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GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERS
REUTERS / Jim Urquhart
MANAGING UNDERWRITERS
First Quarter 2014
]
* Tie
-
2
1.3▲
0
0
Project Finance Regional Breakdown Jan 1 - Mar 31
3 ▲-
In the first three months of 2014, Global Project Finance closed US$41.9 billion worth of projects, down 7.5% from thesame period in 2013. Power projects posted a 32.4% increase from 2013, to record US$15.6 billion of activity.
Project Finance in the Americas for the first quarter of 2014 marked the highest growth for the period, showed a 75.2%uptick from first quarter 2013. The region posted US$14.1 billion of transactions, the largest first quarter volume onrecord.
EMEA borrowing was down by 25.2% in the first quarter of 2014. EMEA was the most active region, with 42 dealsclosed totaling US$19.3 billion. The Norwegian deal, Lundin Petroleum Refinancing, worth US$4 billion was the largestdeal globally.
Asia Pacific and Japan volume reached US$8.6 billion in the first three months of 2014, down 25.5% from thecomparable period in 2013. India was the most active market, to post US$3.9 billion from 16 transactions, despitefalling 28.2% from the same period in 2013.
▲1.3
4▼
1
-
-3.8
1
1▲
3-4
▼
3
0
12.5 0
5.0 -1
https://www.thomsonone.com
-12▲
23,148.7
▼-7.5% ▼
Standard Chartered PLC
3
1.31.3539.2
1.3▲4.20.9
439.8
21
ICICI Bank Ltd
64.71.2
▲23.6▲
6
18445.0
▼
27
-1
18
1.91.935 1.2
6.3▼
3
▲
1
11
▲
3.8▲ ▲21
1.91.3-
1.2539.2
36
3
2.53.4 3
17
19
▲
▼
Macquarie Group
▼
-1
0.1529.2 1.3523.4
5▲▲
-2
- 16
▲
▲
1.2 ▲
1▲
▲
1.1
1.5
JP Morgan▲
6.8
0.4
1.31.3 4
▲
0.7
8
0.2▲ 5.9
33.44
947
▲
▲
7.6
6
Societe Generale
Abu Dhabi Islamic Bank (ADIB)RBC Capital Markets
▼
▲
▲5.1
6▲▲
12.7
3-2
0
1.31
9
▲ 5.1
5▲
1.01.1
▲
ING▼▼-0.1
15▲
▲12.7
8.5
5.1 -26
055
6.3
447.7
2.3
26.3
588.7 2.5▲13.83
7
14
▲▲5
2.3
2
▲ 4.2450.1
2.3
▲
5 4.2 -1
7
▲
▼-310838.6 ▲
1.9-
3.3 ▲▲
-0.4
-4
32
Credit Agricole CIB
9
▲▼
2 7
▲2.5
705.2 3.1
▲1,019.0
757.53.6 2.6
1.2
▲ 15
Sumitomo Mitsui Finl Grp Inc 6
Commonwealth Bank of AustraliaIDFC Ltd
8
▼
6▼
1,708.715
0.1 ▲
Deutsche Bank 10ING 9
487
5 3Mizuho Financial Group
1310
5
9Credit Agricole CIB
State Bank of India
2 12Mitsubishi UFJ Financial Group 4
4 1 1,792.8
7.7
1,865.64.5
10.2
MarketProceeds
3,210.8 5.6 12
230.6
Mandated Arranger1
2013 Rank
BNP Paribas SA ▲
3
-1▲
2.53
19.5 ▲43 6.0 6.0
▲14▼
16.9 -8.3▲ ▲
217.5
▲4.3 6.8-4.2
7.1▲1,376.5
▲8
161,870.4▲ -3IDFC Ltd
13.64.5
2.9 Mitsubishi UFJ Financial Group▲
2,629.916
1,200.1Mizuho Financial Group
1
3
BNP Paribas SA 91,633.52 ▲
5 6.31422.5
▲
▲118
2
11.4 9.2
5.2
▲▲5.4
3.4
5 6.3▼5 4.8State Bank of India 1,119.012.7 6
20.3
22
34.4
124
8Barclays
▼
4.1
3.43.2 10
▲3.2 4-0.1
20
1,005.32.8
BarclaysSociete Generale
1,582.480
1112
1,436.1
17
Bank of America Merrill Lynch
13
RBS
15Scotiabank 14
16
83
Lloyds Bank
Natixis
0.90.7
1.0704.4
1.5
Citi
Santander 21Gazprombank
4618
ANZ Banking Group
-
95*20
181.6
634.2558.5
15
23 31
23
19
17
33
22
SEB
RBC Capital Markets
DNB ASA
2.3956.5
2.0769.3
540.3
710.2
926.5
1,336.11,175.4
51
Top Twenty Five Total2524JP Morgan 22
# of
1.7
681.7
0.60.5
Bank of America Merrill Lynch
855.62.2
1.7
2.4
3.8
2.6
2221
710
HSBC Holdings PLC8
Morgan Stanley
▲
1.827
5
0.8
4 3.45 4.2
638.7
29-
23Axis Bank Ltd
15 37*
-
Sumitomo Mitsui Finl Grp Inc
20
14
Deutsche Bank
Gazprombank
Citi
111213
Sh %Proceeds Sh Ch.Change in Market
Deals # of DealsDeals
First Quarter 2014
Global Deals Intelligence
Global Project Finance At US$42 billion I Power Top Sector I Americas Grew 75.2%
Global Project Finance ReviewMANAGING UNDERWRITERS
2013 Rank
# of# of Deals
# of Deals per ArrangerChange in 2014
RankMarket
Proceeds per Mandated Arranger (US$m)
Sh % Sh %Market
Sh Ch.
