This presentation was made by Isabel Rial, IMF, at the 8th meeting of Senior Public-Private Partnerships and Infrastructure Officials held in Paris on 23-24 March 2015.
Prioritisation and selection of public investment projects - Seungwook LEE, ...OECD Governance
This presentation was made by Seungwook LEE, Korea, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
This presentation was made by Isabel Rial, IMF, at the 8th meeting of Senior Public-Private Partnerships and Infrastructure Officials held in Paris on 23-24 March 2015.
Prioritisation and selection of public investment projects - Seungwook LEE, ...OECD Governance
This presentation was made by Seungwook LEE, Korea, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
PPP for regional development - Lee MIZELL, ConsultantOECD Governance
This presentation was made by Lee MIZELL, consultant, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
PPP for regional development - Lisa MITCHELL, CanadaOECD Governance
This presentation was made by Lisa MITCHELL, Canada, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
Infrastructure development - Holger Van Eden, IMFOECD Governance
This presentation was made by Holger Van Eden, IMF, at the 14th OECD-Asian Senior Budget Officials Meeting held in Bangkok, Thailand, on 13-14 December 2018
Sustainable funding of infrastructure projects - Andrew JAGGERS, AustraliaOECD Governance
This presentation was made by Andrew JAGGERS, Australia, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
PPP for regional development - Dorothée ALLAIN-DUPRE, OECD SecretariatOECD Governance
This presentation was made by Dorothée ALLAIN-DUPRE, OECD Secretariat, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
This presentation was held during the 5th GIB Summit, May 27-28 2015.
The presentation and more information on the Global Infrastructure Basel Foundation are available on www.gib-foundation.org
Presented at the 4th Global Infrastructure Basel Summit 21 & 22 May 2014.
Read more about the world leading platform for Sustainable Infrastructure Finance at www.gib-foundation.org.
Next Summit: 27 & 28 May 2015 in Switzerland
Presented at the 4th Global Infrastructure Basel Summit 21 & 22 May 2014.
Read more about the world leading platform for Sustainable Infrastructure Finance at www.gib-foundation.org.
Next Summit: 27 & 28 May 2015 in Switzerland
For many corporate occupiers, commercial property constitutes one of their largest operational assets. With a desire to improve shareholder value and efficiency and to refocus on core business, the continued necessity to
retain such assets on the balance sheet is now under challenge. Changes in accountancy practice and a desire to maintain flexibility are, however making the choices ever more complicated.
This paper examines the current options available for corporate users seeking to extract value from their property assets.
PPP for regional development - Lee MIZELL, ConsultantOECD Governance
This presentation was made by Lee MIZELL, consultant, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
PPP for regional development - Lisa MITCHELL, CanadaOECD Governance
This presentation was made by Lisa MITCHELL, Canada, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
Infrastructure development - Holger Van Eden, IMFOECD Governance
This presentation was made by Holger Van Eden, IMF, at the 14th OECD-Asian Senior Budget Officials Meeting held in Bangkok, Thailand, on 13-14 December 2018
Sustainable funding of infrastructure projects - Andrew JAGGERS, AustraliaOECD Governance
This presentation was made by Andrew JAGGERS, Australia, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
PPP for regional development - Dorothée ALLAIN-DUPRE, OECD SecretariatOECD Governance
This presentation was made by Dorothée ALLAIN-DUPRE, OECD Secretariat, at the 11th Annual Meeting of the OECD Network of Senior PPP and Infrastructure Officials held at the OECD, Paris, on 27 March 2018
This presentation was held during the 5th GIB Summit, May 27-28 2015.
The presentation and more information on the Global Infrastructure Basel Foundation are available on www.gib-foundation.org
Presented at the 4th Global Infrastructure Basel Summit 21 & 22 May 2014.
Read more about the world leading platform for Sustainable Infrastructure Finance at www.gib-foundation.org.
Next Summit: 27 & 28 May 2015 in Switzerland
Presented at the 4th Global Infrastructure Basel Summit 21 & 22 May 2014.
Read more about the world leading platform for Sustainable Infrastructure Finance at www.gib-foundation.org.
Next Summit: 27 & 28 May 2015 in Switzerland
For many corporate occupiers, commercial property constitutes one of their largest operational assets. With a desire to improve shareholder value and efficiency and to refocus on core business, the continued necessity to
retain such assets on the balance sheet is now under challenge. Changes in accountancy practice and a desire to maintain flexibility are, however making the choices ever more complicated.
This paper examines the current options available for corporate users seeking to extract value from their property assets.
