan,USEx-ImprovidedaUS$200mdirect loan,EDC

providedaUS$100mdirect loanandKfWprovidedaUS$100mdirect loan.

CNAAsugar/ethanolplants Brazil 1,000 700 153 IADBprovidedaUS$153mdirect loan.

Embratel fibre-optic cable Brazil – 300 300 IADBprovidedaUS$80mdirectA loanandsyndicatedaUS$220mBloan.

Etescodrill ship Brazil – 650 270 GIEKguaranteedaUS$270mECAtranche.

SãoBernardohydro Brazil – 51 51 KfWprovidedaUS$51mdirect loan.

Usiminas thermoelectricplant Brazil – 202 202 IADBprovidedaUS$22mdirectA loanandsyndicatedaUS$180mBloan.

PecemIpowerplant Brazil 1,810 1,025 327 IADBprovidedaUS$147mdirectA loanandsyndicatedaUS$180mBloan.

Odebrechtdrillships Brazil – 1,344 574 KeximprovidedaUS$165mdirect loanandguaranteedaUS$135mloan.Eksportfinans

providedaUS$274mdirect loan,whichGIEKguaranteed.

Rodoanel roadrefinancing Brazil 1,470 940 500 IADBprovidedaUS$100mdirectA loanandsyndicatedaUS$200mBloan. JBICprovideda

US$200mdirect loan.

Central TermoelectricaAndina Chile – 393 393 IFCprovidedaUS$100mdirectA loanandsyndicatedaUS$293mBloan.

Esperanzacopper-goldmine Chile 2,300 1,050 650 JBICprovidedaUS$400mdirect loan,EDCprovidedaUS$200mdirect loanandKfWprovided

aUS$50mdirect loan.

Totoralwind farm Chile – 62 62 IFCprovidedaUS$31mdirectA loanandsyndicatedaUS$31mBloan.

Esperanzacopper/goldmine Chile 2,350 1,050 650 JBIC,EDCandKfWprovideddirect loansofUS$400m,US$200mandUS$50mrespectively.

FideicomisoPlantaTermicaGarabito CostaRica – 235 235 KfWcontributed toaUS$235mdirect loan.Hermesguaranteed theUS$235mloan.

SamanaPeninsular toll road Dominican 170 150 150 IADB,EIB,CAFandFrenchDevelopmentAgencyprovidedaUS$150mdirect loan.

Republic

Bishagold/silver/copper/zincmine Eritrea 355 235 118 IDCprovidedanUS$89mdirect loan.EmergingAfrica InfrastructureFundcontributed toa

US$146mdirect loan.

JubileeOil Field Ghana – 1,500 215 IFCprovidedUS$115mdirect loanandUS$100mdirect loan tosponsorsTullowandKosmos

respectively.

JakartaTankTerminal Indonesia – 60 45 FMOprovidedaUS$30mdirect loanandDEGprovidedaUS$15mdirect loan.

DisiWaterConveyance Jordan – 455 455 OPIC,EIBandPROPARCOprovidedaUS$455mdirect loan.

AlQatrana IPP Jordan 450 340 340 KeximprovidedaUS$120mdirect loanandguaranteedaUS$120mloan, towhichKfW

contributed. IsDBandProparcoprovidedaUS$100mloan.

Kayelekerauraniummine Malawi 285 167 110 ECICguaranteedaUS$110mloan.

CentroMédicoPuertadeHierro Mexico – 24 24 IFCprovidedaUS$12mdirect loanand IADBprovidedaUS$12mdirect loan.

ManzanilloLNG Mexico 900 681 505 KeximprovidedaUS$262mdirect loanandguaranteedaUS$214mloan.DevelopmentBank

of Japancontributed toaUS$204mdirect loan.

Salalah IWPP Oman 1,000 762 65 KfWcontributed toaUS$130mdirect loan.

PNGLNG PNG 15,000 10,250 9,238 USEx-Im, JBIC,ChinaEximbank,SACEandEFICprovideddirect loansofUS$3bn,US$1.8bn,

US$1.5bn,US$1.5bnandUS$500mrespectively.NEXIguaranteedaUS$950mloan for

political riskand97.5%forcommercial risk.

