Plenary session financing ftth networks day 1 hristo stoykov
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FTTH Conference Milan 2011 Day 1 Pleanary Session Financing FTTH Networks Hristo Stoykov

FTTH Conference Milan 2011 Day 1 Pleanary Session Financing FTTH Networks Hristo Stoykov

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    Plenary session financing ftth networks day 1 hristo stoykov Plenary session financing ftth networks day 1 hristo stoykov Presentation Transcript

    • European Investment BankFinancing of European Broadband InfrastructureFTTH Conference 2011H. StoykovStructured Finance & Advisory9th of February 2011, Milan, Italy New Products & Special Transactions | European Investment Bank
    • European Investment Bank Disclaimer This Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the European Investment Bank (“EIB”). The terms and conditions are intended as an outline for discussion purposes only and made on an indicative basis. All figures set forth in this Presentation are subject to change, to a satisfactory due diligence and to all necessary internal approvals of EIB (in particular of its credit committees). The information in this Presentation reflects the prevailing conditions and the view of EIB as of this date and are accordingly subject to change and based on carefully selected sources believed to be reliable. EIB has not independently verified this information and does not make any representation or will be liable that such information is accurate, valid, timely and complete. This Presentation is provided without any liability whatsoever by EIB and shall not constitute any obligation of EIB to extend credit facilities to the Company or to carry out a due diligence review of the aspects relevant for the financing of the Project. Neither this presentation nor any of its contents may be duplicated, published or used for any other purposes without the prior written consent of EIB. European Investment Bank09-02-2011 New Products & Special Transactions | European Investment Bank 2
    • European Investment Bank Agenda European Investment Bank Market & Policy Overview EIB Broadband Financing Financing Models and Concepts Loan Process Summary & Contact Details09-02-2011 New Products & Special Transactions | European Investment Bank 3
    • European Investment Bank Profile The European Investment Bank is the European Union‘s long-term financing institution. The Bank acts as an autonomous body set up to finance capital investments furthering European integration by promoting EU policies. EIB was created by the Treaty of Rome in 1958 EIB is a not-for-profit, policy driven institution EIB is 100% owned by the 27 EU member states EIB has subscribed capital of EUR 232.4 bn as of 2009 EIB is AAA/Aaa rated by Moody’s, S&P and Fitch with stable outlook EIB funds itself on the capital markets: EUR 79.4 bn in 2009 EIB signed loans amounting to EUR 79.1bn in 2009 (c.93% in EU) EIB is the majority shareholder in the European Investment Fund For more information, please visit: www.eib.org09-02-2011 New Products & Special Transactions | European Investment Bank 4
    • European Investment Bank Appendix: General Policy Objectives I. Within the European Union Cohesion and convergence Small and medium-sized enterprises (SMEs) Environmental sustainability Knowledge Economy Trans-European Networks (TENs) Sustainable, competitive and secure energy II. Outside of the European Union Private sector development Infrastructure development Security of energy supply Environmental sustainability Support for EU presence in Asia and Latin America via Foreign Direct Investment (FDI) III. Under EU Mandates Pre-accession European Neighborhood Development09-02-2011 New Products & Special Transactions | European Investment Bank 5
    • European Investment Bank EIB/EIF investment cycle coverage Risk Capital CIP Resources (SME) RSFF (SME / MidCap) Investment Loans Facility: High Growth Competitivness and RSFF Investment Loans Innovative SME Innovation Program Scheme (GIF), Ecotech (CIP) Guarantee Innovation financing RDI financing schemes Purpose: IP financing, SMEs/MidCaps, Banks, MidCaps/Large technology transfer, Growth financing for PE Investors (sub- Corporates/Public seed financing, SMEs investment grade) Sector Entities investment readiness (investment grade) Formal VC Funds, Loans (incl. Mezzanine), Target Group: VC CLOs Funded Risk Sharing Guarantees Funds, Business Angels Facilities with Banks SME guarantees (loans, (Investors) Project Financing EIF Product: Fund-of- microcredit, Funds equity/mezzanine, Special Operations securitisation) Bank Loans and Guarantees Formal VC Funds Seed/Early Stage VC Funds Business Angels Entrepreneur, friends, family EIF EIB Later Stage Seed / Start-Up Phase Emerging Growth Phase Development Phase Counterparts09-02-2011 New Products & Special Transactions | European Investment Bank 6