A workshop was held in the IFSC on December 8th 2016, looking at financial incentives to promote citizen investment in renewable energy. The workshop was organised by Dr. Celine McInerney, Cork University Business School, and Joseph Curtin, UCC. It was funded by the EPA Research programme.
Income Matching Using Bonds NorCal 2011Brent Burns
Presentation slides from FPA NorCal 2011. Steve Huxley and I presented on how to create pension-like income usning individual bonds. Also contrasted against annuities, dividends and REITs.
Capitalism has a long history of boom and bust, we have to continue to learn by every crisis. Two key problems arose especial in Mega Developments in the region with the soft economy and mix use / market shift, the first being most developments are designed for continuous construction rather than phased and the second most master plans could not be phased efficiently with sustainability issues pushes to the forefront. The Presentation focuses on Developers dilemmas and lessons learned and highlight some of the solutions including cost share and cost recovery mechanisms adopted through a project case study.
UC Real Estate Professional Development: Financing ToolsThe Port
Financing tools workshop: an overview of new and bedrock tools of development finance, presented March 24, 2015 at University of Cincinnati Real Estate Center
by Susan E. Thomas, Port of Greater Cincinnati Development Authority and Matt Staarmann of Ross, Sinclaire and Associates
This short guide provides you with an introduction to how you can earn attractive returns of between 5-12% pa* by investing in Peer-to-Peer Loans secured against UK income producing Commercial Property.
*After fees, but before bad debts & taxes. Capital at risk
Similar to Investing in Infrastructure – Combining Responsibility with Returns (20)
The Impact of Technology on the Pensions IndustryRedington
The impact of technology on the pensions industry (past, present, future).
Prezi version: https://prezi.com/aadascppmnor/the-impact-of-technology-on-the-pensions-industry
Making Decisions; An Effective Trustee BoardRedington
What are the 10 core strengths of a Trustee Ninja?
1. Passion
2. Trust
3. Open Minded
4. Intellectual Curiosity
5. Numeracy
6. Collegiate
8. Prepare to challenge and be challenged
7. Seeing the wood for the trees
9. Prepare to stand out from the crowd
10. Make decisions and live with the consequences
"I haven’t told you the best part,” said Grandpa. “When you save your acorns, they don’t just sit there and wait for you. They grow into trees, and the trees give you more and more acorns.”
Join Oliver and Amelia as Grandpa teaches them the importance of saving. They hear the story of how the bears saved the monkeys. They learned about the consequences of wasting bananas, sharing berries and saving acorns. The best part is the acorns they save can grow over time into trees with more acorns.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Investing in Infrastructure – Combining Responsibility with Returns
1. Redington
13-15 Mallow Street
London EC1Y 8RD
T. 020 7250 3331
www.redington.co.uk
TUC Member Trustee Network Annual Conference 2011
Investing in Infrastructure – Combining Responsibility with Returns
November 15th 2011
2. 2
Investing in Infrastructure – Combining Responsibility with Returns
Why invest in infrastructure?
• Earn high-quality, long-dated inflation-linked
cashflows at attractive real yields
• Obtain returns no longer offered by traditional asset
classes
• Reach full funding with lower risk
• Support projects which provide high value add for
society
What to consider when investing?
• How will you access infrastructure returns:
Choosing the right structure to make infrastructure
Flight Plan Consistent
What are the advantages of bespoke investment
structures?
Which risk profiles are acceptable?
Which opportunities are available?
• Wide range of attractive opportunities with different
risk/return profiles, such as:
Social housing
Private Finance Initiatives
Water infrastructure
3. 3.0
3.5
4.0
4.5
5.0
5.5
Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11
%
30-year gilt yield
30-year swap rate
The markets we are in: declining yields
Long-term yields have fallen, pushing up the
value of pension funds’ liabilities...
Why Invest in Infrastructure?
The markets we are in
3
1
Source: Bloomberg, Redington
31-Oct11
4. 40
60
80
100
120
140
160
Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11
RebasedatJan07=100
FTSE 100
Emerging markets equity*
Developed world equity**
4
Why Invest in Infrastructure?
The markets we are in
The financial crisis has set equities on a rollercoaster ride
with low and volatile medium and long-term returns. Risky
assets have increasingly failed to deliver adequate
outperformance.
2
Source: Bloomberg, Redington
The markets we are in: underperforming equities
*Emerging market equity = MSCI Emerging Markets Index
**Developed world equity = MSCI Developed World ex. UK
31-Oct11
5. -0.25
0
0.25
0.5
0.75
1
1.25
1.5
1.75
Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11
%
Yield on 30-year inflation-linked gilt
30-year real swap rate
5
Why Invest in Infrastructure?
