PROJECT FINANCE REVIEW - Thomson Reutersdmi.thomsonreuters.com/Content/Files/Q32012_Project_Finance_Revi… · Project Finance Regional Breakdown Jan 1 - Sep 30 ... Sociedad Oleoducto

PROJECT FINANCE REVIEW FIRST NINE MONTHS 2012

]

Project Finance Regional Breakdown Jan 1 - Sep 30

Global Project Finance Loan volume for the first three quarters reached US$132 billion, down 17.1% from the sameperiod last year, with Q3 volume down 46.6% from the prior quarter. Loans proceeds declined considerably fordeveloped regions aside from Australasia and Japan, whereas nearly all emerging market regions saw a large increasein project funds raised.

Americas Project Finance for the first nine months of 2012 totalled US$26.2 billion, a 4.1% decline from the sameperiod last year. Cheniere Energy's US$5.6 billion deal was the largest completed deal in the third quarter globally.

EMEA Project Finance proceeds reached US$50.7 billion, down 12.4% year on year. Western and Eastern Europesaw a 27.2% and 24.3% reduction in proceeds, respectively, while the Middle East and Africa saw a 135.1% increaseover last year.

The most active region, Asia Pacific (including Japan), was down 26.5% in aggregate compared to last year,generating a total of $55.2 billion.

First Nine Months 2012

Global Deals Intelligence

Global Project Finance Down 17.1% I Proceeds for Developed Economies Down, Emerging Markets Up

Global Project Finance ReviewMANAGING UNDERWRITERS

$0

$50

$100

$150

$200

$250

2005 2006 2007 2008 2009 2010 2011 2012

Proc

eeds

(US$

b)

EMEA Americas Asia-Pacific & Japan

* tie * tie

▼

▼

+1 ▲

+3▼

▼

-7

-1

▼

3-7

5

▼▼-8

▲

▼1.6

2.6

+1 ▲

132,000.3 100.0-5.0

▼ 61.8▼-0.9

▼

BNP Paribas SA

ING

70,806.9 53.91.11,414.3 -2

▼

Commonwealth Bank of Australia 21

-0.8

327

19

1.91.551

▼

▲

-1.4

0

-3-3

-2

18

12

16

9 ▼

‐

2.6▼

▲

5

25

1.0

7▲

8 4.17.3 +62.3

▼14

▼

-4

11

-5▼

▼

2.01,511.4

-14

17

1,586.1 1.21,481.6

▼ 13-0.21.21,589.0

1.1▼

-154.0 -11

+53.77.0 -17

▼

1.8-2.06

▼-1.1

1.2 0.3 3.7122.1

1,589.1 ▲

1,876.0-0.6 ▼

7

1.41,722.4 1.3 23

0.9 ▲1.5

▲ 4.3

120.6 +22

21-714

▼

▲

6.4 ▼

7

Morgan Stanley

UniCreditCiti

▲

▼

▲2.1

3▼

6.4

-7-4

-16

-1.1+3

-2

▲ 0.9

15▼

-0.8-0.6

▼

IDFC Ltd▼‐0.4

2432

▲ 12 3.7 0

-3

▼

▲7.3

15 - 1,016.3

3▼ 1,045.1▼

China Development Bank 14

-612

66.2

1,281.3▼ 4.61,348.7

2.2

▼ ▼-13.16

▼2.3

-1.71.5 ▲ 4

▼

▼-1312,241.6 ▼

-0.33.3

-103.18.6 Axis Bank Ltd

6.7▼

6 5Credit Agricole CIB▲-21 7

1721

6.40.6

9.8 1,551.7-11-23 ▼

0.8▲

2.11,553.9 2.3

▼2,272.1

1,554.6

5 4.3-193.3

6Societe Generale+3

2,991.9 ▲

▲ 21

HSBC Holdings PLC 6

IDFC LtdCredit Agricole CIB

82

▲3,008.7

22-0.5 ▼

BBVA 10BNP Paribas SA 9

227 4

5 6Societe Generale

89

20

2State Bank of India

Mizuho Financial Group

2 1Sumitomo Mitsui Finl Grp Inc 3

4 13 4,930.7

6.5

4,957.85.5

20.2

MarketProceeds

8,577.0 2.4 66

440.2

Mandated Arranger1

2011 Rank

Mitsubishi UFJ Financial Group ▲

3

+8▼

7.8-2

13.5 ▲-16-5 5.4 3.7

▼10▲

8.3 0.7▲ ▼

-25.2

▼3.7 11.31.5

6.8▼3,738.2

▼37

257,297.9▲ 183Mizuho Financial Group

7.63.8

-6.1 Mitsubishi UFJ Financial Group5,638.1

4

3,019.6Korea Development Bank

1

13

State Bank of India 1▼

20 10.4-210.9

▲

▼-172115

8.2 -9.8

4.4

▼▲2.9

27

+32.1

4,660.6

-14

2▼

16 8.32,865.0

▲

2.3

2.22.1 21

▼-1.0 280.6

27 2,342.923

2,773.12,572.8

1.92,464.22.0

RBC Capital Markets

Korea Development BankLloyds Bank

1112

Commonwealth Bank of Australia

Gazprombank

UniCredit

13

15Axis Bank Ltd 14 7

17

20

17VTB Capital

11

2233

471819

0.6-0.1

0.22,049.4

1.5

1.8

1.6-0.81.6

2,264.0

IDBI Bank Ltd 5

1.7-

1,929.8

141224

16

2,078.1

23

Westpac Banking 21Standard Chartered PLC

26-

INGNational Australia Bank

16

2,833.7

1.82,422.4

0.6

Top Twenty Five Total2524ICICI Bank Ltd

ANZ Banking Group

12

MarketSh Ch.

