Post on 01-Oct-2021
FIRST HALF 2020 | MANAGING UNDERWRITERS
Global Project Finance Review
25 15 945.7 1.1 -0.7 13
Industry Total 88,577.0 100.0 204
63 1,544.9 1.7 1.4 9
Bank of China Ltd 20 9 1,339.7 1.5 -0.9 6
1,366.0 1.5 0.7 9
15
4
ING 13 8 1,644.1 1.9 -0.7 17
ANZ Banking Group
118 7 2,019.7
7
10 18 1,959.0 2.2 0.9 5
Sumitomo Mitsui Finl Grp Inc
Societe Generale 3 11 4,966.7 5.6 3.7 18
Credit Agricole CIB 4 12 4,426.5 5.0 3.1 15
10
10
317
Mitsubishi UFJ Financial Group 2 2 7,966.2 9.0 1.8
5 1 4,423.0 5.0 -3.7BNP Paribas SA
Mizuho Financial Group 6 3 4,176.4 4.7 -0.9
2.3 -0.4
Santander Corp & Invest Bkg
-0.5
0.0
# of
Deals
60
55
43
40
30
32
8
40
21
19
29
17
11
12
10
12
11
6
9
12
Global Project Finance Loans during the first half of 2020 totaled US$123.6 billion via 317 deals, a slight
3% increase from a year ago figures. The Oil & Gas sector grew 13% from the same period last year, to
total US$36.6 billion from 23 deals, mainly driven by six mega deals all closed in the second quarter.
Americas Project Finance Loans during the first nine months of 2020 reached US$42.2 billion from 119
deals, up 4% compared to a year ago. Second quarter volume is up 40% from the first quarter, with total
deals closed amounting to US$24.6 billioin from 52 transactions.
EMEA Project Finance Loans totalled US$46.2 billion from 108 transactions in the first half of 2020, with a
5% increase from year ago figures. The Power sector led the EMEA market with US$23.6 billion from 77
deals, a 70% increase compared to the first half of 2019.
Asia Pacific and Japan Project Finance totaled US$35.2 billion from 90 deals in the first half of 2020, a 1%
uptick from the same period last year. Australian project finance loan, Ichthys LNG's US$8.4 billion
transaction, was the largest deal globally during the first six months of 2020.
Market
Share
8.3
6.9
5.5
4.8
4.6
4.3
Rank
2019
2
1
7
5
4
8
Proceeds
US$mil
10,208.7
5,932.0
5,648.6
5,280.5
Mandated Arranger
Rank
2020
1
2
3
27%QoQ Change ($)3%YoY Change ($)Global Project Finance Loans Mandated Arrangers (X2)
8,463.4
6,770.1
Mizuho Financial Group
BNP Paribas SA
Societe Generale
Mitsubishi UFJ Financial Group
Sumitomo Mitsui Finl Grp Inc
Mkt.
Sh Chg
3.5
1.2
2.2
0.7
0.5
State Bank of India
Credit Agricole CIB 6
7
4
5
0.23.6
3.4
4,490.3
4,200.3
6
3
1.2
1.2 0.6 7
CIBC World Markets Inc 19 28
National Australia Bank 22 13 1,200.8 1.4 -0.5 6
Citi 21 22 1,332.8 1.5 0.4 8
First Abu Dhabi Bank PJSC
1.2
-0.6
Scotiabank
Natixis
CaixaBank SA 23 36 1,093.7
1.3
0.6
0.7
0.8
0.4
-0.4
0.2
1.1
0.4
0.5
-1.1
-0.8
14
11
12
Industry Total 123,635.3 100.0
ABN AMRO Bank
KfW IPEX-Bank GmbH 24
25
14
29
1,207.4
1,072.7
1.0
0.9
CTBC Financial Holding Co Ltd 24 - 969.5 1.1 1.1 1
KeyBanc Capital Markets Inc
National Australia Bank
Bank of China Ltd 22
23
11
12
1,415.8
1,211.3
1.2
1.0
CaixaBank SA
RBC Capital Markets 20
21
33
36
1,512.8
1,477.7
1.2
1.2
National Bank of Canada Fin'l
Scotiabank 18
19
20
97
1,562.2
1,544.9
1.3
1.3
Korea Development Bank
CIBC World Markets Inc 16
17
24
13
1,714.9
1,589.0
1.4
1.3
ANZ Banking Group
Commonwealth Bank of Australia 14
15
30
45
1,855.8
1,754.6
1.5
1.4
2,412.4
2.2
2.0
Citi
Cooperatieve Rabobank UA 12
13
47
25
2,355.3
1,884.3
1.9
1.5
ING
HSBC Holdings PLC 10
11
23
10
2,710.2
Natixis
Santander Corp & Invest Bkg 8
9 9 2,858.6 2.3
-0.8
-0.4
10
HSBC Holdings PLC 15 17 1,607.6 1.8 0.3 13
State Bank of India 18 4 1,529.9 1.7 -3.9 3
RBC Capital Markets 16 39 1,551.9 1.8 1.3 10
National Bank of Canada Fin'l 17
Cooperatieve Rabobank UA 14 43 1,626.6 1.8 1.3
Commonwealth Bank of Australia 9 44 1,983.2 2.2 1.7
12 46* 1,683.8 1.9 1.5
11 6 1,807.2 2.0 -1.8
Market
Share
Mkt.
