Q32014 Project Finance Cover.ppt - Thomson...

GLOBAL PROJECT FINANCE REVIEWREUTERS / Albert Gea

GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERS

First Nine Months 2015

]

Project Finance Regional Breakdown Jan 1 - Sep 30

First Nine Months 2015

Global Deals Intelligence

Global Project Finance Up 7% I EMEA - Most Active Region I Power Projects Accounts for 32% of Activity

Global Project Finance ReviewMANAGING UNDERWRITERS

Global Project Finance posted US$194.4 billion from 482 deals in the first nine months of 2015, up 7.1% from the same period in 2014. EMEA drove market activity, accounting for 39.7% of total volumes, with US$77.2 billion from 193 deals.

In the first three quarters of 2015, Americas Project Finance saw a 10.2% increase in proceeds compared to the same period last year. The Oil & Gas sector accounted for 44% of the market, driven by seven of the ten list largest transanctions in the Americas thus far.

EMEA Project Finance totaled US$77.2 billion with 193 deals for the first three quarters of 2015, up 7.7% from the comparable period last year. The US$5 billion Gebze-Orhangazi-Izmir Highway in Turkey was the largest deal completed in the third quarter.

Asia Pacific & Japan Project Finance reached US$51.6 billion in the first nine months, a 2.6% increase from the same period in 2014. Taiwan High Speed Rail Corp’s US$12.1 billion refinancing signed in August was the largest deal of the year, thus far, accounting for 60.4% of the region's Transportation sector.

$0

$50

$100

$150

$200

$250

2008 2009 2010 2011 2012 2013 2014 2015

Pro

ceed

s (U

S$b

)

EMEA Americas Asia-Pacific & Japan

# of Deals per Arranger

Top Twenty Five Total

-3

0

2.13.0

-6

0

▼

67

2.1

▼

-33

8

‐

▲2.4

7 ▼▲

-1-5

▼11

17

19

2.7

10▼

3

5

▼40

▲

▲

‐1.8

Scotiabank

RBC Capital MarketsCiti

Industry % Change over Same Period Last Year▼

-1

120,131.3

Bank of America Merrill Lynch

5

-0.21.22,231.7

1.0▲3.50.5

2,151.5

21

Korea Development Bank

56.41.0

▲4.8▲

50

12,171.1

▼

9

-9

18

2.01.86 -1.0 -4

416

▼

5.1 ▼-211

19▲

2.04.819

-0.82,535.8

7 170.6

▼▲

Credit Suisse

24

▼▼

4

-23

▼

-2-7

7

1.12,030.8

-11.2

▲

1.2 15

▼18

1.2

16

▼

▼

0.8 ▲

15‐

▲

0.0

-0.7

▲3.7

▲

21-3126

1.73.1

-7

▼ 5.4

1.0

4.8230.1

▼-0.2

8

-3

▲ 2.524 5.012

‐ 23

3

33▼

-2.32.1

▼

Societe Generale▼▼-1.0

2

4.8

0.49.5

7.9 -182

38

8.8

2,642.3 2.2 5.7▲

4292,874.0

2.5

25 5.2 -10

-15

0.4-3

ING

8

-1Credit Agricole CIB

▲10.3117

7

2.3▲

▲ 12

▼ 6.82,385.5

2.1

▲

2,341.5

10China Development Bank -9

▼

▲3322,965.6 ▲10 ▲

2.4 3.6▼▼ 83.0

-0.6▲2,796.1 2.3

▲3,667.56,479.8

62-0.1 ▼ Mizuho Financial Group 4,975.7

12.9 655

BNP Paribas SA 10China Development Bank 9

5

‐

2.1▼

▼

0.05 4Mizuho Financial Group

3-

6Credit Agricole CIB 6

INGSociete Generale

186*Mitsubishi UFJ Financial Group

Sumitomo Mitsui Finl Grp Inc

2 2State Bank of India 15

4 1 8,704.4

6.2

9,072.75.9

0.2

MarketProceeds12,052.9 6.2 1

203.1

Mandated Arranger1

2014 Rank

Bank of Taiwan ▲

3

0▲

4.5-15

4.1 ▲-12

4 6.0 3.9

▲37▼

11.4 0.3▲ ▲

311.2

▼4.5 14.1-1.1

6.7▼7,166.3

▼68

90 2▲

11,403.6▲ 133State Bank of India

18.74.7

0.7 Mitsubishi UFJ Financial Group1

4

Bank of Taiwan 113*8,037.92

4Sumitomo Mitsui Finl Grp Inc

‐05215

12,052.9 ▲▲0.8

3▼-915.7

10.8

31 9.4▲5 4.16,059.0

▲1.3

-43.1

37

-426 7.9

87

‐

3.3

2.52.5 46

▼-0.4 52

Korea Development Bank

RBC Capital Markets

HSBC Holdings PLCDeutsche Bank

5,905.68

1112

4,942.2

14

2,590.6

19

Scotiabank

Morgan Stanley

13

BBVA

15KfW IPEX-Bank GmbH 14

16

2223

1.2

Santander

1.30.3

1.41.4

-0.1

2,624.0

26

21Bank of America Merrill Lynch

1028

Natixis

20

4320

182,288.6

9

3,024.0

2,282.1

11

23 13

16

19

17

National Australia Bank 2,063.8

Banca IMI (Intesa Sanpaolo) 25

Industrial & Comm Bank China

1.83,458.1

1.62,897.7

2,268.9

-0.5

▲

1.9

4,922.74,046.1

2,747.7

3,372.1 1.7

▲3,746.3

0.0

-0.9Deutsche Bank

20

▼ 4-9

▼

BNP Paribas SA▼

▼

1.547

17

3.1

18 3.721 4.4

2,306.9

22

KfW IPEX-Bank GmbH

▼

▼-1

▲

4.4

Goldman Sachs & Co23Industrial & Comm Bank China

514

10.0 9.9

5.0

12

0.1

15

1.7

0.5

# of Deals

# of Deals per BookrunnerMarket2015

Rank Sh %Proceeds Sh Ch.2014 Rank

# of# of Deals

Change in Proceeds per Mandated Arranger (US$m)

