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Latest Transport Analysis
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Institutional investors – doing it for themselves
Transport EuropeThere’s a growing trend in the infrastructure community for institutional investors to “go it alone”, eschewing the services of fund managers as they deploy big tickets across the global market
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EXCLUSIVE New South Wales’ Regional Rail PPP, Australia
Transport Asia PacificThe Momentum Trains consortium achieved financial close on 15 February for the Regional Rail PPP in New South Wales, with a group of international banks providing debt with a novel amortisation schedule, while the NSW government has given itself the option to terminate or extend the O&M concession at year 15
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Wales & Borders rolling stock, UK
Transport EuropeArriva's 15-year Wales and Borders franchise came to in October last year (2018)
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Tłı̨chǫ All-Season Road P3, Canada
Transport North AmericaThe Tłı̨chǫ All-Season Road P3 project reached financial close in February. Despite being procured as a P3 with the typical DBFOM model, there are no banks involved, the private developers are providing a small percentage of the equity and a large chunk of the financing is being provided by the government
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Infra fundraising – oops we did it again
Transport EuropeIt’s unseemly to crow about one’s victories in the heavily-contested area of data gathering on fundraising by unlisted, global infrastructure funds… but sadly, it’s also irresistible. Over the course of 2018, IJInvestor logged final close on $104 billion raised by funds – closed- and open-ended, with equity and debt strategies – putting us a country mile ahead of our rivals
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AMLO's new Mexican infra reality
Transport Latin AmericaThe cancellation of major projects and a lack of clarity on government plans are making international investors nervous about Mexico though the country's infrastructure need is still significant
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Investment in India gathers momentum
Transport Asia PacificIJInvestor data shows that international funds and institutional investors are already active in the market. There are 36 active funds focusing solely on India with a target of investing over $90 billion of capital
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Charged with uncertainty - EV charging infra
Transport EuropeVarious public and private led funds are being raised in early 2019 targeting electric vehicle charging infrastructure. Private investors are battling with oil majors and energy utilities for dominance of this nascent market, as appropriate financing structures remain up for debate
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Infra fund dilemma – blame the pig or the feeder?
Transport Asia PacificIn the same week that Luxembourg announced plans to legalise cannabis (and make all public transport free), folk have been wondering whether many infrastructure fund managers will domicile in the small European duchy to enjoy the benefits of a liberal system while they play fast and loose with targets and hard caps
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Michigan’s I-75 road, US
Transport North AmericaMichigan closed on its second P3 deal in November 2018, and the project had a financing structure unique to the US market – private activity bonds. It had an accelerated timeline, going from preferred bidder to financial close in just under three months with four local civil contractors on board having achieved investment grade ratings from Moody’s and Kroll
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Privatisations remain airborne in Brazil
Transport Latin AmericaThe drive to bring private capital into Brazil's state-dominated airport sector has been constant in recent years, despite political volatility that has slowed down the privatisation process
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IL&FS: project finance SPVs risk default
Transport Asia PacificThe bankruptcy of Infrastructure Leasing & Financial Services is continuing to send ripple effects in the Indian market. In the latest twist, ring-fenced project finance SPVs are threatening to terminate debt repayments
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The great Gatwick rumour mill
Transport EuropeFew things set the rumour mill droning on more than the sale of an airport. Factor into that the world’s biggest infrastructure fund, Europe’s busiest passenger hub, and eye-watering multiples… and you can barely hear yourself think
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It’s beginning to look a lot like infra…
Transport Asia PacificWelcome to the final missive for the year written in the teetering shadow of a mountain of IJGlobal award submissions in advance of signing off for 2018 and wishing you all a merry Christmas and the very best for 2019
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The 12 projects of Christmas
Transport Latin AmericaPick up the phone to anyone right now and the first thing you’ll be told is that they’re run off their feet and that the market’s “gangbusters” as everyone pulls together to get deals over the line before the end of the year… or Christmas, if you’re old school
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Greece tries to swap EU funds for PPPs
Transport EuropeIn early October, EU Commissioner for Regional Policy Corina Cretu visited Greece to inaugurate two major transport projects – the Tithorea-Domokos railway line and Thriassio Pedio Freight Complex
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US airports – hashtag flying too
Transport North AmericaEveryone has an airport horror story and – curiously – many of them occur in America. For a First World nation that embraced flight early as the favoured mode of transport, it remains a curiosity that the user experience is so… Third World
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Italy's infrastructure under pressure
Transport EuropeAt a time when Italy is in urgent need of investment in infrastructure, a number of projects are suffering delays due to indebted construction companies and political pressures. A dispute between the national government and the EU is creating economic uncertainty, and the recent Morandi bridge disaster is casting a dark shadow over all private sector-led projects in the country
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Thailand – transport of delight
Transport Asia PacificCasting an eye around the global infra market for this week’s missive, the first thought was to write about American airports, but Thanksgiving put the kibosh on that. The second option was PPP across Asia Pacific, but that’s just too much shoe-horn into one story. Then, after a few calls with chums in Singapore, the eye fell on Thailand… and stayed there