Sh Chg
# of
Deals
7 - 3,980.0 4.5 4.5 1
1 5 11,803.2 13.3 8.1 30
42
16
19
Project Finance Loans 10-yr Volume (US$bil)
Global Project Finance Loans Bookrunners (X3) YoY Change ($) 22% QoQ Change ($) 49%
Bookrunner
Rank
2020
Rank
2019
Proceeds
US$mil
Project Finance Review First Half 2020 | Managing Underwriters
Global Deals Intelligence
$0
$20
$40
$60
$80
$100
$120
$140
1H2011 1H2012 1H2013 1H2014 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020
Americas EMEA Asia Pacific & Japan
www.refinitiv.com/dealsintelligence
Global Project Finance Loans Top 10 Deals
Close Date Borrower Project Nation
Package Amt
US$mil Sector
6/15/20 Ichthys LNG Pty Ltd Australia8,406.7 Oil & Gas
Global Project Finance Loans - by Sector
5/29/20 Fecamp Offshore Wind Farm France2,685.0 Power
1/24/20 Changfang Wind Power Co Ltd Taiwan2,908.4 Power
5/13/20 Nigeria Liquified Natural Gas Nigeria
1/27/20 Investissement dans la Fibre France2,588.8 Power
6/18/20 Cheniere Energy Inc United States2,625.0 Oil & Gas
Project GalaxyUnited Arab
Emirates7,960.0 Oil & Gas
3,000.0 Oil & Gas
5/27/20 FLNG Liquefaction 3 LLC United States3,405.0 Oil & Gas
4/28/20 Coastal Gaslink Pipeline Canada4,716.6 Oil & Gas
Project Finance Review First Half 2020 | Managing Underwriters
Global Scorecard: Global Project Finance Loans
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
Region Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues
Global 123,635.3 317 119,543.6
4/7/20 JFK Intl Airport Terminal One United States5,036.6 Transportation
6/17/20
396 3% ▲
Americas 42,181.4 119 40,550.7 163 4% ▲
Central America 1,746.6 10 3,358.8 14 -48% ▼
South America 3,924.5 29 16,752.7 69 -77% ▼
North America 36,495.4 79 20,335.2 78 79% ▲
Caribbean 15.0 1 104.0 2 -86% ▼
46,231.9 108 43,983.1 153 ▲
Africa/Middle East/Central Asia 15,785.4 12 13,165.5 16 20% ▲
Power 53,949.7 211 49,452.9 253 9% ▲
Asia Pacific & Japan 35,222.0 90 35,009.8 80 1% ▲
Southeast Asia
7,596.1 35
1,432.9 3 227% ▲
South Asia
1,857.2 12
Europe 30,446.5 96 30,806.2 136 -1% ▼
Eastern Europe 2,447.8 15 1,561.0 12 57% ▲
Western Europe 27,998.7 81 29,245.3 124 -4% ▼
Australasia 15,392.9 22 12,616.6 32 22% ▲
6,457.7 17
-23% ▼9,831.3 12
-71% ▼
North Asia 4,685.9 9
Japan 5,689.9 12 4,671.4 16 22%
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
YoY % Chg.
▲
Project Finance Sector Proceeds (US$Mil) No. Issues Proceeds (US$Mil) No. Issues
Global Project Finance Loans By Sector
▲
Transportation 12,427.6 36 15,449.0 46 -20% ▼
Petrochemicals 5,949.6 11 4,228.7 3 41% ▲
Oil & Gas 36,617.8 23 32,339.3 32 13%
Industry Total 123,635.3 317 119,543.6 396 3% ▲
Industry 3,305.9 4 771.0 4 329% ▲
Leisure & Property 2,330.1 8 4,984.4 21 -53% ▼
Water & Sewerage 1,276.7 7 3,591.1 18 -64% ▼
Telecommunications 4,256.8 10 2,889.0 5 ▲
Mining 3,521.1 8 5,765.9 12 -39% ▼
47%
4 258% ▲
YoY % Chg.
Africa 4,039.4 6 - - - -
Sub-Saharan Africa 4,039.4 6 1,127.0
Middle East 11,746.0 6 12,038.5 12 -2% ▼
5%EMEA
211
23
36
1110
27
$53.944%
$36.630%
$12.410%
$5.95%
$4.34%
$9.07%
Power
Oil & Gas
Transportation
Petrochemicals
Telecommunications
Others
Outer Ring: Proceeds (US$bil)Inner Ring: # Deals
www.refinitiv.com/dealsintelligence
-
-95% ▼
Peru 132.0 1 67.0 2 97% ▲
13 13% ▲Oil & Gas 14,637.4 11
-86% ▼2104.0
-12%
- - -
Power 16,063.2 84
United States of America 28,801.0 69 19,209.8 70
79%
18,326.6 116
1 - - -
YoY % Chg.
50% ▲
Argentina 145.0 1 893.0 9 -84% ▼
▲
-29% ▼
-77%
-71% ▼
Scorecard: Americas Project Finance Loans Americas Project Finance Loans Top 10 Deals
YoY % Chg.