Sh % Sh %Market

Sh Ch.# of

DealsChange in Market

DealsSh %

-4.2

2015 Rank

Market

4.5

1 0.3

3.3▼▼

1115

Natixis

1514

-0.4HSBC Holdings PLC 11

Bookrunner

Proceeds per Bookrunner (US$m)Market

▼

Morgan Stanley

111213

Santander

▲1,740.7

1.3

3.3

4.5151.6 -0.4 ▼1.8

1,937.997▼

2.4

1,632.8 1.4 -1.21.5 1.1

▲ 8

▲

▼3.3▼

▲0.41.2

71

1.2 -2.1-0.8

1,381.21,402.41,495.8

271.2 1.0

1,358.9

1,380.41,360.3 1.1

1.11.1

0.3126

-1.9

▼

3124Commonwealth Bank of Australia2,019.7

7

Jan 1 - Sep 30

▼

109,483.0Top Twenty Five Total100.0

-4.8%7.1%

482

▼▲

194,371.0 -30

-9.1%-15.0%

Industry Total

0.9

331

Industry % Change over Last Quarter

▲ 8

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


Industry Total

Industry % Change over Same Period Last Year

15.71.166.7

▲11.6%-5.9%-1.8% -15.0%

79,838.9

▼

1,325.8▲

100.0

▼

2.4 6 ▲Banca IMI (Intesa Sanpaolo) 25 68

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1

United States

China

France

8/3/2015

15.7 Gebze-Orhangazi-Izmir HighwaySabine Pass Liquefaction LLC

3,691.814.4

-

▲

Guangxi Datengxia Gorge Water

1,033.838.2

4,600.0

FLNG Liquefaction 3 LLC2,796.1

Turkey Transportation

Sector

Oil & Gas

Oil & Gas

Oil & Gas

Top Global Project Finance Deals Jan 1 - Sep 30

3,751.36/30/2015

▲

7.7

▼

▲

Eastern Europe

Asia-Pacific & Japan

▲▲

▼

▲ 4/28/2015 United StatesTransportation

Power

-0.9

▼0.3

▲

27,108.4▼

-38.8

144

38-52 3

400.0

-1.3154 2.6

352115

11,247.852,242.5

Western Europe130

20164151 52,734.3

127 41,486.550,238.751,563.1

PowerAustralia

First Nine Months 2015 | Project Finance | Managing Underwriters

No.Issues

1/1/2015 - 9/30/2015

482Petrochemicals

Transportation

Global Project Finance

ProceedsPackage Amt

4,956.0▲▼

18,960.0▲

25189

4,979.6Ichthys LNG Pty Ltd7/2/2015

9/30/201513,092.1

59,534.7

-12.1

▲159 10.2163

31▼

- - -116

1334

-19.5

7 125 6

6,626.7

US$m181,467.8

11,285.3 24

Australasia 16,588.33 398 0

43,331.250,131.2

4,535.0

6

Oil & Gas

Nation

12,630.8Sub-Saharan Africa

3,111.4

24,949.7 4177,192.2

9,138.215

194,371.0Taiwan High Speed Rail Corp

11

APRR

2

71,694.3

6

2/19/201531.6

13

192

20Middle East

Southeast Asia

Central Asia

40,957.2

7,583.9

Caribbean 1,476.4

11,503.1

Europe

South America

Americas8

Proceeds

Global

EMEAAfrica/Middle East/Central Asia

US$mNo.

North America

Issues

114

Central America 2,505.0

Borrower ProjectUS$m

TaiwanUnited States

12,052.9

5,089.6Saudi Arabia

SwedenBorealis Swedish ElectricityRabigh Refinery Project

5/13/20153/17/20156/1/2015

11,500.0Cheniere Corpus Christi Hldg8/3/2015

7.1

Scorecard: Global Project Finance

% Chge in Proceeds

Date1/1/2014 - 9/30/2014

512

Closing

5,167.965,615.7

Region

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

9,293.46,301.9

3%

Power

Oil & Gas

▼0.1 4 318.50 0.2 1 -0.1

Mkt.

▲

Mkt. Sh2.4

22.8

▲

▲

54.8

259

37,562.875

20.7 48,348.3

32.0 62,107.324.9 41,427.4

Chg. in

▲▼

▼

3.22.1

1.0

▲

Waste & Recycling100.0194,371.0Industry Total

-2.6

▼

Note: 2015 League Tables are based on fully syndicated project finance volume.

512 482 181,467.8

2.0 ▲18,711.6 10.3

591.3▼-8.719

10,579.5

▲

▼▲

6

0.3 7

1.017 5.8 Industry

Transportation

8 -0.5

100.0

Telecommunications240.4

2.3 10 4,502.417 1.6

495.0 0.3 4

3.2

88 70 10,416.96,812.4

23.9 5.7

4.8 3.8 32 Petrochemicals

53,686.5

1/1/2014 - 9/30/2014Proceeds

29.6 Issues

272

-39.7

-52.316 308.44,230.1

39

No.No.