Turcenipowerplant Romania 368 267 267 EBRDprovidedaUS$126mdirectA loanandsyndicatedaUS$110mBloan.BlackSeaTrade

&DevelopmentBankprovidedaUS$31mdirect loan.

Moscowwater treatmentplant Russia 275 220 110 KfwprovidedaUS$110mdirect loan.

Rabigh IPP SaudiArabia 2,500 1,900 490 KEICguaranteedaUS$490mloan.

R1road Slovakia 2,457 1,388 359 EBRDprovidedaUS$273mdirect loan.KfWcontributed toaUS$1.2bndirect loan.

ContourGlobalTogo IPP Togo – 146 146 OPICprovidedaUS$146mdirect loan.

RotorElektrikUretimwindfarm Turkey 285 177 177 IFCprovidedaUS$75mdirect loan,EBRDprovidedaUS$61mdirect loanandEIBprovideda

US$41mdirect loanguaranteedbycommercialbanks.

MMKAtakassteelplant Turkey – 1,075 625 SACEguaranteedandco-arrangedaUS$625mloan.

Shuweihat2 IWPP UAE 2,600 2,200 1,179 JBICprovidedaUS$1.1bndirect loan.KfWcontributed toaUS$1.1bndirect loan.

CaiMepcontainer terminal Vietnam – 200 170 EKFguaranteed85%ofaUS$200mloan.

NghiSonCementexpansion Vietnam – 67 67 IFCprovidedaUS$34mdirectA loanandsyndicatedaUS$33mBloan.

IDFIProject Country Cost Debt involvement Details

MULTILATERAL DEVELOPING PROJECT FINANCE DEALS


1 JBIC 4,867 6,798

2 USEx-Im 3,200 3,609

3 KEIC/Kexim 2,226 4,661

4 SACE 2,125 2,739

5 ChinaEximbank 1,500 1,664

6 IADB 1,331 2,840

7 KfW/DEG/Hermes 901 1,983

8 IFC 824 2,109

9 EBRD 570 1,352

10 GIEK/Eksportfinans 544 1,292

11 EDC 500 786

12 EFIC 500 555

13 OPIC 298 298

14 Proparco/AFD 238 238

15 EIB 231 231

16 EKF 230 260

17 IDC/ECIC 199 344

18 FMO 59 69

19 IsDB 50 50

20 CAF 38 38

21 BSTDB 31 31

22 EAIF 29 58

Total 20,491 32,005

IDFI Exposure Total debt

MULTILATERAL DEVELOPING LOANS AND GUARANTEES

1 JBIC/NEXI/DBJ 3,929

2 USEx-IM 3,200

3 ChinaEximbank 1,500

4 SACE 1,500

5 IADB 1,331

6 IFC 824

7 KfW/DEG/Hermes 666

8 KEIC/Kexim 547

9 EDC 500

=9 EFIC 500

11 EBRD 460

12 OPIC 298

13 Proparco/AFD 238

14 EIB 231

15 GIEK/Eksportfinans 137

16 IDC/ECIC 89

17 FMO 59

18 IsDB 50

19 CAF 38

20 BSTDB 31

21 EAIF 29

Total 16,157

IDFI Direct loans

MULTILATERAL DEVELOPING DIRECT LOANS

Lumwanaadd-ons Zambia 85 29 29 FMOprovidedaUS$25mdirect loan toLumwanaPropertyDevelopmentCorporationanda

US$3.8mdirect loan toNorthwestEnergy.

Total 32,005 20,491


MULTILATERAL DEVELOPING PROJECT FINANCE DEALS (CONTINUED)

1 KEIC/Kexim 1,679

2 JBIC/NEXI/DBJ 938

3 SACE 625

4 GIEK/Eksportfinans 407


6 EKF 230

8 EBRD 110

9 IDC/ECIC 110

Total 4,334

IDFI Guarantees

MULTILATERAL DEVELOPING GUARANTEES


VictorianDesalination Australia 3,717 3,239 248 KEICguaranteedUS$248mof loans.