Canada 7,694.4 10 1,125.4 8 584% ▲
Puerto Rico 15.0
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues
3
1,746.6 10 3,358.8 14
16,752.7 69
2,686.1 22
3,924.5 29
3 907.2
-93% ▼
Colombia 644.8
-
82 4,328.3
-48% ▼
El Salvador 7.8 1 - - - -
South America
9,167.2Brazil
Chile 316.6
▼
45
Package Amt
US$mil
4/7/2020 JFK Intl Airport Terminal One United States5,036.6
4/28/2020 Coastal Gaslink Pipeline
Petrochemicals
Oil & Gas
Canada1,850.0
1/17/2020 Eastern Power LLC United States1,218.0
Sabine Pass Liquefaction LLC
Transportation
Oil & Gas
Oil & Gas
Oil & Gas
Canada4,716.6
Power
Close Date Borrower Project Nation
3/19/2020
5/27/2020 FLNG Liquefaction 3 LLC United States3,405.0
6/18/2020 Cheniere Energy Inc United States2,625.0
United States1,200.0
5/29/2020 Amadeus Dissolving Wood Pulp Brazil1,147.2
6/9/2020
Power
Sector
2/27/2020 Canada Kuwait PetroChem Corp
Americas First Half 2020 | Managing Underwriters
42,181.4 119
1,708.8 8
30.0 1
40,550.7 163 4% ▲
3,214.3 12 -47% ▼
-
Central America
Region
Americas
Mexico
Guatemala - -
Caribbean
36,495.4
15.0
North America 79 20,335.2 78
Petrochemicals
United States980.0
Americas Project Finance Loans By Sector
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues
1/29/2020 Calpine Constr Finance Co LP
Americas Project Finance Loans
1
▼
12,991.6
Industry
Power
Transportation
*Indicates a Tie
40,550.7 163 4% ▲
Geysers Power Co United States1,100.0
1 1 374% ▲
7,511.6 12 3,818.1
-
18 97% ▲
-95% ▼
2,384.2 3
-
-
Industry Total 42,181.4 119
Mining 220.6 3 4,136.0
242.0
7
Industry 1,147.2
Water & Sewerage 31.0 3 565.5 5
Telecommunications 186.3 2 - -
0
20
40
60
80
100
120
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Proceeds (US$bil) # of Issues
www.refinitiv.com/dealsintelligence
*Indicates a Tie
2,871.4 6.8 0.8 22
Mitsubishi UFJ Financial Group 1 1 4,297.8 10.2 3.1 35
Sumitomo Mitsui Finl Grp Inc 2 4
1,568.0 3.7 2.2 10
Societe Generale 4 6 1,850.8 4.4 -0.2 14
HSBC Holdings PLC 5 21 1,745.0 4.1 2.8 14
1,354.4 3.2 -3.0 18
Scotiabank 8 10 1,503.0 3.6 1.2 5
RBC Capital Markets 9 25 1,425.7 3.4 2.4 10
889.6 2.1 0.6 6
ING 12 5 1,104.3 2.6 -2.1 12
Citi 13 13 1,069.9 2.5 0.5 6
595.0 1.4 1.0 6
National Australia Bank 22 18 672.3 1.6 0.1 4
Korea Development Bank 23 50 659.5 1.6 1.3 3
Cooperatieve Rabobank UA 24 46
JP Morgan 18
Morgan Stanley 16 47 844.0 2.0 1.6 5
CoBank ACB 17 49 838.8 2.0 1.7 12
Americas First Half 2020 | Managing Underwriters
Rank
2019
Proceeds
US$mil
Market
Share
Mkt.
Sh Chg
# of
Deals
Americas Project Finance Loans Mandated Arrangers (X4) YoY Change ($) 4% QoQ Change ($) 40% Americas Project Finance Loans Bookrunners (X5)
Mandated Arranger
Rank
2020
Rank
2019
Proceeds
US$mil
Market
Share
Mkt.
