Our inaugural Infrastructure Investor Assets league tables for the first quarter of 2010 show the infrastructure banking market is alive and well – particularly if your name happens to be BBVA. The Spanish banking group tops our table for global mandated lead arrangers on infrastructure projects (by value), with 33 loans worth $594 million issued during the three-month period.
Among the projects backed by BBVA during the first quarter were: the €1 billion GSM-R rail communications public-private partnership in France; the Astexol-2 solar thermal electricity generation plant in Badajoz, south-west Spain; and the M51 motorway PPP in Denmark. Two-thirds of the loans made by BBVA during the period were in the renewable energy space.
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Top mandated lead arrangers globally, Q1 2010
Organisation ($m) No of deals
1-BBVA 593.82 33
2-Credit Agricole CIB 586.05 25
3-Santander 551.60 26
4-Commerzbank 458.69 6
5-Caja Madrid 367.97 14
6-SMBC 357.87 10
7-Societe Generale 350.71 13
8-ING 338.32 8
9-Dexia Group 315.11 15
10-KfW 289.77 7
Source: Infrastructure Investor Assets
Note: Number of deals equals number of tranches (loans issued) and does not equal number of projects involved (example: 3 loans may still belong to the same project). League tables are published quarterly and are compiled from returned submissions from commercial banks. Only infrastructure related data is included in the tables.
Assets (projects) gain automatic league table credit upon financial close. Institutions (lenders, SPVs, legal advisors) are given relevant credit upon loan-bond agreement signing date (issue date).
Values and league table credits are allocated in USD. Transactions not denominated in US dollars are converted to a USD equivalent in compliance with corresponding exchange rates from transactions’ signing date/date of financial close.