# of

1.6

1,998.6 1.5

2.2

1.72,182.3

ANZ Banking Group8

-46.6%

Sumitomo Mitsui Finl Grp Inc

Industry % Change over Same Period Last YearIndustry % Change over Last Quarter

20

RBC Capital Markets9

13

10HSBC Holdings PLC

8

ICICI Bank LtdIDBI Bank Ltd

QInvest LLC

Sh %Proceeds Sh Ch.Change in Market

Deals # of DealsDeals2011 Rank

# of# of Deals

# of Deals per ArrangerChange in 2012

RankMarket

Proceeds per Mandated Arranger (US$m)

Sh % Sh %

# of Deals per BookrunnerMarket2012

Rank Sh %

-2.2 2.6

Bookrunner

Proceeds per Bookrunner (US$m)Market

1.1▲ 1 0.5▲▼

1.63.671.4 -0.9 ▼

1.4 1.4 ▲

1.5 1.5989.7

35

-22.6 -94.7

960.8▼958.5 1.4 -0.6

5 2.69

-0.2

1.3

1.31.3 0.1

0.0-1

‐

1.6▼ 32625

▲869.3913.0

22

57 682.9

111.0

862.5

1.147

23BBVAScotiabank

768.2713.5

815.8

25

Credit Suisse 22

24

▲1.2

0.7

0.7

1.043,959.3 ▼3.4

1.653▼

▼-2.0-1.3

68,923.7

▲2.6 +2

193

Jan 1 - Sep 30

▼

64.1Top Twenty Five Total

▼

-81100.0

▼▼

-32.8%▼

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

Industry % Change over Last Quarter

Industry Total -149 Industry Total

-33.5% ▼-29.6%Industry % Change over Same Period Last Year -17.1% ▼

▲

-31.6% ▼-31.3%-37.9%

* tie * tiehttps://www.thomsonone.com

1

Top Global Project Finance Deals Jan 1 - Sep 30

Russian FedOil & Gas

Transportation

▼

Asia-Pacific

10

41 ▲

▼185 -27.4157

18 8▼

-12.4

-

Global Project Finance By Sector (US$m)

Germany---1.4

135.1

▼

Marina Bay Sands PteAgility Trains Ltd- IEP

16.9

3,555.73,661.8

2,524.9Lundin Petroleum Refinancing

3,980.0

1/25/2012

Oil & Gas

Yamal-Nenets Gas Fields2,539.0Surgil Gas Field3,050.8

Norway▲ Dana Infra Nasional Bhd

▼

10

14

3,527.183.4

-24.3

1171

-27.2

-26.7

▲

▼▼

70.0

Western Europe

Central Asia

96 43,960.3119

107 52,723.8Eastern Europe 8,763.5

32,014.46,638.3

North Africa

3,266.5

-

11

Africa/Middle East/Central Asia

Caribbean

Middle East2,539.0

Europe

EMEANorth America

38,652.7

Sub-Saharan Africa

South America

192126

825.0-6,797.8 20

16,665.557,841.3

-

▼Oil & Gas

▲

2,500.0

UzbekistanMalaysia

-

Power

Leisure & Property

TransportationEiffarie Refinancing

Sector

Cheniere Energy Partners LP

No.

476Issues Australia Pacific LNG Pty Ltd

1/1/2011-09/30/2011

159,278.9

57

2150,684.7

1,781.02,081.5

741,768.2

26,152.12,688.8

5,117.5

-17.1

17,772.6

9

Region

Global

Central AmericaAmericas

US$m

2/20/2012

6/25/2012

16,894.1

▲52.1▼-4.127,259.9 87

9

6

15

1

50

-

E. On Power Grid Sale7/25/2012-12.5

Singapore

FranceTransportation

6/11/20125/19/2012

United Kingdom3,778.46/25/20127/23/2012

5,990.7

Proceeds

▲

5,626.0132,000.3Issues

327

Date

United States Petrochemicals

23

1

No.US$m

11

19

Proceeds1/1/2012-09/30/2012

53,044.4

12,032.01,420.8

20 843 4 17 545 573,086.3

Australasia

8,500.0Nation

5/23/20127/31/2012

AustraliaUS$m

Oil & Gas% Chge in Proceeds

Scorecard: Global Project FinanceClosing

First Nine Months | Project Finance | Managing Underwriters

Global Project Finance

Package AmtBorrower Domicile

9.5 4.2 16

▲-60.5

Note: 2012 League Tables are based on fully syndicated project finance volume.

Mkt.

2.1

41 ▲

29.5

12.0

▼3118.8

▼249 -10.6

No.

12

-3.448.9

▼

▲

Mkt. Sh

▼

▲

19

31

159,278.9

10,911.4▼

11.3 ▼

0.7

10

2.4 2.3 2.3

10

15,131.66,634.7

6,025.0

43

20.5

▲

▲76

1,037.2

-2.9

3.8 6.9

32,586.917,986.8

5.3

Industry Total 100.0

1.7

100.0 476 -1.5

327

-4.69

21

34,100.833

3,080.12,977.7

3,190.6

132,000.3

23.3 25.8

63,875.7 40.1

Proceeds

8

Sector Analysis

Project Finance SectorChg. in

Issues Sh % IssuesNo.