# of Deals per BookrunnerMarket2014
Rank Sh %
0.3 3.8
Bookrunner
Proceeds per Bookrunner (US$m)Market
▲ 4 5.0▲▲
33
3.8
6.351.7 -0.2 ▼1.6 -1.5 ▼374.2 3.8
1▲1.4
1.9 1.3385.8
32▲
1.3▼ 1
372.3 1.6 0.7
3 3.8▲261.3326.7
13
160.1
-0.81.11.1 0.2
1.4
259.0▲0.8
0.6
0.8
0.658 146.0
11152.1
173.2-1.3 ▼
▼0.70.7
▲-0.124 31Natixis
Korea Development Bank 25513.9
▼▼
Jan 1 - Mar 31
▼
72.6▲2.571
Industry % Change over Same Period Last Year
27,065.2118
-21.4%
-1541,936.4 100.0
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100.0
▼
Top Twenty Five Total 26.3
-13.0%
8016,800.5
-19.2%
Industry Total
Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Mar 31
Industry % Change over Last Quarter
Industry Total
Industry % Change over Last Quarter-20.3% ▼-11.3%
-19.7% ▼Industry % Change over Same Period Last Year
-12.1%
$0
$10
$20
$30
$40
$50
$60
$70
2008 2009 2010 2011 2012 2013 2014
Pro
ceed
s (U
S$b
)
EMEA Americas Asia-Pacific & Japan
1
60.7 Carrix IncSudeste Port
1,500.0
1/8/20141,506.1
1,170.03/28/2014-45.3 ▼
▼
Covanta Energy Waste-to-Energy 1,295.0 PowerPower
Transportation
Transportation
2.2
-9.0
Top Global Project Finance Deals Jan 1 - Mar 31
Ghana
United Kingdom
Asia-Pacific & Japan
83
▼
Mining
Russian Fed
PeruUnited States
Mining
BrazilTransportation
37.3
-5.1
▲
▲
10
Mkt.
▼
▼
▼3/21/2014 United States
Oil & Gas3/11/2014-25.2
▼
▼
▼-93.3-65.2
▼
3/14/2014
-25.5
IndonesiaSarulla Geothermal,Sumatra
45-43.79 Global Project Finance By Sector (US$m)
11.2
▲
Mkt. Sh11.2
1,337.2
▼
▼
Sector Analysis
Eastern Europe
-28.2
121.5
17
41.5 ▲
1,025.8
1,891.5
Western Europe43
Chg. in
▲
Note: 2014 League Tables are based on fully syndicated project finance volume.
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133 118 45,356.0100.0
-8.4
https://www.thomsonone.com
▼
-4.81.0 6.9 9
57.1▼-3.34 1,736.0 3.8
0.93
▲9.6 4,350.2
▲
▼▼
3
0.1
2 -2.7100.0
Telecommunications
1.2 4
41,936.4Industry Total
502.5Water & SewerageIndustry
2
11,080.219
24.4 11,059.8
Power
1.0
447.0
2
3,107.9Mining
10
US$m15,644.9
US$m
Transportation 10,956.8 24.2 71
2,364.5
19.3 26.4
11,820.7
1/1/2013 - 3/31/2013Proceeds
26.1 Issues
63 Issues
12,123.6
2
11,504.2
37
-40.3
3,000.0
-85.0
10.046
6,664.7
14
Project Finance Sector
5,460.6
1,378.6
Sh %
5
Sh %
13,337.8 31
3
939.51
No.No.