The markets we are in
Source: Bloomberg, Redington
Real yields have declined, making it more difficult for
pension funds to access attractive and secure long-
term returns that will allow them to reach full funding.
3
The markets we are in: low real yields
31-Oct11
6. 75%
85%
95%
105%
115%
Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11
FundingLevel(Assets/Liabilities)
Funding level
Full funding
250
300
350
400
450
Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11
£bn
Assets Liabilities
The effect on pension schemes: declining funding levels
Why Invest in Infrastructure?
The effect on pension schemes
1. Falling long-term yields 2. Risky assets underperforming 3. Declining real rates
FTSE 100 companies’ aggregate pension assets and liabilities Aggregate funding level of FTSE 100 pension schemes
As asset performance failed to keep pace with rising liabilities, funding levels declined.
Pension funds must therefore focus on making the right decisions to achieve full funding in a difficult environment.
Source: Aon Hewitt Pension Risk Tracker, Redington Source: Aon Hewitt Pension Risk Tracker, Redington
6
31-Oct11 31-Oct11
7. Full funding
Getting the returns you need
Current position
Infrastructure assets can help schemes
achieve full funding because they offer...
• Attractive rates of real return
• Inflation linkage
• Long-dated, high quality and often secured
cashflows
Pension funds must find ways to:
• Earn attractive long-term real
returns sufficient to achieve full
funding
• Obtain inflation-linked cashflows
• Strike an attractive risk/return
balance
• Consider where you want to be positioned in the capital structure (debt or equity)
• Determine the return you require and the level of risk you are comfortable with to choose the
right type of infrastructure asset to invest in
Making the best of infrastructure
7
Why Invest in Infrastructure?
Getting the returns you need
8. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
GBPMillions
Liabilities Path Actual Liabilities Assets Path Actual Assets
Liability Basis
Contributions & Asset Returns
Time Horizon
The Flight Plan is an effective tool for making focussed asset allocation decisions and identifying
the best opportunities.
It allows schemes to identify the assets which contribute most towards their progress to full
funding – we call them Flight Plan Consistent Assets.
Why Invest in Infrastructure?
Flight Plan
8
The Flight Plan
• Maps out the path of a
scheme’s assets and
liabilities from their
current position to full
funding
• Requires three key
variables to build: the
assumed rate of return
on assets, the cash
contribution schedule,
and the target date for
full funding.
10. 10
-6
-4
-2
0
2
4
6
8
0 5 10 15 20 25 30
GBPMillions
Years
Initial investment
Attractive real
returns
Inflation-linked
cashflows
Providing a match
for liabilities
Inflows
Outflows
Source: Redington
Flight Plan Consistent Asset – Example Cashflow Profile
Why Invest in Infrastructure?
Flight Plan Consistent Assets
Key Characteristics
Flight Plan Consistent
Assets
• Enable schemes to
access attractive real
returns and long-dated
inflation-linked cash
flows .
• The attractive real
returns are the result
of a significant
illiquidity premium
Key Characteristics
Attractive real returns and inflation-linked cashflows High-quality, often secured cashflows
Illiquid Varying degrees of complexity/might be difficult to access
11. Infrastructure
• Take advantage of attractive yields on long-term secured
property leases
• Yields may be in excess of yields on corporate bonds issued by
same borrower
• Long-dated index-linked cashflows
Secured Leases
• Ground rent created when freehold land or building is sold on
long lease
• Typically “pepper-corn” rent for land only (not buildings)
Ground Rents
• Low-cost rental housing provided for disadvantaged people in
need of housing
• Generally provided by local councils and housing associations
Social Housing
• Investing in public sector projects through, for example, Private
Finance Initiatives (PFIs), bespoke investments structures or by
purchasing a suitable infrastructure asset
• Wide range of possible assets, from roads to power generation
Traditional Infrastructure
Why Invest in Infrastructure?
Flight Plan Consistent Assets
• Offers long-dated, inflation-linked cashflows
from secured borrowers (i.e. housing
associations) with quasi-government
guarantee
• Long-term, potentially inflation-linked
revenue streams
• Offers attractive returns, limited credit
risk and high level of security
Other Flight Plan Consistent Assets
11
12. We will focus on Social Housing and Traditional Infrastructure
to illustrate the different factors that need to be taken into account.
• Pricing mechanism: availability vs. demand
• Stage of development: infant vs. mature
Traditional Infrastructure
• Redington is cooperating closely with third parties
with strong infrastructure expertise and resources
to provide attractive investment solutions for
pension funds.