1/1/2011-09/30/2011

Leisure & Property6.3

25

61

Mkt.ProceedsSh %US$m

13 8,251.3

IndustryMining

160

10 Water & Sewerage

8,742.1Oil & Gas

38,878.6PowerTransportation

Petrochemicals

2,119.0

30,789.06.6

1,091.5

12

US$m

3,314.216

1/1/2012-09/30/2012

40,588.0 101

Southeast Asia

Japan

North Asia16,020.0South Asia

23

624,934.0

11,638.620,843.4 17,545.5

18Australasia

94.1 ▲

11,247.0

38,878.630%

34,100.826%

30,789.023%

8,742.17%

6%2%3% 2%

Power

Transportation

Oil & Gas

Leisure & Property

Petrochemicals

Water & Sewerage

Industry

Mining

Telecommunications

https://www.thomsonone.com

2

Central America 2,688.8 9 1,768.2 9

3,444.1 7 5,546.4

United States of America 12,461.5

15 7,772.66,797.8 20

North America

11 33.4

11

16,665.5 50 16,894.140 13,742.1

Chile 1,480.0 5 1,118.2

South America4,204.0 10 3,152.0Canada

Brazil

-1.487 -4.126,152.1 74 27,259.9

US$m Issues US$m IssuesAmericas

Scorecard: Americas Project Finance1/1/2012-09/30/2012

% Chge in Proceeds

Proceeds No.1/1/2011-09/30/2011

▲-12.5

Proceeds No. Nation

1,050.0

▼▼▼46 -9.3

57

Close Borrower Sector

700.0

US$(m)

830.0

ChilePower

Sierra Gorda SCM

Jan 1 - Sep 30Top Americas Deals

Date

47

42/23/2012 821.2

8/1/20121,190.7

Package Amt Domicile

Brazil944.0

7/31/2012

708.1Canada

Sete Brasil and Ocean Rig 268/1/2012

32.4 ▲▼▼

-37.9

▲

US$m Sh %Mkt.Proceeds

52.1Mining

Issues US$m

United States

Oil & GasOil & Gas

1,967.5

Cidade de Ilhabela FPSO

Marena Renovables Capital

Lower Mattagami Energy LP750.0

Cheniere Energy Partners LP 5,626.08/10/2012 Cutbank Dawson Gas Resources

Colombia5/8/2012

United StatesCanada

Sociedad Oleoducto

3/27/2012 Queiroz Galvao Two Drillships

MexicoBrazilBrazil

PowerPower

8/17/20123/8/2012

6/30/2012 LSP Madison Funding LLC

PetrochemicalsOil & GasOil & GasOil & Gas

Americas Project Finance Americas Third Quarter Activity Up 47% | Cheniere Energy Partners - Largest Deal

First Nine Months 2012 | Project Finance | Managing Underwriters

No.Mkt. Sh

▼-17 457Power

No.Mkt.

61 016 640 4Sh %

1/1/2012-09/30/2012 1/1/2011-09/30/2011

Borrower Industry

Americas Project Finance Volume

Proceeds

11 406 6

Chg. in Issues

373.5 26 54.9

Jan 1 - Sep 30

43 6

Sector Analysis

Mexico 2,091.8 6 1,350.7Panama 457.0 2 22.4 ▲

▲

50$18US$(b) # of Issues

Americas Project Finance By Sector (US$m) Jan 1 - Sep 30

15.4

2 Industry 1.9 26,152.2

958.4 3.7

47

-3.95

11

100.05.8

4,188.3

1.9

30.5

495.05 ▼

MiningPetrochemicals 3,626.0 13.9

Transportation

Industry Total▼

1 837.5

5 3

10.8

▼15.1-17.4

▲

-4.9

57 Power7,966.2Oil & Gas

61.0 16,640.410

2 3.1 3

2,333.8

▲

▲

87 1,576.0

11,406.6

1,092.1

100.0

2.3

74 27,259.8

8.6 4.2 630.0

43.6

0

5

10

15

20

25

30

35

40

45

$0

$2

$4

$6

$8

$10

$12

$14

$16

1Q07 2Q 3Q 4Q

1Q08 2Q 3Q 4Q

1Q09 2Q 3Q 4Q

1Q10 2Q 3Q 4Q

1Q11 2Q 3Q 4Q

1Q12 2Q 3Q

# of

Issu

es

Pro

ceed

s (U

S$b

)11,406.6

44%

7,966.2 30%

3,626.0 14%

4% 4%3%

PowerOil & GasPetrochemicalsMiningTransportationIndustryLeisure & PropertyWater & Sewerage

https://www.thomsonone.com3

Proceeds per Bookrunner (US$m)

-

2011 Rank

Market

6.8

3,088.5

▲


▲

▲

# of Deals per Arranger

▲

0

Jan 1 - Sep 30

HSBC Holdings PLC

# of Deals per Bookrunner

▲

14.9+7

44.6

▲

MarketSh %Sh %

▼Deals Sh %

2012 Rank

MarketDeals


Mandated Arranger

Jan 1 - Sep 30

Americas Project Finance

MarketMarket Change in 2012 Rank Sh Ch.Sh %

+2

Change in # of

5.4

▼

▼

19.4

-1

-9

-2

5 +5

# of# of Deals

▲23.0

-10

+1

▲

▼+2 ▲

-1

-

+2

0

13 32.5 -1# of Deals

1,753.5 6.74,028.3

1715.4

Sh Ch.