    • European Investment Bank Agenda European Investment Bank Market & Policy Overview EIB Broadband Financing Financing Models and Concepts Loan Process Summary & Contact Details09-02-2011 New Products & Special Transactions | European Investment Bank 7
    • European Investment Bank Market & EU Policy Overview: State of Broadband Broadband household penetration 2000-2009 Coverage of different broadband technologies 100% 100 90% 90 80% 80 % of households / population 70% 70of households 60% 60 50% 50 40% 40 30% 30 20% 20 10% 10 0% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 DSL Cable FTTH/FTTB 3G EU27 average USA Australia Japan Korea EU average USA Korea Japan Australia OECD Average Source: WBIS Source: OECD By 2009, 55.8% of EU households xDSL coverage of 94% of EU subscribed to some form of broadband households translates into broadband internet gap of close to 13 million households Still lagging behind US, AU, JP and KR US leads in cable coverage, JP and KR in FTTx, while EU is almost at par in 3G coverage 09-02-2011 New Products & Special Transactions | European Investment Bank 8
    • European Investment Bank Market & Policy Overview: Europe 2020 - Digital Agenda I. Broadband Infrastructure Development Digital Agenda Broadband Broadband Access Speed Enabling Technologies Targets Category Target I: Basic Broadband for Basic Broadband 150 kbps – 30 Mbps Copper (ADSL2, VDSL1, SDSLS), Cable all by 2013 (EuroDOCSIS 1.1/2), Mobile (EDGE, 3G, HSPA), Wireless (WiMax), Satellite Target II: High or very high High Speed 30 Mbps – 50 Mbps Copper (VDSL2), Mobile (HSPA+, LTE) speed access to all by 2020 (30 Mbps or above) Very High Speed 50 Mbps – 100 Mbps FTTH (GPON, PtP), Mobile (LTE advanced) Target III: 50% or more of EU Ultra High Speed 100 Mbps – 1 Gbps FTTH (NGA1, NGA2, PtP), Cable (EuroDOCSIS 3) households subscribe to Internet access above 100 Mbps by 2020 II. Application and Diffusion of ICT Across Sectors (Digital Single Market, Digital Inclusion, eGovernment) III. ICT R&D and ICT Applications for Low Carbon Economy09-02-2011 New Products & Special Transactions | European Investment Bank 9
    • European Investment Bank Market & Policy Overview: Broadband Benefits Correlation between broadband/mobile penetration and innovation in EU27 0.700 Countries with higher broadband R2 = 0.4016 penetration, also perform better in 0.600 innovation (see chart)Innovation Scoreboard Value 0.500 R2 = 0.0036 0.400 OECD estimates that building of 0.300 national fiber to the home could result in savings of 0.5-1.5% in electricity, 0.200 education, transport and healthcare 0.100 0.000 GSM association estimates that NGN 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% Broadband/mobile Penetration would contribute to additional 0.5 – 1.0% to the annual European GDP Broadband (Correlation 0.643) Mobile (Correlation 0.060) Linear (Broadband) Linear (Mobile) Source: EIB estimates and European Innovation Scoreboard (UNU-MERIT) 09-02-2011 New Products & Special Transactions | European Investment Bank 10
    • European Investment Bank Agenda European Investment Bank Market & Policy Overview EIB Broadband Financing Financing Models and Concepts Loan Process Summary & Contact Details09-02-2011 New Products & Special Transactions | European Investment Bank 11
    • European Investment Bank Broadband Financing: direct loans to broadband infrastructure 2000 – 2010 ICT Signatures 2000-2010 Average annual lending for broadband Other projects for the last ten years was c.EUR 6% 2G NW 1.1bn (EUR 1.7bn for 2007-2010) 14% Fixed Broadband During the last financial crisis EIB increased 32% Fixed NW lending to broadband projects by over 50% 7% Broadband 51% Mobile Broadband with signatures for 2009 of EUR 2.3bn 19% RDI In 2009, loan approvals in the ICT sector 22% reached EUR 3.9bn EIB investments to broadband infrastructures Approximately 40% of these were for ICT mEUR Research, Development and Innovation 2,500 More than 50% of the approvals were for 2,000 broadband projects including land, mobile and 1,500 satellite Nearly 2/3 of the approved broadband 1,000 projects were fixed solutions 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Fixed broadband Mobile broadband For an updated list of projects visit: http://www.eib.org/projects/loans/sectors/telecommunications.htm09-02-2011 New Products & Special Transactions | European Investment Bank 12
