Infrastructure Project Finance and Project Bonds in Europe

Emanuele Rossi is Associate Professor of Corporate Finance at the University of Milan-Bicocca, Italy. He has previously held various positions in other Italian Business schools and universities. His main research interests are corporate finance, financial market inefficiency, business valuation and portfolio management.Rok Stepic is a Project & Commodity Finance Analyst at UniCredit Bank, Austria. He has previous experiences as financial analyst at different business institutions after completing his studies in Banking and Financial Management at University of Ljubljana, Slovenia.

• Introduction PART I: PROJECT FINANCE 1.1. General Overview 1.2. Main Characteristics Of Project Finance 1.3. Pre-Requisites To Project Finance 1.4. Public-Private Partnership 1.5. Key Characteristics Of Infrastructure Project Assets 1.6. Financing The Infrastructure Projects 1.7. Greenfield Vs Brownfield Projects PART II: EUROPEAN INFRASTRUCTURE PROJECT FINANCE MARKET 2.1. Western Europe 2.1.1. Volumes, Developments And Financing In Western Europe 2.2. CEE 2.2.1. Volumes, Developments And Financing In CEE 2.3. Infrastructure Sectors 2.3.1. Toll Roads 2.3.2. Airports/Ports 2.3.3. Healthcare Facilities 2.4. Infrastructure: A New Asset Class? PART III: BANK CONVENTIONAL LENDING VS PROJECT BOND SOLUTION 3.1. Banking Landscape 3.2. Key Characteristics Of Bond Financing 3.3. Bank Loan Vs Project Bonds PART IV: THE EUROPE 2020 PROJECT BOND INITIATIVE 4.1. General Overview 4.2. Case Studies-PBI 2020 Pilot Phase 4.2.1. Castor Gas Storage Spain 4.2.2. OFTO Greater Gabbard UK 4.2.3. A11 Belgian Motorway Project 4.2.4. A7 Autobahn PPP Germany 4.3. Case Studies' Findings 4.4. Structural Issues Of The Initiative 4.5. Concluding Remarks PART V: CASE STUDIES IN CEE