Public-Private Partnerships

Principles of Policy and Finance
 
 
Elsevier (Verlag)
  • 2. Auflage
  • |
  • erschienen am 29. Mai 2018
  • |
  • 548 Seiten
 
E-Book | ePUB mit Adobe DRM | Systemvoraussetzungen
E-Book | PDF mit Adobe DRM | Systemvoraussetzungen
978-0-08-100767-9 (ISBN)
 

Public-Private Partnerships for Infrastructure - Principles of Policy and Finance, Second Edition explains how public private partnerships are prepared, procured, financed, and managed from both the public- and private-sector perspectives. As the use of public private partnerships continues to develop world-wide, both in the area of public policy and private financing and contracting, the Second Edition of this leading textbook:

    • Captures and explains the latest approaches, providing a comprehensive all-round guide for those on both the public- and private-sector sides of the table
    • Emphasises a step-by-step approach within a comprehensive, cross-referenced format
    • Includes clear explanations of PPP evaluation, structuring and financing concepts for the benefit of those new to the topic: no prior knowledge is assumed or required
    • Provides detailed reference points for more experienced practitioners
    • Draws from the authors' experience and practice in PPP markets worldwide to provide a perspective on practical application of the key underlying principles
    • Includes an extensive glossary of technical and financial terms used in the PPP sector
    • Includes more technical information and a stronger legal perspective than other books
    • Emphasizes a step-by-step approach within a comprehensive, cross-referenced format
    • Expands and updates the historical backgrounds and political contexts of public-private partnerships


    E.R. Yescombe is an independent consultant on project finance and public-private partnerships (PPPs), advising investors on financing for power, infrastructure and PPP projects, as well as public-sector entities on PPP policy issues, project procurement and contracting.
    • Englisch
    • Saint Louis
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    • Großbritannien
    • 4,68 MB
    978-0-08-100767-9 (9780081007679)
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    • Front Cover
    • Public-Private Partnerships for Infrastructure
    • Copyright Page
    • Contents
    • List of Figures
    • List of Tables
    • I. Introduction
    • 1 Overview
    • Part 1: Introduction
    • Part 2: The Public-Sector Perspective
    • Part 3: Risk Analysis and Allocation
    • Part 4: The PPP Contract
    • Part 5: The Private-Sector Perspective
    • Part 6: Alternative Models-Summing Up
    • 2 What Are Public-Private Partnerships?
    • §2.1 Introduction
    • §2.2 Public Infrastructure and the Private Sector
    • §2.3 Public-Private Partnerships
    • §2.4 Development and Structures
    • §2.4.1 Concessions
    • §2.4.2 Franchises and Affermage
    • §2.4.3 Power-Purchase Agreements
    • §2.4.4 BOO-BOT-BTO-DBFO
    • §2.4.5 Project Finance
    • §2.4.6 Project Finance for Concessions
    • §2.4.7 Availability PPPs
    • §2.5 PPPs in the Spectrum of Public Infrastructure
    • §2.6 PPP Markets Worldwide
    • 3 Cash Flow and Investment Analysis
    • §3.1 Introduction
    • §3.2 Present Value / Discounted Cash Flow
    • §3.2.1 Present Value
    • §3.2.2 Discounted Cash Flow
    • §3.2.3 Using Discounted Cash-Flow Calculations
    • §3.3 Internal Rate of Return
