Public-private partnerships : principles of policy and finance. / E.R. Yescombe. txt

Por:

Yescombe, E. R

Series Elsevier financeGreat Britain : Butterworth-Heinemann , 2007Edición: First editionDescripción: xvii, 350 p. ill. 25 cmTipo de contenido:

text

Tipo de medio:

unmediaded

Tipo de soporte:

volume

ISBN:

9780750680547

Tema(s):

Clasificación CDD:

338.73 22

Clasificación LoC:

HD2961 Y47 2007

Otra clasificación:

QQ 000

Contenidos:

Ch. 1. What are public-private partnerships? -- Introduction -- Public Infrastructure and the Private Sector -- Public Private Partnerships -- Development and Structures -- PPPs and Public Infrastructure -- Types of PPP -- Ch. 2. PPPs: for and against -- Introduction -- New Public Management, Privatisation and PPPs -- Budgetary Benefit -- Additionality -- Financing Cost and Risk Transfer and Value for Money -- Economies of Scale -- Whole Life Costing and Maintenance -- Private Sector Skills -- Public Sector Reform -- Complexity -- Flexibility -- PPPs and Politics -- Ch. 3. PPPs worldwide -- Introduction -- Developing PPP Programmes -- Legal Framework -- United Kingdom -- United States -- Australia -- France -- Korea -- Spain -- South Africa -- Ch. 4. Cash flow and investment analysis -- Introduction -- Net Present Value / Discounted Cash Flow -- Internal Rate of Return -- Problems with DCF and IRR Calculations -- Uses in PPs -- Ch. 5. The public-sector investment decision -- Introduction -- Economic Justification -- Value for Money and the Public Sector Comparator -- Affordability -- Balance Sheet Treatment -- Ch. 6. Public-sector procurement and contract management -- Introduction -- Project Management -- Procurement Procedures -- Other Procedures Issues -- Due Diligence -- Contract Management -- External Advisers -- Ch. 7. The private-sector investor's perspective -- Introduction -- The Investment Pool -- The Investment Decision -- Bidding and Project Development -- Joint Venture Issues -- The Project Company -- External Advisers -- Ch. 8. Project finance and PPPs -- Introduction -- Development of Project Finance -- Features of Project Finance -- The Project Finance Market -- Why Use Project Finance for PPPs? -- Ch. 9. Private-sector financing: sources and procedures -- Introduction -- The Role of the Financial Adviser -- Commercial Banks -- Bond Issues -- Bank Loans v. Bonds -- Mezzanine Debt -- Ch. 10. Financial structuring -- Introduction -- The Financial Model -- Model Inputs and Outputs -- Financing Costs -- Debt Profile -- Cover Ratios -- Relationship between Cover Ratio, Leverage and Equity Return -- Accounting and Taxation Issues -- Recourse to the Sponsors -- Ch. 11. Financial hedging -- Introduction -- Interest Rate Risk -- Inflation Issues -- Ch. 12. Lender's cash-flow controls, security and enforcement -- Introduction -- Control of Cash Flow -- Security -- The Role of Insurance -- Events of Default -- Intercreditor issues -- Ch. 13. Service-fee mechanism -- Introduction -- Contract Scope -- Payment Structure -- Usage Based Payments -- Availability Based Payments -- Mixed Usage and Availability Payments -- Third Party and Secondary Revenues -- Ch. 14. Risk evaluation and transfer -- Introduction -- Principles of Risk Transfer -- The Risk Matrix -- Political Risks -- Site Risks -- Construction Risks -- Completion Risks -- Operation Phase Risks -- Ch. 15. Changes in circumstances and termination -- Introduction -- Compensation Events -- Relief Events -- Step In and Substitution -- Early Termination : Default by the Project Company -- Optional Termination or Default by the Public Authority -- Early Termination : Force Majeure -- Early Termination : Corruption -- Termination and Subcontractors -- Tax Implications of a Termination Sum Payment -- Final Maturity, Residual Value Risk and Hand Back -- Ch. 16. Funding competition, debt refinancing and equity sale -- Introduction -- Funding Competition -- Equity Competition -- Debt Refinancing -- Equity Sale -- Ch. 17. Alternative models -- Introduction -- Public Sector Procurement -- Post Construction Take Out -- Public Sector Debt Funding -- Joint Venture PPPs -- Not for Profit Structures -- Bibliography -- Glossary and Abbreviations --

List of Figures : Figure 1.1 Project Finance for a Power Purchase Agreement (PPA) -- Figure 1.2 Project finance for a road Concession -- Figure 1.3 Project finance for a PFI school project -- Figure 5.1 Decision tree for Eurostat balance sheet treatment --

