TAILIEUCHUNG - Financing PPPs with project bonds Issues for public procuring authorities

The long duration of Trichet bonds removes the immediate crisis caused by short term expiration of significant amounts of debt which is looming over Greece, Ireland, Portugal, Spain and possibly other EU countries. Trichet bonds allow distressed countries to defer maturities over a longer period and to effect economic reforms before having to return to capital markets on the basis of their own credit-worthiness. Trichet Bonds will enable sovereigns to see bond spreads be reduced considerably from their record levels at present. Extension of repayment makes interest payments more manageable and default risk much smaller | European I j j j Expertise Centre Financing PPPs with project bonds Issues for public procuring authorities October 2012 Terms of Use of this Publication The European PPP Expertise Centre EPEC is a joint initiative involving the European Investment Bank EIB the European Commission Member States of the European Union Candidate States and certain other States. For more information about EPEC and its membership please visit epec. This publication has been prepared to contribute to and stimulate discussions on public-private partnerships PPPs as well as to foster the diffusion of best practices in this area. The findings analyses interpretations and conclusions contained in this publication do not necessarily reflect the views or policies of the EIB the European Commission or any other EPEC member. No EPEC member including the EIB and the European Commission accepts any responsibility regarding the accuracy of the information contained in this publication or any liability for any consequences arising from the use of this publication. Reliance on the information provided in this publication is therefore at the sole risk of the user. EPEC authorises the users of this publication to access download display reproduce and print its content subject to the following conditions i when using the content of this document users should attribute the source of the material and ii under no circumstances should there be commercial exploitation of this document or its content. 1 Financing PPPs with project bonds issues for public procuring authorities 1. Introduction Until recently the European PPP market relied to a large extent on project finance debt provided by commercial banks and or public financing institutions . the EIB . Since the onset of the financial crisis commercial bank debt has become more difficult to secure and lending terms . pricing tenors loan volumes have deteriorated significantly affecting the bankability and value for money of PPP projects. .

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