Social Housing
• Redington has been a pioneering force for turning
Social Housing into an investable asset class for
pension funds.
Accessing infrastructure
What to Consider when Investing?
Accessing infrastructure
Investing in infrastructure is usually relatively complex.
It is essential to focus on getting the details right to ensure
that the actual returns and cashflows meet the pension fund
investor’s expectations and requirements.
Specific Risk/Return Profile
of the individual asset
12
• Capital structure
• Solution type: bespoke vs. pooled
Investment Structure
Used to access the returns and
cashflows
1
2
• Social housing
• Private finance initiatives
• Water infrastructure
Examples
of infrastructure assets
3
13. Making infrastructure Flight Plan Consistent
What to Consider when Investing?
Making infrastructure Flight Plan Consistent
13
Pension funds must be clear about the way in which they want
to access infrastructure investments.
Before the financial crisis
• Infrastructure investments have historically been
structured with little equity and high levels debt
provided by banks. Pension funds often invested in the
leveraged equity as a growth asset with relatively low
security of returns and usually no inflation linkage.
After the financial crisis
• Banks have increasingly withdrawn from providing debt
financing. Pension funds have increasingly stepped in to
replace bank financing. Smaller schemes have focussed
on investing in infrastructure debt.
• Large pension funds have purchased whole
infrastructure assets (100% equity) to obtain full
ownership and enjoy all benefits such as inflation-linked
and high-quality returns.
• Full ownership allows pension funds to make
infrastructure assets Flight Plan Consistent.
The Right Structure to Earn the Returns You Want
90% Debt
Whole
Business
100% Equity
10% Equity
Provided
by banks
Pension
funds
Before the financial crisis After the financial crisis
Pension funds
Flight Plan Consistent
14. North America
• The UK’s largest pension fund – the BT Pension Scheme – has
invested over £300m in renewable energy infrastructure.
• A number of other large UK schemes, such as the Universities
Superannuation Scheme (USS) and the Railways Pension Scheme
(RailPen) have infrastructure allocations.
United Kingdom
• ABP – the pension fund for government and education employees
and the largest in the Netherlands – allocates 2% of its €242
billion assets to infrastructure.
• To facility this, it has opened offices in Hong Kong to gain access
to Asian infrastructure projects.
Continental Europe
• The largest US pension fund – the California Public Employees
Retirement System (CalPERS) – adopted a new investment policy
in 2008 with a target allocation of 3% of assets or $7.2 billion in
infrastructure.
United States
• The Ontario Municipal Employees Retirement System (OMERS)
and Ontario Teachers Pension Plan (OTPP) are large players in
direct infrastructure investment.
• They succeeded in joint bid for the UK High Speed Rail 1 for £2.1
billion.
Canada
What to Consider when Investing?
What other pension funds are doing
• They now hold a 30-year concession to own
and operate the rail line.
• Other large infrastructure investors
include Danish pension fund ATP, which
among has invested in toll roads and
ports around the world.
Europe
14
• As part of this strategy, CalPERS took a 12.7%
stake in London’s Gatwick Airport.
15. Bespoke investment structures
What to Consider when Investing?
Bespoke investment structures
15
Source: Evolution
Securities, Redington
Asset Manager
• Manage day-to-day operations and supervise financial performance of each
investment/provide operational fund management services
Investment Manager
• Provide financial analysis and investment,
origination and structuring expertise
Example Bespoke Investment Structure
Investment Consultant
• Support for evaluating and structuring
investments
• Ensure investments’ risk/return profile and
investment structure are in line with Fund
requirements
Pension Fund
Tailored Investment Structure
(e.g. Fund/Special Purpose Vehicle)
Development 1 Development 2 Development 3
Equity/Debt Investment
Housing Association
Portfolio
Equity Investment
16. Risk profiles
Most Risk
Pricing mechanism
Least Risk
Sector
The risk that an infrastructure investment fails to provide
liability-matching returns depends on several factors.
• An asset that earns a
return simply because it is
available for use will be
less risky than an asset
where the return depends
on actual demand
• “Infrastructure” covers a wide range of different assets
which can be exposed to a wide range of risks such as
‐ availability risk
‐ construction & performance risk
‐ political & regulatory risk (e.g. changing regulatory
regimes)
‐ environmental risk (e.g. pollution)
‐ technological risk (e.g. obsolescence, technical
challenges)
• Pension fund investors must therefore thoroughly assess
the risk profile of the asset they want to invest in
Infrastructure Sector
Availability Regulatory Demand Economic Price
Most RiskLeast Risk
Pricing Mechanism
• Investors will be exposed to
more risk if they invest at an
early stage of development,
but can also expect a higher
return
Development Stage
What to Consider when Investing?
