This document summarizes an agenda for a presentation on infrastructure debt. It discusses the growing interest from institutional investors in long-term infrastructure investments and financing new infrastructure projects. It also examines the nature of infrastructure debt, specifically project finance debt, and how it captures the characteristics of underlying infrastructure assets. Finally, it analyzes the determinants of infrastructure debt credit spreads, including loan, macroeconomic, and project-specific factors, as well as the systematic drivers of credit risk for this asset class over time.
The document discusses L&T Infrastructure Finance Company Limited (L&T Infra), an infrastructure finance company promoted by Larsen & Toubro Limited and L&T Finance Holdings. It provides debt and equity products as well as financial advisory services for infrastructure projects. L&T Infra operates from centers in Mumbai, Delhi, Chennai, and Hyderabad and is managed by experienced banking professionals. Its mission is to be a strategic business partner, solution provider, and nurture human capital.
The Indian stock markets declined on Monday led by losses in public sector, realty and metal stocks. The BSE Sensex fell 0.86% and Nifty 50 dropped 0.91%. State Bank of India reported higher profits for the September quarter but its shares fell 3.89%. Asian markets also declined on concerns about the impact of storm Sandy on the US economy and a contraction in the Japanese economy. The Indian markets are expected to have a weak opening on Tuesday ahead of the industrial production data release and following losses in Asia.
This investor presentation provides an overview of SEB Group's business segments and financial performance. It discusses SEB's market position in various Nordic and Baltic markets, earnings results for Q3 2008, net interest income and fee income trends, asset quality, business activity updates for different divisions, and the group's bond investment portfolio exposures and related financial effects. Overall, it summarizes SEB's resilient underlying business and franchise while also addressing some negative financial impacts from the global financial crisis.
This document provides an overview of Skandinaviska Enskilda Banken (SEB) for the first half of 2008. It includes key figures on operating profit, asset quality, divisions, and ratings. SEB saw operating profit decline 23% compared to the second quarter of 2007, though net interest income increased 12% due to growth in lending volume and margins. The document also outlines SEB's organization structure and provides profit and loss statements by quarter comparing 2008 to 2007.
The key Indian stock indices edged higher after eight consecutive days of declines as bargain hunting emerged. The Sensex rose 0.52% to close at 19,561.04 points and the Nifty 50 gained 0.42% to close at 5,922.50 points. Several companies such as Oil India, Steel Authority of India, and Voltas reported lower quarterly profits. Foreign institutional investors were net buyers of Indian stocks, purchasing equity worth Rs. 8.27 billion, while domestic institutions were net sellers of equity worth Rs. 9.90 billion. Asian markets were trading mixed and the Indian markets were expected to have a positive opening.
The key points from the document are:
1) Indian markets ended lower on Monday due to weakness in auto and IT stocks and concerns over debt issues in the US and Europe. The Sensex closed down 0.3% and the Nifty fell 0.25%.
2) Global markets also fell as concerns over solving debt crises in Europe and the US continued. The Dow fell 0.76% and the S&P 500 dropped 0.81%.
3) Brent crude oil declined 0.91% to $116.1 per barrel while gold rose 1.83% and silver increased 6.81% on the day.
The document provides information about using a Pitchbook template for presentations. It describes characteristics of pitchbooks including dense layouts, simple graphics, and consistency across slides. It then provides instructions for customizing the template, including replacing the logo and modifying slide colors. Sample slides are shown for an annual report, market analysis, and business summary. The slides contain financial data, charts, and summaries.
Annika Falkengren, President & CEO of SEB, summarized the bank's annual report for 2012 in the following areas:
1. Business expansion with increased number of clients and credit portfolio in both large corporate and SME segments across Nordics and Germany.
2. Improved customer satisfaction ratings compared to peers for both large corporate and SME segments.
3. Increased operating leverage with higher average quarterly income and lower average quarterly expenses.
4. Strong balance sheet with capital and liquidity ratios exceeding requirements.
The document discusses L&T Infrastructure Finance Company Limited (L&T Infra), an infrastructure finance company promoted by Larsen & Toubro Limited and L&T Finance Holdings. It provides debt and equity products as well as financial advisory services for infrastructure projects. L&T Infra operates from centers in Mumbai, Delhi, Chennai, and Hyderabad and is managed by experienced banking professionals. Its mission is to be a strategic business partner, solution provider, and nurture human capital.
The Indian stock markets declined on Monday led by losses in public sector, realty and metal stocks. The BSE Sensex fell 0.86% and Nifty 50 dropped 0.91%. State Bank of India reported higher profits for the September quarter but its shares fell 3.89%. Asian markets also declined on concerns about the impact of storm Sandy on the US economy and a contraction in the Japanese economy. The Indian markets are expected to have a weak opening on Tuesday ahead of the industrial production data release and following losses in Asia.