Sh Chg
# of
Deals Bookrunner
Rank
2020
YoY Change ($) 42% QoQ Change ($) 34%
Mitsubishi UFJ Financial Group 1 1 4,452.5 11.1 4.1 33
Sumitomo Mitsui Finl Grp Inc 2 2 3,042.9 7.6 3.1 20
3 2,084.8 5.2 -0.6 15
Scotiabank 4 7* 1,959.0 4.9 1.5 5
Mizuho Financial Group 3 2 2,099.3 5.0 -2.1 17 Mizuho Financial Group 3
Societe Generale 5 4 1,806.6 4.5 2.0 12
RBC Capital Markets 6 6 1,551.9 3.9 2.5 10
12 1,544.9 3.9 3.3 9
CIBC World Markets Inc 6 17
HSBC Holdings PLC 8 13 1,471.6 3.7 1.6 12
National Bank of Canada Fin'l 7 45 1,544.9 3.7 3.3 9 National Bank of Canada Fin'l 7
Santander Corp & Invest Bkg 9 11 1,433.4 3.6 -1.4 11
CIBC World Markets Inc 10 10 1,366.0 3.4 1.2 9
5 1,260.8 3.1 0.0 11
Santander Corp & Invest Bkg 10 3
Citi 12 7* 1,069.9 2.7 -0.2 6
Credit Agricole CIB 11 7 1,139.9 2.7 -1.4 11 ING 11
Natixis 13 9 984.7 2.5 -0.4 7
KeyBanc Capital Markets Inc 14 36 945.7 2.4 -2.1 13
26 838.8 2.1 1.6 12
Bank of China Ltd 14 16
Credit Agricole CIB 16 15 824.0 2.1 -0.9 9
Natixis 15 12 858.5 2.0 -0.1 7 CoBank ACB 15
4
15 836.3 2.0
JP Morgan 17 21* 747.1 1.9 -0.4 4
Bank of China Ltd 18 14 717.9 1.8 -1.1 40.4 5
9 811.4 1.9 -1.4
BNP Paribas SA 20 8
National Australia Bank 19 17* 672.3 1.7 0.2KeyBanc Capital Markets Inc 19 13
Morgan Stanley 20 29 642.0 1.6 1.1724.3 1.7 -2.2 9
CaixaBank SA 21 48 722.4 1.7 1.3 4 CaixaBank SA 21
4
16 607.6 1.5 1.5 3
Korea Development Bank 22 17* 567.3 1.4 1.1 2
Cooperatieve Rabobank UA 23 34 543.4 1.4 0.9 5
40,172.9 100.0 100
BMO Capital Markets 24 20 511.2 1.3 0.7 3
21* 510.7 1.3 0.6 3
Industry Total 42,181.4 100.0 119 Industry Total
BMO Capital Markets 25 22 511.2 1.2 -0.1 3 TD Securities Inc 25
www.refinitiv.com/dealsintelligence
Malawi 67.0 1 - - - -
Leisure & Property 1,345.1 5 7
308% ▲
Petrochemicals 2,062.9 3 4,104.0 1 -50% ▼
2,158.7
1 - -
5/27/2020 Norther Offshore Wind Farm
57.7 2 706% ▲
-
207.7 659%
8
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
- - -
Europe, Middle East, and Africa First Half 2020 | Managing Underwriters
*Indicates a Tie
46,231.9 108
1,577.2 4
465.2 8
458.3 4Italy
13 56% ▲1,572.3
EMEA Project Finance Loans126.6 1 -
6/8/2020 Meter Serve Holdco 2 Ltd
7,214.9 16 3,937.5
3,926.6 9 434.4
2,528.7
780.5 2 483.7 ▲Seagreen Offshore Wind
4,905.8 - -
15,785.4 12
5/31/2020
3
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues
Scorecard: EMEA Project Finance Loans
EMEA
Western Europe 27,998.7 81 29,245.3 124 -4% ▼
4 1,752.1 4 -22% ▼
France
Germany
United Kingdom 6,857.1 12 10,650.3 22 -36% ▼
5 804% ▲
Spain 3,421.8 29 10% ▲
Netherlands 2,058.0 5 1,196.9 14
Belgium 1,372.7
▲Sweden 1,098.2 4 37.8
FinlandUnited Kingdom
Poland
17 83% ▲5/13/2020 Nigeria Liquified Natural Gas Nigeria3,000.0
1,737.7
1/23/2020 Deutsche Glasfaser Germany1,519.7
1,296.5
1 2805%
19 -82% ▼
3 61%
Grupa Azoty Polyolefins SA
6/1/2020
Close Date Borrower Project Nation
3,755.9 22
72% ▲
43,983.1 153 5% ▲
Package Amt
US$mil
6/17/2020 Project GalaxyUnited Arab
Emirates7,960.0
5/29/2020 Fecamp Offshore Wind Farm France2,685.0
1/27/2020 Investissement dans la Fibre France2,588.8
United Kingdom1,234.1
3/4/2020 Qatar Aluminium QSC Qatar1,230.0
Belgium1,065.1
EMEA Project Finance Loans By Sector
Eastern Europe 2,447.8 15
Serbia
Turkey
Romania
2
Qatar 1,230.0 1 - - -
Kuwait 691.0
Sector
Oil & Gas
Oil & Gas
Power
Power
Power
Power
Petrochemicals
Power
Industry
Power
Africa/Middle East/Central Asia
- -
3
Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) YoY % Chg.
13,165.5 16 20% ▲
▲
216.6 1 - - - -
Nigeria 3,000.0 1 -
EMEA Project Finance Loans Top 10 Deals
YoY % Chg.