    • §3.4 Problems with Discounted Cash Flow and Internal Rate of Return Calculations
    • §3.4.1 Single Discount Rate
    • §3.4.2 Discounted Cash-Flow Calculations and Different-Sized Projects
    • §3.4.3 Internal Rate of Return and Cash Reinvestment
    • §3.4.4 Internal Rate of Return and Different Project Lives
    • §3.4.5 Internal Rate of Return and Positive / Negative Cash Flows
    • §3.4.6 Cash Investment vs Risk
    • §3.5 Uses in Public-Private Partnerships
    • §3.5.1 By the Public Sector
    • §3.5.2 By Private-Sector Investors
    • §3.5.3 In PPP Contracts
    • §3.5.4 By Lenders
    • II. The Public-Sector Perspective
    • 4 Policy, Legal and Institutional Frameworks
    • §4.1 Introduction
    • §4.2 Developing PPP Programmes
    • §4.3 Legal Frameworks
    • §4.3.1 Other Laws
    • §4.3.2 Contract Standardisation
    • §4.4 Policy Frameworks
    • §4.4.1 Positive PPP Tests
    • §4.5 PPP Guidance
    • §4.6 Programme Approaches
    • §4.7 PPP Units
    • §4.8 Infrastructure Plans
    • 5 The Project Cycle
    • §5.1 Introduction
    • §5.2 The Project Cycle
    • §5.3 Phases in the Project Cycle
    • §5.3.1 Phase 1: Needs Assessment
    • §5.3.2 Phase 2: Project Definition and Options Appraisal
    • §5.3.3 Phase 3: Project Economic Assessment and Selection
    • §5.3.4 Phase 4: Procurement Review
    • §5.3.5 Phase 5: Procurement Preparation
    • §5.3.6 Phase 6: Procurement
    • §5.3.7 Phase 7: Construction
    • §5.3.8 Phase 8: Operation
    • §5.3.9 Phase 9: Hand Back
    • §5.4 Quality-Control Reviews and Approvals
    • §5.5 The Five-Case Model
    • 6 Public-Sector Project Management
    • §6.1 Introduction
    • §6.2 Project Governance
    • §6.2.1 Project Board
    • §6.2.2 Project Director and Project Team
    • §6.3 Rôle of the PPP Unit
    • §6.4 External Advisers
    • §6.4.1 Financial Adviser
    • §6.4.2 Legal Adviser
    • §6.4.3 Technical Adviser
    • §6.4.4 Other Specialist Advisers
    • §6.4.5 Lead Transaction Advisers
    • §6.4.6 Advisory Costs
    • §6.5 Stakeholder Management
    • 7 Assessing Needs, Project Definition and Selection
    • §7.1 Introduction
    • §7.2 Needs Assessment
    • §7.3 Project Definition and Options Appraisal
    • §7.3.1 Project Definition and Scope
    • §7.3.2 Options Appraisal
    • §7.4 Assessing Project Economic Viability
    • §7.4.1 Identifying Benefits and Costs
    • §7.4.2 Benefit-Cost Analysis
    • §7.4.3 Public-Sector Discount Rate
    • §7.4.4 Economic Rate of Return
    • §7.5 Scope of the PPP
    • §7.5.1 Packaging Smaller PPPs
    • 8 The PPP Decision-Value for Money
    • §8.1 Introduction
    • §8.2 The Concept of 'Value for Money'
    • §8.3 Quantitative VfM Assessment and the Public-Sector Comparator
    • §8.3.1 The PSC Calculation-the 'Raw' PSC
    • §8.3.2 The PSC Calculation-Risk Adjustment
    • §8.3.3 The PSC Calculation-Optimism Bias
    • §8.3.4 The PSC Calculation-Competitive Neutrality
    • §8.3.5 Should the PSC be Updated?
    • §8.3.6 Should the PSC be Disclosed to Bidders?
    • §8.4 The PPP Option
    • §8.5 Comparison of the PSC and PPP Options
    • §8.6 Problems With Quantitative Analysis
    • §8.6.1 Credibility of Risk Adjustments
    • §8.6.2 Discount Rate
    • §8.6.3 Comparing Like with Like
    • §8.7 Benefit of the Quantitative Approach
    • §8.8 Qualitative Analysis
    • §8.8.1 Motivations for Using a PPP
    • §8.8.2 Criteria for Choosing the PPP Route
    • §8.8.3 VfM of the PPP Process
