Oceania

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Robert MacIsaac, Managing Director Head of Project Finance - Australian Structured Finance Office (Sydney, Melbourne)
Robert MacIsaac,
Managing Director Head of Project Finance
- Australian Structured Finance Office
(Sydney, Melbourne)
Geoff Daley, Managing Director Head of Advisory - Australian Structured Finance Office (Sydney, Melbourne)
Geoff Daley,
Managing Director Head of Advisory
- Australian Structured Finance Office
(Sydney, Melbourne)
Trophy Deal in 2013:

ASFO’s trophy transaction was the AUD3,700 million refinancing of the 150-gigaliter Victorian Desalination public-private partnership (PPP) project, where BTMU acted as Mandated Lead Arranger, Bookrunner, and Underwriter. ASFO deliberated with members of our lending and advisory teams to offer a strong underwriting proposal, which led to the successful major role mandate and closing of the transaction. The project was sponsored by a group of infrastructure funds together with Degremont, Itochu, the Korean Teacher’s Credit Union, InfraRed, and Thiess.

A consortium advised by ASFO was also announced as the preferred bidder for the Transmission Gully PPP in late 2013. This is New Zealand’s third and largest PPP. The winning consortium was sponsored by Leighton Contractors, HEB Construction, InfraRed, ACC, and BTMU.
Market Reflection:
Australia was the second-largest country by loan volume in 2013 (US$20.4 billion with 48 deals) ranked behind the USA (US$31.4 billion with 70 deals). In the Australian league table, BTMU ranked No.5 behind the four major Australian banks, solidifying our position as the largest foreign bank lender in the Australian project finance market. Notable transactions occurred in the wind sector, where ASFO was in five transactions, and in infrastructure and PPPs, where we were at the Mandated Lead Arranger level for six deals.
2014 Market Forecast:
The outlook for the Australian project finance market is bright, with several major privatizations of ports and power assets scheduled together with a pipeline of road and rail PPPs and the usual high number of refinancings based on our ‘mini perm’ deal structures. The mega Roy Hill Iron Ore Project in Western Australia is also expected to close in Q1 2014.