Q2 2011 league tables: BBVA leading debt provider

The Spanish bank was the most prolific mandated lead arranger of infrastructure financings globally in the second quarter of this year, having been involved in a wide variety of deals including by far the quarter’s largest – the $11.3bn Tours-Bordeaux high-speed rail project.

Banco Bilbao Vizcaya Argentaria (BBVA), the Spanish bank, heads InfrastructureInvestor Assets’ mandated lead arranger (MLA) league table for the second quarter of 2011. The bank committed almost $2.5 billion in an MLA capacity, giving it a more than 8 percent share of the global market during the period.

The bank was involved as MLA in what was by far the largest infrastructure project of the second quarter, acting alongside eight other commercial banks on the financing of France’s $11.3 billion Tours-Bordeaux high-speed rail line – the world’s largest rail concession – which reached financial close last month.

However, there were plenty of other high-profile deals that saw involvement from BBVA during the quarter. These included: France’s Balard Ministry of Defence PPP (€806 million); the UK’s South Tyne & Wear Waste PFI (£727 million); and Australia’s Gold Coast Rapid Rail PPP (A$800 million) and New Royal Adelaide Hospital PPP (A$2.5 billion).

The significance of Tours-Bordeaux is highlighted by the fact that those banks in second to fifth places in the league table were also part of that deal’s banking group. These were, respectively: Societe Generale, BNP Paribas (lead MLA for whole-year 2010), Credit Agricole CIB and Grupo Santander.

In total, $29.7 billion worth of MLA activity was recorded during the quarter. The top ten banks – which also included Natixis, ING Group, National Australia Bank, Dexia Group and Australia and New Zealand Banking Group – accounted for almost 50 percent of this total.

The InfrastructureInvestor Assets database provides key transaction details on over 3,400 infrastructure projects that have commenced or been financed since 1 January 2006. A key part of this coverage is the provision of full details of over 2,300 project loans and bonds related to these assets – letting you analyse, compare and benchmark a particular transaction, sector or market.