Bruno Alves
The bank's investment is a significant contribution toward the first close of the Aviva-backed subordinated debt fund. The close scheduled to take place during the first half of the year, according to chief executive Marc Bajer.
The ratings agency writes in a recent report that 'infrastructure transactions have demonstrated significant rating stability through the downturn', with the average credit quality deteriorating by less than a notch.
The European Commission and the EIB plan to use guarantees and subordinated loans to enhance the creditworthiness of private sector infrastructure bonds to investment-grade rating, aiming to recapture a €100bn market that dried up following the global financial crisis.
The European Commission has authorised the private equity firm to buy Swedish healthcare group Capio’s Spanish division in a deal that could be worth up to €900m.
Turkey’s $5bn-plus highway and bridge privatisation package may represent a unique opportunity for investors wanting to offset their exposure to Europe’s slower-growing territories, writes Bruno Alves.
France’s plans to launch a state-sponsored securitisation vehicle for the refinancing of PPP debt post-construction could end up being the long-awaited solution to bring the capital markets back into infrastructure financing. By Bruno Alves
Ballooning funding costs are forcing the Portuguese bank to deleverage, leading it to sell a €2.6bn portfolio comprised mostly of project finance loans. However, sources close to BES say the bank will remain active in project finance.
Parliament has approved a law which will retroactively cut tariffs in the Spanish photovoltaic sector by 30%. Local trade bodies have promised to fight the new law all the way to the European Court of Justice.
The government is gearing up to launch a vehicle that will allow the capital markets to refinance PPP debt post-construction without exposing them to project risk. The bonds issued will have the same rating as the French state (AAA) in projects where it is the procuring authority.
In the UK, confusion over the lifecycle costs of public-private partnerships is tainting their image. Over the other side of the Channel, a very different view exists