project finance review - pfie · · 2013-04-11however the number of project financings closed...

PROJECT FINANCE REVIEW

FIRST QUARTER 2013

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▲

▼

-1

▲

▼

Project Finance Regional Breakdown Jan 1 - Mar 31

Global: Project Finance activity for the first three months of 2013 totaled US$42 billion with 112 deals, up 8.8%

compared to the same period last year. Transportation was the busiest sector, closing US$13.4 billion from 19 deals,

the largest of which was the US$2.8 billion Gebze-Orhangazi-Izmir Highway in Turkey.

Americas: Project Finance Loans totalling US$7.4 billion closed in the first quarter, an increase of 6.2% over last year.

However the number of project financings closed fell 38.5% from 26 in Q1 2012 to just 16 deals in Q1 2013.

EMEA: The first quarter of 2013 saw 13% fewer project financings signed; however, those projects that did receive

funding were larger on average resulting in 48.5% increase in loan proceeds, which stood at US$22 billion.

Asia Pacific and Japan: Project Finance posted the slowest first quarter since 2009, with total volume at US$12.5 billion

from 49 deals, down 25.3% compared to the same period of the previous year. India was the only market which

showed slight growth at 5.8%, closing US$6.9 billion from 23 deals.

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1

1

-1

-

https://www.thomsonone.com

1

1

1

2.9

▼-1

▲

▲

1.4 1

3

0

4.3 2

▼

7.5

▲

-27.4%

-45.9%

▲

Industry % Change over Same Period Last Year

21,881.741,994.3 100.0

▼

Industry Total

3.6▼-0.3

▲5.41.1

4

JP Morgan

Deutsche Bank

25,454.5 60.8

1.1474.9 6

▲

Credit Agricole CIB 21

2.2

112

19

2.02.015

-

▲

-4

6

2

-1

18

12

15*

-

-

▲

▼

8.7▲

▲

6

22

2.9

▲

2 2.9

2.9 12.2

▲

2

2.2 ▲

0

11

0

▼

▲

2.2

481.0

-

26

17

506.9 1.2

497.9

▲ 4

-1.21.2507.0

1.2

▲

-3

3.6 2

38.0

1.8 1

-2.7

▼

0.4

1.3 -2.5 3

6

5.4

531.1 ▼

565.5

0.6 ▲

6

1.4

542.0 1.3 2

0.3 ▲

1.4

▲ 6.3

9

0.9 11

5

37

-

▲

4.5 -

5

Standard Chartered PLC

BNP Paribas SA

National Australia Bank

▲

▲

▲

4.5

8

▼

5.4

-34

0

-0.5

1

-4

▼ 7.1

6

▼

0.8

0.2

▼

Barclays▲

▲1.6

11

7

▲ 5 4.5 3

-1

▲

▲

9.8

15* 33 403.9

13▼ 433.0▲

UniCredit 14

-8

6

3

8.7

443.9▲ 5.4

474.9

2.2

▲ -04.33

▼

2.7

-4.3

2.7 ▲ 1

▲

▲1-

688.8 ▼

1.4

3.2

2

4.37.1 Mitsubishi UFJ Financial Group

6.3

▲

6 20Sumitomo Mitsui Finl Grp Inc▲

3 7

5

41*

0.9

-3.5

6.3 482.54

6 ▲

1.9

▼

1.4

531.1 2.4

▲696.2

579.4

5 3.30

3.2

28ING

3

711.5 ▲

▼ 6

Citi 6

ICICI Bank Ltd

RBS

8

3

▲

1,431.7

7

1.5 ▲

Standard Chartered PLC 10


24

7 37

5 18UniCredit

26

20

17

1

Mizuho Financial Group

Sumitomo Mitsui Finl Grp Inc

2 3Mitsubishi UFJ Financial Group 2

4 5 1,766.6

9.8

1,799.46.2

5.4

Market

Proceeds

4,094.2 2.1 6

16-3.2

Mandated Arranger

1

2012

Rank

State Bank of India ▲

3

-6

▲5.8

5

14.3 ▲5

-4 4.3 2.3

▲

1▲

8.9 2.5

▲ ▼

2

1.4

-

4.2 16.10.7

10.2▲949.7

▲18

172,588.1▼ 163Citi

15.24.3

1.3 Mizuho Financial Group

4,063.6

2

899.0ICICI Bank Ltd

1

14

State Bank of India 1

▲

4 5.8

517.4▲

▼-6

124

18.6 7.6

4.1

▲

▲0.3

10

2

1.9

2,221.1

-14

2▼

3 4.3

1,070.2

▼

3.4

2.4

2.1 1

▲1.6 8

0.5

6 754.1

68

899.0

838.5

2.0835.6

2.0

ING

Barclays

IDFC Ltd

11

12

Intesa SanPaolo

BNP Paribas SA

Standard Bank Group Ltd

13

15

HSBC Holdings PLC 14 1479

20

17

Woori Financial Group

22

22

4

29

18

19

-1.4

1.6

0.8

667.8

1.4

1.8

-0.6

0.01.6

717.0

Yes Bank Ltd -

1.7

15

579.4

23

38

12

41

682.4

23

Axis Bank Ltd 21

Lloyds Bank

40

-

Societe Generale

KfW IPEX-Bank GmbH

16

1,015.8

1.8761.2

0.7

Top Twenty Five Total

25

24National Australia Bank

Deutsche Bank

-

Market

Sh Ch.