This investor presentation provides an overview of SEB Group's business segments and financial performance. It discusses SEB's market position in various Nordic and Baltic markets, earnings results for Q3 2008, net interest income and fee income trends, asset quality, business activity updates for different divisions, and the group's bond investment portfolio exposures and related financial effects. Overall, it summarizes SEB's resilient underlying business and franchise while also addressing some negative financial impacts from the global financial crisis.
This document provides an overview of Skandinaviska Enskilda Banken (SEB) for the first half of 2008. It includes key figures on operating profit, asset quality, divisions, and ratings. SEB saw operating profit decline 23% compared to the second quarter of 2007, though net interest income increased 12% due to growth in lending volume and margins. The document also outlines SEB's organization structure and provides profit and loss statements by quarter comparing 2008 to 2007.
The key Indian stock indices edged higher after eight consecutive days of declines as bargain hunting emerged. The Sensex rose 0.52% to close at 19,561.04 points and the Nifty 50 gained 0.42% to close at 5,922.50 points. Several companies such as Oil India, Steel Authority of India, and Voltas reported lower quarterly profits. Foreign institutional investors were net buyers of Indian stocks, purchasing equity worth Rs. 8.27 billion, while domestic institutions were net sellers of equity worth Rs. 9.90 billion. Asian markets were trading mixed and the Indian markets were expected to have a positive opening.
The key points from the document are:
1) Indian markets ended lower on Monday due to weakness in auto and IT stocks and concerns over debt issues in the US and Europe. The Sensex closed down 0.3% and the Nifty fell 0.25%.
2) Global markets also fell as concerns over solving debt crises in Europe and the US continued. The Dow fell 0.76% and the S&P 500 dropped 0.81%.
3) Brent crude oil declined 0.91% to $116.1 per barrel while gold rose 1.83% and silver increased 6.81% on the day.
The document provides information about using a Pitchbook template for presentations. It describes characteristics of pitchbooks including dense layouts, simple graphics, and consistency across slides. It then provides instructions for customizing the template, including replacing the logo and modifying slide colors. Sample slides are shown for an annual report, market analysis, and business summary. The slides contain financial data, charts, and summaries.
Annika Falkengren, President & CEO of SEB, summarized the bank's annual report for 2012 in the following areas:
1. Business expansion with increased number of clients and credit portfolio in both large corporate and SME segments across Nordics and Germany.
2. Improved customer satisfaction ratings compared to peers for both large corporate and SME segments.
3. Increased operating leverage with higher average quarterly income and lower average quarterly expenses.
4. Strong balance sheet with capital and liquidity ratios exceeding requirements.
Bank Saint Petersburg reported its financial results for the first half of 2012. Some key highlights include:
- Total assets increased 3.19% to RUB 340.59 billion as of July 1, 2012 compared to the beginning of the year.
- Net income declined significantly to RUB 237 million for the first half of 2012 compared to RUB 4.5 billion for the same period last year, impacted by a contraction in net interest margin.
- The cost/income ratio increased to 48.16% for the first half of 2012 from 28.78% the previous year, reflecting higher provisions putting pressure on return on equity.
- Net interest income declined 12.2% year-over
The key Indian stock indices ended marginally higher, with the Sensex gaining 0.07% to close at 20005.00 points. Reliance Industries rose 1.87% after a four-day losing streak. Sentiment remained weak after the RBI's cautious stance on future monetary easing. In corporate news, Merck's net profit rose 58.37% for the quarter ended December 2012. EID Parry reported a net loss of Rs 21.98 crore for the same quarter. Asian markets traded mixed as Japan's industrial production data came below expectations.
Project Greenspot is a bioenergy project in Ukraine that has already received 2.5 million euros in initial investment. The initiator now needs an additional 3.6 million euros in equity financing and 8.5 million euros in debt financing to complete construction. Danford & Co. is proposing to acquire 49% equity stake for 3.5 million euros and provide the 8.5 million debt financing. The debt would have a 6 year maturity at 15% interest. Danford & Co. would receive a 7% stake in the company and board representation in exchange for advising and overseeing the project. The financing and ownership structure is designed to maximize cash flow for creditors while targeting a 15.4% IRR for equity investors upon
- Credit Suisse Group reported net income of CHF 1,351 million for Q3 2004, down from CHF 1,457 million in Q2 2004. For the first nine months of 2004, net income was CHF 4,669 million.
