1 billion or the major refineries as Rabigh 5

There were banks that were, and others. These last six months, the financing of projects grew beautiful by major operations. Result, the institutions that have not participated in their funding have suffered in the rankings. The world market jumped 50.3 in the first half to 88.8 billion in loans, according to Thomson Financial. The first ten "deals" have accumulated to them only billion approximately 40: French motorways APRR ($9.1 billion) and Sanef (4.2 billion), American Indiana Toll Road (4.1 billion), or the major refineries as Rabigh (5.8 billion) and projects, in energy, NRG Energy (5.5 billion) still.

The area Europe, Middle East and Africa (Emea), an increase of 43 (56.6 billion) again drew this growth thanks to the dynamism of the French market. Over the period, $ 14.9 billion were funded in the hexagon against 169.2 million in mid-2005, in almost all powered APRR and Sanef motorway privatizations.

The presence or absence on these issues has made a difference in the rankings. First world with 7.4 billion funded, RBS participated in the Indiana Toll Road (585.7 million), (1.8 billion) APRR and Sanef (853 million). Among the French banks, Société Générale, which has coarrangé APRR (1.8 billion) and participated in Tank & Rast (514 million), rises on the third step, a notch more than a year last with funding $ 4.3 billion. BNP Paribas, which advised the Government and participated in the financing of the French privatizations retrograde from the second to sixth place with funded $ 3 billion, although its teams participated in the financing of the Indiana Toll Road (585.7 million) and Rabigh (249 million). Finally, Calyon, which also has yet participated in the project Rabigh (324 million), retrograde from the third to the eighth in the world with funded $ 2.7 billion.

These "jumbo deals" took a more structural impact on the market, by strengthening the part of the financing of projects in the financing of acquisitions operations. These "deals" are notably funded by of "mini-perms", 8 to 10 years refinanced with longer credits credits and supporting 10 to 20 times Ebitda leverage effects.

"A classic LBO financing could be mounted on these times, with such a level of leverage," said Michel Anastassiades, responsible for financing of projects by Calyon. This toggle to hybrid financing is "maintained by the emergence of new types of purchasers, such as the funds now interested in long-term assets." "There is still only in the Middle East where we practice conventional project financing", continues the head.

It nevertheless remains a constant: the growth of market maintains pressure on margins. "Margins probably fell from 15 to 20 from last year", assesses and David Cole, responsible for the financing of projects in EMEA in BNP Paribas. This pressure is also a lot of continuous extension as the Middle East market. The Rabigh project and looped 45 basis on seventeen points. In Spain, infrastructure, considered by some as one approaches the price of financing risk corporate, around 50 basis points. However some banks are starting to be more selective. In Europe, prices can also climb to 90 or 120 basis points.