-
Saudi Arabia 965.0 2 1,278.7 3 -25% ▼
United Arab Emirates 8,860.0 2
Ivory Coast 632.0 2 300.0 2 111% ▲
Water & Sewerage 856.0 2 2,923.7 10 -71% ▼
Poland
Czech Republic 62.2
No. Issues
13,927.8 91 70%
2,889.0
723.5
Power
178% ▲
Industry Total 46,231.9 108 43,983.1 153 5% ▲
23,621.1 77
Oil & Gas 11,386.9 5
Industry
▲
12,441.2
Norway 378.6 1 1,869.5 4 -80% ▼
Kenya 126.4 1 - - - -
1 - - - -
Rwanda 214.0 1 77.0 1
- -
Transportation 730.7 5 4,828.0 5 -85% ▼
14
3
-8% ▼
Telecommunications 4,070.6 ▲5 41%
86% ▲
529.0
Republic of Ireland 61.9 1 603.7 3 -90% ▼
Austria 36.0 1 - - - -
0
50
100
150
200
$0
$10
$20
$30
$40
$50
$60
$70
$80
1H2011 1H2012 1H2013 1H2014 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020
Proceeds (US$bil)
# of Deals
www.refinitiv.com/dealsintelligence
3,714.0 8.0 4.5 20
Sumitomo Mitsui Finl Grp Inc 1 2
First Abu Dhabi Bank PJSC 2 -
# of
Deals
Europe, Middle East, and Africa
1,712.1 3.7 2.6 9
844.6 1.8 1.1 4
783.3 1.7 -1.6 6
Santander Corp & Invest Bkg 5 2 2,707.5 5.9 0.2 21
BNP Paribas SA 1 1 3,832.3 8.3 1.7 24
Sumitomo Mitsui Finl Grp Inc 2 6
Mitsubishi UFJ Financial Group 8 20 949.5 2.1 0.8 5
Samba Financial Group 9 23 930.7 2.0 0.8 2
Citi 17 45 708.5 1.5 0.8 3
KfW IPEX-Bank GmbH 12 17 805.8 1.7 0.2 6
Standard Chartered PLC 13 9 787.8 1.7 -0.2 3
NatWest Markets 14
0.5 439 590.4 1.3
SEB 19 10 574.1 1.2 -0.7 5
497.5 1.1 0.4 2
HSBC Holdings PLC
EMEA Project Finance Loans Mandated Arrangers (X15) YoY Change ($) 5% QoQ Change ($) 56%
1.2
1
7
Abu Dhabi Commercial Bank PJSC 20* - 530.7
530.7 1.2 1.2
1.2 1
UniCredit 18
5,625.4 23.0 17.0 3
YoY Change ($) 6% QoQ Change ($) 139%
Bookrunner
Rank
2020
Rank
2019
Proceeds
US$mil
Market
Share
Mkt.
Sh Chg
# of
Deals
EMEA Project Finance Loans Bookrunners (X16)
3,980.0 16.3 16.3 1
13* 2,565.9 10.5 8.0 5
BNP Paribas SA 4 1 2,394.6 9.8 -14.5 5
Societe Generale 3 5 3,368.4 7.3 3.8 22 Credit Agricole CIB 3
Credit Agricole CIB 4 4 2,965.5 6.4 2.1 19
Societe Generale 5 13* 2,123.6 8.7 6.2 5
Natixis 6* 4 1,035.0 4.2 -0.2 4
24 1,035.0 4.2 3.2 3
Cooperatieve Rabobank UA 6 25
CaixaBank SA 8 19 486.1 2.0 0.7 4
Natixis 7 3 1,626.0 3.5 -1.2 11 Cooperatieve Rabobank UA 6*
Goldman Sachs & Co 9 21 434.1 1.8 0.5 3
Santander Corp & Invest Bkg 10 3 373.9 1.5 -4.2 4
6
Mizuho Financial Group 10 40
Investec 12 27 270.7 1.1 0.3 3
ABN AMRO Bank 11 13 836.0 1.8 0.0 7 Turkiye Garanti Bankasi AS 11
Nord/LB 13 16 239.6 1.0 -1.0 3
UniCredit 14 17 231.6 1.0 -0.9 2
Commercial Bank of Qatar 16* - 175.7 0.7 0.7
ING 15 8 772.2 1.7 -0.3 10 BBVA 15
CaixaBank SA 16 21 722.0 1.6 0.3 9
Citi 16* - 175.7 0.7 0.7
Qatar National Bank 16* - 175.7 0.7 0.7
National Bank of Kuwait SAK 16* - 175.7 0.7 0.7
48
Kommunalkredit 22
First Abu Dhabi Bank PJSC 20* 95* 530.7 1.2 1.2 1 ING 23
20* 57* 530.7 1.2 1.2 1
0.4 -3.9
Turkiye Is Bankasi AS
Banco de Sabadell
24
24,419.6 100.0Industry Total
Banco de Sabadell 25 16 488.0 1.1 -0.4 9
108
25 25 69.7 0.3
Industry Total 46,231.9 100.0
37 118.6 0.5 0.4 3
5 89.0 3
1
1
1
1
35 215.2 0.9 0.8 3
1
32 284.8 1.2 1.0
- 73.8 0.3 0.3 1National Commercial Bank SJSC 24 44
Emirates NBD PJSC 20* 95*
-0.6 1
Banca IMI (Intesa Sanpaolo) 16* 18 175.7 0.7 -0.9 1
20 128.7 0.5 -0.8KfW IPEX-Bank GmbH 21
First Half 2020 | Managing Underwriters
Mandated Arranger
Rank
2020
Rank
2019
Proceeds
US$mil
Market
Share
Mkt.