- Most banking segments saw lower client activity and revenues due to geopolitical uncertainties and higher energy prices. Private Banking, Corporate & Retail Banking, and Wealth & Asset Management saw lower net incomes compared to Q2 2004.
- Winterthur and the insurance segments reported continued good progress towards profitability, with Life & Pensions and Non-Life seeing higher net incomes compared to the same period last year.
The document summarizes Richard O'Brien's presentation at the 2012 Denver Gold Forum on September 11, 2012. It outlines Newmont Mining Corporation's strategy to achieve profitable growth through 6-7 million ounces of annual gold production by 2017 while maintaining disciplined returns. It also highlights Newmont's exploration potential of 90 million ounces of gold reserves and 9 billion pounds of copper reserves by 2020. Additionally, the summary discusses Newmont's strong balance sheet, investment grade credit ratings, and commitment to returning capital to shareholders through an industry-leading dividend now tied to the trailing average gold price.
Power point of significance of spring offensive to nz and connection to rus r...historytgs
The document discusses New Zealand's involvement in the German Spring Offensive of March/April 1918 on the Western Front. It describes how the weakened British army was struggling with a lack of men by this point in the war. The newly reinforced German army launched a major offensive, outnumbering Allied forces. The New Zealand Division played a key role in stemming the German advance after being called back from rest, helping prevent Germany from winning the war. Nearly 1,000 New Zealand soldiers were killed in the fighting over these months, representing around 6% of New Zealand's total war deaths. Their efforts are now commemorated through numerous cemeteries and memorials in France and Belgium.
Engineering Research Publication
Best International Journals, High Impact Journals,
International Journal of Engineering & Technical Research
ISSN : 2321-0869 (O) 2454-4698 (P)
www.erpublication.org
I recently moderated a talk at the @ACAAngelCapital Leadership Conference in Boston on some of the ways angel groups may evolve to adapt to changing market conditions, particularly crowdfunding platforms allowing for less traditional investing (i.e. less contact with the companies, potentially less value-add, larger less tightly integrated syndicates).
El documento presenta los horarios y encuentros de los torneos de voley, futsal, basquet y otras disciplinas que se llevarán a cabo en las canchas numeradas del establecimiento. Se detallan los partidos de las categorías damas y varones para alumnos y personal en las distintas canchas asignadas en horarios de entre 12:30 y 07:50 pm.
The document provides guidance on what to look for and avoid in hemorrhoid treatment. People should look for treatments that solve the underlying problem, target the causes, provide relief, use natural ingredients, and are proven to be safe. Treatments should be avoided if they only address symptoms, fail to heal causes, only provide temporary relief, use chemicals, and have poor reviews or side effects. The recommendation is for Hemorrhoid Rescue, which is described as a natural herbal formula that treats the root causes of hemorrhoids and comes with a guarantee and information on its website.
The document summarizes several papers on teacher development according to different authors. The first paper by Penny Ur discusses the differences between professionals, technicians, amateurs and academics, arguing that professionals are constantly learning, innovative, and committed to improving their teaching. The second paper by David Hayes speaks about managing innovations in education and proposes the cascade strategy of experienced teachers helping novice teachers. The third paper by Douglas Brown suggests teachers prioritize goals, observe their own teaching, conduct research, and provide constructive feedback to continue developing.
The document discusses a 5th grade class where students describe their classmates and give each other small presents. It asks what 5th grade students are like by listing "5è" and asking "wHat aRe The students oF 5è likE?".
This Slide was made for non-commercial purposes.
이 강의자료는 (사) 전국지역아동센터협의회 온프렌즈에서 진행한 "2014년 사회복지사 보수교육"에서 사용되었습니다.
이 교육은 사회복지사들의 업무능력 향상에 필요한 IT활용역량을 강화하기 위해 시행되었습니다.
비영리IT지원센터는 CC라이선스를 준수합니다. 이 자료는 [저작자표시-비영리-동일조건변경허락]이 가능합니다.
비영리IT지원센터 페이스북 페이지 (https://www.facebook.com/npoitcenter)
5 Tips to Make Incentives Meaningful and Retain EmployeesGusto
Want to learn how the best companies use corporate perks? Join BambooHR and ZenPayroll and find out how to make your employee incentives more meaningful and retain employees.
