从多维角度看国际pppbot项目概述.ppt

债券融资 Monoline financial guarantor /insurer 它们是谁? Ambac, MBIA, FGIC and FSA 历史 “包裹债券” Wrapping the bond 提高信用评级 在PPP项目中的应用 金融危机导致Monoline financial guarantor /insurer 评级降级 延伸探讨 - 银行？债券？ Monoline/ Bond Guarantor (takes project risk by issuing payment guarantee) Issues payment guarantee Bond Trustee Holds Bonds on trust for investors Investors Paying Agent SPV (Issuer) (money function) hold bonds, make and receive payments Fees and reimbursement for guarantee Issues Bonds Collateral Deed Bond Manager (a legal function) Buys Bonds Publishes Prospectus 延伸探讨 - 银行？债券？ Rating Agencies 向银行融资还是向资本市场融资? 利率 Negative Carry 期限与再融资风险 债券- 30 年 银行- 15-20年 价格（利率）的确定性 银行承销带来更高的确定性 交易成本（发行成本） 延伸探讨 - 银行？债券？ PPP/项目融资有用资源 EIB (Guide to guidance) /epec/resources/guide-to-guidance-en.pdf World Bank Homepage: / List of countries and regions: /WBSITE/EXTERNAL/COUNTRIES/0,,pagePK:180619~theSitePK:136917,00.html EBRD /pages/homepage.shtml UNECE / 谢谢！ 问题？ Ask Ellen Ellen.zhang@ Combining the experience, resources and international reach of McGrigors and Pinsent Masons Pinsent Masons LLP is a limited liability partnership registered in England Wales (registered number: OC333653) authorised and regulated by the Solicitors Regulation Authority, and by the appropriate regulatory body in the other jurisdictions in which it operates. The word ‘partner’, used in relation to the LLP, refers to a member of the LLP or an employee or consultant of the LLP or any affiliated firm who is a lawyer with equivalent standing and qualifications. A list of the members of the LLP, and of those non-members who are designated as partners, is displayed at the LLP’s registered office: 30 Crown Place, London EC2A 4ES, United Kingdom. We use ‘Pinsent Masons’ to refer to Pinsent Masons LLP and affiliated entities that practise under the name ‘Pinsent Masons’ or a name that incorporates those words. Reference to ‘Pinsent Masons’ is to Pinsent Masons L