European Infrastructure & Project Finance

Tuesday, October 30, 2018

October 2018

Conference

European Infrastructure & Project Finance

Trends in infrastructure debt financing

thursday, November 08, 2018
london

European Infrastructure & Project Finance

Trends in infrastructure debt financing
Tuesday, October 30, 2018
October 2018
Grocers' Hall
London

European Infrastructure & Project Finance

Trends in infrastructure debt financing

Tuesday, October 30, 2018
October 2018
Grocers' Hall
London

European Infrastructure & Project Finance

Trends in infrastructure debt financing

Tuesday, October 30, 2018
October 2018
Grocers' Hall
London

European Infrastructure & Project Finance

Trends in infrastructure debt financing

Tuesday, October 30, 2018
October 2018
Grocers' Hall
London

European Infrastructure & Project Finance

Trends in infrastructure debt financing

Tuesday, October 30, 2018
October 2018
Grocers' Hall
London

What's new in the European infrastructure debt financing?

The tolerance for certain project finance risks has increased, leading to financing structures in the sector to evolve over time. Join 100 market participants as we look closely at the associated transaction risks in the rolling stock, waste to energy, and renewables sectors. We’ll also cover expected trends in the European infrastructure sector for the next 12-18 months, particularly toll roads and airports.

Why Attend?

The half-day conference is designed for experts in the sector: investors, issuers, intermediaries as well as regulators and professional services.

<div class="credit-themes-container dynamic"><div class="custom-fa-wrapper"><div class="custom-item-holder"><div class="custom-icon-fa"><br></div><div class="custom-item-text-holder"><h1 class="custom-item-heading alt white">Discover</h1><p class="custom-item-para alt white">Discover fresh perspectives on the credit markets</p></div></div><div class="custom-item-holder"><div class="custom-icon-fa"><br></div><div class="custom-item-text-holder"><h1 class="custom-item-heading alt white">Meet</h1><p class="custom-item-para alt white">Meet senior Moody's Analysts and market experts</p></div></div><div class="custom-item-holder"><div class="custom-icon-fa"><br></div><div class="custom-item-text-holder"><h1 class="custom-item-heading alt white">Network</h1><p class="custom-item-para alt white">Network with key infrastructure sector market participants.</p></div></div></div></div>

Agenda

09.00         Opening Remarks

Andrew Blease, Associate Managing Director, EMEA Infrastructure Finance, Moody's

09.05          European Toll Roads 2019

Xavier Lopez del Rincon, Vice President - Senior Credit Officer, EMEA Infrastructure Finance, Moody's

  • Latest trends in traffic and financial performance
  • Regulatory and political risks for concession-based operators
  • Outlook for the next 12-18 months

09.25          European Airports 2019 Outlook

Raffaella Altamura, Vice President - Senior Analyst, EMEA Infrastructure Finance, Moody's

  • Latest trends in traffic and financial performance
  • Risks and implications of Brexit for UK airports
  • Outlook for the next 12-18 months

09.45          Rolling Stock Re-Leasing Risk: Is There Light at the End of the Tunnel for UK ROSCOs?

Tomas O'Loughlin, Vice President - Senior Credit Officer, EMEA Infrastructure Finance, Moody's

  • The key credit driver for UK ROSCOs going forward will be the re-leasing outlook for mid-life fleets
  • A look back at recent franchise awards and fleet displacements
  • Risk of fleet displacement over the next franchising cycle

10.05          Evolving Risks in Energy-from-Waste: No Energy Wasted Looking at the Fundamentals

Nicolò Castagna, Assistant Vice President - Analyst, EMEA Infrastructure Finance, Moody's

  • Credit risk higher due to less contracted waste and/or lower credit counterparties
  • 'Going merchant' trend shifts credit focus to catchment area fundamentals
  • Structural features available to mitigate risks for creditors

10.25          Networking & Coffee Break

10.55          It’s Not Easy Being Green: Post-Subsidy Renewables Project Finance

Christopher Bredholt, Vice President - Senior Credit Officer, EMEA Infrastructure Finance, Moody's

  • Changing economic drivers in the renewables sector as capital costs decline, projects benefit from economies of scale, and auctions induce competition
  • Credit challenges for renewable project financings in a world of zero subsidies
  • Risk mitigation in the context of merchant renewables

11.15          Panel Discussion

Moderated by Andrew Blease, Associate Managing Director, EMEA Infrastructure Finance, Moody's

Bart White, Head of Infrastructure Debt Advisory, Santander

Kevin Maddick, Associate Managing Director, EMEA Infrastructure Finance, Moody's

Paul McCartie, Chief Investment Officer, Lightsource BP

Ben Butler, Finance Director, Cory Riverside Energy

12.15          Closing  Remarks

Speakers

Moody's

Andrew Blease

Associate Managing Director

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Associate Managing Director

Andrew Blease

Andrew is responsible for a team of analysts covering transport infrastructure across EMEA and utilities in central and eastern Europe. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Andrew studied finance at London Metropolitan University and is a member of the chartered Institute of Bankers.