4,155.211,795.2

21

1/1/2015 - 9/30/2015

Sector Analysis

Project Finance Sector Sh %Sh %

41

US$mIssues

17,274.915

US$m

2,506.740

26Japan

North Asia7,619.4

50

Mkt.Proceeds

7,125.613

South Asia

13,018.5

Oil & GasPower

3,398.0

Water & SewerageMining

12 33 9,293.4

6.7

Southeast Asia

1,360.9 0.8

6,301.9

3,140.3

46,408.29

Leisure & Property

62,107.332%

48,348.325%

46,408.224%

13,018.57%

,5%

3% Oil & Gas

Transportation

Petrochemicals

Leisure & Property

Industry

Water & Sewerage

Mining

Telecommunications

Waste & Recycling

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Panama

9 -82.6560.5

▼3

1,476.4 -Trinidad and Tobago

-

161.9

3,220.2850.0 2 142.0

5 2,280.03,111.4 132,505.0

5Argentina 520.0

▼

11,503.1

Caribbean

88

Central America2,254.1

North America

24 -26.7

50,131.2 114 43,331.2United States of America 44,143.5

26 8,163.9Canada 5,987.731

Brazil 8,090.1 14 8,079.9

116163

34

United States of America 35,167.4

14

10.265,615.7 159 59,534.7US$m Issues US$m Issues

Americas

Scorecard: Americas Project Finance1/1/2015 - 9/30/2015

% Chge in Proceeds

Proceeds No.1/1/2014 - 9/30/2014

▲▲93 25.5▼

-12.1

15.7

13,092.1

2

Proceeds No.

▲

▼498.6ColombiaColombia ▲

2 557.4Mexico

Peru

Chile 1,088.3 6 -5.60.1

-19.5

▲▼

Americas Project Finance Volume


Americas Project FinanceAmericas Project Finance Proceeds Up 10% I Oil & Gas - Most Active Sector

8 -1.1 ▼

6

6

8

--Honduras 89.0 1 274.0 2

1 308 0 3

1,152.3

South America

-67.5 ▼

1 - - - -

▼-Uruguay 394.2 3 - - -

-71.0

20

30

40

50

60

70

80

$10

$15

$20

$25

$30

$35

$40

# of

Issu

es

roce

eds

(US

$b)

23,639.1Transportation

2 65.0 1

43.7

2,115.06.1 6,830.14,027.0

1.6

11.3

0.1

3.6

0.4

-4.722,961.228,670.1

Trinidad and Tobago

▲

Mkt.

10.7Sh %

19,632.7

0.5

IssuesSh %

Telecommunications

65,615.6

1/1/2015 - 9/30/2015

27

305.0

100.0

33.0 18 35.0

IssuesMkt.

106

Borrower Industry US$m

1/1/2014 - 9/30/2014Proceeds

United States

1,550.0

United StatesOil & Gas

Package Amt

United States

Nation

2,148.9

Borrower

4/28/2015

Warehouse LLC

Sector

1,016.0

US$(m)5/13/2015

Jan 1 - Sep 30Top Americas Deals

Date

6/30/2015

3/17/2015 1,274.6

5/27/20153,691.8

Cheniere Corpus Christi Hldg

Close Project

United States

100.0100.0

39.7 100 19

▲

PowerPower

Brazil

Industry

Los Ramones North Pipeline

Sabine Pass Liquefaction LLC1,264.0

Oil & GasTransportation

Oil & GasMexicoBrazilFPSO Cidade de Saquarema

United StatesFLNG Liquefaction 3 LLC

5/7/2015 Cia Siderurgica Pecem

11,500.0Sabine Pass Liquefaction LLC

Brazil

4,600.0

Concession Acquisitions LLC2,020.0

7/27/2015Oil & Gas

Tartaruga MV29 BV9/4/20155/6/2015

Industry Total

United States9/10/2015

1,200.0

Oil & Gas

Oil & Gas

▼▼

Mkt. Sh

9 -4.6

- -

1

-0.9

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

59,534.8

▲

5

159 163

Oil & Gas

Industry 6

Sector Analysis

Power6,698.7

-

3,264.9 5.5 6 3,919.4 6.6

2.5

Jan 1 - Sep 30

▼-5.1 ▼

Petrochemicals 590.0 0.9 1 Mining 954.4 1.5

15

-

No.

Water & Sewerage 1,028.4 2

10.4

Oil & Gas

Chg. in

- - - -

- -

US$mProceeds No.

- - -1,308.0 3

▲Leisure & Property 249.4 0.4 3 200.0 0.3 1

Jamaica

0.1

109.7 2

0

10

20

$0

$5

$10

1Q10 2Q 3Q 4Q

1Q11 2Q 3Q 4Q

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q 4Q

1Q15 2Q 3Q

P

28,670.1 44%

22,961.2 35%

6,830.1 10%

4,027.0 6%

1,028.4 2% Oil & Gas

Power

Transportation

Industry

Water & Sewerage

Mining

Petrochemicals

Telecommunications

Leisure & Property

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▲

13.2

12

Change in

2

2015 Rank


Proceeds per Bookrunner (US$m)

▼ ▲HSBC Holdings PLC▼

43 Santander

2

Credit Suisse

Proceeds per Mandated Arranger (US$m)

▲

▲

-3

Jan 1 - Sep 30

Sumitomo Mitsui Finl Grp Inc

# of Deals per Bookrunner

14▼27.0

▼

▲

0

8.2

▲13.8

3

20.123.9

6

Market

8.0# of Deals

6.4

Sh Ch.2014 RankMandated Arranger Bookrunner Proceeds

Americas Project Finance

Sh %MarketMarket Change in 2015

Rank# of2014

Rank▼

Sh %

30

Deals

2.0

-8# of Deals

38 27.5-1.33.0 ▲ 21.7

Market # of

4,651.96

33

-8

1

▲

--5 ▼

5

▲3,784.2 5.84,002.2 43

19

Mitsubishi UFJ Financial GroupSumitomo Mitsui Finl Grp Inc 2 2

1

32

1Sh Ch.

