Q1 2012 league tables: Japanese duo make their mark

SMBC and Mitsubishi UFJ have further advanced on the strong showings they made in the mandated lead arranger tables in 2011, but no-one has usurped the dominance of BBVA.

The continuing rise of the Japanese banks is a feature of Infrastructure Investor Assets league tables for the first quarter of 2012. The trend was noted in our full-year league tables for 2011, with SMBC moving up to third place in the global mandated lead arranger (MLA) table and Mitsubishi UFJ Financial Group taking the last of the top ten places. In the first quarter of 2012, SMBC has edged up to second, behind regular front-runner BBVA of Spain, while Mitsubishi UFJ has leapt up to third.

Between them, the two Japanese banks accounted for more than 17 percent of global project finance MLA activity in the first three months of 2012. Among 19 deals totalling just over $981 million, SMBC lent $190 million to the Cernambi Sul ultra-deepwater floating production storage and offloading (FPSO) project in Brazil. Meanwhile, of its 11 deals worth more than $852 million, Mitsubishi UFJ committed just over $277 million to the Eiffarie and APRR toll road refinancing in France – which, at almost $4.6 billion, was the largest project completed globally in the first quarter.

BBVA has consolidated its place as the leading MLA. Indeed, the first quarter would suggest the Spanish bank may be on the way to establishing a more dominant position with its market share of just over 10 percent in the first quarter of 2012 around double the 5.1 percent share it claimed when finishing top of the table in full-year 2011. The bank’s 25 deals in the first quarter included a $317 million contribution to Eiffarie/APRR.