1.1 ▲2.7 ▲

Mizuho Financial Group 2 41 33

Morgan Stanley

1

2011 Rank

MarketBookrunner ProceedsProceeds

Mitsubishi UFJ Financial Group

Sumitomo Mitsui Finl Grp Inc 4 6 1,197.53 - 1,214.7

- 15 20.34.6 0.0▲4.6 6.84.6

4.2 20.35 1,085.0 -0.5 ▼ 153 956.2

3.43.7 ▼ 11

▲ 5

BBVA 5-2.02.17 24 875.3HSBC Holdings PLC

Credit Agricole CIB 6

Citi 8 10 701.1679.09

▲ 5 6.8

656.5

6.80.12.7

662.6 2.52.6

BMO Capital Markets

▼0.4 ▲ 5

2.5Credit Suisse 10CIBC World Markets Inc 13

4.1▲ 5 6.8

0.30.311

▲ 31412

▲ 6RBC Capital Markets 12 22 618.8

15

8.11.0

1.910.8

-3.68.1

2 583.32.4

1.9▲ 21.1

2.22.7

ING ▼ 6

17 496.4Itau Unibanco 14

1332 507.1

9 468 6 1 8 1 6

▼0.0 - 8

Societe Generale 16Scotiabank

▼ 3 4 1 10 ▼

1Mitsubishi UFJ Financial Group 12

+1 ▲

Credit Agricole CIB

21+1 +28.5 6.8 ▲ 10.020.0

4 2Morgan Stanley 5 -

1,347.7Mizuho Financial Group 3 8 1,308.8

6.0 ▲

484.8

960.81,094.9

36.0

8.2-56.9 0.4

▲▼

▲ +6▲ 5 12.5

7.5 +3 ▲▲ 3 7.5 +1 ▲

▲6 15.0 +3-0.4 ▼Sumitomo Mitsui Finl Grp Inc 7 6 794.5 5.02.15.1

▲▲ 4 10.0 +2

Credit Suisse 6 12 815.8

1.1

BMO Capital Markets

4.03.9613.1

8 13 639.6

595.9

CIBC World Markets Inc4

3.73.3

+10.4▲▲

-23 7.5

▼▲

3 7.59

5.0

▼

Societe Generale 11 15 523.3

-2.2Citi 910

2.9 -0.30.8

▼▼ 1 2.5 -22 ▼

RBC Capital Markets 12* 10 453.3JP Morgan 12* - 453.3

-1

▼▼1 2.5 +1 ▲2 -55.0ING 14 5 376.3

2.9 ▲2.92.4 -3.1

▼▲ 2 5 0 1▼4 10.0 -1

Portigon AG 16 22 306 5 1 9▼1.9

0 3-4.6BBVA 15 3 306.7

Americas - Bookrunners (X5) Americas - Mandated Arrangers (X4)

* tie * tie

-4.1%46.5%

-2.7%

-13

▼

100.0

0.6 ▲ 1 2.5 +1

-31.0%

Itau Unibanco 25 - 92.1 0.6KfW IPEX-Bank GmbH 23* - 92.8 0.6 0.6

-2.6 ▼ 1 2.5 -2▲ 1 2.5 +1

92.8 0.6Desjardins Capital Markets 22 - 149.0 0.9

▼▲

▼

▲

-4 ▼▲

-5

-10

-111 459.49 468.6 1.8 -1.6

Rabobank NV 1.8Societe Generale 16

17

392.9

▼ 3 4.1 -10 ▼▼ 8 10.8-0.6

-2.0 ▼ 4Banco do Brasil SA 18 44 415.0 1.6

19 820 - 392.2

1.1▼

▲ 1 1.4 -1 ▼

1.5Santander

1.51.5 5.4

Deutsche Bank 18 391.421Sovereign Bank

10.0

▲ 6 8.1 +6

1.4▼ 21.5 2.7

1.4-

-0.41 1.4

JP Morgan -Standard Chartered PLC 22* 23 362.6

KeyBanc Capital Markets Inc 24 9.5 +61.4 +11.4

1.463 354.72

▲

362.67

197.9

1.2

22* ▲

313.876.4

BNP Paribas SA -6 ▼2.725Top Twenty Five Total

Industry % Change over Last Quarter ▲

▼▲

19,928.5

1.3-0.4

▼▲ 2 5.0 -1Portigon AG 16 22 306.5 1.9 0.3Scotiabank 17 24 262.8KeyBanc Capital Markets Inc

0.2

19 31 188.8216.3

▲38*

0.6

▲ 1 2.5

1.71.1

+1

1.1Goldman Sachs & Co

0.9

01.0 5.0

▲

▲▲

2.5

▲ 3

1▼

▼

Bookrunner Total

175.0-1


1.41.2

-1.2

▼

20 16

▼

BNP Paribas SA

-14.9%▼

-

+1

Industry % Change over Same Period Last Year ▼ Industry % Change over Same Period Last Year