# of

1.6

631.3 1.5

2.6

1.7696.9

Siam Commercial Bank PLC

9*

-25.6%

Goldman Sachs & Co


Industry % Change over Last Quarter

20

Woori Financial Group

9

13

10

Axis Bank Ltd

8

Yes Bank Ltd

Societe Generale

RBS

Sh %Proceeds Sh Ch.

Change in Market

Deals # of DealsDeals

First Quarter 2013

Global Deals Intelligence

Global Project Finance Up 9% I Gebze-Orhangazi-Izmir Highway - Largest Deal

Global Project Finance Review

MANAGING UNDERWRITERS

2012

Rank

# of

# of Deals

# of Deals per Arranger

Change in 2013

Rank

Market

Proceeds per Mandated Arranger (US$m)

Sh % Sh %

# of Deals per Bookrunner

Market2013

Rank Sh %

-0.2 2.9

Bookrunner

Proceeds per Bookrunner (US$m)

Market

0.0

▲ 1 1.4

-▼

1.411.9 1.9 ▲

1.8 1.8 ▲388.6 4.3

2▲1.4

1.9 1.4

403.9

3

3

0.6

▲

2.9▼ 2

326.4 1.5 0.6

1 1.417

27

▼288.1

308.3

21 -0.71.0

1.3 -0.7

24 187.5

-

0.9

214.9

0.9

-

23

RBC Capital Markets

Morgan Stanley

200.0

187.5

205.8

24*

Development Bank of Japan Inc 22

24*

▲0.9

-0.4

0.9

0.9

16,770.6 ▲21.3

-2.0

0.9 1.4

1

1▲

▼ 1.4

▼ 0

69 -26.0100.0

▼

Jan 1 - Mar 31

▼

77.0Top Twenty Five Total

-1.4

-11.2%

▼ ▼ -40.0%

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables

Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Mar 31


Industry Total -24.0

8.8% ▲ ▼-17.6%

-32.9%

$0

$10

$20

$30

$40

$50

$60

2009 2010 2011 2012 2013

Pro

ce

ed

s (

US

$b

)

EMEA Americas Asia-Pacific & Japan

http://banker.thomsonib.com/

http://dmi.thomsonreuters.com/




Top Global Project Finance Deals Jan 1 - Mar 31

1.8

4.9 10

▼

▲

Asia-Pacific

47

3.7

2

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

Mkt.

1.5

9

31.8

-4.4

▼

▲

7

50 -27.0

▼

▼

-

▲

3/26/2013

2/7/2013

Cernambi Norte MV26 BV

-

▼

▲

-

35.8

238.9

2/26/2013

48.5

-

Global Project Finance By Sector (US$m)

Oil & Gas

▲

138.5

1,399.5

1,819.2

1,170.0

BGT LNG Vessel

Macau-

▲

1/28/2013

3/25/2013

1/25/2013

Stansted Airport Acquisition▲

1,100.0

Germany

Brazil

1,280.0

BreBeMi Toll Road

SPP SALE

2,337.4

Utd Arab Em

Power

Oil & Gas

-

4

6

-

-

12.5

1

71.1 ▲

▲

-68.2 ▼

▲

51

4

28.9

26 -0.3

14

▲

▼

Mkt. Sh

-69.7

▼

▲


2 -0.3

100.0


100.0 38,608.1

-

▼

22.7

-

0.7

-

▼

1,894.2

▲

2 1.3

-

7 -6.3

69

250.0

8.2

11,160.4

8,758.2

-2.0

1.7

677.1

136

-0.2

112

-

1

3 485.8

2.4

1

477.4

1,014.3

41,994.3Industry Total

2.0

1.1

375.0

Western Europe

Central Asia

31 10,027.9

18.3

26.9

12,410.3

13,331.2

Proceeds

10

Sector Analysis

Eastern Europe 3,303.3

11,278.7

Chg. in

27.0

-13.9

Sh %

5

US$m

2,415.0

32.1

39

No.

Issues

No.

1/1/2012-03/31/2012

Caribbean

Middle East6

-

9 2,899.5

-

-

4

Africa/Middle East/Central Asia

7

3,938.2

14,838.3

-

14

Europe

EMEA

North America

16,930.4

Sub-Saharan Africa

1,254.5Butendiek Offshore Wind Farm

Nigeria

Transportation

Transportation

3/27/2013

Global Project Finance

First Quarter | Project Finance | Managing Underwriters

Sector

ONGC Petro-additions Ltd

No.