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Raffaella Altamura

Vice President - Senior Analyst

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Vice President - Senior Analyst

Raffaella Altamura

Raffaella Altamura is a senior analyst in the EMEA Infrastructure Finance team based in London. She is responsible for a portfolio of transport infrastructure issuers in Europe, including toll road operators, airports and ports. Raffaella is one of the most experienced analysts within the infrastructure team with a wealth of experience across a range of sectors, having previously covered utilities and also project finance transactions. She has particularly focused on the Italian market but also benefits from experience over a broad range of other jurisdictions. Raffaella has authored a series of publications on transport trends across Europe. Prior to joining Moody’s, Raffaella worked in the internal credit department of Mediobanca in Milan. She holds a degree in law and business administration from Bocconi University in Milan and is fluent in English and Italian.

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Christopher Bredholt

Vice President - Senior Credit Officer

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Vice President - Senior Credit Officer

Christopher Bredholt

Christopher Bredholt covers a diversified portfolio of mainly project finance issuers across sectors including infrastructure, power, renewables, transport and PPP/PFI. Christopher is a specialist in the renewable energy sector and led the analysis for Moody’s first offshore wind public rating. He has gained broad experience assessing complex structures and credit enhancement mechanisms for emerging market project financings and is lead analyst for the precedent-setting Elazig hospital PPP in Turkey, which benefitted from political risk insurance and contingent liquidity support. He represents the Infrastructure Finance team for Moody’s analytical activities in the African market.

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Nicolò Castagna

Assistant Vice President - Analyst

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Assistant Vice President - Analyst

Nicolò Castagna

Nicolò Castagna is a lead analyst in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of project finance issuers in the healthcare, transport, accommodation, energy from waste, energy transmission and communication sectors. Nicolò joined Moody’s in 2016 having previously worked at Mediobanca for eight years, focusing on structuring and advising on project finance transactions in a wide range of sectors including energy (conventional and renewables), infrastructure, oil&gas, water and real estate. He has also been involved in structuring and executing corporate and leveraged finance transactions in EMEA across different industries. Nicolò holds a Master of Science in Accounting and Corporate Finance from Bocconi University in Milan and completed an exchange program at Ludwig-Maximilians University in Munich.

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Tomas O'Loughlin

Vice President - Senior Credit Officer

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Vice President - Senior Credit Officer

Tomas O'Loughlin

Tomás O’Loughlin is a senior lead analyst in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of project finance issuers in EMEA, including oil and gas projects. He is also lead analyst for rolling stock leasing company issuers. Over the course of his career at Moody’s, Tomás has had responsibility for a broad range of issuers, including PPPs, toll roads, project holding companies and renewable energy projects. He has extensive experience in the analysis of complex transactions involving essential energy infrastructure across a range of jurisdictions.

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Kevin Maddick

Associate Managing Director

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Associate Managing Director

Kevin Maddick

Kevin Maddick is an Associate Managing Director in the EMEA Infrastructure team, joining Moody’s in March 2017 based in London, and is responsible for a team of analysts covering project finance transactions. Kevin has 20 years of experience in energy and infrastructure financing, both as debt and equity investor, and in financial advisory. Kevin was Managing Director and Co-Head of Energy and Infrastructure whilst at RBS, leading origination, execution, and financial modelling teams. Prior to joining RBS, Kevin was a Senior Finance Manager at Balfour Beatty Capital where he was responsible for equity and debt raising for transport and social infrastructure projects. Kevin has advised, structured or arranged over $15bn of project and secured corporate financing, in debt and equity investments, across the key energy and infrastructure sectors, in Europe, North America and the Middle East.

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Xavier Lopez del Rincon

Vice President - Senior Credit Officer

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Vice President - Senior Credit Officer

Xavier Lopez del Rincon

Xavier Lopez del Rincon is a senior analyst in the EMEA Infrastructure Finance team, based in London. He has responsibility for a portfolio of transport infrastructure assets including airports, toll roads, ports and rail network operators. Xavier has considerable experience in airports and is Moody’s lead analyst for the sector in Europe and Africa. He is the author of the Moody’s Privately Managed Airports and Related Issuers rating methodology and has published extensively on the sector, including on the planned extension of airport capacity in the London area. Reflecting his deep knowledge and insight, Xavier is frequently invited to represent Moody’s credit views at investor roundtables and other events.

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Further Information

Moody’s Events 

Christopher De Ridder

Marketing Manager - Events & Outreach

+44-207-772-1445

Christopher.DeRidder@moodys.com