Industry Total 100.0 7426,152.2

-23.1%

Top Twenty Five Total 21.1

Sovereign Bank 21 -

100.0

153.9

RBS 23* 11

15,914.7

162.8% ▲

▲

20.0%▲

15,914.7 40 -12

▲

▼▲

1.0 ▲ 2 +2 ▲

+22.5▲ 1

37.57.5

18


Scorecard: EMEA Project Finance

Lundin Petroleum Refinancing

TransportationTransportation

Jan 1 - Sep 30Package Amt

Top EMEA Deals

3,778.4

Domicile

7/23/2012

SectorNation

BorrowerClose

United Kingdom

Power

Agility Trains Ltd- IEPUS$mDate

Power

Germany

Wester High-Speed MotorwayEdipower Acquisition Project

TransportationPower

Russian FedUzbekistan

Norway

GW Lincs Wind FarmItaly

Nimes and Montpellier BypassFrance6/28/2012

EMEA Project Finance by Sector

▲

1/25/2012Oil & Gas

3/16/2012

5/19/20126/25/2012

Surgil Gas Field2,500.0

1,584.2

6/26/2012

2/20/20123,555.7

Russian Fed

United Kingdom5/21/2012

1,825.7

Eiffarie RefinancingFrance7/25/2012

EMEA

Yamal-Nenets Gas Fields

3,661.8

2,539.03,050.8

E. On Power Grid Sale50,684.7

1,596.6


EMEA Down 12% Year-on-Year | Africa/Middle East up 135% | US$3.8bn Agility Trains- Largest Deal of Q3 and Year-to-Date

Oil & Gas

Europe, Middle East & Africa Project Finance

Oil & Gas

Transportation

1,479.4

1/1/2012-09/30/2012% Chge in Proceeds

Proceeds No. Proceeds No.US$m Issues US$m Issues

126 57,841.3 192 -12.4 ▼Western Europe 32,014.4 96 43,960.3 157

United Kingdom 10,594.4 28 8,439.3 29 25.516 9,602.4 19 -18.1

-27.2 ▼▲▼

Germany 3,992.0 3 3,959.3 11 0.8 ▲France 7,860.6

2,468.1 ▲Italy 3,356.9 14 7,080.9 24 -52.6

21 9,141.4 45 -82.8

▼Norway 2,819.8 3 109.8 1

▼Spain 1,571.9Belgium 985.7 3 449.0 3 119.5Netherlands 613.4 3 353.8 2 73.4

Russian Federation 5,024.8 3 5,882.7 3

▲

-14.6 ▼Eastern Europe 6,638.3 ▼11 8,763.5 14 -24.3

▼1 -13.9

4 1,755.3 3 -21.2▼

Turkey 1,383.9

21 135 1 ▲Bulgaria 131.8 2 153.0

Africa/Middle East/Central Asia 12 032 0 19 5 117 5

1/1/2011-09/30/2011

1,379.2 -0.8

0.6 ▲

3 3

Mining 1,125.04

2

100.0 192

3.6

2.2 0.4

126

4

▼100.0

Industry 807.5 1.6

▲Water & Sewerage 1,164.9 2.3

57,841.3Industry Total 50,684.7

▲

4 1,350.8 2.3 326.2

1.3

1,034.5 1.8 8 1.7

Petrochemicals 1,840.5

1/1/2012-09/30/2012

US$m Sh % Mkt. Sh100 18,601.5

Mkt.

5,178.8 9.0

31.2 19.0

Proceeds1/1/2011-09/30/2011

Leisure & Property 3,140.4 6.2 14 -2.812

-1.2

US$m

Oil & Gas

Deals

▲2.3▼24

2.4 4

18

Jan 1 - Sep 30

-0.8 ▼65

10,811.2 21.3 13

Power 15,932.730.0 31.4

Transportation 15,224.3

Mkt.

10,991.5

Chg. in

▼32.2

18,026.9

Sh % Deals

29

# of# ofProceedsBorrower Industry

Sector Analysis

21 135.1 ▲Saudi Arabia 3,283.9 4 851.6 2 ▲

-

Africa/Middle East/Central Asia 12,032.0

- -Uzbekistan 2,539.0 1

19 5,117.5

1 - - -

-285.6

-

Qatar 1,016.3

-Morocco 1,420.8 1 - -

-

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

Pow

er

Tran

spor

tatio

n

Oil

& G

as

Leis

ure

& Pr

oper

ty

Petro

chem

ical

s

Wat

er &

Se

wer

age

Min

ing

Indu

stry

Was

te &

R

ecyc

ling

Pro

ceed

s (U

S$b

)

January 1, 2011 - September 30, 2011

January 1, 2012 - September 30, 2012


5

-12▲

+2 ▲

EMEA - Mandated Arrangers (X15)

Change in # of Deals per Bookrunner

Market2012 Rank

1.1

Proceeds per Bookrunner (US$m)Change in # of2011

Rank2 2,334.7- 2,078.1

Jan 1 - Sep 30EMEA - Bookrunners (X16)