1,719.6
1/1/2014 - 3/31/2014
Japan
Europe
355.3
17,089.9
Sub-Saharan AfricaMiddle EastCentral Asia
1,700.0
200.0 54
▲
Elga Coal▲
Sector
Scorecard: Global Project Finance
Sweden
19,316.6
138-
14,050.4Fortum SALE
Porterbrook Acquisition
1,545.0▲8,731.9
Jubilee Oil Field Offshore
45,356.0 -7.5133
25,834.37,046.0
120
▼
3/26/20143/12/2014
1,800.0
ProceedsIssues
Proceeds No.IssuesUS$m
Sociedad Minera Cerro Verde SA
1816
3,106.5
Oil & Gas6
25
Mkt.Proceeds
622.3
326.7
Lundin Petroleum Refinancing
10
413.91 192.8
8,073.9
6 876.212.2
2.1
0.5
Global 41,936.4
First Quarter 2014 | Project Finance | Managing Underwriters
Power
Southeast Asia
3/10/20143290.0
34
18,788.3
8,569.4
North Asia
Australasia
5,228.597
Africa/Middle East/Central Asia
3,752.1
3
1
South AmericaCentral America 9
North America
32,226.7 5
581
86
-
5,434.8
1367
75.28,017.5
2,582.7
Americas
42-68.4
EMEA
Closing
2/19/2014
-
No.1/1/2013 - 3/31/2013
US$m Oil & Gas% Chge in Proceeds
NationPackage Amt
2,540.9
102.42,077.5
2/6/2014
2,503.7-
NorwayRegion
Borrower DomicileDate
4,000.0US$m
1,294.1 2.9
1/1/2014 - 3/31/2014
Global Project Finance
37
Leisure & Property
70.0
South Asia
0.2 1
6
3,918.2
Petrochemicals
5,102.4
15,644.9 37%
11,059.8 27%
8,073.9 19%
5,102.4 12%
Power
Transportation
Oil & Gas
Mining
Leisure & Property
Petrochemicals
Water & Sewerage
Industry
Telecommunications
2
140.0
US$m
2 140.0
No.
Issues
24
1 - - - -
26.7
33 20 -21.7
214.6
Oil & Gas 2
Jan 1 - Mar 31Sector Analysis
TransportationPower
15.0 2,100.0Mining
Americas Project Finance Volume
5
100.0
13.2
8,017.5
Mkt. Sh
No.
First Quarter 2014 | Project Finance | Managing Underwriters
Americas Project Finance
▼
Americas Up 75% | South America - Most Active
▲
▲
24.0
MiningTransportationTransportation
Power
1/27/2014
2/28/2014 Sete Brasil Drill Ships Oil & Gas3/13/2014
Industry Total
3/20/2014Power
3/11/2014
PeruUnited States
Sudeste Port
3/31/2014 FPSO Cidade de Caraguatatuba
1,800.0Carrix Inc
BrazilPower
1,545.0
Covanta Energy Waste-to-Energy
Viva Alamo LLC
https://www.thomsonone.com
Rensselaer Gas Cycle Pwr Plnt500.0 Brazil
Oil & Gas
TransportationTransportation-
United StatesCanadaK2 Wind Ontario
100.0100.0
2.7 1 1
▼
▲
▲
179.0 2/14/2014 565.0
3/21/20141,506.1
Sociedad Minera Cerro Verde SA
Close
-
Domicile
United States1,128.8
3/10/2014
Jan 1 - Mar 31Top Americas Deals
Date
1/8/2014
1480.0 United States
Ports America Holdings Inc
Peru 1,800.0 1 1,185.7 ▲
-87.1
Borrower Sector
475.0
US$(m)
781.7
United StatesPower
Package Amt
Brazil
Proceeds No. Nation
1,295.0
▲
▲
▲12 70.8
1/1/2013 - 3/31/2013
▲
102.4
Americas
Scorecard: Americas Project Finance1/1/2014 - 3/31/2014
% Chge in
Proceeds
Proceeds No.
120 75.214,050.4 138 8,017.5US$m Issues US$m Issues
4,376.260.7
6 1,058.6Canada
Brazil 3,264.8 4 1,170.0
86
South America1,258.1
North America
3 18.8
1
8,731.9 97 5,434.820United States of AmericaUnited States of America 7,473.8
32 2,582.75,228.5
1.8 3
Americas Project Finance By Sector (US$m) Jan 1 - Mar 31
Central America 90.0 9 - -
14,050.4
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6,565.5Borrower Industry
1/1/2013 - 3/31/20131/1/2014 - 3/31/2014
14 -8.7Sh %
Proceeds Mkt.
IssuesUS$m
Mexico
Chg. in Proceeds Mkt.