Sh Chg
www.refinitiv.com/dealsintelligence
1 405% ▲
Pakistan 148.9 1 1,300.0 1 -89% ▼
-
8
12 -23% ▼
9% ▲
3 -91%
8,406.7
Package Amt
US$mil
6/15/2020 Ichthys LNG Pty Ltd
Close Date Borrower
Asia Pacific & Japan Project Finance Loans Top 10 Deals
Sector
Oil & Gas
Power
Power
Mining
Oil & Gas
Power
TransportationIndia
Project Nation
Australia
Power
Power
Mining
6/15/2020 Jiangxi Ganneng Co Ltd China705.3
11 -38% ▼
-74% ▼
Asia Pacific & Japan Project Finance Loans
6/1/2020 Yancoal Resources Ltd
▲
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
YoY % Chg.
5 53% ▲6,906.5
53.2
Leisure & Property
Industry Total 35,222.0 90 35,009.8 80 1%
6/12/2020 IRB MP Expressway Pvt Ltd 869.4
Australia672.2
Taiwan2,908.4
17
2/21/2020 Akita Offshore Wind Corp Japan857.2
3/13/2020 IHB Pvt Ltd India910.7
2/6/2020 SJVN Arun-3 Power Dvlp Co Pvt Nepal889.2
3/27/2020 JERA Power Taketoyo LLC Japan2,346.8
4/28/2020 Roy Hill Holdings Pty Ltd Australia2,200.0
- - -
-71% ▼
1/24/2020 Changfang Wind Power Co Ltd
-4% ▼
3
4 -83% ▼
South East Asia
15,295.1 21
4
-52% ▼835.2
-
31
97.8
Bangladesh 234.3 2
Guam(United States)
400.0 1
524.6
India 6,323.7 31 5,781.8
Nepal
2,749.5
Indonesia 414.5 2 2,490.2
Cambodia 93.9 2 18.6
1
502.6 1
South Asia 7,596.1 35
Australia
6,457.7
-
Philippines
Singapore
9,831.3
Asia Pacific & Japan Project Finance Loans By Sector
Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues
Transportation
389.7 2 101.9 3 282% ▲
▼
4,185.4 19 6,802.9
22 12,616.6
*Indicates a Tie
35,222.0 90
889.3 1
4,685.9 9
3,502.6 5
17,198.5 46 -17% ▼
12
5,689.9
1,857.2 12
▲
Water & Sewerage
- -
Asia Pacific & Japan First Half 2020 | Managing Underwriters
12,462.2
Scorecard: Asia Pacific & Japan Project Finance Loans
YoY % Chg.
Asia Pacific & Japan 35,009.8 80 1% ▲
22% ▲
23% ▲
1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019
Region Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues
32Australasia 15,392.9
Oil & Gas 10,593.5 7
Power
Japan
3 227%
984.9 3 3,822.1
North Asia
Taiwan
12
1 6104%
Petrochemicals 1,502.5 5 124.7 2 1105%
Mining 3,300.6 5
14,265.5 50
▲
- - -
China 705.4
South Korea 478.1
-
1,432.9
4,671.4 16 22%
▲
▲
1 36.2 1 1849% ▲
3 1,378.0 1 -65% ▼
Vietnam 318.1 4 2,033.0 2 -84% ▼
Thailand 128.1 2 506.1 2 -75% ▼
0
20
40
60
80
100
120
140
160
180
$0
$10
$20
$30
$40
$50
1H2011 1H2012 1H2013 1H2014 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020
Proceeds (US$bil)
# of Deals
www.refinitiv.com/dealsintelligence
*Indicates a Tie
23,984.5 100.0 56
0.5 0.5 1
30 120.0 0.5 0.3 122*
10 136.0 0.6
- 105.8 0.4 0.4 1
Banca IMI (Intesa Sanpaolo) 22* - 120.0
25
Westpac Banking 22 5 410.1
Bank of China Ltd 23 11 381.4 1.1 -2.9 4 DBS Group Holdings
Natixis 25 374.1 1.1 0.2 3
National Australia Bank 24 10 379.3 1.1
Industry Total 35,222.0 100.0 90 Industry Total
-1.8 6
Taiwan Financial Holdings Co
Industrial & Comm Bank China 20 6
4
432.1 1.2 -2.5 6
34 120.0 0.5 0.4 1
Yes Bank Ltd 21 1 427.6 1.2 1.1 5 HSBC Holdings PLC 21
1.2 Standard Chartered PLC 22*0.0 6
1-1.5
173.5 0.7 0.1 1
Fukuoka Financial Group Inc 20 - 142.1 0.6 0.6 1
Shinsei Bank 19 22
29 294.3 1.2 1.0 3
ING 16 6
ICICI Bank Ltd 18 - 287.7 1.2 1.2 3
ICICI Bank Ltd 17 - 521.8 1.5 1.5 7 ING 17
Westpac Banking 15 25 369.6 1.5 1.1 2
Indusind-Bank-Ltd 16 27 348.5 1.5 1.2 5
- 452.7 1.9 1.9 3
DBS Group Holdings 12 5
Yes Bank Ltd 14 33 427.6 1.8 1.7 5
Oversea-Chinese Banking 13 5 603.2 1.7 -0.1 5 L&T Financial Services Ltd 13
Bank of China Ltd 11 11* 621.8 2.6 1.1 2
National Australia Bank 12 7 528.5 2.2 -2.4 2
19* 1,036.6 4.3 3.6 1
BNP Paribas SA 8 4
CTBC Financial Holding Co Ltd 10 - 969.5 4.0 4.0 1
Credit Agricole CIB 9 1 1,175.1 3.3 2.9 2 Societe Generale 8*
BNP Paribas SA 7 11* 1,526.2 6.4 4.9 4
Credit Agricole CIB 8* - 1,036.6 4.3 4.3 1
11* 1,683.8 7.0 5.5 4
Mizuho Financial Group 4 9
State Bank of India 6 1 1,529.9 6.4 -12.4 3
ANZ Banking Group 5 10 1,754.6 5.0 3.0 10 ANZ Banking Group 5
Mizuho Financial Group 3 3 2,091.6 8.7 0.3 4
Commonwealth Bank of Australia 4 21 1,850.1 7.7 7.1 4
Mitsubishi UFJ Financial Group 1 2 3,513.7 14.7 1.0 9
Sumitomo Mitsui Finl Grp Inc 2 6 3,134.9 13.1 7.9 7
QoQ Change ($) 49%
Mandated Arranger
Rank
2020
Rank
2019
Proceeds
US$mil
Market
Share
Mkt.