    • European Investment Bank Broadband Financing: FTTx examples (2009 – 2010) Iliad SA Fastweb S.p.A. Portugal Telecom ZON Multimedia (France) (Italy) (Portugal) (Portugal) EUR 100m EUR 150m EUR 350m EUR 200m Project:EUR 307m Project: EUR 800m Project: EUR 850m Project: EUR 750m (i.a. FTTH) (FTTH & xDSL) (ADSL & FTTH) (FTTH) 07-2009 02-2009 07-2009 09-2009 M-Net Breitband Munchen SONAECOM Türk Telekom Reggefiber Group B.V. (Germany) (Portugal) (Turkey) (The Netherlands) EUR100m EUR 75m EUR 250m RSFF EUR 130m RSFF Project: EUR 205m Project: EUR 152m Project: EUR 661m Project: EUR 290m (FTTH) (FTTH) (FTTC & FTTB) (FTTH) 12-2009 02-2010 04-2010 10-2010 For an updated list of projects visit: http://www.eib.org/projects/loans/sectors/telecommunications.htm09-02-2011 New Products & Special Transactions | European Investment Bank 13
    • European Investment Bank Agenda European Investment Bank Market & Policy Overview EIB Broadband Financing Financing Models and Concepts Loan Process Summary & Contact Details09-02-2011 New Products & Special Transactions | European Investment Bank 14
    • European Investment Bank Broadband economics still not compelling European Telcos - 5yr CDS spreads (Jan 2007 - Jan 2011) High Capex:bps1400 2007 2008 2009 2010 SCMNVX FRTEL Roll-out costs per country are enormous, thus incumbents will OOMLN not bear these costs alone;1200 TELEFOA TELNO Altnets also need to chip in but at higher cost of funding and1000 TLIASS limited borrowing capacity (see Top Chart); VOD 800 DT Governments: full or partial support will be needed, but KPN NTC availability of funding, pricing and austerity measures 600 PORTEL TDC suggest extended timetable for broadband roll-out (see Lower 400 TITIM Chart) TKA 200 BRITEL Regulatory uncertainty (“right of way”, wholesale access, HTO CWCLN wholesale pricing, etc.) 0 VMED UPC Competition, especially from cable operators but in some 7 8 9 0 07 07 07 08 08 08 09 09 09 10 10 10 /0 /0 /0 /1 1/ 4/ 7/ 1/ 4/ 7/ 1/ 4/ 7/ 1/ 4/ 7/ 10 10 10 10 ERC1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ cases altnets (e.g. France/Italy), could push incumbents to 1/ 1/ 1/ 1/ Source: Bloomberg EU27(excl. LUX) 5YR CDS Spreads (bps) 2007 2008 2009 2010 UK FR invest in FTTH 1200 DE IT but likely to concentrate of dense areas due to competitive 1000 NL ES threats & capex efficiencies PT AU underserved areas offer limited competitive pressures and high 800 SWE DNK capex; incumbents likely to preserve the current state BE 600 IRL FI Demand: low subscription rates, unclear ARPU drivers POL GR Technology risks (incl. alternatives e.g. wireless, cable) 400 CZ HU BG Financial risks (Basel III, capital availability & cost of 200 RO LAT funding, corporate & sovereign credit rating actions, 0 LIT EST austerity measures, M&A) MT Other risks: economic, counterparty, etc. 07 07 07 07 07 07 08 08 08 08 08 08 09 09 09 09 09 09 10 10 10 10 10 10 11 SL 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1/ 3/ 5/ 7/ 9/ 1/ 1/ 3/ 5/ 7/ 9/ 1/ 1/ 3/ 5/ 7/ 9/ 1/ 1/ 3/ 5/ 7/ 9/ 1/ 1/ CYP /0 /0 /0 /0 /0 /1 /0 /0 /0 /0 /0 /1 /0 /0 /0 /0 /0 /1 /0 /0 /0 /0 /0 /1 /0 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 Source: Bloomberg SK 09-02-2011 New Products & Special Transactions | European Investment Bank 15
    • European Investment Bank Addressable Market SegmentsEstimated total investments EUR 220-280bn until 2020* - on average c. 50% of the total market cap for the sector White & Certain Grey Areas Government funding plus “New risk-sharing instruments” or Grey + White modified existing ones will be needed EUR130-200bn Certain Grey EIB Existing Instruments Areas Black areas EUR 80-90bn** Projects must be: • Technically sound • Financially viable Black Areas • In compliance with regulation • Show acceptable economic return Source: EIB estimates * Band based on various studies and assumptions ** Black areas estimates based on industry forecasts09-02-2011 New Products & Special Transactions | European Investment Bank 16