1.0 ▲-1.7 ▼

Proceeds

387

Market

1Sh %

MarketSh %Deals

6.1

2,926.6Credit Agricole CIB0.2

▲0.84.5▲2,875.2Mizuho Financial Group 4 28 17.64.4

4.2 7.521 2,747.7 3.0 ▲ 125 2,628.5

3.34.0 ▲ 22

▲ 21

Morgan Stanley 50.10.77 13 2,148.2Societe Generale

ING 6

1,648.0 2.52.8

1,818.81,811.7

-0.5

8▲ 11HSBC Holdings PLC 8 18

91.22.8

RBC Capital Markets

▲-0.7 ▼ 18

2.4BNP Paribas SA 10

11

Santander▼ 13

114

▼ 10▼ 13

-1.71,576.5

Bank of America Merrill Lynch 12 6 1,569.8

15

8.8-1.4

2.35.7

1,530.814 1,545.3

2.4

2.2▲ 121.3

2.4 -0.1

1 6

Deutsche Bank ▼ 14

19 1,433.2BBVA 14

1325

46 1 396 1 2 1

▲0.8 ▲ 9

Industrial & Comm Bank China 16Goldman Sachs & Co

▲ 10 6 3 7 ▲

7.5

8.2

6.9

6.3

11.3

2-11 ▼

4

-1

Societe Generale 6

6▲

121Mitsubishi UFJ Financial Group

Mizuho Financial Group 5

8

8

3,711.6ING 3 5 3,327.3Morgan Stanley

2,687.82,874.0

4.6

5.734.9 3.4

15.9 81.2▲

▲ -3▲ 12 8.7

15.9 ▼22

▲ 15 10.9 3 ▲22▲ ▲

▲21 15.2 5-0.3 ▼15 1,949.5

0.2Credit Agricole CIB 7 7 1,829.0 3.1

0.93.3

▲▲ 14 10.1 3-4▼

8 5.8▼▲

10 7.23

-2.53.1

Bank of America Merrill Lynch 92.62.4

3

RBC Capital Markets

12 1,812.7

91,501.5

2.91,666.210

6.5▼11 9 1,417.12.4 -3.1

-0.914 0.1

▼▼ 11 8.0 -4▼

Citi 12 2 1,402.4Scotiabank 13 20 1,381.2

-1

▲▲8 5.8 1 ▲6 34.3

▲14 1,380.4

18 1,358.947

Goldman Sachs & Co 15▼▼16 ▼▼

7 5.1 -1 ▼2 2 8 7

2.42.4 1.9

11 1 268 0

1.1

▲2.3Deutsche Bank

0.70 7Deutsche Bank

Americas - Bookrunners (X5) Jan 1 - Sep 30Americas - Mandated Arrangers (X4)

Bookrunner Total

25

* tie

2 1.4

1.8

Standard Chartered PLC

12

0

-2

59 747.4

2

-4

▲-26.6%

159

10.2%Industry % Change over Last Quarter ▼

65,615.6

-63.2%

▲▲▼

-5

1.617 17 1,309.3

46 1,396.1 2.10.3Scotiabank 2.0

Industrial & Comm Bank China 16 ▲ 10 6.3 7 ▲▲ 9 5.7 ▼-2

▼ 11Credit Suisse 18 53* 1,306.9 2.0

19 9 1,303.310 1,192.8

1.6▼

▲ 6 3.8 3 ▲-1.3Citi-1.3

2.0 6.9

Lloyds Bank 93 952.321Natixis 20 ▼ 13 8.2 -8

1.4▲ 41.5 2.5

6▲1.4

13 8.2Korea Development Bank 48KeyBanc Capital Markets Inc 22 40 0.8

23 0.9

44,959.2

0.8-0.9

900.2

241.41.347

890.13

156.9

1.31.9 01.3 -1

25832.3

7▲▼▲

68.9▲4.4-▼

3

2Top Twenty Five Total

▲

829.2CIBC World Markets IncBanca IMI (Intesa Sanpaolo)

▼▼16 ▼▼2.2 8.7

▼

11 1,268.0

-2.5%-2.5%

58,291.4 138

Deutsche Bank -0.7

1.3Top Twenty Five Total

Deutsche Bank

▲

100.0

-6.8%

Industry Total

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

Industry % Change over Last Quarter -61.2% ▼11.6%

4.972.842,459.5

-4

-

100.0

-26.8%

1.0 ▲

▼

9 6.5 ▼

▲-10

6 ▲▼ 9▲ 7 5.1

1,202.1 2.1 -3.2 ▼17 417 4

13 936.9 1.6 -1.1Industrial & Comm Bank China 18 75 1,074.6 1.8 1.7

6.5 -5 ▼Banca IMI (Intesa Sanpaolo) 20 - 905.8 1.6 1.6Natixis

6 4.3 4 ▲▲ 3 2.2 3 ▲

1.5 -1.51.1 ▲48 887.2 1.5

▼10 881.6 3 2.2 -3 ▼1.4 0.6 ▲ 2 1.4 -2 ▼

▼ 6 4.3 4 ▲1.327 829.9

24 -1.0Commonwealth Bank of Australia 23

16 774.5

KfW IPEX-Bank GmbH 21JP Morgan 22

19

CIBC World Markets Inc

BNP Paribas SABNP Paribas SA

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▼Nor a 125 5 1 6 896 9 11 98 238.2 ▲4 240.5 2

