APAC Project Finance Academy: M7 - Project Finance Risk & Recovery

APAC Project Finance Academy: M7 - Project Finance Risk & Recovery

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Summary of course content This is Module Seven of theAPAC Project Finance Academy. View our 60 Second Interview with the Course Director - Richard Tinsley We took the opportunity to ask our expert Course Director a few questions on the current market challenges and how he became involved in this exciting industry. This is what he had to say. Other modules: M1: Advanced Project Finance (27-29 October 2014) M2: Oil, Gas and LNG Project Finance (30 October 2014) M3: Power Project Finance (31 October 2014) M4: Mining Project Finance (3 November 2014) M5: Infrastructure Project Finance (4 November 2014) M6: Public-Private Project Finance (5 November 2014) The Academy begins with a 3-day Advanced …

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Summary of course content This is Module Seven of theAPAC Project Finance Academy. View our 60 Second Interview with the Course Director - Richard Tinsley We took the opportunity to ask our expert Course Director a few questions on the current market challenges and how he became involved in this exciting industry. This is what he had to say. Other modules: M1: Advanced Project Finance (27-29 October 2014) M2: Oil, Gas and LNG Project Finance (30 October 2014) M3: Power Project Finance (31 October 2014) M4: Mining Project Finance (3 November 2014) M5: Infrastructure Project Finance (4 November 2014) M6: Public-Private Project Finance (5 November 2014) The Academy begins with a 3-day Advanced Project Finance Workshop focusing on the core skills of risk analysis and structuring, with a special emphasis on political risk. Team case presentations neatly wrap together these skills along with the analysis and sensitivities of the team case-study Excel models. The next four modules teach up-to-date sector skills in Oil, Gas and LNG Project Finance (1 day), Power Project Finance (1 day), Mining Project Finance (1 day) and Infrastructure Project Finance (1 day). Industry fundamentals are covered together with the key metrics and due diligence alongside case studies and international best practices. This is followed by a workshop on the application of Project Finance for Public-Private Programmes (PPPs) (1 day) with a special session on which PPP programmes work and which do not. The final module, Project Finance Risk & Recovery (2 days), looks at the key financial ratios, the credit analysis, and the forecast basis for any cashflow projection. This overview allows you to ‘Build-your-own-model-from-scratch’ with the final model used in a course bidding contest! All modules are highly interactive with many cases and recent examples referenced throughout to fully explore the world of Project Finance. Attending the 10-day Academy means you will leave the course with a thorough understanding of Project Finance techniques and sector skills that can be applied immediately to your job. Who should attend Bankers/Investment Bankers Project Financiers Financial Advisors Financial Analysts Accountants/Taxation Advisers Insurance Advisers/Brokers Project Lawyers Sponsors/Project Joint Venturers Business Developers Government/PPP Agencies Export-Credit Agencies Multilateral Agencies Relationship Officers Brokers M&A/Buyout Specialists Company Treasurers/Directors Credit Committee Staff Rating Agencies Project Managers/Engineers/Consultants Investment/Portfolio Managers All Modules can be booked separately. Group discounts are available. Attend all the modules and save US$7,790! To register on the full 10-day Project Finance Academy, please select 'Register' and follow the registration process. If you would like to register on an individual Module, please select your desired module below and follow the registration process on this product page. Please note we cannot process multiple module registrations online. If you wish to attend more than one Module but not the whole 10-day Academy, then please download a PDF and either fax this back to us on +852 2866 7340 or email a scanned copy to training@euromoneyasia.com. You can also email us your registration details and one of our account managers will register your place for you. Supporting publication
Project Finance Risk & Recovery Day 1 Risk management The 8 options (and structuring solutions) Avoidance, deferral, reduction, retention, transfer, sharing, limitation, mitigation Case studies: BOO Cogen, USA Why the first 144A project-financed bond deal default was in the USA. Iridium World Why does Motorola consider it a success! What market-risk pointers were evident? Cawse/Bulong, Australia Why did the144A project-financed bond market proceed? Orly VAL Why did the French banks support an airport-city link when urban mass-transit traffic PF history is so appalling? Two types of project finance Type 1: Sponsor support/completion test Type 2: Contractors' package Upside limits/liquidated damages/delay-in-startup Project finance as an option The 3 phases of project finance Case study: East Kemptville, Canada The company signalled to its bankers that it might "take a walk" and it did. Techniques of risk assessment The seven (7) risk systems Statistics Modellers Benchmarking Checklists Risk management Jigsaw/structural Project finance Case studies: Phoenix, Australia Identify when a support will never work. Lihir, Papua New Guinea How a company spending $148 million for a feasibility study encounter repayment problems for technical reasons? Due diligence Legal Accounting/tax Environmental Engineering Market/traffic/subscribers Intelligence Case study: Victoria Hospitals Cogen, Australia How the risk-management study identified grid weaknesses. Basel II – Bank capital adequacy and scoring The Big Four Banks - Results Internal Ratings Based (IRB) System Risk-management measures Value-at-Risk (VaR) Scoring Soft systems methodology Country/sovereign risk Project finance modelling Base Case Downside Cases Breakeven Cases Upside Case Forecasting Backcasting Cyclicality Competitiveness Case study: Equate, Kuwait See how quickly this project (almost) defaulted. What could the banks do? Risk management – Structuring Case studies: Optus Cable Roll-out Environmental risk! Brisbane Airtrain See how the primary-secondary circles work in structuring this project. Corex, South Africa Why Voest Alpine had to pay $180 million to correct the completion problems. Limit setting Portfolio profile Credit risk Country limits Sector risks Case studies: Ottwon Asia Why did banks finance these projects knowing they could create pollution? Hero Asia Why can the bond markets sometimes take environmental risk? Role of the credit/investment committee Credit scoring Loan compliance Approvals matrices Pre-committee screening process Anticipating problems/failures The Rule of 3 Case studies: Western Harbour Crossing Why did this carefully-controlled structure fail? One.Tel How did banks commit to a company selling services for less than it cost? The 7 main tools Cascading covenants Reporting/compliance Audit/expert review Liquidity management Reserves Traps/sweeps Litigation trail Case study: Sithe Independence The FA technology (GE) was a technology risk. How much LDs were needed? Day 2 Role of lawyers Actions upon Default Cross-border considerations Equity Trade-ons SPV management Security/collateral Arbitration Legal states of play Bankruptcy Informal insolvency Administration Receivership/liquidation Roles Agent/custodian/trustee Project financier Team composition Experience Credit committee Workout/Special loans division Workouts Styles Break-up/reshaping New monies Equity/mezzanine Preparation for sale Patience War Risk ranking Matrix Building in hazards into the forecasts/Scenarios Case study: Marview, Australia The flexibility developed from backcasting and 'bottom-fishing' saved the day. New techniques Securitisation CLOs Partial risk Take-outs Completion enhancement Mezzanine/convertibles Combination packages Sequential structures Case study: Loy Yang, Australia How did Chase repackage this mis-priced deal? Citibank's CLO The international and sector approach taken on emerging-markets projectfinanced CLO in the PF bond market. The eight (8) common threads
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