Sh Chg
# of
Deals Bookrunner
Rank
2020
Rank
2019
Proceeds
US$mil
Market
Share
Mkt.
Sh Chg
# of
Deals
-12% Asia Pacific & Japan Project Finance Loans Bookrunners (X28) YoY Change ($) 6%QoQ Change ($)
Asia Pacific & Japan First Half 2020 | Managing Underwriters
Development Bank of Japan Inc 14 3 586.7 1.7 -0.6 1
L&T Financial Services Ltd 15 - 546.6 1.6 1.6 4
HSBC Holdings PLC 19 3 434.5 1.2 0.0 4
535.8 1.5 0.4 7
Indusind-Bank-Ltd 18 2 442.4 1.3 1.1 6
2.0 -0.1 6
Korea Development Bank 10 2 814.3 2.3 -2.0 7
CITIC 11 - 705.4 2.0 2.0 1
691.8
1,375.4 3.9 2.9 7
Commonwealth Bank of Australia 6 6 1,722.7 4.9 3.8 9
Societe Generale 7 6 1,551.0 4.4 2.8 7
1.2 8
2,704.7 7.7 2.8 9
Sumitomo Mitsui Finl Grp Inc 2 12 3,623.4 10.3 5.3 18
Mitsubishi UFJ Financial Group 3 22 3,216.1 9.1 -0.6 15
State Bank of India 1 1 4,490.3 12.8
Asia Pacific & Japan Project Finance
Loans Mandated Arrangers (X27) YoY Change ($) 1%
www.refinitiv.com/dealsintelligence
- - - -
Australia 400.0 1 851.0 2 -53% ▼
India 612.0 2 650.0 2 -6% ▼
64.0 1
Colombia 205.0 1 - - - -
Brazil 50.0 4 - - - -
Industry Total
Global Project Finance Bonds
24
25
BookrunnerMUFG
Credit Agricole
JP Morgan
RBC Capital Markets
BofA Securities Inc
SMBC
Cooperatieve Rabobank UA
BNP Paribas
Santander
Wells Fargo
UniCredit
TD Securities
Scotiabank
Barclays
CIBC World Markets
HSBC
Societe Generale
BMO Capital Markets
Goldman Sachs
326.3
318.8
305.0
305.0
271.2
271.2
267.9
242.3
-
13
19
*20
*20
*22
*22
Citi
NatWest Markets
ABN AMRO
ING
Credit Suisse
Morgan Stanley
10
11
12
13
14
15
16
17
18
9
22
-
7
17
12
Rank
2020
Proceeds
US$mil
1,367.3
1,258.5
1,206.0
725.0
528.9
505.4
498.1
1
2
3
4
5
6
7
8
9
Rank
2019
3
8
2
6
11
5
-
-
20
23
*30
10
15
-
24
*18
1
-27%
Market
Share
9.1
8.4
8.0
4.8
3.5
3.4
3.3
3.2
3.2
2.0
2.0
1.8
1.8
1.8
1.6
2.1
2.0
-1.2
-0.3
2.0
2.6
2.4
2.3
2.3
2.3
2.2
-1.9
1.4
-0.7
2.7
2.6
-0.2
2.0
2.6
100
YoY Change ($)
351.0
350.5
349.9
486.0
478.4
401.2
395.4
393.8
387.1
360.2
15,049.6
1.5
0.8
-14.5
1.8
-1.4
2.6
-40%
# of
Deals
10
9
9
4
4
6
2
4
9
4
3
2
4
3
Mkt.
Sh Chg
2.3
4.2
-6.3
-0.2
0.3
-2.7
3.3
3.2
2
-
▼Asia Pacific & Japan 1,012.0 3 1,817.0 6 -44%
4,459.0 11 43%
Germany 950.0 2 204.0 1 366%
United Kingdom 431.0 2 2,019.0 3 -79%
Norway
▲
France 1,995.0 5 850.0 2 135% ▲
Netherlands 1,598.0 1 - - -
- -
Jamaica 225.0 1 - - - -
1/1/2019 - 06/30/2019
YoY % Chg.
(#)
Proceeds No. Proceeds No.