List of Tables : Table 1.1 Public and private provision of infrastructure 12 -- Table 3.1 International PPP programmes 30 -- Table 3.2 PFI projects, 1987-2005 36 -- Table 3.3 PFI projects by government department, 1987-2005 37 -- Table 3.4 Major U.S. PPP highway projects 40 -- Table 3.5 Australian PPPs 42 -- Table 3.6 Korean PPI projects, 1997-2005 45 -- Table 3.7 Major Korean PPI projects, 2003 Annual Plan 46 -- Table 4.1 DCF calculation 51 -- Table 4.2 IRR calculation 52 -- Table 4.3 NPV and different-sized projects 52 -- Table 4.4 IRR and negative/positive cash flows 53 -- Table 4.5 IRR and interim cash flows 54 -- Table 4.6 IRR and MIRR 55 -- Table 4.7 IRR and different project lives 56 -- Table 5.1 PSC calculation 66 -- Table 5.2 Finance-lease liabilities in U.K. public-sector debt, 2006 73 -- Table 6.1 Public-sector project-financing advisory mandates, 2005 93 -- Table 7.1 Project phases and required equity return 103 -- Table 8.1 Project-finance loans by sectors, 2000-5 116 -- Table 8.2 Project-finance lending in selected countries, 2000-5 118 -- Table 8.3 Benefit of leverage on investors' return 120 -- Table 8.4 Effect of leverage on the Service Fees 122 -- Table 9.1 Project-finance advisory mandates from bidders, 2005 126 -- Table 9.2 Major project-finance banks, 2005 127 -- Table 9.3 Investment-grade ratings 136 -- Table 9.4 Project-finance bond market by sectors, 2000-5 138 -- Table 9.5 Project-finance bonds by country, 2005 138 -- Table 9.6 Bank loans v. bonds 141 -- Table 10.1 Target and minimum repayments 157 -- Table 10.2 Effect of ADSCR on loan amount 161 -- Table 10.3 Cover Ratios level principal repayments 163 -- Table 10.4 Cover Ratios annuity debt service 164 -- Table 10.5 Relatioship between Cover Ratio, leverage and Equity IRR 166 -- Table 11.1 Effect of interest rate fluctuations 172 -- Table 11.2 Interest rate swap 174 -- Table 11.3 Calculation of swap breakage cost 175 -- Table 11.4 Swap breakage costs over time 175 -- Table 11.5 Effect of swap credit premium on breakage cost 178 -- Table 11.6 Bond termination costs 183 -- Table 11.7 Effect of inflation on project cash flow 189 -- Table 11.8 Effect of inflation indexed Service Fees 191 -- Table 11.9 Effect of over indexation 193 -- Table 11.10 Inflation indexed v. fixed rate loan 195 -- Table 11.11 Inflation indexed loan breakage costs 197 -- Table 11.12 Inflation swap 198 -- Table 14.1 Risk Matrix 246 -- Table 15.1 AVT Termination Sum calculations 286 -- Table 16.1 Equity competition 296 -- Table 16.2 Effect of refinancing 299 -- Table 16.3 Refinancing Gain calculation 303 -- Table 16.4 Equity sale 308 -- Table 17.1 100% debt financing 323 --

Existencias
Imagen de cubierta	Tipo de ítem	Biblioteca actual	Biblioteca de origen	Colección	Ubicación en estantería	Signatura topográfica	Materiales especificados	Info Vol	URL	Copia número	Estado	Notas	Fecha de vencimiento	Código de barras	Reserva de ítems	Prioridad de la cola de reserva de ejemplar	Reservas para cursos
	Libro	CARIBET Biblioteca Arquitectura Colección General CARIBET				General HD2961 Y47 2007 (Navegar estantería(Abre debajo))				2	Disponible			91000000002519
	Libro	CARIBET Biblioteca Arquitectura Colección General CARIBET				General HD2961 Y47 2007 (Navegar estantería(Abre debajo))				1	Disponible			91000000001602

Total de reservas: 0

Descripciones mejoradas de Syndetics:

Over the last decade or so, private-sector financing through public-private partnerships (PPPs) has become increasingly popular around the world as a way of procuring and maintaining public-sector infrastructure, in sectors such as transportation (roads, bridges, tunnels, railways, ports, airports), social infrastructure (hospitals, schools, prisons, social housing) public utilities (water supply, waste water treatment, waste disposal), government offices and other accommodation, and other specialised services (communications networks or defence equipment). This book, based on the author's practical experience on the public- and private-sector sides of the table, reviews the key policy issues which arise for the public sector in considering whether to adopt the PPP procurement route, and the specific application of this policy approach in PPP contracts, comparing international practices in this respect. It offers a systematic and integrated approach to financing PPPs within this public-policy framework, and explains the project-finance techniques used for this purpose. The book deals with both the Concession and PFI models of PPP, and provides a structured introduction for those who are new to the subject, whether in the academic, public-sector, investment, finance or contracting fields, as well as an aide memoire for those developing PPP policies or negotiating PPPs. The author focuses on practical concepts, issues and techniques, and does not assume any prior knowledge of PPP policy issues or financing techniques. The book describes and explains:* The different types of PPPs and how these have developed* Why PPPs are attractive to governments* General policy issues for the public sector in developing a PPP programme* PPP procurement procedures and bid evaluation* The use of project-finance techniques for PPPs* Sources of funding* Typical PPP contracts and sub-contracts, and their relationship with the project's financial structure * Risk assessment from the points of view of the public sector, investors, lenders and other project parties* Structuring the investment and debt financing* The key issues in negotiating a project-finance debt facility. In addition the book includes an extensive glossary, as well as cross-referencing.

Series statement from jacket.

Includes bibliographical references (p. 327-333).

Ch. 1. What are public-private partnerships? --
Introduction --
Public Infrastructure and the Private Sector --
Public Private Partnerships --
Development and Structures --
PPPs and Public Infrastructure --
Types of PPP --
Ch. 2. PPPs: for and against --
Introduction --
New Public Management, Privatisation and PPPs --
Budgetary Benefit --
Additionality --
Financing Cost and Risk Transfer and Value for Money --
Economies of Scale --
Whole Life Costing and Maintenance --
Private Sector Skills --
Public Sector Reform --
Complexity --
Flexibility --
PPPs and Politics --
Ch. 3. PPPs worldwide --
Introduction --
Developing PPP Programmes --
Legal Framework --
United Kingdom --
United States --
Australia --
France --
Korea --
Spain --
South Africa --
Ch. 4. Cash flow and investment analysis --
Introduction --
Net Present Value / Discounted Cash Flow --
Internal Rate of Return --
Problems with DCF and IRR Calculations --
Uses in PPs --
Ch. 5. The public-sector investment decision --
Introduction --
Economic Justification --
Value for Money and the Public Sector Comparator --
Affordability --
Balance Sheet Treatment --
Ch. 6. Public-sector procurement and contract management --
Introduction --
Project Management --
Procurement Procedures --
Other Procedures Issues --
Due Diligence --
Contract Management --
External Advisers --
Ch. 7. The private-sector investor's perspective --
Introduction --
The Investment Pool --
The Investment Decision --
Bidding and Project Development --
Joint Venture Issues --
The Project Company --
External Advisers --
Ch. 8. Project finance and PPPs --
Introduction --
Development of Project Finance --
Features of Project Finance --
The Project Finance Market --
Why Use Project Finance for PPPs? --
Ch. 9. Private-sector financing: sources and procedures --
Introduction --
The Role of the Financial Adviser --
Commercial Banks --
Bond Issues --
Bank Loans v. Bonds --
Mezzanine Debt --
Ch. 10. Financial structuring --
Introduction --
The Financial Model --
Model Inputs and Outputs --
Financing Costs --
Debt Profile --
Cover Ratios --
Relationship between Cover Ratio, Leverage and Equity Return --
Accounting and Taxation Issues --
Recourse to the Sponsors --
Ch. 11. Financial hedging --
Introduction --
Interest Rate Risk --
Inflation Issues --
Ch. 12. Lender's cash-flow controls, security and enforcement --
Introduction --
Control of Cash Flow --
Security --
The Role of Insurance --
Events of Default --
Intercreditor issues --
Ch. 13. Service-fee mechanism --
Introduction --
Contract Scope --
Payment Structure --
Usage Based Payments --
Availability Based Payments --
Mixed Usage and Availability Payments --
Third Party and Secondary Revenues --
Ch. 14. Risk evaluation and transfer --
Introduction --
Principles of Risk Transfer --
The Risk Matrix --
Political Risks --
Site Risks --
Construction Risks --
Completion Risks --
Operation Phase Risks --
Ch. 15. Changes in circumstances and termination --
Introduction --
Compensation Events --
Relief Events --
Step In and Substitution --
Early Termination : Default by the Project Company --
Optional Termination or Default by the Public Authority --
Early Termination : Force Majeure --
Early Termination : Corruption --
Termination and Subcontractors --
Tax Implications of a Termination Sum Payment --
Final Maturity, Residual Value Risk and Hand Back --
Ch. 16. Funding competition, debt refinancing and equity sale --
Introduction --
Funding Competition --
Equity Competition --
Debt Refinancing --
Equity Sale --
Ch. 17. Alternative models --
Introduction --
Public Sector Procurement --
Post Construction Take Out --
Public Sector Debt Funding --
Joint Venture PPPs --
Not for Profit Structures --
Bibliography --
Glossary and Abbreviations --