90.0
ChileChile 163.6 1 1,272.7 3 ▼
3,756.1
33.3 1,628.8
46.7
2,670.011.6
Sh %
4,442.9 55.4
0
5
10
15
20
25
30
35
40
45
50
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
1Q09
2Q
3Q
4Q
1Q10
2Q
3Q
4Q
1Q11
2Q
3Q
4Q
1Q12
2Q
3Q
4Q
1Q13
2Q
3Q
4Q
1Q14
# of
Issu
es
Pro
ceed
s (U
S$b)
US$b No of Issues
6,565.5 47%
3,756.1 27%
2,100.0 15%
1,628.8 11%
Power
Transportation
Mining
Oil & Gas
3
Bookrunner Total
* Tie
▲
Associated Banc-Corp
Santander - 72.9 0.7- 73.3
24 0.7CIT Group Inc 23
Macquarie Group 21KeyBanc Capital Markets Inc 22
▲
▲ 1 3.4 1 ▲
3 10.3 2 ▲
0.7 0.7 ▲ 1 3.4 114* 83.1 0.8 -0.1
0.8 ▲- 86.7 0.8▼
2 6.9 2 ▲
▲ 1 3.4 1 ▲
1 3.4 0 -Scotiabank 20 - 93.0 0.9 0.9
3.4 0 -RBS 19 14* 118.8 1.1 0.2 ▲
2 ▲
Bayerische Landesbank Giro 18 14* 120.2 1.1 0.2 ▲ 1121.2 1.2 1.2 ▲ 2 6.917 -Associated Banc-Corp 17 -
Americas - Mandated Arrangers (X4) Americas - Bookrunners (X5)
+17100.0
▲
▲
52.0%
Top Twenty Five Total 38.094.89,979.2
58.9% ▲
3314,050.4
Industry % Change over Same Period Last Year ▲
Industry % Change over Same Period Last Year
Industry Total
▲
▲
100.0141.7%
0.50.3
65.0%65.0%
▲1.4
10,576.6 29
Societe Generale
Industry % Change over Last Quarter
▲
14* 124.2Societe Generale ▲▲16 ▲▲
4 13.8 3258.8
14* 152.13
Natixis
-6.0 ▼2.52.5 -5.2
15ING 14 ▲▼
1 3.4 0 -3 210.3
-RBC Capital Markets 12 7 261.3JP Morgan 13 2 259.0
02.5 -1.3
-1.6- 4.2
▲▼ 3 10.3 110.3▼Sumitomo Mitsui Finl Grp Inc 11 6 261.7
Deutsche Bank 94.22.5
12
3439.8
4.2447.710
HSBC Holdings PLC
4 13.8▲
▲
3 10.34
1.54.38 13 450.0 -▲ 1 3.4 0
2▲
Credit Agricole CIB 6 14* 588.6
2.4Morgan Stanley 7 8* 450.1 4.3
4.75.6▲3 10.3 21.4 ▲
17.2 3 ▲
▲ 4 13.8 3 ▲
17.2 4.3▲
▲
▼ 1▲ 2 6.9
3.1 ▲
114-4.0
620.1757.5
55.9
7.3
5 10*
1,365.7Barclays 3 1 769.0
912.9 10.1 ▲ 37.913.8
Industry % Change over Last Quarter ▲
▲
▲
Citi
10*6
11,846.7
0.20.2
Top Twenty Five Total
1BNP Paribas SA -2
3 ▲
4 8*Mizuho Financial Group
▲
120.284.5
Bayerische Landesbank Giro 0 -3.025126.9
1▼
128.02
21*-4.7
0.9
23161.2
Nord/LB 24 6.1 16.1 20.9
0.921*0.9
▼
1.42 6.1
CIT Group Inc -BBVA 22 12 -0.5
▲ 2 6.1 1
1.2▲ 21.4 6.1
Commonwealth Bank of Australia0.8
1.5 6.1
Banco do Brasil SA - 199.220*Itau Unibanco 20* 37* 199.2
-1.5▲
▼ 3 9.1 1 ▲
1.5 ▲ 2RBC Capital Markets 18 8 248.7 1.8
19 - 210.4
▲ 3 9.1 0 -▼ 1 3.0 --5.1JP Morgan
▲
1.5 ▲ 6
1.8Santander 16Natixis
17 2 259.017 265.0 1.9 0.9
Scotiabank ▲ 4
21* 315.2Societe Generale 14
1321* 344.9
6.134* 378.3
2.7
2.2▲ 41.8
2.712.1
Sumitomo Mitsui Trust Holdings 12 - 382.2
15
12.12.7
2.518.2
2.0
11▲ 7
927*
▲ 2
21.2▼ 2 6.1
2.5-0.4Citi
▲
0.6 ▲ 3
2.9ING 10Morgan Stanley 11
▲ 5 15.2
407.5
9.13.73.9
444.5 3.23.2
Bank of America Merrill Lynch 8 39* 550.2450.19
Credit Agricole CIB 5-1.61.47 10 614.3Deutsche Bank
Sumitomo Mitsui Finl Grp Inc 6 4 618.14.44.4 ▼ 5
▲ 4
5.5 18.215 767.7 4.1 ▲ 6▼ 4 12.15.5 -3.9▲2.9 21.27.2
Barclays 4 1 769.03 7 1,012.6
Sh %
3
Mizuho Financial Group
-
2013
RankBookrunner ProceedsProceeds
BNP Paribas SA 11.8 ▲
Mitsubishi UFJ Financial Group 2 31 3
# of Deals
1,219.9 8.71,654.4
1211.8
Sh Ch.
2.7 ▲
3
5
▲
▲
2 ▲
3
▲
1
6
1
0
4
7 4
# of Change in # of
19.0
▲
-
19.0# of Deals
▲
3 10.3
Jan 1 - Mar 31
Americas Project Finance
MarketMarket Change in 2014
Rank Sh Ch.