136

Issues Gebze-Orhangazi-Izmir Highway

1/1/2012-03/31/2012

38,608.1 8.8

3

22,038.3

-

16

1,502.2

7,437.9

-

1,507.1

54

-

Italy

United Kingdom

Oil & Gas

3/29/2013

2/28/2013

Slovak Rep2,019.4

Leisure & Property

Transportation

2,604.1

Region

34.4

26

5

7South America

Proceeds

US$m

No.

Scorecard: Global Project Finance

Issues

112

Date

India Industry

4

57

Mkt.Proceeds

11,301.5

Oil & Gas

13,366.2Transportation

Power

10 2,668.3

Telecommunications

Waste & Recycling

19

1 Petrochemicals

4,191.7

13

823.1

Leisure & Property

1,719.6

7,662.8

10.0

Sh %US$mProject Finance Sector

Industry

6.4

4

1/1/2013-03/31/2013

Japan

29South Asia 23 6,677.0

2,078.7

1,961.2

Issues

North Asia

6,927.1

US$m

47

Southeast Asia

-

14,802.7

10

Australasia

-

1,132.12,700.0

1,592.9

10,798.6

5,107.9

-

1,310.6

41,994.3

2

-

5,651.7

37

Central America

Americas

Global

6

10

-

3,499.7

2,407.9

North Africa

2,785.9

Studio City Co Ltd

Etihad Rail Railway Project

Proceeds

Closing

1/29/2013

-

2,800.0

-12.3 ▼

4,117.8

-

7,005.8

482.2

-

▲6.2

-

US$m

Transportation

% Chge in

Proceeds

Nation

Package Amt

Turkey

Borrower Domicile1/1/2013-03/31/2013

Mining 432.0 1.0 3 2,834.7 7.3

Water & Sewerage 57.1 0.1 2 137.4 0.4

13,366.232%

11,301.527%

7,662.818%

4,191.710%

6%

3% 3%

2%

Transportation

Power

Oil & Gas

Industry

Leisure & Property

Petrochemicals

Telecommunications

Waste & Recycling

Mining






Jan 1 - Mar 31

1.9 1,092.1

66.1

Sector Analysis

140.0

100.0

15.6

2,170.0

Chg. in

16 7,005.9

Issues

26

Mkt.

41.4 2,900.7

Sh %

1/1/2012-03/31/2012

Borrower Industry

Americas Project Finance Volume

Proceeds

4,913.3

1/1/2013-03/31/2013

3

3.5 2

4 27.0

Mkt. Sh

▲

2.2

24.7

▼

▲

▼

First Quarter 2013 | Project Finance | Managing Underwriters

No.

Americas Project Finance Loan Value Hits US$7.4 Billion, Up 6% on Q1 2012 I Number of Deals Closed Down 39%

1 243.7

1

Americas Project Finance

-0.6

13 Power

Oil & Gas

No.

Oil & Gas

Power

Oil & Gas

Power

1/15/2013

3/28/2013 Panda Temple II Generating Power

2/12/2013

Industry Total

PowerUnited States

Canada

Peru

South Kent Wind Farm3/8/2013

United States2/25/2013

Brazil

Chile

Pacific Sharav and Meltern

3/27/2013 Chaglla Hydroelectric Plant

Power

1,000.0

Star West Generation LLC

Topaz Power Holdings


Ottawa Light Rail Transit

372.0United States

Power

Issues US$m

Transportation 214.6 2.9

Power

US$m Sh %

Mkt.Proceeds

-

2

100.0

1,888.0

-13.7

29.2

▲

▲

27.3 2/26/2013 590.0

3/13/2013

1,000.0

Cernambi Norte MV26 BV 1,170.0

Domicile

United States790.0

3/29/2013

Jan 1 - Mar 31Top Americas Deals

Date

3/27/2013 Cochrane Coal-Fired

4

214.6Canada

Alto Jahuel Transmisora

Brazil 1,170.0 1 -22.6 ▼

-

Close Borrower Sector

195.8

US$(m)

716.1

Chile

Transportation

Package Amt

Proceeds No. Nation

850.0

▲

▲

▲14 3.7

1/1/2012-03/31/2012

-

34.4

Americas

Scorecard: Americas Project Finance

1/1/2013-03/31/2013

% Chge in

Proceeds

Proceeds No.