RPP Kelas 1b t1 st 4 pb 1 ( teguh hidayat )Teguh Hidayat
Rencana pelaksanaan pembelajaran ini membahas tentang tema "Diriku" dan subtema "Aku Istimewa" untuk siswa kelas 1B. Pembelajaran ini bertujuan agar siswa dapat mengenal karakteristik diri dan teman-temannya, serta belajar bekerja sama dalam permainan sederhana. Materi ajarannya meliputi mengamati wajah dan ciri fisik diri sendiri dan teman, serta bermain permainan tradisional ular naga se
Nokia is committed to responsible business practices across its operations. It optimizes mobile devices for energy and material efficiency, using energy star certified chargers and reducing power consumption over time. Nokia's first future step is the 3110 Evolve, which uses renewable and recycled materials, ultra-low power chargers, and is designed for easy recycling. Going forward, Nokia aims to further improve materials and energy efficiency, engage consumers to utilize technology and resources sustainably, and explore how mobile technology can be applied to reduce unnecessary resource usage.
Bank Saint Petersburg reported its financial results for the first half of 2012. Some key highlights include:
- Total assets increased 3.19% to RUB 340.59 billion as of July 1, 2012 compared to the beginning of the year.
- Net income declined significantly to RUB 237 million for the first half of 2012 compared to RUB 4.5 billion for the same period last year, impacted by a contraction in net interest margin.
- The cost/income ratio increased to 48.16% for the first half of 2012 from 28.78% the previous year, reflecting higher provisions putting pressure on return on equity.
- Net interest income declined 12.2% year-over
The key Indian stock indices ended marginally higher, with the Sensex gaining 0.07% to close at 20005.00 points. Reliance Industries rose 1.87% after a four-day losing streak. Sentiment remained weak after the RBI's cautious stance on future monetary easing. In corporate news, Merck's net profit rose 58.37% for the quarter ended December 2012. EID Parry reported a net loss of Rs 21.98 crore for the same quarter. Asian markets traded mixed as Japan's industrial production data came below expectations.
Project Greenspot is a bioenergy project in Ukraine that has already received 2.5 million euros in initial investment. The initiator now needs an additional 3.6 million euros in equity financing and 8.5 million euros in debt financing to complete construction. Danford & Co. is proposing to acquire 49% equity stake for 3.5 million euros and provide the 8.5 million debt financing. The debt would have a 6 year maturity at 15% interest. Danford & Co. would receive a 7% stake in the company and board representation in exchange for advising and overseeing the project. The financing and ownership structure is designed to maximize cash flow for creditors while targeting a 15.4% IRR for equity investors upon
- Credit Suisse Group reported net income of CHF 1,351 million for Q3 2004, down from CHF 1,457 million in Q2 2004. For the first nine months of 2004, net income was CHF 4,669 million.
- Most banking segments saw lower client activity and revenues due to geopolitical uncertainties and higher energy prices. Private Banking, Corporate & Retail Banking, and Wealth & Asset Management saw lower net incomes compared to Q2 2004.
- Winterthur and the insurance segments reported continued good progress towards profitability, with Life & Pensions and Non-Life seeing higher net incomes compared to the same period last year.
The document summarizes Richard O'Brien's presentation at the 2012 Denver Gold Forum on September 11, 2012. It outlines Newmont Mining Corporation's strategy to achieve profitable growth through 6-7 million ounces of annual gold production by 2017 while maintaining disciplined returns. It also highlights Newmont's exploration potential of 90 million ounces of gold reserves and 9 billion pounds of copper reserves by 2020. Additionally, the summary discusses Newmont's strong balance sheet, investment grade credit ratings, and commitment to returning capital to shareholders through an industry-leading dividend now tied to the trailing average gold price.
Power point of significance of spring offensive to nz and connection to rus r...historytgs
The document discusses New Zealand's involvement in the German Spring Offensive of March/April 1918 on the Western Front. It describes how the weakened British army was struggling with a lack of men by this point in the war. The newly reinforced German army launched a major offensive, outnumbering Allied forces. The New Zealand Division played a key role in stemming the German advance after being called back from rest, helping prevent Germany from winning the war. Nearly 1,000 New Zealand soldiers were killed in the fighting over these months, representing around 6% of New Zealand's total war deaths. Their efforts are now commemorated through numerous cemeteries and memorials in France and Belgium.
Engineering Research Publication
Best International Journals, High Impact Journals,
International Journal of Engineering & Technical Research
ISSN : 2321-0869 (O) 2454-4698 (P)
www.erpublication.org
I recently moderated a talk at the @ACAAngelCapital Leadership Conference in Boston on some of the ways angel groups may evolve to adapt to changing market conditions, particularly crowdfunding platforms allowing for less traditional investing (i.e. less contact with the companies, potentially less value-add, larger less tightly integrated syndicates).
