Normally more or less neck-and-neck on the new deal front, energy put clear blue water between itself and transport in the second quarter of 2013, according to the latest figures from Infrastructure Investor Research & Analytics.
Buoyed by the financial close of transactions such as the $9 billion Nghi Son Refinery Project in Vietnam and the $3.5 billion Open Grid Europe refinancing in Germany, the energy sector racked up almost $32 billion of deals in the three-month period. This represented a total infrastructure market share of more than 58 percent.
If coupled with renewables, energy would have an even more substantial lead. In fact, renewables was only slightly behind transport in the second quarter with almost $9 billion of deals and a more than 16 percent market share. This compared with the near-$10 billion accounted for by transport for an 18 percent share.
A sluggish overall quarter for transport was given a boost by the closing of the $2.8 billion Thameslink Rolling Stock project in the UK, which involved a club of 18 banks and was sponsored by 3i, Innisfree and Siemens. The second-largest deal in the period was the 99-year lease of ports Botany and Kembla in Australia to a consortium of institutional investors led by Industry Funds Management.
The second quarter saw Japanese banks maintaining the grip they have had on the mandated lead arranger table since around the middle of last year. This time, Mitsubishi UFJ Financial Group sits atop the table, having closed more than $2.4 billion worth of deals. Sumitomo landed second place ($1.7 billion), with Mizuho in sixth ($734 million).
The Vietnam refinery deal helped Asia Pacific claim top place in the regional table, ahead of customary table topper Western Europe. The Middle East and Africa, meanwhile, claimed a healthy 21 percent share of deals to put it ahead of North America.