    • §8.8.4 Difficulties with the Qualitative Approach
    • §8.9 Integrating VfM Assessment in the Procurement Process
    • §8.9.1 Stages in VfM Assessment
    • §8.9.2 VfM Assessment Guidance
    • §8.9.3 Responsibility for VfM Assessment
    • §8.9.4 Importance of Project Preparation and Competition to Ensure VfM
    • 9 The PPP Decision-Affordability, Budgeting and Reporting
    • §9.1 Introduction
    • §9.2 Affordability
    • §9.2.1 The Affordability Illusion
    • §9.2.2 Affordability and Availability PPPs
    • §9.2.3 Affordability and Concessions
    • §9.2.4 Affordability and VfM
    • §9.3 Budgeting for PPPs
    • §9.3.1 Long-Term PPP Spending Commitments
    • §9.3.2 Dealing with Off-Balance-Sheet PPPs in the Budget System
    • §9.3.3 Credibility of Future Budget Appropriations
    • §9.3.4 Budgeting for Contingent-Payment Commitments
    • §9.3.5 PPP Affordability Caps
    • §9.4 Financial Accounting and Statistical Reporting
    • §9.4.1 Financial-Accounting Standards
    • §9.4.2 Financial Accounting-The Control Principle
    • §9.4.3 Financial Accounting for Guarantees
    • §9.4.4 Statistical Reporting
    • §9.4.5 Eurostat
    • §9.5 Other Forms of Reporting
    • §9.6 Final Observations
    • 10 PPP Procurement
    • §10.1 Introduction
    • §10.2 Objectives of the Procurement Process
    • §10.3 Preparing for Procurement
    • §10.4 Market Sounding and Commercial Assessment
    • §10.5 Procurement Procedures
    • §10.6 The Bidding Process
    • §10.6.1 Pre-Qualification
    • §10.6.2 Bid Documents
    • §10.6.3 Communication With Bidders
    • §10.6.4 Running a Competitive-Dialogue Process
    • §10.6.5 Bid Evaluation
    • §10.6.6 Affordability of Bids
    • §10.6.7 Commercial Viability
    • §10.6.8 Post-Bid Negotiation
    • §10.6.9 Bid Award
    • §10.7 Other Procurement Issues
    • §10.7.1 Non-Conforming Bids
    • §10.7.2 Bid Consortium and Other Changes
    • §10.7.3 Bonding
    • §10.7.4 Payment of Bid Costs
    • §10.7.5 Unsolicited Proposals
    • §10.8 Due Diligence
    • §10.8.1 Project Design
    • §10.8.2 Subcontracts
    • §10.8.3 Financing
    • §10.8.4 Financial Close
    • III. PPP Risk Analysis and Allocation
    • 11 Risk Analysis-Theory and Methodologies
    • §11.1 Introduction
    • §11.2 Identifying Risks
    • §11.3 Valuing Risks
    • §11.4 Risk Allocation
    • §11.5 How Lenders Perceive Risks in PPPs
    • §11.6 The Risk Register
    • §11.6.1 Categories of Risks
    • §11.6.2 Risk Mismatching
    • §11.7 Risk Interdependencies
    • §11.8 Contracting Authority's Requirements
    • 12 Risk Allocation-Construction Phase
    • §12.1 Introduction
    • §12.2 Project Site
    • §12.2.1 Site Acquisition
    • §12.2.2 Ground Condition
    • §12.2.3 Planning and Permits
    • §12.2.4 Environmental Impact and Related Risks
    • §12.2.5 Archæology and Fossils
    • §12.2.6 Access, Rights of Way and Easements
    • §12.2.7 Connections to the Site
    • §12.2.8 Protesters
    • §12.2.9 Disposal of Surplus Land
    • §12.3 Construction
    • §12.3.1 Construction Subcontract
    • §12.3.2 Construction Subcontractor
    • §12.3.3 Price Adjustments
    • §12.3.4 Revenue Risk during Construction
    • §12.3.5 Delay in Completion
    • §12.3.6 Failure to Meet Output Specifications
    • §12.3.7 Contingency Reserve
    • §12.4 Construction Liquidated Damages and Security
    • §12.4.1 Liquidated Damages
    • §12.4.2 Termination of the Construction Subcontract
    • §12.4.3 Security