El documento presenta los horarios y encuentros de los torneos de voley, futsal, basquet y otras disciplinas que se llevarán a cabo en las canchas numeradas del establecimiento. Se detallan los partidos de las categorías damas y varones para alumnos y personal en las distintas canchas asignadas en horarios de entre 12:30 y 07:50 pm.
The document provides guidance on what to look for and avoid in hemorrhoid treatment. People should look for treatments that solve the underlying problem, target the causes, provide relief, use natural ingredients, and are proven to be safe. Treatments should be avoided if they only address symptoms, fail to heal causes, only provide temporary relief, use chemicals, and have poor reviews or side effects. The recommendation is for Hemorrhoid Rescue, which is described as a natural herbal formula that treats the root causes of hemorrhoids and comes with a guarantee and information on its website.
The document summarizes several papers on teacher development according to different authors. The first paper by Penny Ur discusses the differences between professionals, technicians, amateurs and academics, arguing that professionals are constantly learning, innovative, and committed to improving their teaching. The second paper by David Hayes speaks about managing innovations in education and proposes the cascade strategy of experienced teachers helping novice teachers. The third paper by Douglas Brown suggests teachers prioritize goals, observe their own teaching, conduct research, and provide constructive feedback to continue developing.
The document discusses a 5th grade class where students describe their classmates and give each other small presents. It asks what 5th grade students are like by listing "5è" and asking "wHat aRe The students oF 5è likE?".
This Slide was made for non-commercial purposes.
이 강의자료는 (사) 전국지역아동센터협의회 온프렌즈에서 진행한 "2014년 사회복지사 보수교육"에서 사용되었습니다.
이 교육은 사회복지사들의 업무능력 향상에 필요한 IT활용역량을 강화하기 위해 시행되었습니다.
비영리IT지원센터는 CC라이선스를 준수합니다. 이 자료는 [저작자표시-비영리-동일조건변경허락]이 가능합니다.
비영리IT지원센터 페이스북 페이지 (https://www.facebook.com/npoitcenter)
5 Tips to Make Incentives Meaningful and Retain EmployeesGusto
Want to learn how the best companies use corporate perks? Join BambooHR and ZenPayroll and find out how to make your employee incentives more meaningful and retain employees.
RPP Kelas 1b t1 st 4 pb 1 ( teguh hidayat )Teguh Hidayat
Rencana pelaksanaan pembelajaran ini membahas tentang tema "Diriku" dan subtema "Aku Istimewa" untuk siswa kelas 1B. Pembelajaran ini bertujuan agar siswa dapat mengenal karakteristik diri dan teman-temannya, serta belajar bekerja sama dalam permainan sederhana. Materi ajarannya meliputi mengamati wajah dan ciri fisik diri sendiri dan teman, serta bermain permainan tradisional ular naga se
Nokia is committed to responsible business practices across its operations. It optimizes mobile devices for energy and material efficiency, using energy star certified chargers and reducing power consumption over time. Nokia's first future step is the 3110 Evolve, which uses renewable and recycled materials, ultra-low power chargers, and is designed for easy recycling. Going forward, Nokia aims to further improve materials and energy efficiency, engage consumers to utilize technology and resources sustainably, and explore how mobile technology can be applied to reduce unnecessary resource usage.
1) ArcelorMittal reported a 6.6% increase in EBITDA to $8.6 billion for Q3 2008 compared to Q2 2008, supported by its three-dimensional strategy.
2) In response to the current economic environment, ArcelorMittal is increasing planned production cuts to accelerate inventory reduction and increasing its management gains target to $5 billion through additional SG&A savings.
3) Guidance for Q4 2008 EBITDA is provided in the range of $2.5-3 billion, reflecting increased voluntary production cuts. The base dividend is maintained at $1.50 per share for 2009.
L&t infra provides future perspective on the infrastructure sector in indiaLnTInfra
This document has some exclusive insights on the growing investment potential of infrabonds in India provided by L&T Infrastructure. It also provides a brief background of L&T infrastructure and it's recent tax saving bond- Tranche II.
Thompson Creek Investor Presentation - November 9, 2012Company Spotlight
Third Quarter 2012 Financial Results Investor Call
- The company reported a net loss of $48.2 million for Q3 2012 and $61.9 million YTD due to lower molybdenum production and prices.
- Production and cash costs are expected to increase in 2013 and 2014 as mining resumes at Endako and Thompson Creek mines.
- Capital expenditures will decrease to $295-335 million in 2013 from $838-878 million in 2012 as Mt. Milligan construction nears completion. The company has $360 million in cash and $612 million in committed funding to cover remaining capital needs.
