European infrastructure finance: a stock-take
Published July 2017

ICMA and AFME have produced a  review of the state of infrastructure financing, investment and related initiatives in Europe, and an assessment of how to further advance and encourage private sector finance for infrastructure projects. The review was undertaken as a follow up to the ‘AFME-ICMA Guide to Infrastructure Financing’ published by the two associations in June 2015.

Studies show that a substantial increase on current investment levels in infrastructure is required to support future expected economic growth. Since the financial crisis, institutional investors have substantially increased their investment in infrastructure, but this welcome trend requires further encouragement, which may be achieved via a mix of financial instruments, innovative financing solutions and familiarity with the different risk and return profiles of individual projects. The review highlights some of the other measures which could help to generate a positive environment to boost private sector infrastructure investment.

Read the European infrastructure finance: a stock-take

Guide to infrastructure financing in Asia
Published August 2016

ASIFMA and ICMA have produced the “Guide to Infrastructure Financing in Asia”, which is the first comprehensive guide of its kind that outlines how infrastructure projects can be financed in Asia including through the capital markets. It is intended to help public authorities, project sponsors, project promoters and issuers interested in raising debt for infrastructure projects in Asia. ASIFMA and ICMA, each of which represents a variety of capital market participants, are committed to supporting the expansion of capital markets financing for all types of infrastructure projects.
The guide is designed to provide practical guidance on raising debt finance through banks and the capital markets, taking into account planning and procurement issues in the transaction process. In particular, the guide focuses on the debt component of financing, rather than equity, and describes the relative merits of the bond markets and bank financing; certain considerations to be taken into account by public procurement authorities and private sector entities; and considerations relevant to procurement and planning. While not specifically written for investors, this guide also sets out key credit considerations for project bond investors.  

Contributors to the guide include experts from AIA, BlackRock, Clifford Chance, Credit Suisse, JP Morgan, Moody’s and Société Générale, in addition to ADB, AIIB, CGIF and IFC.  

Read the Guide to infrastructure financing in Asia.

Guide to infrastructure financing
Published June 2015
Bank loans, debt private placement, and public bonds – smoothing the pathway for effective funding

The AFME ICMA Guide to Infrastructure Financing is now available. The Guide was developed to help provide practical information to public authorities, project sponsors, project promoters and issuers looking to raise finance through banks or the capital markets obtain the type of financing best suited toward their particular requirements. The Guide reviews the different types of financing choices, the mechanics of a loan or a bond issue, credit enhancement alternatives, the European Fund for Strategic Investments (EFSI), the credit review processes, the project bond investor base, the marketing, pricing and issuance process timelines, and the European Financial Services Round Table’s standardised disclosure and reporting best practices as well as key considerations for investors.

This is the first time that a complete set of this type of practical information on how to select and implement an infrastructure financing has been made public.

AFME and ICMA members feel that it is important to improve transparency in the increasing number of options available to public authorities and sponsors. The Guide also demystifies the business relationship and perspectives between the procurement authorities, lenders, arrangers as well as investors, and contains insightful information for public authorities on how to maximize value for money for taxpayers.

Read the Guide to infrastructure financing – bank loans, debt private placement and public bonds – smoothing the pathway for effective funding.


Katie Kelly
Senior Director, Market Practice and Regulatory Policy; Secretary to the ICMA Public Sector Issuer Forum (PSIF), ICMA Financial Institution Issuer Forum (FIIF) and to the ICMA Corporate Issuer Forum (CIF).
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