Scorecard: EMEA Project Finance

Belgium 332.4

Rabigh Refinery Project

PetrochemicalsPower

Jan 1 - Sep 30Package Amt

Top EMEA Deals

5,167.9

Project

3/17/2015

Power

SectorNation

BorrowerClose

Saudi Arabia

Transportation

Rabigh Refinery ProjectUS$mDate

Turkey

OML 29 and Nembe Creek TrunkVeja Mate Offshore Windfarm

Oil & GasTransportation

FranceKazakhstanSaudi Arabia

XL Trains [Thameslink PPP]Germany

Saudi Arabia7/1/2015

EMEA Project Finance by Sector

Jizan Air Separation

2/19/2015▼▲ Oil & Gas

2/27/2015

8/19/20153/17/2015

KazTransGas Joint Stock Co

4/14/20156/26/2015

1,900.0

1,809.2

Nigeria

United Kingdom

7/2/2015EMEA

APRR

6/1/20154,956.05,089.6

2,500.03,751.3

Gebze-Orhangazi-Izmir Highway77,192.3

1,882.6

Transportation


EMEA Project Finance Up 8% I Gebze-Orhanga-Izmir Highway - Largest Deal

Petrochemicals

Europe, Middle East & Africa Project Finance

Borealis Swedish Electricity Sweden

Oil & Gas1,900.0

1,789.0

1/1/2015 - 9/30/2015% Chge in Proceeds

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

193 71,694.3 189 7.7 ▲Western Europe 40,921.5 126 41,189.4 143 ▼-0.7

United Kingdom 10,192.6 32 12,118.1 31 -15.9

3,003.6 14 145.321 5,701.7 44 50.0

▲France 8,555.1

52.7 ▲Sweden 5,532.5Germany 7,368.7 9

102.2

-Finland 1,656.9 - -6

▲Spain

6

2 -

2 2,736.6 22,122.2 9

-

4

3,240.4 14

Malta

1/1/2014 - 9/30/2014

19 2,448.5 15- - -2 828.1

-92.3

▲

-46.2 ▼Italy 1,318.41,003.5

▼Austria 657.1 70.8Republic of Ireland 546.8 7 1,053.1 3 -48.1

▼4,491.8Netherlands 347.6 4$30

-Niger 27.3 1 - - -

-Egypt 200.0 1 618.1 3 -67.6 ▼Mali 350.0 1 - - -

-Kenya 350.0 1 - - -

▼Zambia 657.0 2 3,212.0 3 -79.5 ▼Oman 720.0 4 3,101.0 3 -76.8

--

▼-

1,280.0

- -Bulgaria

Slovak Republic 123.1 1 - - -

1Georgia 250.0

Lithuania 131.6 2 -20.0

- - -▲

▼

▲11,247.8 0.3

235.2

Portugal 44.0 1 28.4 1

-

54.9 ▲

Turkey 127.7

Norway 125.5 1 6,896.9 11 -98.2

Israel 864.0 1 - - -Ghana 1,056.6 3 1,500.0 1 -29.6

150.0 1 125.0

United Arab Emirates 1,093.5 2 1,630.0 4

9,775.0

▼6,508.7

195 100.0Telecommunications 190.0 341.1

71,694.3

1,804.0

0.3 2 5

0.5 -0.2-7.1

0.5

-32.9 ▼

9.1 2

Oil & Gas8,345.2

2.6

3

Mkt. Sh

▲

13,074.2

Deals26,049.0

5 Industry

2.0 2.3 -7.19.4

1/1/2015 - 9/30/2015

19 7.4

Industry Total 77,192.3

▼

20 4,512.4 6.3 360.7

1.1

6,727.8

18,790.1

2.1

20.5 28

3

▲

8.9

▼

100.0

Mining

1,984.3

193

1,577.0

Water & Sewerage7

14,674.45

7

6

▲▼

1.931

7.2-6.0

Leisure & Property6,386.6

5,743.1

18.2

▲

10.8

26.2 26

Jan 1 - Sep 30

7.6 ▲

# ofDeals

93

20

US$mChg. in

▲

# ofProceeds

14.5 15

Power

11,178.2

106

Petrochemicals

Mkt.Sh %

1/1/2014 - 9/30/2014Mkt.Proceeds

US$m Sh %

25.4 33.8

Transportation 19,619.6

Borrower Industry

Sector Analysis

11Eastern Europe 11,285.2

Saudi Arabia 9,791.8

24

4

5

1 164.64,293.5 5

Nigeria▲

Poland 622.4

31 31.6 ▲

▲

130.7

1

South Africa 1,682.1

3136.7

▲

▲Kazakhstan 2,760.0 2 200.0 1

3▲

200.06 106.2 1 1,483.9

1,378.5

Azerbaijan 1,595.0 3

41Africa/Middle East/Central Asia4,244.1

1

3,263.0 3

24,949.7 18,960.0

-1 - -

697.5 ▲

-

1 277.2 3 -87.2 ▼

Montenegro 106.2 1 - - - -

Greece 35.6

-85.1 ▼Russian Federation 98.2 1 4,054.4 4 -97.6

1 19.5 1 -59.5

▼Czech Republic 20.8 1 139.3 1

▼

Armenia 180.0 1 - - - -

Serbia 7.9

-

Jordan 161.5 3 106.3 2 51.9 ▲Uganda 79.2 1 - -

-Burkina Faso 75.0Zimbabwe 43.7 1 - - -

-

$0

$5

$10

$15

$20

$25

Power

Transportation

Oil & G

as

Petrochemicals

Leisure & Property

Water &

Sewerage

Industry

Mining

Proc

eeds

(US$

b)

January 1, 2015 - September 30, 2015


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5

Sh %

-4▼

1 ▲

3,110.4Mitsubishi UFJ Financial GroupCredit Agricole CIBSociete Generale

# of Deals2014 Rank

Market

Jan 1 - Sep 30

2015 Rank

Market

0.9

Proceeds per Bookrunner (US$m)

Sh Ch.

