CHUM bond launched
RBC has launched the C$1.4bn bond financing to back the US$2.1bn Centre Hospitalier de l’University de Montreal (CHUM) super-hospital project. The bond will run for 37 years and is rated BBB by Moody’s and BBB+ by DBRS. Pricing is due to be set on June 2nd or 3rd and should be around the 300bp mark. Sponsor CHUM Collectif is made up of Innisfree, 30%, OHL, Laing O’Rourke, 25% each and Dalkia, 20%, advised by Investec.
Top Stories
BNDES wants banks in
BNDES is starting to show signs that it will be seeking commercial bank partners in funding its projects. PFI looks at how realistic this goal is and whether other funding routes could open up, such as bonds. By Alan Gersten.
Mumbai traffic beater
The residents of the populous Indian city of Mumbai will soon have a faster means to travel around the city, and with less congestion. By Minerva Lau.
Onwards and upwards
Russia’s impressive run of financing its international projects faces it toughest challenge yet – something for the hoards gathered to celebrate the financing of Nord Stream 2 in Florence this week to discuss. By Rod Morrison.
Reuters TV: Shell exec says FLNG heralds new era
Reuters Insider: Shell exec says FLNG heralds new era
Royal Dutch Shell’s Executive Director of Upstream International Business Malcolm Brinded says a $10 billion floating LNG facility approved in Australia, is a game changer for the industry.
PF MLA 2011 Q1
| # | Arranger | (US$m) |
| 1 | SBI Capital | 6,042.0 | |
| 2 | Bank of China | 4,573.6 | |
| 3 | Axis Bank | 3,215.0 | |
| 4 | IDBI Bank | 3,006.5 | |
| 5 | Mitsubishi UFJ | 1,772.5 | |
| 6 | Credit Agricole | 1,770.0 | |
| 7 | Sumitomo Mitsui | 1,536.5 | |
| 8 | Societe Generale | 1,434.1 | |
| 9 | Mizuho Financial Group | 1,189.6 | |
| 10 | HSBC Holdings | 1,185.6 | |
Global Renewables Report 2011
The PFI Global Renewables Report for 2011 is now available online.
Read the report here.
PFI Comment
Local v international
The extraordinary liquidity in some local bank markets has put international banks into the shade. Aside from the crash of the monolines, it is the one big recent change to project finance.
Features
Next steps for US
Government cutbacks mean a changing landscape for US renewable projects. By Allan Marks, partner, and Chris Hutchison, associate, Milbank Tweed Hadley & McCloy LLP.
California changes everything
When California set a newly ambitious mandatory standard for renewable portfolios, power project developers responded quickly. However, major issues, including transmission and financing, must be resolved for full implementation. By Alison Healey.
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