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Principles of Policy and Finance
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By
E. R. Yescombe, E.R. Yescombe has over 30 years of experience in various forms of structured finance, including project finance, leasing, export credits,
real estate and asset finance. A former banker and head of project finance in London for a major international bank, he is now an independent
consultant on project finance and public-private partnerships (PPPs), advising investors on financing for power, infrastructure and PPP
projects, as well as public-sector entities on PPP policy issues, project procurement and contracting.
Description
Over the last decade or so, private-sector financing through public-private partnerships (PPPs) has become increasingly popular around
the world as a way of procuring and maintaining public-sector infrastructure, in sectors such as transportation (roads, bridges, tunnels,
railways, ports, airports), social infrastructure (hospitals, schools, prisons, social housing) public utilities (water supply, waste
water treatment, waste disposal), government offices and other accommodation, and other specialised services (communications networks
or defence equipment).
This book, based on the author's practical experience on the public- and private-sector sides of the table, reviews
the key policy issues which arise for the public sector in considering whether to adopt the PPP procurement route, and the specific application
of this policy approach in PPP contracts, comparing international practices in this respect. It offers a systematic and integrated approach
to financing PPPs within this public-policy framework, and explains the project-finance techniques used for this purpose. The book deals
with both the Concession and PFI models of PPP, and provides a structured introduction for those who are new to the subject, whether
in the academic, public-sector, investment, finance or contracting fields, as well as an aide memoire for those developing PPP policies
or negotiating PPPs.
The author focuses on practical concepts, issues and techniques, and does not assume any prior knowledge of
PPP policy issues or financing techniques. The book describes and explains:
* The different types of PPPs and how these have developed
* Why PPPs are attractive to governments
* General policy issues for the public sector in developing a PPP programme
* PPP procurement
procedures and bid evaluation
* The use of project-finance techniques for PPPs
* Sources of funding
* Typical PPP contracts and sub-contracts,
and their relationship with the project?s financial structure
* Risk assessment from the points of view of the public sector, investors,
lenders and other project parties
* Structuring the investment and debt financing
* The key issues in negotiating a project-finance debt
facility.
In addition the book includes an extensive glossary, as well as cross-referencing.
Audience
PPP and project financing specialists and consultants, public sector officials developing PPPs, private sector investors in PPP projects,
MBA students studying project finance, other professionals involved in PPPs: construction and maintenance contractors, lawyers, accountants,
engineers, transport economists.
Contents
Introduction
Chapter 1 What are Public-Private Partnerships? Introduction
Public Infrastructure and the Private Sector
Public-Private
Partnerships
Development and Structures
PPPs and Public Infrastructure
Types of PPP
Chapter 2 PPPs?For and Against
Introduction
New
Public Management
Privatisation and PPPs
Budgetary Benefit
Additionality
Financing Cost and Risk Transfer
Risk Transfer and Value
for Money
Economies of Scale
Whole-Life Costing and Maintenance
Private-Sector Skills
Public-Sector Reform Complexity
Flexibility
PPPs
and Politics
Chapter 3 PPPs Worldwide
Introduction
Developing PPP Programmes
Legal Framework
United Kingdom
United States
Australia
France
Korea
Spain
South Africa
Chapter 4 Cash Flow and Investment Analysis
Introduction
Net Present Value / Discounted Cash Flow
Internal
Rate of Return
Problems with DCF and IRR Calculations
Uses in PPPs
Chapter 5 The Public-Sector Investment Decision Introduction
Economic
Justification
Value for Money and the Public-Sector Comparator Affordability
Balance-Sheet Treatment
Chapter 6 Public-Sector Procurement
and Contract Management
Introduction
Project Management
Procurement Procedures
Other Procurement Issues
Due Diligence
Contract Management
External Advisers
Chapter 7 The Private-Sector Investor?s Perspective
Introduction
The Investment Pool
The Investment Decision
Bidding
and Project Development
Joint-Venture Issues
The Project Company
External Advisers
Chapter 8 Project Finance and PPPs
Introduction
Development
of Project Finance
Features of Project Finance
The Project-Finance Market
Why Use Project Finance for PPPs?
Chapter 9 Private-Sector
Financing?Sources and Procedures
Introduction
The Role of the Financial Adviser
Commercial Banks
Bond Issues
Loans versus Bonds
Mezzanine
Debt
Chapter 10 Financial Structuring
Introduction
The Financial Model
Model Inputs and Outputs
Financing Costs
Debt Profile
Cover Ratios
Relationship between Cover Ratio, Leverage and Equity Return
Accounting and Taxation Issues
Recourse to the Sponsors
Chapter 11 Financial
Hedging
Introduction
Interest-Rate Risk
Inflation Issues
Chapter 12 Lenders? Cash-flow Controls, Security and Enforcement
Introduction
Control of Cash Flow
Security
The Role of Insurance
Events of Default
Intercreditor issues
Chapter 13 Service-Fee Mechanism
Introduction
Contract Scope
Payment Structure
Usage-based Payments
Availability-based Payments
Mixed Usage and Availability Payments
Third-Party and
Secondary Revenues
Chapter 14 Risk Evaluation & Transfer
Introduction
Principles of Risk Transfer
The Risk Matrix
Political Risks
Site
Risks
Construction Risks
Completion Risks
Operation-phase Risks
Chapter 15 Changes in Circumstances and Termination
Introduction
Compensation
Events
Relief Events
Step-In and Substitution
Early Termination: Default by the Project Company Optional Termination or Default by the
Public Authority
Early Termination: Force Majeure
Early Termination: Corruption
Termination and Subcontractors
Tax Implications of a
Termination-Sum Payment
Final Maturity, Residual-Value Risk and Hand-Back
Chapter 16 Funding Competition, Debt Refinancing and Equity
Sale
Introduction
Funding Competition
Equity Competition
Debt Refinancing
Equity Sale
Chapter 17 Alternative Models
Introduction
Public-Sector
Procurement
Post-Construction Take-Out
Public-Sector Debt Funding
Joint-Venture PPPs
Not-for-Profit Structures
Bibliography
Glossary
and Abbreviations
| Bibliographic details |
Hardbound, 368 pages, publication date: MAR-2007
ISBN-13: 978-0-7506-8054-7
ISBN-10: 0-7506-8054-7
Imprint: BUTTERWORTH HEINEMANN
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Price:
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USD 89.95
EUR 67.95
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Last update: 5 Sep 2009
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