26 6.27,437.9 16 7,005.8

US$m Issues US$m Issues

2,899.5

35.8

2 -Canada

Chile 1,272.7 3 1,000.0

14

South America

930.7

North America

- -

2

3,938.2 9 2,899.5

7

12

Mining

United States of America 3,007.5

7 2,604.13,499.7 7

1,511.1

Americas Project Finance By Sector (US$m) Jan 1 - Mar 31

Central America - - 1,502.2 5

7,437.9


0

5

10

15

20

25

30

35

40

45

50

$0

$2

$4

$6

$8

$10

$12

$14

1Q

09

2Q

3Q

4Q

1Q

10

2Q

3Q

4Q

1Q

11

2Q

3Q

4Q

1Q

12

2Q

3Q

4Q

1Q

13

# o

f Is

su

es

Pro

ceeds (

US

$b)

US$(b) # of Issues

3,440.8 59%

2,170.0 37%

4%

140.0 , 2%

Power

Oil & Gas

Transportation

Mining





* Tie

* Tie

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

6,189.2 11 -8

-5.5% ▼

▼

-59.3%▼

100.0

Top Sixteen Total -3.2100.06,189.2

-42.1%

167,437.9

Industry % Change over Same Period Last Year ▼


Industry Total 100.0

13*

▲

▼

-38.5%


0.7

-0.6

-6.6

▼

15* 40.0 0.7

▼

Bookrunner Total

Societe Generale 13* -▼ 1 9.1 0

-1 9.1 0

DNB ASA 13* 15* 40.0

5 40.0Credit Agricole CIB

-4.2 ▼0.7

0.7 -0.6 -▼

1 9.1 -2 ▼

1 09.1

▼

Deutsche Bank 12 - 100.0

BBVA 13* 7 40.0

-1

10

1.6 1.6

-8.7

- 3.0

▲▲ 1 9.1 1

1 9.1▼HSBC Holdings PLC 11 2 125.0

-5.6Citi 7*

3.0

2.0

3

1 9.1

▼

▲

1 9.1

1▲Credit Suisse

3.0

3.0187.5

7* 6 187.5

186.0

Morgan Stanley -▼ 1 9.1 0

-1▼

Sumitomo Mitsui Finl Grp Inc 6 4 307.1

-2.7

RBC Capital Markets 7* - 187.5 3.0

-3.05.0

▲1 9.1 13.0 ▲

18.2 2 ▲

▼ 4 36.4 0 -

17.8 6.5

▼

▲

▼ -5

▲ 2 18.2

7.8 ▲

1

2-10.8

481.0

482.5

27.8

7.8

5 -

500.0

Mitsubishi UFJ Financial Group 3 1 483.0

08.1 4.7 ▲ 9.1

18.2

Industry % Change over Last Quarter ▼

-

▲

Barclays

8*2

4,988.8

0.2

0.0


1Mizuho Financial Group 10

2

0 -

4 15*

Goldman Sachs & Co

▼

59.7

67.1

Bayerische Landesbank Giro 0 -6.319*

59.7

1

▲

59.7

1

27*

2.8

0.8

19*

59.7

BMO Capital Markets 19* 6.3 0

6.3 -30.8

0.830*

-1.5

▲

0.8

1 6.3

KeyBanc Capital Markets Inc 13

Natixis 19* - 0.8

▲ 1 6.3 1

0.8

▲ 10.8 6.3

RBS

0.8

0.8 6.3

CIBC World Markets Inc - 59.719*

Nord/LB 19* - 59.7

-4.1

-

▼ 2 12.5 -2 ▼

0.2 ▲ 1

Santander 18 7 68.2 0.9

19* 30* 59.7

▲ 2 12.5 1 ▲

▲ 1 6.3 ▲0.9Credicorp

-

-0.2 ▼ 2

0.9

DNB ASA 16

Societe Generale

17 - 70.0

30* 95.6 1.3 0.7

Credit Suisse ▲ 1

19 99.7

Deutsche Bank 14

12*

20 100.0

6.3

- 124.0

1.7

1.3

- 10.0

1.7

6.3

Fiat SpA 12* - 124.0

15

6.3

1.7

1.3

12.5

1.7

11

▼ 3

5

11

▲ 1

18.8

▼ 1 6.3

-0.4

-3.9HSBC Holdings PLC

▼

-4.2 ▼ 4

1.7


BBVA 3

▼ 1 6.3

125.0

25.0

-2.72.8

155.2 2.1

2.4

Morgan Stanley 8 6 207.5

178.29

Mitsubishi UFJ Financial Group 5

2.0

-4.37 2 263.1Citi

RBC Capital Markets 6 17 267.2

3.5

3.6 ▲ 2

▼ 2

5.6 31.31 414.3 -6.8 ▼ 5

▲ 2 12.55.6 5.6

▲6.2 12.56.8

Goldman Sachs & Co 4 - 419.0

3 30* 502.5

Sh %

3

Barclays

10

2012

RankBookrunner ProceedsProceeds

Mizuho Financial Group 8.7 ▲

Sumitomo Mitsui Finl Grp Inc 2 4

1 0

# of Deals

516.7 7.0

840.7

6

11.3

Sh Ch.

0.6 ▲

1

0

▼

▲

1 ▲

0

▼

-1

1

2

0

-1

2 1

# of Change in # of

13.0

▲

-

15.9

# of Deals

▲

2 18.2

Jan 1 - Mar 31

Americas Project Finance

MarketMarket Change in 2013

Rank Sh Ch.