    • §12.5 Risks for the Construction Subcontractor and Contracting Authority
    • §12.5.1 Construction Subcontractor: Payment Risk
    • §12.5.2 Contracting Authority: Completion Risk
    • §12.6 Design
    • 13 Risk Allocation-Operation Phase
    • §13.1 Introduction
    • §13.2 Demand
    • §13.3 Network
    • §13.4 Revenue Payment
    • §13.5 Availability and Service Quality
    • §13.6 Operating Expenses-FM/O&M Costs
    • §13.7 Other Operating Expenses
    • §13.8 Continuity of Service
    • §13.9 Interface Risks
    • §13.10 Political Risks
    • 14 The Rôle of Insurance
    • §14.1 Introduction
    • §14.2 Insurance Brokers and Advisers
    • §14.3 Construction-Phase Insurances
    • §14.3.1 Contractor's All Risks
    • §14.3.2 Delay in Start-Up (DSU)
    • §14.3.3 Marine All Risks/DSU
    • §14.3.4 Force Majeure
    • §14.3.5 Third-Party Liability
    • §14.3.6 Other Insurances
    • §14.4 Operation-Phase Insurances
    • §14.4.1 All Risks
    • §14.4.2 Business Interruption (BI)
    • §14.4.3 Contingent BI
    • §14.4.4 Increased Cost of Working
    • §14.4.5 Third-Party Liability
    • §14.5 Deductibles
    • §14.6 Lenders' Requirements
    • §14.7 Contracting Authority's Requirements
    • §14.8 Control of Insurance Proceeds
    • §14.9 Contracting Authority-Provided Insurance
    • §14.10 Insurance-Premium Cost Risk
    • §14.11 Unavailability of Insurance Terms
    • §14.12 Uninsurability
    • IV. The PPP Contract
    • 15 Service-Fee Payment Mechanism
    • §15.1 Introduction
    • §15.2 Contracting for Outputs
    • §15.3 Service-Fee Payment Structure
    • §15.3.1 Contract Tenor
    • §15.3.2 Payment Profile
    • §15.4 Start Date for Payments
    • §15.4.1 Service Availability Date
    • §15.4.2 Revenue During Construction
    • §15.4.3 Delay in Completion
    • §15.5 Usage-Based Payments
    • §15.5.1 Toll Levels
    • §15.5.2 Limiting Revenues
    • §15.5.3 Initial Payment to the Contracting Authority
    • §15.5.4 Shadow Tolls
    • §15.5.5 Penalties
    • §15.6 Availability-Based Payments
    • §15.6.1 Unavailability
    • §15.6.2 Service Quality
    • §15.6.3 Calibration
    • §15.6.4 Operational Gearing
    • §15.6.5 Unitary Nature of Payment
    • §15.6.6 Indexation of Service Fees
    • §15.6.7 Value Testing
    • §15.6.8 Dealing with Subcontractors
    • §15.6.9 Other Performance Measurements
    • §15.7 Mixed Usage and Availability Payments
    • §15.8 Third-Party and Secondary Revenues
    • 16 Changes in Circumstances
    • §16.1 Introduction
    • §16.2 Compensation Events
    • §16.2.1 Economic Balance
    • §16.2.2 Contract Changes
    • §16.2.3 Contract Changes and the Lenders
    • §16.2.4 Contract Changes and Procurement
    • §16.2.5 Contracting Authority's Risks
    • §16.2.6 Change in Law
    • §16.3 Excusing Causes
    • §16.4 Relief Events
    • 17 Termination
    • §17.1 Introduction
    • §17.2 Early Termination: Default by the Project Company
    • §17.2.1 Repayment of Outstanding Debt
    • §17.2.2 Depreciated Cost of Assets
    • §17.2.3 Estimated Fair-Market Value
    • §17.2.4 Adjusted Base-Case Calculation
    • §17.2.5 Auction of the PPP Contract
    • §17.2.6 Caps and Floors
    • §17.2.7 Hybrid Approaches
    • §17.2.8 Default During the Construction Phase
    • §17.2.9 A Realistic View
    • §17.3 Contracting-Authority Default or Optional Termination
    • §17.3.1 Contracting-Authority Default
    • §17.3.2 Authority Voluntary Termination