Risk profiles
16
Source: Evolution
Securities, Redington
17. Which Opportunities are Available?
Private Finance Initiatives
Example: Private Finance Initiatives
Private Finance Initiatives are a form of Public Private
Partnership where private firms provide funding, construction
and operations services for public sector projects.
17
• Contracts are long-dated and cashflows typically inflation-
linked
• Revenue streams backed by quasi-government guarantees
and secured on underlying assets
• Illiquidity gives rise to a premium return over gilts
• Large scope for socially responsible investment and creating
wealth for both beneficiaries and the wider community
• Bank balance sheet contraction has increased the universe of
opportunities for pension funds to provide debt financing
Private Finance Initiative investment features
Defence: Future Strategic
Tanker Aircraft
Health: Queen Elizabeth
Hospital, London
Typical investment structure:
Government
Pension Funds
(Investors)
Special Purpose
Vehicle (SPV)
Capital
Interest
payments
Build & manage
through private
contractors
Cash flow
generated from
assets
18. • Bought by HSBC in August 2011 (for warehousing)
for £74m
• Provides water for 300,000 people in Cambridgeshire
• 2010/2011: Revenue of £20m with profits of £7m
before tax with no external debt except for a revolving
credit facility to cover working capital
• Attractive purchase opportunity for a large pension fund or a
consortium of funds
• Redington advised two UK schemes who bid for this asset. However,
although this bid was acceptable on price, it could not compete with
the winning cash bid which had an accelerated timetable and no due
diligence
Which Opportunities are Available?
Water infrastructure
Example: Water infrastructure
The UK water sector provides excellent examples of
infrastructure assets attractive for pension fund investors,
providing the security, returns and cashflows that pension
funds need.
• Economic environment has small impact on returns:
water is a necessity and will therefore be demanded
irrespective of economic growth.
• Inflation-linked cashflows and returns: water companies ‘
regulatory regime means they can increase prices in line
with the agreed price review which in turn is based on a
formula related to RPI.
• Low regulatory risk: The regulator’s desire to increase
competition in the area could have a negative impact on
returns but the Government is likely to block any such
move.
Water sector: key characteristics
Case study: Cambridge Water
18
19. Which Opportunities are Available?
Social Housing
Example: Social Housing
Social Housing is a form of low cost, rental housing typically
provided by local councils and non-profit organisations called
housing associations.
19
• Housing associations issue inflation-linked debt secured on a
pool of housing units to finance activities
• Interest payments are matched by rental income that is
typically increased yearly at RPI + 0.5%
• Illiquidity gives rise to a premium return over gilts
• Enjoys a large degree of government support, with rental
payments often heavily subsidised
• Combines social responsibility with returns
Social Housing investment features
Background
• Traditionally financed by state support and bank loans
• Financial crisis imposed losses and higher capital
requirements on banks, limiting their ability to lend
• The government is burdened by debt and a large deficit,
causing it to reduce spending
• This ‘funding vacuum’ has given pension funds an
opportunity to step in and provide financing
20. Social housing: risk profile
Which Opportunities are Available?
Social housing: risk profile
• The diagram shows a typical
social housing portfolio for a
pension fund investor with a
blended real return of ca. 3-4%
p.a.
• The portfolio consists of different
housing types with specific
risk/return profiles
• By adapting the share of the
different housing types in the
portfolio, an investor can tailor
the portfolio’s return and the risk
characteristics so that they fit
requirements
Social Housing is typically a low-risk asset class but the returns
and the risk on a portfolio can be tailored (to some extent) to
meet pension funds’ requirements.
20
Source: Evolution Securities, Redington
21. Redington Publications
21
Spring Collection Highlights: LDI 2.0, Secured Leases,
Ground Rents, Equity Release Mortgages, Social
Housing, Insurance-Linked Securities, Infrastructure
http://www.redington.co.uk/Redington/media/PDFs/
knowledge/Other%20Publications/Redington-Spring-
Collection-2010.pdf
Spring/Summer 2011 Collection: Enhanced Matching Assets,
Socially Responsible Investing and Long-Term Growth Assets
http://www.redington.co.uk/Redington/media/PDFs/knowledge/Other%20Publications/Reding
ton-Spring-Summer-Collection-2011.pdf
Keeping up with the latest in Flight Plan Consistent Assets
Redington publications
22. Contacts
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Contacts
22
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Telephone: +44 (0) 20 7250 3331
Redington
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Robert Gardner
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robert.gardner@redington.co.uk
www.redington.co.uk
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