2013

Rank

Market

Deals


Mandated Arranger

0

1

-

Deals Sh %

-

1 ▲

▼

1

-2

18.8

▲

Market

Sh %Sh %

37.5

Market

-2

Jan 1 - Mar 31

ING


▲


▼


-

-

2012

Rank

Market

12.5

983.0

▼

12.5

-4

▲

▲

▲


-65.2%


6.2%

-42.1%

10.6%


-10

▲0.8

1





1/1/2012-03/31/2012

Ivory Coast 198.0

-

Jordan 876.0 2 - -

-

1 - - -

-

-

-

-

Africa/Middle East/Central Asia 5,107.9

- -

United Arab Emirates 1,531.9 2

10 1,507.1

Nigeria 2,210.0 3 - - -

Slovak Republic 2,019.4

3 238.9 ▲

Russian Federation 610.0 2 3,050.9

-

1 -80.0

1 - - -

▼

Eastern Europe 5,651.7 ▲6 3,303.3 4 71.1

Turkey 2,800.0 1 120.7 1 2,219.8

12 -77.4

▲

France 597.8 2 5,023.5 10

2 56.9 1

▼Spain 209.8

▲

Italy 2,531.2

-88.1 ▼

Netherlands 1,010.9

Germany 1,338.3 3 436.3 2 206.7

6 636.9 6 297.4

12.5

▲

▲

United Kingdom 5,590.5 14 2,667.6 11 109.6

48.5 ▲

Western Europe 11,278.7 31 10,027.9 47 ▲

Issues US$m Issues

47 14,838.3 54

1/1/2013-03/31/2013

% Chge in

Proceeds

Proceeds No. Proceeds No.

US$m

706.2

4

# of

Nigeria

Oil & Gas1,100.0


EMEA Volume Stands at US$22 Billion, up 49% | Transportation Projects Accounts for 48% of Funding

Power

Europe, Middle East & Africa Project Finance

BreBeMi Toll RoadItaly 2,337.4

1,280.0

1,819.2

SPP SALE

22,038.2

955.1

Transportation

1/25/2013

EMEA

Stansted Airport Acquisition

3/25/2013

2,019.4

Nigeria

# ofProceeds

Borrower Industry

Sector Analysis

30.1

3,510.7

Deals

1,676.6

4 927.5

4,259.0

Chg. in

▲

Mkt.

Sh %

3,345.9 15.2 18

Transportation 10,597.7

24.9

48.1

Oil & Gas 5,492.8

8

2/28/2013

Transportation

2/18/2013

2/26/2013

2/7/2013

Etihad Rail Railway Project

3/26/2013

2/27/2013

1,254.5

800.0

London City Airport LtdUnited Kingdom3/28/2013

11

Jan 1 - Mar 31

18.0 ▲

EMEA Project Finance by Sector

▲


United Kingdom

Utd Arab Em

Germany

Eleme Urea Fertilizer

Netherlands

- -

Deals

▼-13.5

▼5

1/1/2012-03/31/2012

Leisure & Property 994.9 4.5 4 -2.8

35

1.2

US$m

Power

6 4,463.7

Mkt.

1,087.1 7.3

23.7

28.7

Proceeds

US$m Sh % Mkt. Sh

Slovak Rep

BGT LNG Vessel

A1/A6 Section

Transportation

Industry

Transportation

US$mDate

BorrowerClose

Turkey

Oil & Gas

Gebze-Orhangazi-Izmir Highway

-0.4

Domicile

3/27/2013

Industry 800.0

1/1/2013-03/31/2013

Sector

Nation

Industry Total 22,038.2

▼

1 132.1 0.9

385.8

2.7

1,000.0 6.7

477.4 2.2

-

Jan 1 - Mar 31

Package Amt

1

Top EMEA Deals

2,800.0

3.6

1.3 -5.4

47

1

-0.2

100.0

Butendiek Offshore Wind Farm

Transportation

Transportation

2

Mining 292.0

1

2

Scorecard: EMEA Project Finance

-

2.6

▲

2

Water & Sewerage 37.5

▼Waste & Recycling

14,838.2


54 100.0

$0

$2

$4

$6

$8

$10

$12

Tra

nsport

ation

Oil

& G

as

Po

wer

Leis

ure

&

Pro

pert

y

Industr

y

Waste

&

Recyclin

g

Min

ing

Pro

ce

ed

s (

US

$b)