Belwindwindfarm Belgium 872 776 515 EIBprovidedaUS$426mdirect loan,ofwhichEKFguaranteedhalf, alongwithUS$89mof

other loans.

Oriteswindfarm Cyprus 242 206 103 EIBprovidedaUS$103mdirect loan.

A5 toll road Germany 799 639 299 EIBprovidedaUS$266mdirect loanandguaranteedaUS$33mloan.

Fire stationsPPP Greece 35 30 12 EIBprovidedaUS$12mdirect loan.

GATEExpansion Netherlands 1,411 513 EIBprovidedaUS$513mdirect loan.

A2 tollmotorway Poland 2,240 1,968 1,470 EIBprovidedaUS$1.4bndirect loanandKfWprovidedaUS$70mdirect loan.

Gdansk-Torun toll road Poland 1,411 1,411 EIBprovidedaUS$758mdirect loan,NIBprovidedaUS$198mdirect loanandSEKprovideda

US$455mdirect loan.

Tychowowind farm Poland 166 130 60 EBRDprovidedaUS$60mdirect loan.

BaixoAlentejo road Portugal 714 520 259 EIBprovidedaUS$259mdirect loan.

Enniskillenhospital UK 434 406 254 EIBprovidedaUS$254mdirect loan.

GreaterManchesterWastePFI UK 1,009 867 271 EIBprovidedaUS$271mdirect loan.

M25roadwidening UK 2,011 1,756 642 EIBprovidedaUS$309mdirect loanandaUS$333mdirect loanguaranteedbycommercial

banks.

M80Stepps toHaggs toll road UK 737 447 224 EIBprovidedaUS$224mdirect loan.

BarnsleyBSF UK 243 126 63 EIBprovidedaUS$63mdirect loan.

BradfordBSF UK 220 202 101 EIBprovidedaUS$101mdirect loan.

Boreaswindportfolio UK 1,018 566 40 KfWcontributed toaUS$566mdirect loan.

NewcastleBSFPhase2 UK 166 83 EIBcontributed toaUS$166mdirect loan.

Total 14,866 6,568


MULTILATERAL DEVELOPED PROJECT FINANCE DEALS

13 CostaRica 235 235

14 Ghana 1,500 215

15 DominicanRepublic 150 150

16 Togo 146 146

17 Eritrea 235 118

18 Russia 220 110

19 Malawi 167 110

20 Oman 762 65

21 Aruba 60 60

22 Indonesia 60 45

23 Zambia 29 29

Total 32,005 20,491

Country Debt IDFIprovision

MULTILATERAL LENDING BY DEVELOPING COUNTRY

1 PapuaNewGuinea 10,250 9,238

2 Brazil 5,212 2,377

3 Chile 2,555 1,755

4 Bahrain 1,650 1,180

5 UAE 2,200 1,179

6 Turkey 1,252 802

7 Jordan 795 795

8 Mexico 705 529

9 SaudiaArabia 1,900 490

10 Slovakia 1,388 359

11 Romania 267 267

12 Vietnam 267 237


MULTILATERAL LENDING BY DEVELOPING COUNTRY


1 KEIC/Kexim 248

2 EKF 195

3 EIB 33

Total 476

IDFI Guarantees

MULTILATERAL DEVELOPED GUARANTEES

1 EIB 5,302 9,890

2 SEK 455 455

3 KEIC/Kexim 248 3,239

4 NIB 198 198

5 EKF 195 294

6 KfW/DEG/Hermes 110 660

7 EBRD 60 130

Total 6,568 14,866

IDFI Exposure Total debt

MULTILATERAL DEVELOPED LOANS AND GUARANTEES

1 EIB 5,269

2 SEK 455

3 NIB 198


5 EBRD 60

Total 6,092

IDFI Direct loans

MULTILATERAL DEVELOPED DIRECT LOANS

1 Poland 3,509 2,941

2 UK 4,536 1,678

3 Belgium 776 515

4 Netherlands 1,411 513

5 Germany 639 299

6 Portugal 520 259

7 Australia 3,239 248

8 Cyprus 206 103

9 Greece 30 12

Total 14,866 6,568


MULTILATERAL LENDING BY DEVELOPED COUNTRY


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