EMEA - Bookrunners (X16)EMEA - Mandated Arrangers (X15)

Sh Ch. BookrunnerDealsMarket # of

5.2Proceeds

Change in

3Sumitomo Mitsui Finl Grp Inc

1

4

2,732.9327

Mandated Arranger2014 Rank

2015 Rank

MarketSh %

Jan 1 - Sep 30

Proceeds▼



1 ▲# of Deals

Market

10.4

Proceeds per Mandated Arranger (US$m)

▼ ▼-7204.0

3.5 -0.7 4.87

▼26 13.5

1 4 1,277.5

2,159.92

3.4

▲Sh %

Market

▼Nordea 3.21,181.1

0.7 Natixis▲

Europe, Middle East & Africa Project Finance

7.11.7

5 -0.72,591.19.3 -4

16

14.027

▼▼

Deals-14

Change in # of Deals per Bookrunner

Sh %# of

KfW IPEX-Bank GmbH 52,578.8

-0.2 8.32.883.3 -1.7 18

▼ING 6 6 2,020.3 -1.12.6 ▼20 10.4 -626 13.5 8

Deutsche Bank 4.1 -2 ▼

▲▼11.9 -13

▲15 2.6UniCredit 7BNP Paribas SA 8 1 1,936.0

1,967.0

1,756.22.5 -3.4

9▼

0.3 ▲2.323

84

Turkiye Is Bankasi AS 11 101* 1,555.5 2.0

11Bank of China Ltd 10 124 1,709.2 2.2 2.1▲ 3

5 2.6 41.9 1.3

1.9 ▲2.1

-2

1

Nordea 12 37 1,431.117 1,414.0Mizuho Financial Group 13 12 6.2

2 1.0▲

1 0.51.6 1.60.1 ▲

▲1.8

China Development Bank 14 - 1,250.0Santander 15 10 1,212.3 -0.8 ▼

▼▼ 191.6 15 7.8 -6 ▼

Nati is 16 9 1 160 3 11 5 71 5 1 3

▼▲6

BNP Paribas SACredit Agricole CIB

Bank of America Merrill Lynch

▲

Gazprombank

▲

▲

BBVACaixaBank SA

65

Deutsche Bank

22

KfW IPEX-Bank GmbH

Nord/LB

HSBC Holdings PLC

15

Societe Generale 7 12

14 13

3 1

8Mitsubishi UFJ Financial Group 9 20

44Santander

4 8

2 ▼▼6.1

▲▼

1 1.0 -14.6

▼

4.6 -▲▲ 33.5 2.9

2

01,136.5-56

8 8.12.31,139.5 -7.2

3.0 1853.52.7 ▲2.9723.1 2.0 -2

11 11.12.0

▲33

▲2.8692.9655.5 1.9 ▲2.7

1.1

-2 ▼2

▲4 4.0▲

11 30 589.5

▼

17-1

1.70.5 ▲

12 - 529.7 2.1

210 11 599.42.4

2.1

▲2.0

645.5 2.6 1.5

-2.4

▲ 2 2.0▲ 3 3.0 3

0▲

0 -▲1 1.0 1505.0 2.0 2.0

▲▲

489.0 2.0▲

0 3 ▼

1.00.4 11.9467.5

450 01.1

10▲9 9.1 3

1 8 ▼22 2 016UniCredit 15 28

13 -

* tie

▼ ▲5

-1.0% ▼

▼▼ -19Natixis 16 9 1,160.3 11 5.71.5 -1.3-412 6.2

9 4.7 -7RBS 17

1.4 -2.8-0.4 ▼

▼1.512 1,143.2

HSBC Holdings PLC 18 4 1,082.6Commerzbank AG 19 82 1,052.3 ▲

1.2 0.41.2 ▲

▲1.4

Banca IMI (Intesa Sanpaolo) 20 27 935.01.1

8

1.2904.4 3

BarclaysSEB 24

AK Bank 21 101*Turkiye Garanti Bankasi AS 22 - 896.6

1.1 0.023 20 865.61.2 1.2

4.1▼14 850.8 1.1

50.8 ▼

8

Industry % Change over Same Period Last Year 7.7% ▲

Top Twenty Five TotalIndustry Total

39,163.7

-

▲

Commerzbank AG

▲ 11 5.74.1 6

▲ 2

Banca IMI (Intesa Sanpaolo)▼

▲

▲ 3

15 7.8 8 ▲

2

-0.6

6▼-5-0.7

National Bank of Abu Dhabi

-2

HSBC Holdings PLC

77,192.3

Industry % Change over Last Quarter 5.0% ▲ ▼-4.4%

100.0 193

11 5.7

1.6

-0.3 ▼450.010 1.8231.0

▼-22 2.0

26.3

1.718 29 420.0 ▲

▲

▲▲1.6

1 ▲

1.8 1.8 ▲5.1

▲2 2.0

19* - 416.8 1 1.01.7 1.7 ▲

1617 - 443.5

100.015,206.6 61.6Top Twenty Five Total

-21

Industry % Change over Same Period Last Year -24.8% ▼ -17.5% ▼

Industry Total

Industry % Change over Last Quarter -50.7% ▼ -23.7% ▼

9924,748.9

1.6Abu Dhabi Commercial Bank PJSC 19* - 416.8 1.7 1.7Bank Leumi Le Israel BM 21 - 1 ▲