    • §17.3.3 Compensation on Default or Optional Termination by the Authority
    • §17.4 Early Termination: Force Majeure
    • §17.4.1 Unavailability of Insurance
    • §17.5 Early Termination: Corruption and Breach of Refinancing Provisions
    • §17.6 Termination and Subcontractors
    • §17.6.1 Contracting Authority Step-In
    • §17.7 Tax Implications of a Termination-Sum Payment
    • §17.8 Final Maturity, Residual-Value Risk and Hand Back
    • §17.8.1 Hand Back
    • 18 Public-Sector Support for PPP Contracts
    • §18.1 Introduction
    • §18.2 Partial Debt Assumption
    • §18.3 Revenue Subsidies
    • §18.4 Minimum Revenue Guarantee
    • §18.5 Concession Extension
    • §18.6 Capital Grant
    • §18.6.1 Level of Capital Grant
    • §18.6.2 Timing of Capital Grant
    • §18.6.3 Long-Term Risk Transfer
    • §18.7 Part-Construction of the Project
    • §18.8 Debt Financing
    • §18.9 Pro-Rata Debt Guarantee
    • §18.10 Debt Underpinning
    • §18.11 Credit Guarantee Finance
    • §18.12 Equity Investment
    • §18.13 Balance-Sheet Implications
    • 19 Public-Sector Contract Management
    • §19.1 Introduction
    • §19.2 Practices and Behaviours
    • §19.3 Construction Phase
    • §19.3.1 Subcontractors
    • §19.3.2 Project Design
    • §19.3.3 Construction Supervision
    • §19.3.4 Position of the Lenders
    • §19.3.5 Revenue during Construction
    • §19.3.6 Preparing for the Operation Phase
    • §19.4 Operation Phase
    • §19.4.1 Monitoring the Service
    • §19.4.2 Value Testing
    • §19.4.3 Managing Contract Changes
    • §19.4.4 Savings
    • §19.5 Hand Back
    • §19.6 Disputes
    • §19.7 Contract-Management Resourcing
    • §19.8 Contract-Management Tools
    • §19.8.1 Contract Manual
    • §19.8.2 Financial Model
    • §19.8.3 Managing Project Risks
    • §19.9 Reviews and Ex-Post Evaluation
    • §19.10 Transparency and Disclosure
    • §19.11 Staff Transfers
    • V. The Private-Sector Perspective
    • 20 Sponsors and Other Investors
    • §20.1 Introduction
    • §20.2 Sources of Investment for PPP Projects
    • §20.2.1 Sponsors
    • §20.2.2 Conflicts of Interest
    • §20.2.3 Secondary Investors
    • §20.3 The Investment Decision
    • §20.3.1 Cost of Capital and Its Relationship to PPP Investments
    • §20.3.2 Project IRR
    • §20.3.3 Equity IRR
    • §20.3.4 Factors Affecting the Equity IRR
    • §20.3.5 Shareholder Equity and Subordinated Debt
    • §20.3.6 Equity Commitment versus Investment Returns
    • §20.4 Bidding and Project Development
    • §20.5 Joint-Venture Issues
    • §20.6 The Project Company
    • §20.6.1 Structure
    • §20.6.2 Shareholder Agreement
    • §20.6.3 Management and Operations
    • §20.6.4 Changes in Ownership
    • §20.6.5 Changes to the Project Company
    • §20.7 External Advisers
    • §20.7.1 Financial Adviser
    • §20.7.2 Legal Adviser
    • §20.7.3 Owner's Engineer
    • §20.7.4 Planning and Environmental Consultant
    • §20.7.5 Market Consultant
    • §20.7.6 Accountants
    • §20.7.7 Insurance Adviser
    • 21 Project Finance and PPPs
    • §21.1 Introduction
    • §21.2 Development of Project Finance
    • §21.3 Features of Project Finance
    • §21.4 Project Finance and Structured Finance
    • §21.4.1 Asset Finance
    • §21.4.2 Receivables Financing
    • §21.4.3 Securitisation
    • §21.4.4 Leveraged Buyout (LBO) or Management Buyout (MBO) Financing
    • §21.4.5 Acquisition Finance
    • §21.4.6 Leasing
    • §21.5 Why Use Project Finance for PPPs?