# of MarketSh % Sh Ch.

0Gazprombank 2BNP Paribas SA 3Mitsubishi UFJ Financial Group

1

4

Europe, Middle East & Africa Project Finance

Mandated ArrangerMarket

18.3Sh %

Jan 1 - Sep 30

Deals

Proceeds per Mandated Arranger (US$m)Market2012

Rank Proceeds


-5 ▼# of Deals

-


Societe Generale▲ ▲+3

23# of Deals

18

Market

-0.7 Societe GeneraleDeals

▼3 2.4

14.3

-4.0 1.24.0

1,929.8101 -1.52,027.3

4.6 ▼4.1 4.1

▼

▲▲ 15 11.9 +2

2VTB Capital 52,021.8

3.8 1.63.8▼UniCredit 6 5 1,648.9 -1.43.3 ▼21 16.7 -14

14 11.1 -1

Credit Agricole CIB 11.1 -9 ▼

▼▼11.1 -2

▲17 3.2Lloyds Bank 7Sumitomo Mitsui Finl Grp Inc 8 8 1,517.4

1,607.5

1,470.93.0 -0.1

9▼

-2.2 ▼2.9141415

HSBC Holdings PLC 11 16 1,438.6 2.8

3ING 10 9 1,466.2 2.9 11.9▼ -2

11 8.7 +22.3 1.9

0.6 ▲-0.1

▲▲ +13

0

KfW IPEX-Bank GmbH 12 48 1,170.2▼6 1,136.9BBVA 13 15 11.9

15 11.9

1 0.82.0 1.6-2.2 ▼

▲2.2

Sberbank 14 49 1,017.0Natixis 15 7 1,007.5 -1.4 ▼

▼▼ 12.0 8 6.3 -11

RBS 16 12 932 9 12 9 51 8 0 8

UniCredit

-15

Bookrunner

Mitsubishi UFJ Financial GroupQInvest LLC

Commerzbank AG

Credit Agricole CIB

Natixis

BBVA▼-

▲▼

4 -

65

ING

7

Scotiabank

2

BNP Paribas SA 7 3

14 41

2011 Rank

3 20

8Banque Centrale Populaire 9 -

28RBC Capital Markets

Proceeds12.2 14 22.2

Sh Ch. Sh %▲

Sh %Market

-2.91,177.3 5.81 1 2,468.7 1.22 ▼

▲6.3▼▲

7 11.1 -4

-

5.0 ▲▼▼ 84.2 -0.1

2 3.2

1,016.8 3.35.0+11,016.3+14

1 1.65.0

012.7 -2843.0

2.9 ▲4.0801.9

3 4.81.6

▲6

▼3.9785.3660.6 -0.8 ▼3.3

-3.4

-2 ▼1

▼5 7.9▼▲

-5-2

+1

1.60.2 ▲

▲ 2 3.2 -23 4.810 12 582.2

2.82.9

▲625.3 3.1 3.1

▼Commonwealth Bank of Australia 11* - 563.1 2.8Lloyds Bank 11* 25 563.1

2.8 ▲ 2 3.2 +2 ▲

+1 ▲▼2 3.2 -413 9 553.7 2.7 -1.1

▲▼

420.1-1 1.6 0

3.21.8 2

4 406 9 2 0▲

2.1Mediobanca 15* 33* 2.0406.9

1 1 61.4

7 ▼5 1 ▼15*

▼ ▲

*tie *tie

-1 ▼

100.0 6320,285.9

HSBC Holdings PLC 23* 18 156.3 0.8 -0.9 ▼ 1 1.60.8 ▲ 1 1.6 0

3

-▼ 1 1.6 -4 ▼-0.6

SEB Enskilda 23* 55 156.3 0.8

-3.0 ▼ 4.8 -3 ▼Deutsche Bank 23* 21 156.3 0.8

▲ 2 3.2 +2 ▲RBS 22 8 166.6 0.8Nedbank Capital 21 - 195.0 1.0 1.0Nordea 20 - 223.9 1.1