    • European Investment Bank Financing Models and Concepts: What we can offer to broadband projects? Corporates Project Finance Public Sector Other Broadband project is defined Broadband project is Broadband project may be Infrastructure funds and EIB is financing up to 50% structured as a ring-fenced supported indirectly via EIB of the eligible project costs operation with limited or no facilities extended to member Advisory services (more information on this is recourse to the promoters. state and local governments provided in the next slides) but The quality of the assets and Other initiatives on the balance sheet of the their ability to generate cash promoter, i.e. the ability of the are vital for such type of company as a whole to service operations. debt is the main driving factor in the process along with the PF operations could be full- proposed structure of the risk, guaranteed (banks, facility. corporates monolines, governments), secured, EIB also finances corporates PPPs… indirectly usually via third-party financing institutions.09-02-2011 New Products & Special Transactions | European Investment Bank 17
    • European Investment Bank Corporate Financing Concepts: Definition of “Eligible Project Costs” EIB Loan “The Project” is an internal EIB definition of Capex/Opex expenses typically over 3 years falling within certain eligibility criteria of the Bank. From a credit perspective, it Company could be defined as a “Borrowing base” of which up to 50% could be financed by EIB Eligible Costs 2010 2011 2012 proceeds. Engineering € 10m € 5m € 3m € 7m € 5m € 2m If all project costs presented by the Management company are deemed “eligible” (to be Civil works € 60m € 50m € 15m confirmed during the due diligence meeting) Other € 8m € 5m € 5m and thus included in the project definition, EIB will be able to provide a facility with a Total Annual € 85m € 65m € 25m maximum amount equal to the lowest of: 50% of project costs, and Total Project € 175m the applicable risk rating limits;1 Min EIB Loan € 7.5m The remainder of the project costs is to be € 87.5 m (50%)2 Max EIB Loan either/or covered though other financings or through Credit risk limit operating cash flows 09-02-2011 New Products & Special Transactions | European Investment Bank 18
    • European Investment Bank Corporate Financing Concepts: Example Financing Models 2 Guarantee +/or Refinancing Senior Secured Second Lien Senior Unsecured EIB (RSFF) Financing Partners Debt Junior Unsecured PIK loans EIB Loan Financing Mezzanine, etc. 1 Agreement(s) Agreement Equity Company Bilateral Lending: EIB can participate in transactions usually through an EIB direct loan agreement. However, EIB typically prefers to co-finance with other financing partners (e.g. commercial banks, investors) In the case of co-financing EIB can provide a loan in parallel to the financing partners directly with the final beneficiary (with key contractual terms aligned) OR… …can provide a guarantee to the financing partners and thereby share the credit risk and enable capital relief. The guarantee can also be complemented by EIB funding (in order to generate additional Financial Value Added) Syndicated Lending: EIB can participate in syndicates, though some limiting factors can apply (i.e. EIB cannot extend funding to HoldCos in acquisition structures, only to OpCos; EIB still needs a side agreement that the company will execute the defined project, etc.)09-02-2011 New Products & Special Transactions | European Investment Bank 19
    • European Investment Bank Financing Models and Concepts: What we can offer to broadband projects? Corporates Project Finance Public Sector Other Broadband project is defined Broadband project is Broadband project may be Infrastructure funds and EIB is financing up to 50% structured as a ring-fenced supported indirectly via EIB of the eligible project costs operation with limited or no facilities extended to member Advisory services (more information on this is recourse to the promoters. state and local governments provided in the next slides) but The quality of the assets and Other initiatives on the balance sheet of the their ability to generate cash promoter, i.e. the ability of the are vital for such type of company as a whole to service operations. debt is the main driving factor in the process along with the PF operations could be full- proposed structure of the risk, guaranteed (banks, facility. corporates monolines, governments), secured, EIB also finances corporates PPPs… indirectly usually via third-party financing institutions.09-02-2011 New Products & Special Transactions | European Investment Bank 20