January 1, 2012 - March 31, 2012

January 1, 2013 - March 31, 2013





*tie

*tie

-8

Industry % Change over Same Period Last Year 1.4%

16

Top Nineteen Total

Industry Total

▼▲

▼ ▼

Triodos Bank NV 19 22 4.1 2 10.00.1 -0.3 ▼

17 - 58.9

1.0

-1 ▼

1.1 1.1 ▲

109.1 2.0

▲

▲2 10.0 2

▲2.0 ▲

0-3.0 ▼18 11 51.4 5.0

Raiffeisen Bank International 15 - 2.1110.0

11 5.0

2.1

-

▲1 5.0 1

5.02.7 1

13 - 150.0 2.8 2.8

▲

▲

142.0 2.7

▲

1 ▲

▲1 5.0 1

3.4 ▲ 1 5.0 1

1

▲205.4 3.8 3.8

▲

Sumitomo Mitsui Finl Grp Inc 11* - 183.3 3.4

1 5.010 - 200.0

3.4

3.7

11* - 183.3

▲

2

2

1

3.4

3.7 ▲

▲ 1 5.0

▲3.9

5.8

1 ▲

1

▲2 10.0

▲2 10.0

5.0

▲

1

▲5.8308.3

211.5 3.9

2

5.0 -1403.9

5.8 ▲5.8308.3

403.9 5.17.5

1403.9

-11

1 5.07.5

▲

7.5 ▲

▼▼ 17.5 -1.4

2 10.0

▼

▼5.0

▼

▲

2 10.0 -3

Market

-0.1433.0 8.1

1 - 587.2 11.0

2

Proceeds

11.0 2 10.0

Sh Ch. Sh %

▲

Sh %

2.1

3* 13

8

Mizuho Financial Group 9 -

-BNP Paribas SA

KfW IPEX-Bank GmbH

47

3

2 4.3

Standard Chartered PLC 6* -

14 -

0

22,038.2

Industry % Change over Last Quarter 45.7% ▲ ▼-31.9%

100.0

▲10.6

3* -

6*

3*

Siam Commercial Bank PLC

-

Standard Bank Group Ltd

Deutsche Bank

-7

ING

Investec

▲

▲

▲

▲

-

▲

▲24.9

1 1 ▲

2

▲11.5 1

▲

1

RBS

JP Morgan

Macquarie Group

UniCredit

▲ 1

3

Nord/LB

1.5 1.5

Societe Generale

5

2.1

1

▲

▲1.8

67.2

Industry % Change over Same Period Last Year 48.5% ▲


Industry Total

14,705.5

2.1

1.5

▲

▲1.5

- 320.0

National Bank of Abu Dhabi 24* - 320.0

1.5

389.1

23 - 326.0Prudential PLC

Abu Dhabi Commercial Bank Ltd 24*

Banca Popolare di Verona-BSGSP 18* -

Nord/LB 22 26

▲ 1 2.1

1.8 0.4

Centrobanca 18* 43 389.6

1.8

1 2.1 0

389.6

-

1.8 1.4

1.7 ▲

-

1.8

Cassa Depositi e Prestiti 18* - 389.6

BMPS 18* 55* 389.6

JP Morgan 17

1.8 1.8

1.8 ▲

▲

1.8- 403.9 11 2.1

1 2.1 1

Lloyds Bank 16 4 507.0 6 12.82.3 -2.9

1.6 ▲

▼▼ -1

2.3 8 17.0 5

Credit Agricole CIB 14 11 527.8

ING 15 37 510.0

7 14.92.4 -1.1

0.8 ▲

▼

2.5542.0Standard Bank Group Ltd 13 2 4.3

4 8.5 ▲▲ 3

4

Mizuho Financial Group 12 33 544.4

▲21*

1

3 6.4 0

2.5 1.6

-0.9 ▼

0.410 18 571.9 2.6 8.5▲

4

7

4

Societe Generale 11 10 568.1 2.6

20

HSBC Holdings PLC

631.3

3.0 1.3

9

▲

1.2 ▲2.9

3.1BNP Paribas SA 7

Citi 8 21* 651.7

682.4

KfW IPEX-Bank GmbH 14.9 3 ▲

▲

▲8.5 3

▼7

▲5 10.6 4

8 17.0 4

▲Standard Chartered PLC 6 21* 699.8 1.53.2

Intesa SanPaolo 5

838.0

3.0 12.83.344

3.8 1.0

▲

▲

▲ 9 19.1 5

6

14.974.3

717.0

12

19 2.4956.1

Market

2.1 Citi

Deals

▲

▲

9 19.1

UniCredit

▲ ▲6

106.5

4.6 0.4


2 ▲

# of Deals

Market

21.3 ▲



Proceeds

2013

Rank

Market

Sh %

Jan 1 - Mar 31

Mitsubishi UFJ Financial Group 2

DealsMandated Arranger

RBS 3


1

4

1,008.96

Jan 1 - Mar 31EMEA - Bookrunners (X16)

# of Market

Sh % Sh Ch. Bookrunner

2

-0.9


Change in # of2012

Rank

5 1,431.7

Europe, Middle East & Africa Project Finance

EMEA - Mandated Arrangers (X15)

-44.0%

-13.0%

-28.6%

-59.2%Industry % Change over Last Quarter

▼

Change in


Market2013

Rank # of Deals

2012

Rank


3

▲

4 ▲

▲

▲


-

100.0 204,457.5

59.3100.0

1

4,457.5





1 - -

3.7

5.8

1/1/2012-03/31/2012

China

Proceeds Mkt.