▲13,810.7 11.373.7

▼-34.4% -25.9%-36.0%Industry % Change over Last Quarter 0.9%

▼▼ -1RBS 16 12 932.9 12 9.51.8 -0.803 2.4

12 9.5 -23RBC Capital Markets 17

1.5 -3.30.9 ▲

▼1.635 790.1

1.4Santander 18 4 766.3SEB Enskilda 19 44 721.2 5 4.0 0

702.1

-1.4 -0.1

1.0 ▲▼▼ 5 4.0

1.3 0.6

Mizuho Financial Group 20 20 717.01.1

Banque Centrale Populaire 24

Saudi British Bank 21 50*Nord/LB 22 36

Mediobanca 25 19 587.61.2

653.923 - 642.1National Commerical Bank

0.8-0.4

▲▼1.2

- 625.3

61.2

Industry % Change over Same Period Last Year -12.4% ▼

Top Twenty Five TotalIndustry Total

31,011.3

1.3 1.310

2.4

▲

▲1.4▲

4▲ +3+1

▲6.23 -1 ▼

+3▲+11.2 1

SantanderBBVA

-

▲

-66

▲7.9

Citi

-2

50,684.7

Industry % Change over Last Quarter -45.3% ▼ ▼-42.0%

100.0 126

3 2.4

3.2

4 406.9 2.0 1 1.6 -7

2 3.2 +10.7 ▲15* 14 406.918* 33* 256.3

▼2.0 -0.3

-5.1 ▼▼ ▼1 1.6 -3

1.3

1.1 ▲ 3 4.8-2 ▼

+3 ▲DNB ASA 18* 45 256.3 2 3.21.3 1.0 ▲

▼▼▼

▲

15*

Top Twenty Five TotalIndustry Total -22

Industry % Change over Same Period Last Year -27.3%


6

311,638.6 31 ▼-3.4

4 190.0 2 859.6 ▲

India

6 1,570.0Indonesia 1,541.5

▲11

Jan 1 - Sep 30Top Asia Pacific & Japan Project Finance Deals

▼▲

15,893.4 61 40,588.0 101 -60.8South Asia 16,020.0 18 11,638.6 31 37.6

South Korea 3,010.7North Asia 4,934.0 16 3,314.2 12

China 1,823.37 97.2

▲618.17 -1.8 ▼

1,526.9

▼

Singapore 5,385.9

48.9 ▲

6,348.5 6 -15.2 ▼Malaysia 3,560.7

40

▼▲▲

18.816.7

-27.4Australasia 20,843.4 23 17,545.5 41

119 73,086.3 185

Southeast Asia 11,247.0 18

US$m Issues US$m

Australia 20,461.7 20 17,538.5

IssuesAsia-Pacific (ex. Japan) 53,044.4

Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2012-09/30/2012

% Chge in Proceeds

Proceeds No. Proceeds No.DomicileBorrower Sector

1,496.9

SDP Finco Pty Ltd

Youngchun-Sangju Highway Co

8,500.05/23/2012


Asia Pacific (inc. Australia & Japan) Project FinanceAsia Pacific & Japan Project Finance Drops 26% I Transportation and Oil & Gas Up

Nation

Domicile Nation Breakdown

ClosingDate

Package AmtUS$m

TransportationTransportation

Power

AustraliaSingapore Leisure & Property

Oil & Gas3,980.0

Australia1,537.51,590.5

Australia

Australia Oil & GasTransportation

1,295.8

3/30/20123/20/2012

476.1

9/28/2012

6/25/20126/11/20126/1/2012

6/6/2012

3/26/2012

TransportationWater & Sewerage

Dana Infra Nasional Bhd 2,524.9

3/12/2012 South Korea

Japan

Malaysia

Singapore

Australia Pacific LNG Pty LtdMarina Bay Sands Pte

TIAT

4Adani Abbot Pt Terminal

IndiaMeja Urja Nigam Pvt Ltd 1,370.81,352.84

1

1/1/2011-09/30/2011

SingPower-Transmission Tunnels Power1,307.3

Epic Energy(Australia)Pty Ltd

Nepal 126 6

100.0 1 - - - -

▲New Zealand 381.7 3 6.9 1 5,431.9

Thailand 589.1 4 1,607.7 10 -63.4

Hong Kong

$40

$45

2,119.0 8 1,091.5 12 94.1 ▲

Mkt. ShMkt.

Jan 1 - Sep 30

6.0 9

16.5

8,980.4

Deals

Japan

US$mChg. in Proceeds# of

Sh % Deals# of

18.0

15 92

3.8

12.1

▲▲

▼

16.0

-2.6-17.7

▼-0.9▼

0.9 3.2 10.7

4,446.45.1

48

8

28,633.9

▲▼

Industry Total 55,163.4 100.0 100.0 127 2.3

10 5

38.6

5 -7.5

629.54 7,956.3

Water & Sewerage 1,756.8 3.2

1/1/2011-09/30/2011

1,777.62,784.8

Borrower Industry

Petrochemicals

127

Power

US$m Sh %

12,011.712,226.3

Leisure & Property 5,262.8

1/1/2012-09/30/2012

21.8 9 11,539.3

9.5

74,177.8

20.9

38 9

9

2,807.1

Sector Analysis

Industry

Oil & Gas32.5 Transportation 17,918.2

1

42

- - -Nepal 126.6

Proceeds Mkt.

-

$0

$5

$10

$15

$20

$25

$30

$35

$40

Aus

tralia

Indi

a

Sin

gapo

re

Mal

aysi

a

Sou

th K

orea

Japa

n

Chi

na

Indo

nesi

a

Thai

land

Pro

ceed

s (U

S$b

)

January 1, 2011 - September 30, 2011January 1, 2012 - September 30, 2012


11.8 -1 ▼15 ▼11.8 -215

1.82.7

16.518 14.221

▲IDFC Ltd 2 9 2,773.1

4.6145.0

State Bank of India 7,297.9

2012 Rank

2011 Rank # of Deals

MarketProceeds per Mandated Arranger (US$m)

Market

Asia Pacific & Japan- Bookrunners (X28)



Jan 1 - Sep 30Asia Pacific & Japan- Mandated Arrangers (X30)

