ORCID Profile
0000-0002-5368-3277
Current Organisation
University of Aberdeen
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Publisher: Emerald
Date: 04-04-2016
DOI: 10.1108/JPIF-07-2015-0047
Abstract: – The purpose of this paper is to consider the merits of using projects bonds to finance infrastructure investment projects and considers the pricing of such bonds and the level of risk premium demanded by the market. – The research used a mix of qualitative and quantitative methods with desk-based study and interviews. Interviews were held with policy makers, local authority staff, planners, developers, investors, fund managers and academics. Infrastructure bond data were obtained from the Bloomberg database on all project bonds issued in four Asian countries – Malaysia, China, Taiwan and India – over the period 2003-2014. – The analysis indicates investor appetite for project bonds and suggests that a risk premium of between 150 and 300 basis points over the comparable government bond is appropriate depending on the sector and the degree of government involvement in underwriting the issue. – The paper argues that the introduction of project bonds would be an important innovation, assisting the financing of infrastructure investment at a time when bank lending is likely to remain fragile. The current conditions in the sovereign debt market, where strong demand has forced down yields, has opened up the opportunity to introduce project bonds offering a higher yield to satisfy institutional investment demand for long term fixed income products. – The originality of this paper stems from the analysis of the merits of using projects bonds to finance infrastructure investment projects, the pricing of such bonds and the level of risk premium demanded by the market.
Publisher: Emerald
Date: 02-08-2013
DOI: 10.1108/JFMPC-07-2012-0028
Abstract: The purpose of this paper is to explore the implications of the Global Financial Crisis (GFC) on Public Private Partnership (PPP) markets around the world. Specifically, it aims to highlight the extent of over reliance on debt finance, as well as the conditions needed to attract enhanced levels of institutional investment into key infrastructural provision. Quantitative insight for the paper is derived from the Infrastructure Online Database. The Infrastructure Journal ( IJ ) Online Database profiles PFI/PPP deals around the world depicting the key actors involved, as well as the capital value of deals and the financial structures applied in terms of debt, equity and Multilateral and Government Finance. The quantitative insight derived from the IJ database is complemented by interview evidence and forum‐based discussion. In total, 38 interviews were conducted with a erse range of key stakeholder groupings from across the public and private sectors, including government advisers, client side representatives (Health and Education sectors), contractors, financiers and FM providers. Interviewees were drawn from five key PPP markets at different stages in the maturity cycle, namely, Australia, Canada, India, the UK and the USA. In addition to the interviews, three forum‐based discussions were undertaken as part of the investigation exploring the key themes to emerge from the interviews from multi‐stakeholder perspectives. The findings from the study highlight a number of inherent deficiencies in the PPP model, including the over reliance on private sector debt. Additionally, the research profiles the extent and form of national government interventions in PPP markets around the world, highlighting the need for a more innovative, sustainable and balanced funding frameworks for essential infrastructure conducive to the next economic/financial cycle. This study is distinct in that it examines the cross‐jurisdictional implications of the global financial crisis on PPP markets.
Publisher: Informa UK Limited
Date: 12-2003
Publisher: Informa UK Limited
Date: 02-10-2017
Publisher: Emerald
Date: 04-04-2016
DOI: 10.1108/JFMPC-09-2015-0036
Abstract: – This research aims to provide an insight into large-scale real estate projects in Europe and how they are using a more innovative blend of finance. – The methodology involved a mix of desk-based study, interviews and case studies. Interviews were held with financiers, policymakers, developers, investors, fund managers and academics. The specific case projects were Battersea Power Station Development in London Leipziger Platz site in Berlin and the Lammenschans site in the city of Leiden, The Netherlands. – The research found that there is growth in the blend of financial products used in real estate development within large-scale mixed-use projects. This new blend is set with greater equity financing, often from domestic and foreign consortiums generating institutional funds – alongside private debt financing – that utilise a mix of large-scale multi-bank finance. – The scale of the challenge in financing real estate development allied with capital budget constraints has meant that the appetite for innovative finance mechanisms has gained considerable momentum in practice and policy. This research investigates current ex les in development finance and provides a discussion of the opinion of key multi-stakeholder participants in the in idual cases, and trends more strategically at a broader level. – This detailed study of three major development sites and at a more broader strategic level is significant, in that it provides a better understanding of the differing blends of finance that are being used.
Publisher: Informa UK Limited
Date: 02-01-2020
Location: United Kingdom of Great Britain and Northern Ireland
No related grants have been discovered for Norman Hutchison.