Borrower Industry

Sector Analysis

1/1/2012-03/31/2012

Musselroe Wind Farm Pty Ltd PowerPower

355.8

1

DSN Corp

468.2

4

Telecommunications

Power

27.1 Industry 3,391.7

Leisure & Property 1,673.4 6

4,000.8

OM Sarawak Co Ltd

South KoreaHanam Energy Service Co Ltd 579.4

13.4

16,764.0

20.4

3

21

9

24.3 27

2,553.9

ONGC Petro-additions Ltd

Studio City Co Ltd

Indiabulls Realtech Limited

US$m Sh %

3,042.3

50.0

India

Australia

Transportation

Australia

Transportation

Petrochemicals

Brookfield WA Rail Pty Ltd 1,022.5

3/26/2013 India

2/28/2013

3/28/2013

46.0

1

-

49

1/28/2013

3/11/2013

3/20/2013

1/21/2013

3/28/2013

823.1

1,014.3

Water & Sewerage 19.5 0.2

Industry Total 12,518.2 100.0

Petrochemicals

100.0

2/5/2013

1

1 -

250.0

1/1/2013-03/31/2013

49

-0.1

-

▼

-

6.6

▲

8.1

10

1

7,703.0

▲26.8

10.3

-25.6

▲

0.3

6.6 -

44.3

18

Sh % Deals

# of

▼

23.9

3.1

▲0.4

4

Japan

Deals US$m

Chg. in Proceeds# of


513.8

1

0.3

288.1

Mkt. Sh

Mkt.

Jan 1 - Mar 31

1.5

Power

Industry

1,399.5

India

899.0

1,014.3

Malaysia

Japan Telecommunications

Domicile Nation Breakdown

Closing

Date

Package Amt

US$m

Transportation

Power

India

Macau

Nation

Sector

Leisure & Property

Industry2,785.91/29/2013


Asia Pacific (inc. Australia & Japan) Project Finance

Asia Pacific & Japan Project Finance Fell 25% I India Grew 6%

Borrower

823.1

HPCL Mittal Energy Ltd

DIAL

Domicile

Proceeds No.

Issues

Asia-Pacific (ex. Japan) 10,798.6

Scorecard: Asia Pacific (inc. Australia & Japan)

1/1/2013-03/31/2013

% Chge in

Proceeds

Proceeds No.

US$m Issues US$m

Australia 1,310.6 2 4,117.8

39 14,802.7 50

Southeast Asia 482.2 10

Australasia 1,310.6 2 4,117.8 9

9

▼

▼

▼

-68.2

-68.2

-27.0

Malaysia 355.8

-13.9 ▼

873.8 2 -59.3 ▼

Thailand 126.4

- -

▼589.1

-

5

-

-78.5

North Asia 2,078.7 4 2,415.0

1

80.3

South Korea 599.0

Macau 1,399.5

28

South Asia 6,927.1 23 6,677.0

India 6,927.1

29

23 6,550.4

Jan 1 - Mar 31Top Asia Pacific & Japan Project Finance Deals

1,719.6 10 1,961.2 6 -12.3 ▼

▲

1

▲

1,602.8 3 -62.6

712.3


▼

1

1,592.9 7 ▼-69.7

2

$0

$1

$2

$3

$4

$5

$6

$7

$8

Ind

ia

Japan

Macau

Austr

alia

South

K

ore

a

Mala

ysia

Thaila

nd

Ch

ina

Pro

ce

ed

s (

US

$b

)