    • European Investment Bank Project Finance: Broadband Concepts Layer 1 is structured as a ring-fenced operation, an SPV, owned by promoters (e.g. operators, End Users utilities, public sector, etc.). The SPV is the owner of the passive infrastructure which is managed by an operating company. The latter sells capacity to service companies which develop and sell Service Company services to the end customers.Layer 3 Company EIB financing in such a model can be envisaged at the SPV level under certain conditions. Service Company Quality of the assets owned by the SPV, i.e. their ability to generate cash and service debt, is Company crucial. In general, a variety of risks are assessed duringLayer 2 Network Operator equity due diligence – features of the structure, risks related to financing (interest rates, refinancing, equity Company liquidity, etc.), implementation/construction and management, documentation, regulation, collateral, technology, credit standing of the promoters, etc.Layer 1 Some form of credit enhancement may be Passive Infrastructure debt expected. This may take the form of, but it is not Company limited to: debt equity recourse to the promoters – e.g. credit guarantees, performance guarantees, etc. security over assets Promoter A Promoter B Promoter C third parties guarantees – acceptable banks, corporates, governments, etc. 09-02-2011 New Products & Special Transactions | European Investment Bank 21
    • European Investment Bank Financing Models and Concepts: What we can offer to broadband projects? Corporates Project Finance Public Sector Other Broadband project is defined Broadband project is Broadband project may be Infrastructure funds and EIB is financing up to 50% structured as a ring-fenced supported indirectly via EIB of the eligible project costs operation with limited or no facilities extended to member Advisory services (more information on this is recourse to the promoters. state and local governments provided in the next slides) but The quality of the assets and Other initiatives on the balance sheet of the their ability to generate cash promoter, i.e. the ability of the are vital for such type of company as a whole to service operations. debt is the main driving factor in the process along with the PF operations could be full- proposed structure of the risk, guaranteed (banks, facility. corporates monolines, governments), secured, EIB also finances corporates PPPs… indirectly usually via third-party financing institutions.09-02-2011 New Products & Special Transactions | European Investment Bank 22
    • European Investment Bank Public Sector Financing & Other Activities to support broadband EIB extends credit facilities to local governments under framework agreements EIB could collaborate with third parties such as national agencies in joint programs Other special activities that may be relevant to broadband investments include: RSFF Facility (under EIB window only – see Appendix) EIB equity participations in infrastructure funds Other special operations such as JESSICA, JASPERS, JEREMIE (EIF) Advisory services such as EPEC (European PPP Expertise Center) New Risk Sharing Schemes (2014 onwards)09-02-2011 New Products & Special Transactions | European Investment Bank 23
    • European Investment Bank Agenda European Investment Bank Market & Policy Overview EIB Broadband Financing Financing Models and Concepts Loan Process Summary & Contact Details09-02-2011 New Products & Special Transactions | European Investment Bank 24
    • European Investment Bank Loan Process – Typical Timeline Month 1 Month 2 Month 3 Month 4 Month 5 …. Initiation Concept Review A ! Request for non-objection opinions from MS and EC Due Diligence > Final Review B Due Diligence process involves financial, technical, economic, legal, environmental, and social aspects Contract Negotiations C Signature Disbursement > Monitoring > Repayment Concept review is based on preliminary information provided by the promoters. A First Approval by EIB Management Committee allows the staff to engage in an official appraisal process ! For all operations EIB requests non-objection opinions from the concerned Member State(s) and the Commission B Second Approval by EIB Management Committee allows the presentation of the operation to the EIB Board of Directors (1 month in advance; 10 x p.a.) C Approval of EIB Board of Directors allows signature of the approved and negotiated structure09-02-2011 New Products & Special Transactions | European Investment Bank 25
    • European Investment Bank Agenda European Investment Bank Market & Policy Overview EIB Broadband Financing Financing Models and Concepts Loan Process Summary & Contact Details09-02-2011 New Products & Special Transactions | European Investment Bank 26