2014
Rank
Market
Deals
First Quarter 2014 | Project Finance | Managing Underwriters
Mandated Arranger
2
0
▲
Deals Sh %
▲
-1 ▼
▲
2
0
9.1
▲
Market
Sh %Sh %
36.4
Market
2
Jan 1 - Mar 31
Mitsubishi UFJ Financial Group
# of Deals per Bookrunner
▲
# of Deals per Arranger
-
Proceeds per Mandated Arranger (US$m)
▲
▲
2013
Rank
Market
12.1
2,004.4
▲
15.24
▲
▲
▲ ▲Bank of America Merrill Lynch
Proceeds per Bookrunner (US$m)
40.6%
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75.2%
57.3%
62.9%
https://www.thomsonone.com
+13▲
1.4
2
4
Zambia 70.0 1 - -
Serbia 19.5
-
- -1 -
Portugal 64.2 1 - - -
▼
Austria 70.8 2 - - - -Germany 113.6 2 1,423.3 4 -92.0
-Italy 197.7 2 2,616.6 9 -92.4 ▼
Denmark 297.3 1 - - -
- -
--
1/1/2013 - 3/31/2013
Namibia 130.0
-Azerbaijan 200.0 1 - -
- -
-
Africa/Middle East/Central Asia 2,226.7
- -United Arab Emirates 326.7 1
5 7,046.0Ghana 1,500.0 1 - - -
Romania 259.5
13 -68.4 ▼
1 -▲
- -1 113.2 1 129.2
-
Eastern Europe 3,752.1 ▼7 6,664.7 -43.7Russian Federation 3,473.1 4 784.5 3 342.7
553.7 3 209.8 47 1,202.4 10 -48.5
▼Netherlands 495.8 2 -51.01 1,011.4
▼
Spain
-United Kingdom 3,547.5
163.9 ▲
France 619.1Sweden 2,736.6 2 - - -
6 5,631.3 15 -37.0Norway 4,641.5 4 - - -
-25.2 ▼
Western Europe 13,337.8 31 12,123.6 45 ▲10.0
Issues US$m Issues
42 25,834.3 67
1/1/2014 - 3/31/2014% Chge in
Proceeds
Proceeds No. Proceeds No.
US$m
400.0
Transportation 4,845.1 25.1 32.5
Transportation498.3
First Quarter 2014 | Project Finance | Managing Underwriters
EMEA Down 25% | Lundin Petroluem Refinancing - Largest Deal
Transportation
Europe, Middle East & Africa Project Finance
Fortum SALE Sweden2,540.9
1,500.02,077.5
Elga Coal19,316.6
495.8
Transportation
United Kingdom
3/26/2014EMEA
Porterbrook Acquisition
2/19/20142,503.7
Borrower Industry
Sector Analysis
32.6 Deals
6,275.0
Mkt.
Sh %
22.4 15
Oil & Gas
4,328.1
6
1
Oil & Gas
3/28/2014
3/14/20141/15/2014
Jubilee Oil Field Offshore
3/27/20142/14/2014
539.2
491.7
United Kingdom
Hoegh FSRU
9
US$m
Chg. in
▼
3/12/2014
# ofProceeds
-▼
1/1/2013 - 3/31/2013
Mining
Norway1/27/2014
11
Jan 1 - Mar 31
-0.1 ▼
EMEA Project Finance by Sector
# of
▲
Netherlands
Deals
▲7.2▲2
14
3 13.329
-11.0
1
1
https://www.thomsonone.com
3,916.68
Power2,802.4 14.5
Mkt.
