British bank HSBC led the way in arranging debt for infrastructure deals during the third quarter of the year, moving up three spots from its position as the fourth-biggest arranger in the second quarter.
HSBC claimed a market share of almost 8 percent during the quarter, leading more than $1.2 billion worth of lead mandates in total.
Among HSBC’s debt mandates in the third quarter was the Singapore Sports Hub public-private partnership, which reached financial close in August. HSBC was part of an 11-bank consortium providing $1.3 billion of debt in total for the world’s largest sports and leisure PPP.
Spanish savings bank La Caixa was a new entrant at number two in the third quarter table, while French banks Credit Agricole (third) and Societe Generale (sixth); and Spanish banks BBVA (seventh) and Santander (eighth) continued to figure prominently near the top.
BNP Paribas, which led the rankings for the second quarter of this year, fell to fourth place in the third quarter, having led deals worth almost $600 million. In the second quarter, the French bank led deals worth almost $2.5 billion.
Overall, almost $16.3 billion of lead debt mandates were completed during the third quarter. This compared with just over $22.5 billion of mandates in the second quarter, as global infrastructure deal activity dipped as the traditional summer drought kicked in.