    • European Investment Bank EIB Financing: Benefits for Promoters Pricing advantage (EIB’s AAA rating and non-for-profit pricing) Long maturities of up to 10 years for corporates (potentially longer for project finance) Direct EIB financing from EUR 7.5m up to EUR 200m per transaction (for cross-over or sub- investment grade counterparts; other limits may apply in line with the internal credit policy of the Bank) Strong technology/industry expertise EIB does not sell assets on the secondary market (buy and hold strategy) Relationship with co-financing partners: no cross selling of other products (just long-term lender) Signalling Effect: EIB as a quality stamp Diversification of funds Note: EIB products are not grants but loan products09-02-2011 New Products & Special Transactions | European Investment Bank 27
    • European Investment Bank More Information & Contact Details Thank you for your attention! http://www.eib.org Hristo Stoykov Structured Finance & Advisory Phone: (+352) 4379 87005 Fax: (+352) 4379 67292 email: stoykov@eib.org European Investment Bank 98-100, boulevard Konrad Adenauer L-2950 Luxembourg09-02-2011 New Products & Special Transactions | European Investment Bank 28
    • European Investment Bank Appendix: Abbreviations RSFF – Risk-Sharing Finance Facility for higher-risk promoters JASPERS – Joint Assistance to Support Projects in European Regions to prepare projects supported by EU Structural and Cohesion Funds JEREMIE – Joint European Resources for Micro-to-Medium Enterprises in the regions to encourage more business start-ups and new ventures. Managed by the EIF JESSICA – Joint European Support for Sustainable Investment in City Areas for investment in sustainable urban development EPEC – European PPP Expertise Center ECTF – European Clean Transport Facility (approved by Ecofin) SFF – Structured Finance Facility established by EIB in 2001 to support sub-investment grade projects CCF – Carbon Credit Funds created in collaboration with institutions such as EBRD and World Bank ELENA – European Local ENergy Assistance technical assistance facility financed through the Intelligent Energy Europe programme09-02-2011 New Products & Special Transactions | European Investment Bank 29
    • European Investment Bank Appendix: Lending and Own Capital Figures (as of end-2009) Lending Own Capital FYE 200909-02-2011 New Products & Special Transactions | European Investment Bank 30
    • European Investment Bank Appendix: EIB General Organizational Structure Board of Governors 27 members Audit Committee Board of Directors 28 Directors (18 Alternates) + up to 6 experts Management Committee President of the EIB + 8 Vice-Presidents EIB Group Compliance Office OCCO IG SCC SG-JU RH Ops A Ops B FI PJ RM TMR Inspectorate Strategy and General Human Operations Operations Finance Projects Risk Management Transaction General Corporate Secretariat Resources in the EU and outside the Directorate Directorate Directorate Management and Centre Candidate EU and Restructuring Legal Affairs Countries Candidate Countries09-02-2011 New Products & Special Transactions | European Investment Bank 31
    • European Investment Bank Appendix: Risk Sharing Finance Facility (RSFF) – Set-up EUR 1bn RSFF EUR 1bn European [up to EUR 10bn assuming Commission leverage of 5.0x ] Own Resources Direct Lending Indirect Lending / Financing 1 Corporate Lending 2 Financial Intermediaries Senior Secured (extend lending capacity) Risk Sharing Second Lien Co-financing Senior Unsecured Junior Unsecured PIK loans Mezzanine, etc. 3 Investment Funds Renewable Energy Others Project Financing 4 Collaboration with EIF Universities Banks Other: SPVs, PPPs, JTIs … Funds09-02-2011 New Products & Special Transactions | European Investment Bank 32
    • European Investment Bank Loan Process – Counterparties Promoter Main relationship point Due diligence and project Mainly contract negotiations eligibility evaluation EIB Team Structured Finance & Project Directorate Legal Services Advisory Loan Officer: origination, Economist/Engineer: economic, Internal/External Lawyers: legal structuring, financial analysis regulatory and technical analysis due diligence, contract negotiation Risk Management Treasury, Other … Indirectly involved: Credit risk management, pricing Funding, disbursement, EC & monitoring opinions, etc.09-02-2011 New Products & Special Transactions | European Investment Bank 33