307.0 1.2
36.1 15.2
Proceeds
9,332.98,410.2US$m Sh % Mkt. Sh
Russian Fed
Gatwick Airport RefinancingNOP Agrowind Onshore
Oil & GasTransportation
United KingdomGhana
Russian Fed
Mersey Gateway Bridge
Date
Mining
Lundin Petroleum RefinancingUS$m
Leisure & Property 566.5
1/1/2014 - 3/31/2014
SectorNation
BorrowerClose
Norway
Industry Total 19,316.6
▲
3 1,472.8 5.7 -
-2.8
37.5 0.2
Jan 1 - Mar 31Package Amt
1
Top EMEA Deals
4,000.0
1.0 0.8
Domicile
2/6/2014
Power
6
▼0.4
-
1.8
246.1 1.3
471.0
Petrochemicals
Areoexpress Rail Expansion
Oil & GasPower
-Water & Sewerage
2.9
100.0
Scorecard: EMEA Project Finance
-1.4
-▼
2 Telecommunications
42 70.0
-
25,834.3
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67 100.0
183.4
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
Oil &
Gas
Transportation
Pow
er
Mining
Leisure & P
roperty
Petrochem
icals
Water &
Sew
erage
Telecomm
unications
Pro
ceed
s (U
S$b
)
January 1, 2013 - March 31, 2013
January 1, 2014 - March 31, 2014
5
* Tie
* Tie
Industry % Change over Last Quarter 29.2% ▲ -35.3% ▼
227,365.6Top Twenty Five Total
-19
Industry % Change over Same Period Last Year -41.3% ▼ -46.3% ▼
Industry Total▲
100.03,550.0 48.2
-1.5 ▼
17 2516
Mitsubishi UFJ Financial Group 18* 21* 8.6 1 4.50.1 -0.7 ▼ 0 -
0.1 -0.1 ▼
4.5
19.3
9.60.118* 13 8.6
-1 4.5 00
▲11 4.5Rabobank NV 15 - 0.216.4
10.90.2
-▲1 4.5 1
0.2▲
0.2 ▲
4.50.3 113 - 68.6 0.9 0.9
▲
▲
19.5 0.3
▼
1 ▲
▲1 4.5 1-6.7 ▼ 2 9.1 -5
1
▼
4.5250.0 3.4 -3.4
▲
UniCredit 12 3 70.8 1.0
110 16 104.01.21.4
11 - 86.5
▼
1-2-1
1.20.2 ▲
▲ 1 4.5
▲3.43.4
-5 ▼
1
▲1 4.5▼1 4.5
4.5
▲
14
▲3.4250.0250.0 3.0
9.1 0320.02.7 ▲3.5255.2 9.1
4.51326.7-12
1 4.54.4329.9
▲
4.4 ▲
-▲ 24.3 2.82 1
2014
Rank
▲
▼9.1▲
▲
1 4.5 11.7
Market
7.3539.2 7.31 5 625.5 3.42
Proceeds
7.1
3 8
7*Societe Generale 7* 4
21*HSBC Holdings PLC
Macquarie Group
42
-
2 4.8
Barclays 7* -
14 -
5
19,316.6
Industry % Change over Last Quarter 1.7% ▲ ▼-34.4%
100.0
▼4.8
4 -
65
Nord/LB
24
Erste Group
Mizuho Financial Group
-25
Credit Agricole CIB
Santander▲
▼
-
▼
▼
▼
▲
▼
▲29.71 1 ▲
-2▼-10.4 1
▼
3
INGAbu Dhabi Islamic Bank (ADIB)
Nordea
Gazprombank
▲ 3-6
Landesbank Baden-Wurttemberg
1.3 -1.0
Standard Chartered PLC
2
2.4
-2
▼
▲1.4
62.7
Industry % Change over Same Period Last Year -25.2% ▼
Top Twenty Five TotalIndustry Total
12,126.0
2.41.2
▲
▲1.237 231.0
MID-CAPITAL 24* - 231.01.2
257.523 9 252.5Standard Bank Group Ltd
CIBC World Markets Inc 24*
JP Morgan 21 -Standard Chartered PLC 22 8
▲ 5 11.9
1.3 -1.3
Santander 20 - 275.31.4
2 4.8 1
264.4
▲
1.4 1.40.9 ▲
▲
1.5KfW IPEX-Bank GmbH 18 11 315.7RBC Capital Markets 19 43 280.5
Nordea 171.6 -0.4
1.7 ▲
▼
1.7- 334.6 44 9.54 9.5 -2
Natixis 16 14 347.5 2 4.81.8 -0.1-0.1 ▼
▼▼ -61.8 3 7.1 -2
Scotiabank 13* 41 391.0HSBC Holdings PLC 15 13 352.7
2.0 1.31.1 ▲
▲
2.0 4.83 7.1▲
2 4.8 0
DNB ASA 11* - 448.135 391.0Deutsche Bank 13* 2
-83 7.1 -1
2.3 2.31.6 ▲
-1.4
3
10 5 498.2 2.6 9.5▼
354
Citi 11* 39 448.1 2.3
53*Sumitomo Mitsui Finl Grp Inc
513.92.7 0.6
9▲
2.4 ▲2.7
2.7Societe Generale 7RBS 8 10 519.9
527.0
SEB 11.9 4 ▲
▲
▼7.1 -2▲15
▲1 2.4 110 23.8 6
▲Gazprombank 6 - 539.2 2.82.8ING 5
634.20.4 14.33.27
3.3 1.9 3 -16
11.95
Deals
-2
Change in
# of Deals per Bookrunner
Sh %
611.52034 3.7902.1
7.1
9.1
▲
▲
▲
Market
4.0 BNP Paribas SA▲
Europe, Middle East & Africa Project Finance
8.5 2
▲
10 23.84.7
▲
Sh %
▲ ▲187.5
5.7 4.0
# of Deals per Arranger
-4 ▼
# of Deals
Market
19.0
Proceeds per Mandated Arranger (US$m)
▼
First Quarter 2014 | Project Finance | Managing Underwriters
Proceeds
2014
Rank
Market
Sh %
Jan 1 - Mar 31
DealsMandated Arranger
2013
Rank
3Lloyds Bank
1
4
1,102.7162BNP Paribas SACredit Agricole CIB
# of
6 1,456.4
Market
Sh % Sh Ch. Bookrunner
EMEA - Mandated Arrangers (X15)
-37.3% ▼
0.9
Proceeds per Bookrunner (US$m)
Sh Ch.