Thompson Creek Metals provided an update on its Mt. Milligan copper-gold project in British Columbia. Construction is 54% complete overall and 72% of engineering, procurement and construction management is finished. Key milestones have been achieved, including water storage and concrete foundations. Assembly of grinding equipment is underway and the on-site power system is operational. The project remains on schedule for start-up in Q3 2013 and commercial production in Q4 2013. Thompson Creek has taken steps to de-risk the project through extensive engineering, procurement commitments, and use of lump-sum contracts.
This document discusses probabilistic requirements and verification for NASA's Constellation Program. It begins by providing motivation for adopting a probabilistic approach to address uncertainties. This includes writing probabilistic requirements and verifying designs using modeling and simulation. It then covers key topics like the types of probabilistic requirements, how to write them, and verification approaches. Specifically, it distinguishes between reliability-based requirements and engineering performance-based requirements. It also provides examples of probabilistic requirements and verification statements for safety and reliability goals. The overall aim is to clarify and standardize the process of using a probabilistic approach for requirements and verification.
1) The document analyzes various financial ratios of Dewan Cement Limited from 2009-2012 and compares them to industry ratios to evaluate the company's financial performance.
2) Working capital, current ratio, quick ratio, and cash ratio have been decreasing or negative over time and are lower than industry ratios, indicating worsening short-term financial management. However, quick ratio is improving.
3) Debt ratios like debt ratio and debt-to-equity are higher than industry and increasing over time, showing worsening long-term financial position. Equity ratio is lower than industry.
The document discusses the state of the US economy and the role of monetary policy. It provides an analysis of key economic indicators and headwinds facing recovery. GDP growth in 2012 was supported by consumption, investment and government spending. Housing prices and production are improving but wages remain low. The document evaluates current monetary policy tools and makes recommendations, suggesting policy should remain accommodative given unemployment and deflation risks outweigh inflation concerns. It recommends the Federal Reserve continue its current policy path.
Investerarpresentation Tokyo 7-8 maj 2012Riksgälden
The Kingdom of Sweden's National Debt Office manages central government debt and provides banking services. Its objectives are to minimize long-term costs while maintaining stability. Sweden has strong finances with debt around 30% of GDP and budget surpluses. The Debt Office focuses on nominal bonds to defend liquidity and gradually increases long-dated bonds and foreign currency issues to support the central bank reserve.
We recently worked with a non banking financial institution and helped them create a professional looking version of their existing loan policy documents. The intent was to keep the document clean and impactful whilst breaking away from the usage of Word.
Most of the times these documents are made in softwares such as InDesign but we made it in PowerPoint. The client not only benefited because the document was editable but was also able to re-use it for future projects. Also, the cost of creating this document was in PowerPoint was 8 times lesser than what they would have paid for InDesign work!
Similar to Infarstructure debt for institutional investors (11)
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...Herman Kienhuis
Presentation by Herman Kienhuis (Curiosity VC) on developments in AI, the venture capital investment landscape and Curiosity VC's approach to investing, at the alumni event of Amsterdam Business School (University of Amsterdam) on June 13, 2024 in Amsterdam.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
Virtual Leadership and the managing workIruniUshara1
Virtual leadership is a form of leadership in which teams are managed via a remote working environment.
Like traditional leadership roles, virtual leaders focus on motivating employees and helping teams accomplish their goals.
Virtual leadership focuses heavily on improving collaboration through communication, accountability, and transparency
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART INDIA MATKA KALYAN SATTA MATKA 420 INDIAN MATKA SATTA KING MATKA FIX JODI FIX FIX FIX SATTA NAMBAR MATKA INDIA SATTA BATTA
The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
Infarstructure debt for institutional investors
1. Infrastructure debt for institutional investors
Who is afraid of construction risk?
Frédéric Blanc-Brude, Research Director
EDHEC Risk Institute-Asia
NATIXIS/EDHEC Research Chair on Infrastructure Debt
2. Agenda
• The quandary: financing infrastructure construction
risk
• The nature of infrastructure debt
• Determinants of credit spreads
• Systematic drivers of credit risk
• Correlations and portfolio construction
• Conclusions
2
3. The quandary:
Who is afraid of construction risk?
• Growing interest of institutional investors for
long-term infrastructure investment
– LDI & avoidance of market volatility
• Growing political pressure to involve institutional
money into the financing of new infrastructure
investments
• The difference boils down (in part) to the question
of "construction risk" i.e. who should bear the risk
of building new infrastructure?