    • §21.5.1 Benefits for Investors
    • §21.5.2 Benefits for the Contracting Authority
    • §21.6 Corporate Finance
    • 22 Project-Finance Debt-Sources and Procedures
    • §22.1 Introduction
    • §22.2 Commercial Banks
    • §22.2.1 Scale of the Market
    • §22.2.2 Major Lenders
    • §22.2.3 Organisation
    • §22.2.4 Regulation
    • §22.2.5 Lead Arrangers and Financial Advisers
    • §22.2.6 Commitment Letters and Letters of Intent
    • §22.2.7 Lenders' Due Diligence
    • §22.2.8 Term Sheet, Underwriting and Documentation
    • §22.2.9 Syndication
    • §22.2.10 Agency Operation
    • §22.3 Non-Bank Lenders
    • §22.4 Bond Issues
    • §22.4.1 Due Diligence
    • §22.4.2 Bond Placement
    • §22.4.3 The Project-Finance Bond Market
    • §22.4.4 Debt Insurance
    • §22.5 Bank Loans versus Bonds
    • §22.6 Funding Competitions
    • §22.6.1 Purpose of a Funding Competition
    • §22.6.2 How a Funding Competition Works
    • §22.6.3 Refinancing
    • §22.7 Mezzanine Debt
    • §22.8 Recourse to the Sponsors
    • §22.9 Public-Sector Debt Finance
    • §22.9.1 National DFI or Infrastructure-Bank Finance
    • §22.9.2 Multilateral DFIs
    • §22.9.3 European Investment Bank
    • §22.9.4 Other Sources of Cross-Border Finance
    • 23 Financial Structuring
    • §23.1 Introduction
    • §23.2 Debt Profile
    • §23.2.1 Debt Tenor
    • §23.2.2 Repayment Profile
    • §23.2.3 Average Life
    • §23.2.4 The Cash-Flow 'Tail'
    • §23.2.5 Flexible Repayment
    • §23.2.6 Balloon Repayment
    • §23.2.7 Mini-Perms
    • §23.2.8 Cash Sweep
    • §23.2.9 Debt Accretion
    • §23.3 Debt-Cover Ratios
    • §23.3.1 Cash Flow Available for Debt Service
    • §23.3.2 Annual Debt-Service Cover Ratio
    • §23.3.3 Loan-Life Cover Ratio
    • §23.3.4 Project-Life Cover Ratio
    • §23.3.5 Cover-Ratio Calculations
    • §23.3.6 Other Issues with Cover-Ratio Calculations
    • §23.4 Debt-Financing Costs
    • §23.4.1 Credit Margin
    • §23.4.2 Additional Costs
    • §23.4.3 Fees
    • §23.4.4 Commitment Fees
    • §23.4.5 Agency Fees
    • §23.4.6 Bonds and Other Fixed-Rate Finance
    • §23.5 Relationship Between Cover Ratio, Leverage and Equity IRR
    • §23.6 Accounting and Taxation Issues
    • §23.6.1 Tax Calculations
    • §23.6.2 Tax Payments
    • §23.6.3 Value-Added Tax
    • §23.6.4 The Dividend Trap
    • §23.7 Contingent Funding
    • §23.8 The Financial Model
    • §23.9 Model Inputs and Outputs
    • §23.9.1 Macroeconomic Assumptions
    • §23.9.2 Capital Expenditure
    • §23.9.3 FM/O&M Costs
    • §23.9.4 Debt Service
    • §23.9.5 Revenues
    • §23.9.6 Model Outputs
    • §23.9.7 Sensitivities
    • §23.9.8 Model Audit
    • §23.9.9 The Base Case
    • §23.10 Asset Register
    • 24 Macroeconomic Risks and Hedging
    • §24.1 Introduction
    • §24.2 Interest-Rate Risk
    • §24.2.1 Hedging by the Contracting Authority
    • §24.2.2 Interest-Rate Swaps
    • §24.2.3 Interest-Rate Swap Breakage
    • §24.2.4 How Interest-Rate Swap Rates Are Determined
    • §24.2.5 ISDA Documentation
    • §24.2.6 The Credit Premium and Breakage Costs
    • §24.2.7 Scale and Timing of Interest-Rate Hedging
    • §24.2.8 Competition in Swap Pricing
    • §24.2.9 Roll-Over Risk
    • §24.2.10 Other Types of Interest-Rate Hedging
    • §24.2.11 Bond Proceeds Redeposit (GIC)
    • §24.2.12 Breakage Costs on Bonds or Fixed-Rate Loans
    • §24.2.13 Bid to Financial Close
    • §24.2.14 Should the Project Company Have to Hedge Interest Rates?
    • §24.3 Inflation Issues
    • §24.3.1 Nominal and Real
    • §24.3.2 Inflation Indices and Projections
    • §24.3.3 Inflation Forecasts
    • §24.3.4 Effect of Indexed Service Fees on Financing Structure
    • §24.3.5 Should Service Fees be Fully Indexed?