Change in # of
# of Deals
2013
Rank
Market
Jan 1 - Mar 31EMEA - Bookrunners (X16)
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2▼
-2 ▼
▼
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-1
Commonwealth Bank of Australia
6
1/1/2013-03/31/2013
Queensland New Schools PPP Leisure & Property273.1
ONGC Tripura Power Co Ltd
307.3Jaiprakash Power Ventures Ltd
IndiaDIAL
Sarulla Geothermal,SumatraJaiprakash Power Ventures Ltd
Maithon Power Ltd2/26/2014
3/21/20143/25/20141/15/2014
682.6
3/6/20141
TransportationTransportation
Southern Way Finance Pty Ltd Australia
Australia
Japan
1/30/20141/6/2014
3/27/20141/15/2014
Japan
267.1
Domicile Nation Breakdown
585.3647.3
India
India PowerPowerPower
Power
India
468.2
Package AmtUS$m
PowerTransportation
IndonesiaIndia
Nation
908.3
Australia
PowerPower3/28/2014
First Quarter 2014 | Project Finance | Managing Underwriters
Asia Pacific (inc. Australia & Japan) Project FinanceAsia Pacific & Japan Dips 26% | India - Most Active Market
Borrower SectorClosingDate
485.1
NGR Project Company
Tomatoh Abira Solar Park Corp
1,170.0
DomicileProceeds No.
IssuesAsia-Pacific & Japan 8,569.4
Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2014-3/31/2014
% Chge in Proceeds
Proceeds No.US$m Issues US$m
Australia 1,879.2 6 1,337.2
43 11,504.2 46
Southeast Asia 1,378.6 3
Australasia 1,891.5 7 1,337.2 33
▼▲▲
41.540.5
-25.5
Indonesia 1,295.0
-85.0 ▼
- - - -Thailand 83.6
- -
▼119.4
-5
-
-30.08
-28.2
North Asia 355.3 3 2,364.51
South Korea 155.3Mongolia 200.0
▼5,460.6
India 3,918.218
16 5,460.6-28.2
Jan 1 - Mar 31Top Asia Pacific & Japan Project Finance Deals
▼965.0 4 -83.9
2
18South Asia 3,918.2 16
2
1,025.8 14
10 ▲121.5
▼
1,719.6 10 -40.3 ▼
-New Zealand 12.3 1 - - -622.3
$6
170.1 2.0 2 - - --
Sector Analysis1/1/2013-03/31/2013
Proceeds
Water & Sewerage 2.7 2.3
Transportation55.4
Borrower IndustryMkt.
Power 4,751.2 28
Petrochemicals 256.43.6 309.7
Mining 1 1
Oil & Gas
1
1,409.3
3.0
24 10
US$m Sh %
2,458.63,461.2
43
Leisure & Property
11,504.2
-19.5
46
14.2
1 -200.0
230.6
1/1/2014-3/31/2014
28.7 9
Industry 192.8 2.3
Industry Total 8,569.4 100.0 100.0
2.51 ▼
1,635.1
3.1 -
-0.8- -
355.8-
25.3
-30.0-10.6
▲
▼
Sh % Deals# of
▼12.3
33.0
▲16.4
Deals US$mChg. in Proceeds# of
2 3
3,800.2
Mkt. ShMkt.
▲
3
2
Jan 1 - Mar 31
0.2
30.1
$0
$1
$2
$3
$4
$5
Pro
ceed
s (U
S$b
)
January 1, 2013 - March 31, 2013January 1, 2014 - March 31, 2014
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Asia Pacific (inc. Australia & Japan) Project Finance
10
2 31
2133.6
113 8
121.5
Westpac Banking
Commonwealth Bank of Australia
-
IDFC Ltd
3
▲6
1
1
-▲
-
3
30* ▲ Industry % Change over Same Period Last Year
Industry Total
▼
▲
48 0%
Top Twenty Five Total 4,364.5-10
25 6%
29
▼
5,206.519.084.0
100.0
-1-2.0
▲3.4▲
2.4-7 ▼
1 3.410 22 82.1 1.6 0.4 1
▼
0.3 ▲ 6.92
11 28.8 ▼6 0.6
+1+11
124.1
▼
▲▲
+1
▼2.8
125.0 2.4 2.4▲ 2 6.92.7▲ 3.4
▲3.4 -4
146.0
▲ 6 20.75.0 2.913.13 160.1
-14.6 2▲
+5-2.8
11.0+2 ▲
-ICICI Bank Ltd 4 7 372.3 7.2 06.9
-1 1,119.0
1,376.5
▼0.7 ▲ 8 27.6
2
259.2Axis Bank LtdMitsubishi UFJ Financial Group
571.4
5 10*
3 2
6
Mizuho Financial Group
0
29
9 10*8 -
Korea Development Bank 7Standard Chartered PLC
IDBI Bank Ltd▼
▲
Kasikornbank PCLSumitomo Mitsui Finl Grp Inc
▲▲
02.34.7 2
▲7.0
▲0 71.4 2ING 14 - 119.4
151.41 3
Bank of India 13 128.218 1-0.01.6
2.3 -44.7 1
1 2.3 1▲▲155.3 1.8▼160.1
1.6Korea Development Bank 11 45 1.7Investec
1.9Axis Bank Ltd -3.2 1
18.68
National Australia Bank 8 5 308.2ICICI Bank Ltd 7
427.604.3 2 4.72.1 ▲
3.62.6
9.3223.6 2.6 ▲