List of Figures :
Figure 1.1 Project Finance for a Power Purchase Agreement (PPA) --
Figure 1.2 Project finance for a road Concession --
Figure 1.3 Project finance for a PFI school project --
Figure 5.1 Decision tree for Eurostat balance sheet treatment --

List of Tables :
Table 1.1 Public and private provision of infrastructure 12 --
Table 3.1 International PPP programmes 30 --
Table 3.2 PFI projects, 1987-2005 36 --
Table 3.3 PFI projects by government department, 1987-2005 37 --
Table 3.4 Major U.S. PPP highway projects 40 --
Table 3.5 Australian PPPs 42 --
Table 3.6 Korean PPI projects, 1997-2005 45 --
Table 3.7 Major Korean PPI projects, 2003 Annual Plan 46 --
Table 4.1 DCF calculation 51 --
Table 4.2 IRR calculation 52 --
Table 4.3 NPV and different-sized projects 52 --
Table 4.4 IRR and negative/positive cash flows 53 --
Table 4.5 IRR and interim cash flows 54 --
Table 4.6 IRR and MIRR 55 --
Table 4.7 IRR and different project lives 56 --
Table 5.1 PSC calculation 66 --
Table 5.2 Finance-lease liabilities in U.K. public-sector debt, 2006 73 --
Table 6.1 Public-sector project-financing advisory mandates, 2005 93 --
Table 7.1 Project phases and required equity return 103 --
Table 8.1 Project-finance loans by sectors, 2000-5 116 --
Table 8.2 Project-finance lending in selected countries, 2000-5 118 --
Table 8.3 Benefit of leverage on investors' return 120 --
Table 8.4 Effect of leverage on the Service Fees 122 --
Table 9.1 Project-finance advisory mandates from bidders, 2005 126 --
Table 9.2 Major project-finance banks, 2005 127 --
Table 9.3 Investment-grade ratings 136 --
Table 9.4 Project-finance bond market by sectors, 2000-5 138 --
Table 9.5 Project-finance bonds by country, 2005 138 --
Table 9.6 Bank loans v. bonds 141 --
Table 10.1 Target and minimum repayments 157 --
Table 10.2 Effect of ADSCR on loan amount 161 --
Table 10.3 Cover Ratios level principal repayments 163 --
Table 10.4 Cover Ratios annuity debt service 164 --
Table 10.5 Relatioship between Cover Ratio, leverage and Equity IRR 166 --
Table 11.1 Effect of interest rate fluctuations 172 --
Table 11.2 Interest rate swap 174 --
Table 11.3 Calculation of swap breakage cost 175 --
Table 11.4 Swap breakage costs over time 175 --
Table 11.5 Effect of swap credit premium on breakage cost 178 --
Table 11.6 Bond termination costs 183 --
Table 11.7 Effect of inflation on project cash flow 189 --
Table 11.8 Effect of inflation indexed Service Fees 191 --
Table 11.9 Effect of over indexation 193 --
Table 11.10 Inflation indexed v. fixed rate loan 195 --
Table 11.11 Inflation indexed loan breakage costs 197 --
Table 11.12 Inflation swap 198 --
Table 14.1 Risk Matrix 246 --
Table 15.1 AVT Termination Sum calculations 286 --
Table 16.1 Equity competition 296 --
Table 16.2 Effect of refinancing 299 --
Table 16.3 Refinancing Gain calculation 303 --
Table 16.4 Equity sale 308 --
Table 17.1 100% debt financing 323 --

Tabla de contenidos provista por Syndetics

Introduction
What are Public-Private Partnerships?
PPPsFor and Against
PPPs Worldwide
Cash Flow and Investment Analysis
The Public-Sector Investment Decision
Public-Sector Procurement and Contract Management
The Private-Sector Investors Perspective
Project Finance and PPPs
Private-Sector FinancingSources and Procedures
Financial Structuring
Financial Hedging
Lenders Cash-flow Controls, Security and Enforcement
Service-Fee Mechanism
Risk Evaluation & Transfer
Changes in Circumstances and Termination
Funding Competition, Debt Refinancing and Equity Sale
Alternative Models

Notas de autor provistas por Syndetics

E.R. Yescombe is an independent consultant on project finance and public-private partnerships (PPPs), advising investors on financing for power, infrastructure and PPP projects, as well as public-sector entities on PPP policy issues, project procurement and contracting.

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