    • §24.3.6 Inflation-Indexed Loans
    • §24.3.7 Breakage Costs
    • §24.3.8 Inflation Arbitrage
    • §24.3.9 Inflation Swaps
    • §24.3.10 LPI Swap
    • §24.3.11 Position of the Contracting Authority
    • §24.3.12 Inflation-Index Mismatch Risk
    • §24.4 Foreign-Exchange Risks
    • 25 Lenders' Cash-Flow Controls, Security and Enforcement
    • §25.1 Introduction
    • §25.2 Control of Cash Flow
    • §25.2.1 Disbursement Account
    • §25.2.2 Drawstops
    • §25.2.3 The Cash-Flow 'Cascade'
    • §25.2.4 Reserve Accounts
    • §25.2.5 Controls on Distributions to Investors
    • §25.3 Lenders' Security
    • §25.3.1 Security over Project Contracts and Financial Assets
    • §25.3.2 Security over the Project Company's Shares
    • §25.3.3 Direct Agreements
    • §25.4 Events of Default
    • §25.5 Inter-Creditor Issues
    • §25.5.1 Interest-Rate Swap Providers
    • §25.5.2 Fixed-Rate Lenders
    • §25.5.3 Inflation-Indexed Loans or Swaps
    • §25.5.4 Mezzanine Lenders
    • §25.5.5 Subordinated Lenders
    • 26 Debt Refinancing and Equity Sale
    • §26.1 Introduction
    • §26.2 Debt Refinancing
    • §26.2.1 Benefit of a Refinancing to Investors
    • §26.2.2 Refinancing Calculation
    • §26.2.3 Should Refinancings be Subject to the Contracting Authority's Consent?
    • §26.2.4 Rescue Refinancings
    • §26.2.5 Should the Contracting Authority Share in the Refinancing Gain?
    • §26.2.6 Calculating the Refinancing Gain
    • §26.2.7 Sharing the Refinancing Gain
    • §26.2.8 Refinancing and Authority Voluntary Termination
    • §26.2.9 Refinancing and Contract Extensions
    • §26.2.10 Should Refinancing Gain-Sharing Apply in All Cases?
    • §26.3 Equity Sale
    • §26.4 Equity Competitions
    • VI. Alternative Models-Summing Up
    • 27 Alternative Models
    • §27.1 Introduction
    • §27.2 Public-Sector Procurement
    • §27.2.1 Design-Build-Operate
    • §27.2.2 'Public-Public Partnerships'
    • §27.3 Post-Construction Take-Out
    • §27.4 Public-Sector Equity Investment
    • §27.5 Not-for-Profit Structures
    • §27.5.1 'Pinpoint Equity' Structures
    • §27.5.2 Non-Profit-Distributing Model
    • §27.5.3 Public Trusts
    • §27.6 Regulated Asset Base Structure
    • 28 PPPs-For and Against
    • §28.1 Introduction
    • §28.2 New Public Management, Privatisation and PPPs
    • §28.3 Budgetary Benefit
    • §28.4 Benefit of Accelerated Delivery
    • §28.5 Financing Cost and Risk Transfer
    • §28.6 Risk Transfer and Value for Money
    • §28.6.1 Construction Risk
    • §28.6.2 Demand Risk
    • §28.6.3 Availability and Performance Risks
    • §28.6.4 Operation and Maintenance Costs
    • §28.6.5 Reality of Risk Transfer
    • §28.7 Economies of Scale
    • §28.8 Whole-Life Costing and Maintenance
    • §28.9 Private-Sector Skills
    • §28.9.1 Project Selection
    • §28.9.2 Project Management
    • §28.9.3 Single-Point Responsibility
    • §28.9.4 Efficiency
    • §28.9.5 Innovation
    • §28.9.6 Third-Party Revenues
    • §28.9.7 Capital at Risk
    • §28.9.8 Third-Party Due Diligence
    • §28.9.9 Principal-Agent Problem
    • §28.10 Public-Sector Reform
    • §28.10.1 Transparency and Accountability
    • §28.10.2 Procurement Skills
    • §28.10.3 Management
    • §28.10.4 'Contestability'
    • §28.11 Complexity
    • §28.12 Flexibility
    • §28.13 PPPs and Politics
    • References and Further Reading
    • Glossary and Abbreviations
    • Index
    • Back Cover

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