1.3 ▲9 -
4
5 10▲3.0
372.37
3
ANZ Banking Group 4 123Mizuho Financial Group
5.0
6.1521.7
Mitsubishi UFJ Financial Group 6Sumitomo Mitsui Finl Grp Inc 466.1
11
Change in
3.34.2
5.4▲▲
20.91 1
# of Market
2
Market
16.0 ▲-12.5
Sh %26.4
-16.6State Bank of India+2
▼▲
21.5 17.26.9
5▼ 8 ▲18.6
▲3 ▲
Sh Ch.Sh %
▲
1# of Deals
26.4
# of# of Deals per Bookrunner
Sh % Sh Ch. Deals Proceeds
2
Bookrunner2013 Rank
2013 Rank
Proceeds per Bookrunner (US$m)
Jan 1 - Mar 31
Change in # of DealsMandated Arranger Proceeds
2014 Rank
MarketDeals
MarketProceeds per Mandated Arranger (US$m) # of Deals per Arranger
Jan 1 - Mar 31
Market
Asia Pacific & Japan- Bookrunners (X28)
Market
First Quarter 2014 | Project Finance | Managing Underwriters
Asia Pacific & Japan- Mandated Arrangers (X30)
State Bank of India 1,792.8
2014 Rank Sh %
IDFC Ltd 2 28 1,436.16.22
16.8527.6 -2.9
9.311 25.64
▼14.0 4 ▲
6 ▲14.0 46
* Tie26
KfW IPEX-Bank GmbH 0.8 ▲154.7
164.7
2.31113.8
0.8 2.3
▼
▲
7,615.343
25 0.0
Kasikornbank PCL
0
BNP Paribas SA
Shinsei BankCIBC World Markets Inc
1817
Westpac Banking
-
13.2%
- 1
-6.5%Industry % Change over Last Quarter -54.2%
Societe Generale
Industry Total
-25.5%
23.330*
8,569.4Top Twenty Five Total
▼
19*
Development Bank of Japan Inc
Industry % Change over Same Period Last Year
19* -
-
30*16 13 102.4
-
-7-0▼
301.2
▲
83.6 0.0 -
▲▼
Industry % Change over Same Period Last Year▼Industry % Change over Last Quarter▼
-48.8%2.3
-48.0%
-3
▲52.6%-25.6% ▼
0
0
0
▲▲1
1
1-▲
-
2.3
▲100.0
2.30.689.2
▲
2.3▲ 11
0.80.2
2.3
44 64.7
1▲0.8 0.8
1
64.7
0.8Sumitomo Mitsui Trust Holdings 19*64.7
▲
2.3▲
64.730* 0.819*-
1
0.8 12.3
Aozora Bank Ltd 19*
2.364.719*DZ Bank
0.60.8
- 0.8
1▲100.0 1.2 0.61.0
2.3 -0.7
▼-0.6 1 015 1.3
Asia Pacific & Japan Project Finance By Sector (US$m) Jan 1 - Mar 31
4751.255%2458.6
29%
309.74%
Power
Transportation
Leisure & Property
Petrochemicals
Water & Sewerage
Mining
Industry
Oil & Gas
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-
-
-
-
-
-
-
-
-
JapanMegumi KonoTel: +813 6441 1155E-mail: [email protected]
https://www.thomsonone.com
E-mail: [email protected] All league table volumes and rankings are based on general close date instead.
Asia Pacific:
E-mail: [email protected]
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. Incases of consolidation, credit will be givien to the surviving/parent firm
Stephen Case
Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parentfirm
Carina Causon
Ewelina Jarecka
Database coverage includes all loan transactions that have reached General close between January 1, 2013 and March 31, 2014 of whichThomson Reuters has been made aware. All current data and previous year's data is as of 2:00pm EDT on April 7, 2014.
League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with amaturity of less than 90 days from financial close.
Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
All league tables are based on deal proceeds unless otherwise specified.
Regional league tables are based on Domicile Nation.
Tel: +44 207 542 2246
First Quarter 2014 | Project Finance | Managing Underwriters
Project Finance Criteria Summary
If you would like to participate in the submissionprocess, receive quarterly press releases, orhave questions about league table criteria pleasecontact:
Tel: +632 858 7221
Europe
Americas
E-mail: [email protected]: +1 646-223-8424
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2014 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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