3
5. The nature of infrastructure debt
• The infrastructure debt universe
• Project finance debt represents the majority of this universe
→ Relevant subset from an institutional investment point of
view: unlisted, very large, 30-year track record, future
origination
• Project finance captures the characteristics of underlying
infrastructure investments
• Project finance benefits from a clear and internationally
recognised definition since Basel-2
5
7. Basel-2 definition
"Project Finance (PF) is a method of funding in which investors
looks primarily to the revenues generated by a single
project, both as the source of repayment and as security for
the exposure. In such transactions, investors are usually paid
solely or almost exclusively out of the money generated by the
contracts for the facility's output, such as the electricity sold by
a power plant. The borrower is usually an SPE that is not
permitted to perform any function other than developing,
owning, and operating the installation. The consequence is
that repayment depends primarily on the project's cash Flow
and on the collateral value of the project’s assets." (BIS, 2005)
7
9. The economics of project financing
• Separate incorporation: self-selection of the
project sponsors
– Role of initial investment (construction phase) and project
lifecycle
• Leverage: project selection by the lenders
– Non-recourse financing: an optimisation exercise
– Role of lenders in SPE corporate governance
– High leverage = low asset risk
• Financial economics of the single-investment firm
with high (initial) leverage and a long-term horizon
– Impact of time vs. impact of de-leveraging
• Project finance is different from standard corporate
debt 9
12. Credit spread determinants
• The immense majority of project finance debt
is priced against a floating benchmark e.g.
LIBOR
• Three types of spread term structures: flat,
down-trending and up-trending
– Individual loans have different spreads at different
points in time
• Average loan spreads are a function of 3
types of factors
– Loan characteristics
– Macro-level factors
– Project level factors
• Systematic drivers of credit spreads exist in
both cross-sectional (average) and
longitudinal dimensions
13. Average loan spread determinants
• Loan characteristics
– Maturity
– Size
– Syndicate size
• Macro-level factors
– Country risks
– Credit cycle
– Business cycle
• Project-level factors
– Revenue risk models (determine business cycle impact)
– Construction risk
– Operating risks
– Leverage
14. Average loan spread determinants
• Existing studies pre-exist the 2007-9 financial
crisis
• New datasets: 1995 to 2012
– NATIXIS: 444 project loans
– Thomson-Reuters: 1,962 project loans
• Results of linear regressions confirm existing
literature insights despite the impact of the crisis
of average spreads
– Project finance loans have lower spreads if they have
longer maturities and a larger size
– Revenue risk models are a significant driver of credit
spreads
– Construction risk is not (proxies suggest)
– After 2008, the collapse of benchmark rates had a very
significant positive impact on spreads
17. Longitudinal spread determinants
• Two sub-samples: down-trending and up-
trending (according to the average difference of annual change in spread)
• Spreads change in time to reflect change
in risk profile (down) or to trigger a
refinancing operation (a re-setting of risk
pricing to match the change in risk profile)
• Statistical results (panel regression with
fixed effects) are very significant
• We observe differential risk pricing during
the lifecycle
21. Return and risk measures
• Once the determinants of credit spreads
(yield to maturity) is known, the excepted
return is a function of default and recovery
rates and can be written:
EARi = YTMi – ELi (Altman 1996)
With the expected loss
ELi = LGDi x PDi
• Likewise, the unexpected loss is written
ULi = LGDi x √(PDi x (1-PDi))
22. Credit risk studies for project debt
• Majors data collection efforts by rating
agencies have been on-going for more
than ten years
• 10-year cumulative probabilities of default
are observed to be around 10%
• Loss-given default (1-recovery) fluctuates
between 25% and 0%. In more than two
thirds of cases in the largest sample,
recovery rate =100%
• Credit risk dynamics make the marginal
PDs more informative
26. Risk adjusted measure of infrastructure
debt as a function of year-from-
origination
• The excepted return can now be written as a
function of time from origination:
EARit = YTMit – ELit
With the expected loss
ELit = LGDit x PDit
• Likewise, the unexpected loss is written
ULit = LGDit x √(PDit x (1-PDit))
• Like credit spreads, both expected return and risk
are a function of risk factors for the average
instrument i over a lifecycle lifecycle defined by t
=1,2,…T
• This plays an instrumental role at the portfolio
construction stage: the lifecycle becomes an
important dimension of efficient infrastructure debt
portfolios
28. Portfolio return & risk measures
• Using the expected and unexpected losses
already defined, we can write
• The debt portfolio’s return measure:
Rp = Σi=1N wi.EARit
• The debt portfolio’s risk measure:
ULp = Σi=1N Σj=1N wi.wj.ULit.ULjt.ρijt
For debt instruments i and j at time from
origination t
29. Default correlations
• Existing research on default correlation in