Market2011 Rank


Jan 1 - Sep 30

Change in Deals Sh %Mandated Arranger Proceeds

2012 Rank Sh % Sh Ch. Deals

# of Deals per Bookrunner

Korea Development Bank

MarketProceedsBookrunner Sh Ch.Sh %

2 2,966.65,638.11

Market# of

-17▲▼17.2 -14.9

5.3▲

▼ 25 ▼19.7▼

-15-3

+5▲

-11.8Sh % # of Deals

13.21 1

# of Market Change in

0.42.9

4.1▲▲

4.0

4.52,460.1

-1.9Axis Bank Ltd 6

2,527.0

Sumitomo Mitsui Finl Grp Inc 2,243.03

5 6Mizuho Financial Group 4 17

3Mitsubishi UFJ Financial Group

▼0.6 ▲

9 812

2,064.7

9.4123.1

-0.29.4

1,681.4 3.1

102,182.3

-13.7 9 7.10.9 ▲▼

1.3 12

5.57

National Australia Bank 8 11 1,692.77Korea Development Bank

▲1,589.1

2.7ANZ Banking Group 11 4 -2.0ICICI Bank Ltd

2.9Westpac Banking

1,481.6

9.4 -4 ▼10.2 -11

6 4.71,586.1 2.9

▼▼13▼

29 2.4 1.7 3▲-1.6

5IDBI Bank Ltd 14 2 1,316.3Malayan Banking Bhd 13 1,316.7

2 3▼

2 01 253 82.4 -4.2

3▲ 2 4 0

2.43.9 -3

United Overseas Bank Ltd

-7

-5

-▼-4

▼0

▼

▼

▼▼

-4

IDBI Bank Ltd

Malayan Banking Bhd

Mizuho Financial Group

ANZ Banking GroupOversea-Chinese Banking

7

-

Sumitomo Mitsui Finl Grp Inc 10*

China Development Bank

DBS Group Holdings

3

9 68

1,551.7ICICI Bank LtdIDFC Ltd

2,429.4

5 10

3 14

6

9.1 10.022.2

918

▼

▼6.0 ▲ 7 7.8

20-1 ▼

▼Axis Bank Ltd 4 2 2,241.6 6.9 -66.7

4.14 1,348.7

-1-1.9 6▼

+6-1.0

7.4

▲5.6 -3

1,183.3

▲ 14 15.64.7 2.05

1,045.1 3.2 2.5▼ 4 4.4-3.7 -3

02768.2

▼

-▼

-7

▼3.6

23-1.9 ▼ 3.33

10* 663.3 ▲

▲ 2.2

-1 1.1

10* 18 663.3 2.0 0.8 1▲▼

2.0 +12.0

▼1.1▲

2.4

-1.0

0

-21.11▼663.3 2.0

663.3663.3 2.0 -31.11

-2.22.01.3

10* 9

7Standard Chartered PLC 10* 24 ▼

1.1 -4▲

12 0

▼ ▼1▲ 1 1 010* 37 1 8663 3

State Bank of India


12 5

10 16

15

Asia Pacific (inc. Australia & Japan) Project Finance

CIMB Group Sdn Bhd 45

* tie

2 2.2 +2 ▲Bank Negara Indonesia PT 25* - 115.2 0.4 0.4

2.3 2.01,253.8 3▲ -+2

2.4 05.5 ▲▲

181.5 -0.7

1,223.9 1.4 72▲1,045.1 1.9 0.2

-0.4 ▼1.8989.94▼

1.2 ▲

2.43

1.0 31.6

▲

▼1.2-

Bank of China Ltd 23 -0.3

37

1.2

844.6 1.5RHB 748.149 1.4

2.4▲ 32

1.2Development Bank of Japan Inc 22

2.418 649.2 31.1 0.8

100.0-2.9

4.71.0

55,163.4▼

▲+13.1 -10

-51.6

▼▼-1

-1

▼

+3▼▲

-1

Bank Central Asia Tbk PT(BCA)

Malayan Banking Bhd


Mitsubishi UFJ Financial Group

Bank DKI PTWestpac Banking

2.0▼-

41

-2▲

4.41.1 0

16 12 ▼10 37 1.8663.3

555.3 1.7 -0.32503.71▲

1.5 1.5 ▲

19 34 0.8358.5 1.1457.6 1.4

2.2 +2 ▲1.1 +118 - 1.4

17 -

▲▼

+11.10.92.2 -12▲

▲

299.4RBC Capital Markets 299.4 1▲

20* 1120* - 0.9

▼ 1-0.3 1▼

0.9 -1.720* 17

▼Bank Mandiri 23 19299.4 0.9201.8

▼1.1 -3 ▼1.1 -33.3 0 -0.6 -0.5 3

▼▲ 2

▼▲

▼-48.3%

-3.1-47

-34.3%

32,723.2

▼

90

▼

80.5100.0

-70

▼Industry % Change over Same Period Last Year

▼Industry % Change over Last Quarter

Industry Total26,420.0

-35.5%

Top Twenty Five Total

National Australia Bank▼

+1 ▲

13

15

849.3

2.2251516

Industry Total

▼

China Development Bank

Standard Chartered PLC

▼

19

Oversea-Chinese Banking

-37.8%

▼ 675.7


127

Industry % Change over Same Period Last Year -25.6%-72.2%

1.1-1 ▼25

17

CIMB Group Sdn Bhd

-0.2

2.4

45

AMMB Holdings BhdHSBC Holdings PLC

631.220

DBS Group Holdings

United Overseas Bank Ltd 2021

551.124

Top Twenty Five Total

-

41,649.6

651.4

▼

▲ 177.2 0.5 -0.6

12

1▲

2 2.2 -1 ▼Bank Rakyat Indonesia 25* - 115.2 0.4 2.2 +20.4Bank of India 24 20

-42.1%-85.0%


-

-

-

-

-

-

-

-

-

First Nine Months | 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 criteriaplease contact:

Tel: +65-6870-3085

Europe

Americas

E-mail: [email protected]: +1 646-223-8424

Database coverage includes all loan transactions that have reached General close between January 1, 2012 and September 30, 2012 of whichThomson Reuters has been made aware.

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 1991E-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.In cases of consolidation, credit will be givien to the surviving/parent firm

Steve 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

Kai Soriano-Sta. Cruz

Stephen Sotere Angelides


E-mail: [email protected] All league table volumes and rankings are based on general close date instead.

Asia Pacific/Japan:

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 thirdparty 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 partycontent 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 theextent 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. ThomsonReuters 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.

© 2012 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 relevantthird party.

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