principles of policy and finance Yescombe, E. R. creator text bibliography ne 2007 First edition monographic eng

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xvii, 350 p. ill. 25 cm. 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 -- E.R. Yescombe. Series statement from jacket. Includes bibliographical references (p. 327-333). Public-private sector cooperation Infrastructure Economics Finance Public-private sector cooperation Finance Public administration Project management Finance, Public HD2961 Y47 2007 338.73 QQ 000 9780750680547 pucpr 102910 20241203173906.0 eng