1.0 1 ▲11 1.0

Nord/LB 25 34 848.2 1.1 0.4

1.6▲

3

Landesbank Hessen-Thueringen

395.722 6 340.2 ▼ 4 4.0 -1ING▲ ▼

Bank Muscat SAOG 23 - 305.0 1.2 1.2 ▲ 2 2.0 ▲RBS 24 21 287.4 1.2 0.3 ▲ 3

▲3.0 -1 ▼

25 - 246.0 1.0 1.0 2 2.0 2▲

21.4 -1.6

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6

South Korea 1,772.2 8 3,061.1 9

Indonesia 222.6 2 4,103.4 7-51.7

791.2 2 -51.6 ▼21 ▼-52.3

-

3

3China

7,125.6

Malaysia 695.9 2 592.1

3,166.1Taiwan

▲▼-42.1

Jan 1 - Sep 30

Transportation

Top Asia Pacific & Japan Project Finance Deals

969.0 6 226.7- --

16 308.412,052.9 1

Singapore 1,955.5 4

Thailand 268.9 517.5 ▲

-

North Asia 17,274.9 13 4,230.1

556.7 5 ▼

-38.8-38.4

2.6

▲

107.2 1 1,724.2 ▲

-94.6 ▼

Southeast Asia 3,398.0 15

Australasia 16,588.3 35

3New Zealand 382.7

Issues US$m

Australia 16,205.6 32 26,317.2

130 50,238.7Asia-Pacific & Japan 51,563.1

Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2015-9/30/2015

% Chge in Proceeds

Proceeds No.US$m

No.

Australia

Nation

Singapore Power Leisure & Property

12,052.9

2,623.5Australia Water & Sewerage

3/23/2015

2/6/2015815.1

PacificLight Power Pte Ltd

Australia

815.5ConnectEast Finance Pty Ltd

Australia

▲▼▼

Taiwan

ProjectDate

India

Package AmtUS$m

Closing

Transportation

Issues154

27,108.4 38

Proceeds

1,126.2

ONGC Petro-additions Ltd36


Asia Pacific (inc. Australia & Japan) Project FinanceAsia Pacific & Japan Project Finance Up 3% I Taiwan High Speed Rail - Largest Deal

Borrower Sector

2,796.1Oil & Gas

Transportation4,979.6

1,293.9

Australia

Top 5 Project Nation

PowerPetrochemicals

Guangxi Datengxia Gorge Water China

Taiwan High Speed Rail CorpIchthys LNG Pty Ltd

SDP Finco Pty Ltd3/4/2015

9/30/20158/3/20154/23/2015

8/3/2015

1/1/2014-9/30/2014

Infrashore Finance Pty Ltd

NSW Ports Finance Co Pty LtdStella DHL Finance Pty Ltd

4/30/2015

813.4 Australia

8/27/2015

2/25/2015

992.8

Leisure & Property

644.7 1 -87.0Vietnam 171.1 1 - - -

1 ▼

Hong Kong 283 7 1

Laos 84.0

$30January 1 2015 - September 30 2015

4 1,736.8 3.5

South Asia 11,795.2 41

4,155.2 39 -39.7 ▼2,506.7 2641 7,619.4 54.840

▲40▲

7,619.4India 11,795.2

54.8

Asia Pacific & Japan Project Finance By Sector (US$m) Jan 1 - Sep 30

Industry Total

-15.3 ▼

Jan 1 - Sep 30

Mkt.

3.035.4

4.2

Industry 470.9 0.9 Mining 608.9

▲

17

Japan

▲

Mkt. Sh

5 -2.6 ▼

# of

154 50,238.7

2 17

4 5 1.2

Deals US$m

2.3765.4

10

Chg. in Proceeds # ofProceeds

Sector Analysis

7,120.4

0.5 2 ▲▲

6.4 ▲

3.3Sh % Deals

▲22.4

1.5 2.212

8,283.5 16.5 230.6

2,100.0

100.051,563.1 100.0- - -

1/1/2015-9/30/2015

25.4 60

3,300.9

130

14.2

2.4

Oil & Gas

29

Water & Sewerage

16.5 8,500.0

38.7

1,489.6 2

3 7.9 Leisure & Property 6.4

2.9

Power41

4,083.3

Borrower IndustryMkt.

Transportation 19,958.5

Petrochemicals

1/1/2014-9/30/2014

11,257.3

Sh %

13,097.117,789.9

66

US$m

Hong Kong 283.7 1 - - - -

Waste & Recycling 53.9 0.1 1 - -

$0

$5

$10

$15

$20

$25

Australia Taiwan India China JapanP

roce

eds

(US

$b)



19,959 39%

13,097 25%

8,500 17%

4,083 8%

3,301 6%

1,490 3%

Transportation

Power

Oil & Gas

Petrochemicals

Leisure & Property

Water & Sewerage

Mining

Industry


▼200 0 0 5 1 1 1 1 1 ▼15 18 114 12 229.5 0.6 -2.0 ▼

285.7 0.8 0.8 ▲ 1 1.112 6 472.7 1.3 -4.3 ▼ 4 4.3 -1

0.8 1 ▲12 ▼9.2 -231

3.2 27 20.820

▲

▼Industrial & Comm Bank China 13 -

State Bank of India 2 5 9,072.78.37

17.64,291.0

MarketSh %Sh %

Bank of Taiwan 12,052.9

2015 Rank # of DealsMandated Arranger

Jan 1 - Sep 30

Proceeds per Mandated Arranger (US$m) # of Deals per Arranger


Change in MarketMarketProceeds per Bookrunner (US$m)

Jan 1 - Sep 30Asia Pacific & Japan- Bookrunners (X28)

15.4

Proceeds# of

2

Bookrunner

Asia Pacific & Japan- Mandated Arrangers (X30)

# of Deals per Bookrunner# of2015

Rank2014 Rank Deals

Market# of Deals

-Sh Ch.