US$m Issues US$m Issues
▼
13,574.0 24 -43% ▼
United States 5,451.0 9 8,665.0 10 -37% ▼
Canada 1,498.0 3 1,276.0 3 17% ▲
- -
*Indicates a Tie
3
36
2
3
3
1
4
3
2
2
Global Project Finance Bonds by Nation Global Project Finance Bonds - Sector Composition (US$bil)
4
1.4
1.6
Project Finance Bonds & Multilaterals First Half 2020 | Managing Underwriters
QoQ Change ($)
1/1/2020 - 06/30/2020
Americas 7,679.0 19
Argentina 250.0 1
EMEA 6,359.0 14
Global Scorecard: Global Project Finance Bonds
Region
Global 15,049.6 36 20,684.0 43 -27%
▼
▲
Spain 687.0 2 650.0 1 6% ▲
Portugal 634.0 1 - - - -
$5.6
$3.3
$2.9$1.8
$8.2Oil & Gas
Power
Transportation
Leisure & Property
Petrochemicals
0
3
6
9
$0
$1
$2
$3
$4
$5
$6
United States France Netherlands Canada Germany Spain
US$bil # of Deals
www.refinitiv.com/dealsintelligence
BOAD 25 38 - 38 1
China Co-Financing Fund *22 50 - 50 1
Clean Technology Fund/ Climate Investment Fund24 40 - 40 2
AIIB 21 55 - 55 1
DFC *22 50 - 50 1
DEG 19 64 - 64 3
ICO 20 58 - 58 1
EAIF/Green Africa Power 17 95 - 95 2
OPIC 18 67 - 67 1
GIEK *14 97 - 97 1
UKEF *14 97 - 97 1
1,225.7 3,522.2 10
2
Clean Technology Fund/ Climate Investment Fund7 70.1 - 70.1 2
EBRD 8 60.7 - 60.7 1
EIB 6 115.8 -
12
1
683.3 - 683.3
EKF 4
-
177
164
-
549
547
403
9 1
115.8
Industry Total 2,296.6
97
5,699.3
Multilateral by Developing Markets (US$mil) Multilateral by Developed Markets (US$mil)
Multilateral Firm
Rank
2020
Direct
Lending Guarantees
Total
Exposure
# of
DealsKexim/K-sure 1 683.3 683.3 1,366.7 1
Euler Hermes/UFK *2 683.3 - 683.3 1
JBIC/Nexi *2
-
-
1,465.9
Multilateral Firm
Kexim/K-sure
JICA
Chexim
Sace
ADB
JBIC/Nexi
IFC/World Bank/MIGA/IBRD
EIB
IDB/IDB Invest
Finnvera
Euler Hermes/UFK
AfDB/African Development Bank
EBRD
EKF
Industry Total
Direct
Lending
1,244
472
801
-
*14
Project Finance Bonds & Multilaterals First Half 2020 | Bookrunners
1
13 3
51
155 155
97
7,165.1
2
11 2
10 2-
-
163
8 2
7 3
6 2
5 5549
547
403
247
200
247
200
177
164
163
-
-
-
-
GIEK 5 - 160.7 0.0 1
4 1
3 3 1
2 3847
801
750 381.6 1
375
-
750 - 381.6
2
Multilateral Developing Markets (US$mil)
Rank
2020
# of
Deals
Total
Exposure
1,244
Guarantees
-
Proparco 26 33 - 33 1
OPEC 29 16 - 16 1
FMO 27 32 - 32 1OFID 28 30 - 30 1
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Taiwan Nigeria Philippines United ArabEmirates
Brazil
Total Exposure Total Debt
www.refinitiv.com/dealsintelligence
Project Finance CriteriaFirst Half 2020 | Managing Underwriters
© 2020 Refinitiv. All rights reserved.
Database coverage includes eligible Limited and Non Recourse Project Finance Loans and Bonds. Project Finance Loans includes Syndicated, Club and Bilateral Limited and Non Recourse transactions. Project Finance Bonds includes both public and privately placed Limited and Non Recourse issuances. Multilateral project funding for both the developed and developing markets are considred for inclusion. All league table volumes and rankings are based on General Close date for Loans and Pricing date for Bonds.
All league tables are based on deal proceeds unless otherwise stated. For Project Finace Loans deal proceeds refers to the total package amount, while for Project Finance Bonds it is the total issue amount multiplied by the issue price. Multilateral tables are based on the total debt extended. Current data and previous year's data is as of 9:00am EDT on June 30, 2020.
Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.
Self-arranged, commercial and unknown loans are excluded from league tables as well as Project Finance Loans with a maturity of less than 90 days.
Long-term Project Finance Bonds league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require a minimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.
Regional league tables are based on Project Nation.
While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:
AMERICASSalvatore ReresTel: +646 223 8455salvatore.reres@refinitiv.com
EMEAChristina StavrouTel: +44 207 542 0961christina.stavrou@refinitiv.com
ASIA PACIFICCarina CausonTel: +632 8459 1566carina.causon@refinitiv.com
JAPANAi HashimotoTel: +813 6441 1155ai.hashimoto@refinitiv.com
PROJECT BONDSChristina ListanaTel: +632 8459 1814christina.listana@refinitiv.com
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