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.