Global Project Finance Review - Refinitiv

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


-

-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


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


*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


1,354.4 3.2 -3.0 18

Scotiabank 8 10 1,503.0 3.6 1.2 5


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%


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



12 1,544.9 3.9 3.3 9

CIBC World Markets Inc 6 17


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


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


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


3,714.0 8.0 4.5 20


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


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


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


*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



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


1.2 8

2,704.7 7.7 2.8 9


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%


- - - -

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


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


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 [email protected]

EMEAChristina StavrouTel: +44 207 542 [email protected]

ASIA PACIFICCarina CausonTel: +632 8459 [email protected]

JAPANAi HashimotoTel: +813 6441 [email protected]

PROJECT BONDSChristina ListanaTel: +632 8459 [email protected]

www.refinitiv.com/dealsintelligence/

Global Project Finance Review - Refinitiv

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