corporate debt boils down to two stylised facts
– Default correlations are low in ‘normal’ times
– Default correlations are a function of the business
cycle
• Casual observation of project finance default
rates suggests that the business cycle plays
an important role
• But we know that year-from-origination and
project-specific factors should also explain
defaults at any given point in the business
cycle…
– We use panel regression to separate the effect of
the business cycle from that of the project cycle on
the covariance of default probabilities
34. Portfolio construction
• With these (partial) estimates of default
correlations we can compute portfolio returns
for a single period using the variable ‘year-
from-origination’ to capture the effect of the
lifecyle on expected returns and risk
– The objective is to illustrate the diversification
potential of investing across the infrastructure
project lifecycle
– We built to portfolios:
• One invested across ten years of project lifecycle
(including construction)
• Another one invested only in post-construction/mature
years (after year 5)
35. Efficient frontier with and without
construction risk (illustration)
200
190
Expected returns (basis points)
180
Including ‘construction risk’
170
160
Post construction debt
portfolio frontier
150
140
0.5 1 1.5 2 2.5 3
Risk (basis points)
141.15
Expected returns (basis points) 141.10
141.05
141.00
140.95
excluding ‘construction risk’
140.90
0.8 0.9 1 1.1 1.2 1.3 1.4 1.5
Risk (basis points)
37. Infrastructure debt portfolio
construction:
remunerated & systematic risk factors
• Theory and evidence suggest that within a
large sample of project finance loans,
several subsets can be identified that
capture remunerated exposure to
different systematic risk factors
• Two subsets standout as prime candidates
to improve portfolio diversification
– Revenue risk models creating three subsets:
full, partial and no commercial risk
– The project lifecycle, which captures the
evolution of the ‘single-investment firm’ from
the investment, including construction, to the
operating stage.
38. Infrastructure debt:
the benefits ‘lifecycle diversification’
• We have show that substantial diversification
benefits can be created by investing in
infrastructure project debt at different points in the
infrastructure project lifecycle.
• This conclusion is a direct consequence of:
– The systematic change of risk profile of infrastructure
project debt during its life
– The matching change in spreads observed in project
loans as they age
– The differences in default correlations between different
years from origination
• If investing across the entire lifecycle of
infrastructure projects improves diversification
then investors should welcome ‘construction risk’
in their infrastructure debt portfolios
39. What construction risk anyway?
• Recent research on construction risk confirms what theory
suggests: on average, in project finance, construction risk is
idiosyncratic (zero-mean = fully diversifiable) and is not as
high as in public infrastructure projects.
Construction cost overruns
in public and private infrastructure projects
70
60
50
40
30
20
10
0
-80 -60 -40 -20 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280
Public construction risk - decision to build (Flyvbjerg dataset, n=110, 1950-2000)
Project finance construction risk - financial close (NATIXIS dataset, n=75, 1993-2010)
Blanc-Brude & Makovsek 2013
40. So who is afraid of construction
risk?
• Most existing infrastructure project finance debt prices
the changes in project risk profiles
– The average change in systematic credit risk is
predictable, and systematic risk is remunerated
– It is not only a feature of ‘legacy’ project debt. What
matters is that with project finance, by design, credit risk
can be priced over the lifecycle.
• As a consequence, institutional investors need
‘construction risk’ to build efficient portfolios of
infrastructure debt
– As long as risk is priced across the lifecycle this
conclusion holds
• Conversely, for this conclusion to hold, risk should be
priced across the lifecycle: this unique feature of
project financing allows solving the initial quandary
– Adequate pricing of systematic risk across the
infrastructure project lifecycle can lead to both more
efficient infrastructure debt portfolios and the financing of
new infrastructure to support growth in Europe and
41. Selected references
• Altman, E. (1996, October). Corporate Bond and Commercial Loan
Portfolio Analysis. Centre for Financial Institutions Working Papers
96-41, Wharton School Centre for Financial Institutions, University
of Pennsylvania.
• Blanc-Brude, F. and D. Makovsek (2013, January). Construction
risk in infrastructure project Finance, EDHEC Business School
Working Papers
• Blanc-Brude, F. and R. Strange (2007). How Banks Price Loans to
Public-Private Partnerships: Evidence from the European Markets.
Journal of Applied Corporate Finance 19(4), 94--106.
• Moody's (2013, February). Default and recovery rates for project
Finance bank loans1983-2011. Technical report, Moody's Investor
Service, London, UK.
42. Who is afraid of
construction risk?
by
Frédéric Blanc-Brude*
Omneia Ismail
Available online at:
www.edhec-
risk.com/multistyle_multiclass/N
atixis_Research_Chair
And in hard copy at this event
*frederic.blanc-
brude@edhec.edu