Financing Projects In Asia - Latest Trends - 30 March 2008

Financing Projets in Asia Latest Trends Pierre-Philippe Martin Co-Head, Structured Finance Asia, Calyon Dubai, March 2008 [email_address] Tel +852 2826-7347

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[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Calyon was created in May 2004 , from the merger of the corporate and investment banking activities of Cr é dit Agricole Indosuez and Cr é dit Lyonnais . 58 countries more than 13,000 employees 72% of commercial revenues generated by the international network Calyon and the Crédit Agricole Group RATINGS (Short term / long term) P1 / Aa1 Moodys A1+ / AA- Standard & Poor’s F1+ / AA FitchRatings

Calyon in Asia-Pacific ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Calyon - Top 5 Asian Syndicated Loans Bookrunner in ‘07

Calyon - Asian and Global “PF Bank of the Year” in 05, 06 and 07 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Calyon a leader in Project Finance in Asia Pacific

Calyon - Asian Project Finance Deal Awards in 2006 and 2007 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Project Finance in Asia-Pacific ,[object Object],[object Object],[object Object]

Recent trends in Project Finance in Asia-Pacific ,[object Object],LIBOR + [1]% = all-in 5-6% LIBOR + [2-3]% = all-in 8-10% Interest Rate = CHEAPER Single tranche bank loan, smaller groups, simpler documents Multi-tranche, multi-party negotiation, “least common denominator” Documentation = SIMPLER Acquisition: 1-2 mths Greenfield: 2-6 mths 1-2 years from mandate to closing Process = FASTER Last 2-3 years 10 years ago

The Market Today: the “New Clothes” of Project Finance The same + Financial investors, sometimes in leading roles Industry Sponsors: Developers, Utilities, Construction Companies Sponsors / Investors All areas to all areas Before 1998: West to Asia 1999-2001: Asia to Asia 2002-2004: Asia to Global Direction of Investment Flows 1/3 Greenfield 1/3 refinancing / recap 1/3 acquisition Mostly Greenfield Financed Assets The Market in 2007-2008 Traditional Project Finance

Beyond Single-Asset: Portfolio Financing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Impact of the Credit Crunch ,[object Object],[object Object],[object Object],[object Object],[object Object]

Impact of the Credit Crunch (Continued) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Case Study 1: Glow IPP (Thailand, 2005) ,[object Object],[object Object],[object Object],[object Object]

Case Study 2: Mezzanine Financing Structure (2005-2006) ,[object Object],[object Object],Investment Fund Power Holding Co Various IPP projects in Asia Shareholders Equity Equity Equity stakes (minority to 100%) “ Mezzanine” Debt Holding Co Debt Project Financing for each subsidiary

Case Study 3: Uijongbu LRT (2006) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Case Study 4: “Blue Ocean” (2006-2007) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Case Study 5: Mirant Asia-Pacific (2006-2007) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Case Study 5 (continued): Mirant Asia-Pacific (2006-2007) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Case Study 6: Tuas Power (2008) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Conclusion: latest trends in Project Finance in Asia ,[object Object],[object Object],[object Object],[object Object],[object Object]

Conclusion: latest trends in Project Finance in Asia (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Financing Projects In Asia - Latest Trends - 30 March 2008

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