▲19.3 16.01.1

1531*2 7,166.3

32.5▲4

12,052.9▲

23.3 0 1-0.8State Bank of India

1 62*Sh % Sh Ch. Deals

2014 Rank

MarketProceeds

Sumitomo Mitsui Finl Grp Inc 2,341.48

Change in

-2.75.4

4.5▲▼

23.4

16

China Development Bank 4 -3Mitsubishi UFJ Financial Group

4.3

5.42,796.1

Mizuho Financial Group5 1

▼-0.51,940.47

6 -16

2.7-3.7

4.62.5 ▼

-0.6 ▼2

63.8 20 15.4-1.9 ▼

11.515

Korea Development Bank 8 9 1,398.61,301.4

Westpac Banking 6

9 4

2.0

1

2,190.6

ANZ Banking Group 11 2 -4.7Commonwealth Bank of Australia

2.4Sumitomo Mitsui Trust Holdings1,170.9 2.3

-310.0 -16

13 10.0 -12

▲1,244.9

7▼-1.1-4.8

0.8

▼▼

2.0

4654.215

1.31 2Axis Bank Ltd

▼12.3

-55.43.1 1 Westpac Banking

Bank of India▼

▲

Axis Bank Ltd▼▼ ANZ Banking Group

HSBC Holdings PLC

1

9 258 8

Korea Development Bank 7IDFC LtdIDBI Bank Ltd

Sumitomo Mitsui Finl Grp IncMizuho Financial Group

2,796.1

5 9

3 -

6

China Development Bank

3

7.5 ▲ 1 1.1

13

▲32.29.2

0

2,287.9-Mitsubishi UFJ Financial Group 4 7 2,740.6 7.4 012.8

6.4-6.92,241.5

12.2 12▲

-3-1.7

7.5

-3-27

1,492.7

▲ 9 9.66.2 1.456

1.0 ▲▼ 7.4

▼5.3 -6

▼▼

▼4.0

931.0 2.5 -2.7▼

6.0

11 566.5 ▲- 1.5

654.210 11 1.6 4

1.5

▲4.3▼

4 21.81

4.3▲

1 1.1 ▲-1.5

1

1 ▲▲3 3.2 1

-2

▼

▲ 1

Market

11.7

Sh %

▼

601.8

▼

▼

▲▲

▼▲

0 30.7

IDFC Ltd 13 931.011

Bank of Taiwan

-5-5

0

43

15

▲▼

1.8

National Australia Bank

3

IDBI Bank Ltd 14 31

12

Asia Pacific (inc. Australia & Japan) Project Finance

3 14

131,029.7

601 8

10

* tie

0.2 ▲ 2 2.1 2 ▲▼ 4 4.3 3 ▲

Bank Mandiri 25 - 80.1 0.2Kasikornbank PCL 24 27 90.3 0.2 -0.2

1 1.1-1.4 ▼

Oversea-Chinese Banking 17* 0 -1 1.1 -2 ▼

24 156.0 0.4 -0.4 ▼

▼200.0 0.5 -1.1 1.1 -1 ▼Natixis 16 16 171.1 0.5

15 18 115 1.2Axis Bank Ltd

-1.3 6

5▼556.6 1.1 -1.21.0 2

463.120DBS Group Holdings

0.6

13 0.921 4.6

287.1▼

0.81▲1.0 0.9▼ 4.6

2.3▼

293.519 0.6

-0.323 281.2

-0.627

▼ 3

3

528.7

0.62.3▼ 3

6-0.2

3.8 ▲3.8

100.0

2.30.591.4

1.5 -1▼-6

1- HSBC Holdings PLC

▲

▼▼

37,091.0 100.0 -2

Industry % Change over Same Period Last Year▲Industry % Change over Last Quarter

94▲

Industry Total-24Top Twenty Five Total

0

-

▼

▼-20

0-1

-2-1

36,093.1

--

▼

HDFC Bank Ltd

26.097.1

▼

586.2 ▲0.2 51.1▼-0.3

16015

537.8 0.8 ▼

▲

▲

19

CIBC World Markets Inc

Industry % Change over Same Period Last Year

United Overseas Bank Ltd 23


RBC Capital Markets 22

26

RHB

25

193.8%

Standard Chartered PLC

Industry Total

2.6%

23.2255.3

51.5%-15.6%

▲▼

1817

-0.2

Malayan Banking Bhd

Oversea-Chinese Banking

2824

HSBC Holdings PLC

76

12

-0.9 4 3.10.5

▲

▼

47,081.013051,563.1

Top Twenty Five Total

16ING

156.0 0.4 -1.6

273.9

3.14

1554

601.8

▲ United Overseas Bank Ltd 17* 1.1 -2 ▼Standard Chartered PLC 17* 19 156.0 0.4 -1.1CIMB Group Sdn Bhd 17* - 156.0 0.4

1

▲▼ 1 1.1 -1 ▼▼

0.40.4 ▲ 1 1.1 1

▲ 1 1.1 122 26 128.7 0.4

Malayan Banking Bhd 17* - 156.0 0.40.0 - 1 1.1 -1

▼ 3 3.2 -4Commonwealth Bank of Australia 23 5 123.5 0.3 -5.9

23.1% ▲▼

259.8%▲ -2.1%64.5%


-

-

-

-

-

-

-


Project Finance Criteria Summary

If you would like to participate in the submissionprocess, receive quarterly press releases, orhave questions about league table criteria pleasecontact:

Europe

Americas

E-mail: [email protected]: +1 646-223-8455Salvatore Reres

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parentfirmEwelina Jarecka

Database coverage includes all loan transactions that have reached General Close between January 1, 2014 and September 30, 2015 of whichThomson Reuters has been made aware. All current data and previous year's data is as of 6:00am EDT on October 14, 2015.

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 closing date.

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 Project Nation.

Tel: +44 207 542 2246

Asia Pacific:

E-mail: [email protected] 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

-

-

JapanAi HashimotoTel: +813 6441 1155E-mail: [email protected]

Tel: +632 459 1566Carina Causon

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

Asia Pacific: Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

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