January 1, 2012 - March 31, 2012

January 1, 2013 - March 31, 2013





*tie

*tie

49

Asia Pacific (inc. Australia & Japan) Project Finance

10

Korea Development Bank 24 3

12

15

2.6 -2 ▼Bank of America Merrill Lynch 1.2 ▲11 -11.6


▼

▲ 10.5 0.1 1

155.5

19*


-

12,341.3

155.5

18

118.925

17

RHB

0.7

Westpac Banking

UBS

6 ▲

-5.8%

▲ 9

98.3

-56.0%

Kasikornbank PCL

Industry Total

-25.3%

26.2

33

▼

IDBI Bank Ltd

Bank of Communications Co Ltd

▼

19*

Malayan Banking Bhd

Mitsubishi UFJ Financial Group



15*

-12.5%

24* 177.9

1.4

205.8

177.9

1.5

11

▲

-

21

155.5

31

24*

1.4

IDBI Bank Ltd

▼-1 Credit Agricole CIB

Deutsche Bank

Mitsubishi UFJ Financial Group

State Bank of India

-2

-6

Bank of America Merrill Lynch

Standard Chartered PLC


UBS

Development Bank of Japan Inc

Bank of China Ltd

Citi

▼


▼Industry % Change over Last Quarter

Industry Total

▼

-57.5%

▲

-24.9%

-7

Top Twenty Four Total 10,320.8

▼-2.6%

-10

-20.8%

38

▼

10,320.8

36.0100.0

100.0

0.2 0.2 1

▼

▲

2.6 +1 ▲

2.6 +1

2.6 +1 ▲

22* -

▲Bank of Iwate Ltd 22* -

22.2 0.2

22.2

77 Bank Ltd

1

0.2 1▲

0.8 0.8

▲

21 -

20 20 1.2

▲

1.7

+623.70.8

2.6 -11▲

1.7

9

▲ ▲

2.6 +111* - 1.7

11* -

▲

1.7 1.7

174.9 1.7

2.6 +11174.9

1▲

2.6 +1

11* - ▲

11* - 1.7174.9

174.9

1.7

▲ ▲

▲

▲

1

1

+1

▲

2.6

11* -

174.9

▲

2.6 +1

▲

111* -

+12.61

1.7

174.9 1.7

1.7

1.7

+12.61▲174.9 1.7 ▲

1.7 -1-3.4

▲

2.6▲

2.0

1.7

+1 ▲

1 2.6

8* - 205.8 2.0 2.0 1

▼

2.0 ▲ 2.61

11* 174.9 ▼7

-1

-21

205.8

▲

▼

▼

+1

▲

2.8

205.8 2.0 -0.9

▼ 1 2.6-0.7

▼ 2.6

-

15.8 +6

288.1

▼ 3 7.95.1 -5.5

64.6- 474.9

-1

5.6 1▲

0

4.6

8.7

▲Woori Financial Group 4 - 579.4 5.6 +12.6

▼

▼4.8 ▲ 1 2.6

4

+4 ▲10.0 23.7

10.5

9

1

2

531.1

Yes Bank Ltd

Axis Bank Ltd

899.0

5 4

3 8

6

ICICI Bank Ltd

Industrial & Comm Bank China

9

8* -

8* 10

National Australia Bank

11* -

1

▲

▲

1

19 173.8

1 80.3

Kasikornbank PCL 126.4

1.7

▲

▼15 0.5

-

▼

▲

▼

ANZ Banking Group

-

▲

7

0

-2

2.0

▼

▲

-0

▼

24.1

2.0 -3

12,518.2

▲

100.0

18.41.0

▲1

2.0 1

1

1.2 2.0

▲

2.0▲ 1

1

1.2

1.2

1.2 ▲

2.0▲- 155.5

Deutsche Bank 155.5- 1.219*

2.01

1.2 1

2.0

Citi 19*

2.0155.519*

1▲1.2 1.2

-

Credit Agricole CIB 19* 1.2

1.2

- 1.2

1▲173.8 1.4 0.4

1.4170.4 -1.1 ▼

2.0 0

2.0 -

▼

0.7

▲0.7 1 0

-1.9 1

1▲

National Australia Bank 14 9 181.0

15*

Industrial & Comm Bank China 13 191.2

▼

▼2▲

- 1.5 1.5 2▲

-1.5

6.1 2 ▲

4.1 -1

1 2.0

325.9 2.6

▲361.6

1.6

ANZ Banking Group 11 16 0.4

Development Bank of Japan Inc

2.9Bank of China Ltd 2.5 3

6.13

Sumitomo Mitsui Finl Grp Inc 8 12 411.9

Yes Bank Ltd -

531.1

63.8 6 12.23.8 ▲

4.12

3.3

-5.5

6.1

376.2 3.0 ▼

0.3 ▲

9 4

3

5 -

▼-4.5

474.97

IDFC Ltd 4 5

3ICICI Bank Ltd

4.2

6.0754.1

Axis Bank Ltd 6

Woori Financial Group 579.4

3

Change in

4.6

-1.4

4.6

▼

▲

32.71 1

# of Market

2

Market

0.2

-1

▲

15.1

Sh % # of Deals

39.3 19.6

-6.5Mizuho Financial Group

▼

▲ 6 ▼12.2

▲

-6 1

Market# of

-6

▼

▲


ProceedsBookrunner Sh Ch.Sh %

2012

Rank

2 1,032.7

4,063.6

Sh % Sh Ch. Deals Sh %


Mandated Arranger Proceeds

2013

Rank

Market

Jan 1 - Mar 31Asia Pacific & Japan- Mandated Arrangers (X30)

2012

Rank


Jan 1 - Mar 31

Change in

Deals


MarketMarket

Asia Pacific & Japan- Bookrunners (X28)

# of Deals


State Bank of India 4,094.2

2013

Rank

Mizuho Financial Group 2 2 1,203.1

7.210

9.6

899.0 4.0

20.4

1 2.0

10

▲

12.2 -4 ▼

1 ▲2.0 1

6






-

-

-

-

-

-

-

-

-

First Quarter | Project Finance | Managing Underwriters

Project Finance Criteria Summary

If you would like to participate in the submission

process, receive quarterly press releases, or

have questions about league table criteria

please 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 March 31, 2013 of which

Thomson Reuters has been made aware. All current data and previous year's data is as of 9:00am EDT on April 5, 2013.

League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with a

maturity 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

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/parent

firm

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.

© 2013 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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