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 …Frequently asked questions
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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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