Home
Secondary Markets for PPP/PFI
22 November 2005
Secondary Markets for PPP/PFI

After a slow start, the private finance initiative is undergoing what many call a "golden age". New funds are entering the market looking to acquire existing investments in projects that are as diverse as the M40 motorway or the Dartford and Gravesend Hospital.

The launch of these recent funds shows the deepening maturity  of the primary PFI market, and illustrates the desire of some market participants to exit their investmens once they reached operational status. With an excess of £500 million of equity looking to find a home, it would seem likely that further new entrants will follow.

Chairman:

Richard Payne, Director - Head of Consulting, Currie & Brown

Keynote address:

Tony Mallin, CEO, Star Capital Partners

Key speakers include:

Robin Herzberg, Managing Director, Carillion Private Finance

Stephen Paine, Managing Director, Joint Global Head of Infrastructure, UBS Investment Bank

David Toplas, Chief Executive, Mill Group

Barry Williams, Partner, SAE Media GroupF

Ian Simm, Managing Director, Impax Asset Management

Menno Witteveen, Managing Director, Dutch Infrastructure Fund

Joe Capra, Partner, Newport Partners (Advisor to Lighthouse Italian Infrastructure Fund)

Nick Rouse, Managing Director, Emerging Africa Infrastructure Fund

Craig Jamieson, Director, Standard and Poor’s

Euan McVicar, Partner, McGrigors

Benefits of attending and topics covered will include:

  • PPP investments as an asset class - how does it compare?
  • The evolution of primary, secondary and tertiary markets
  • New international funds in Italy, the Netherlands and more
  • New sector specific funds in infrastructure and social infrastructure including waste
  • Newly set up mixed PFI/ non PFI country and sector specific funds
  • Market capacity in the UK, Europe and Africa

Conference agenda

clock

8:30

Registration & Coffee

clock

9:00

An analysis of risk

  • Analysing and allocating risk
  • Methodology for rating PPP/PFI projects
  • The main benefits of risk assessment
  • Applying a model to an actual project
  • clock

    9:45

    Ratings and refinancing

  • The ratings process and using ratings for refinancing
  • How does refinancing affect rating?
  • Overcoming credit weaknesses
  • Contractual and legal implications of refinancing
  • clock

    10:30

    Morning Coffee

    clock

    10:45

    An explanation of the various risks

  • Demand risk
  • Design risk
  • Construction risk
  • Residual value risk
  • clock

    11:30

    Risk allocation

  • Assessing quantifiable and non-quantifiable risk
  • Determining where risks lie
  • Risk models
  • Risk and rewards – attitudes and allocation
  • clock

    12:10

    Discussion and questions

    clock

    12:30

    Close of the Executive Briefing

    clock

    8:30

    Registration & Coffee

    clock

    9:00

    Chairman's Opening Remarks

    Richard Payne

    Richard Payne, Director, Currie & Brown

    clock

    9:10

    OVERVIEW OF SECONDARY MARKET POTENTIAL

    Tony Mallin

    Tony Mallin, Chief Executive Officer, Star Capital Partners

    clock

    9:40

    SELLING EQUITY IN THE SECONDARY MARKET

    Robin Herzberg

    Robin Herzberg, Managing Director, Carillion Private Finance

  • Barriers to disposal
  • Selection of investments for disposal
  • Protecting value
  • Purchaser due diligence
  • clock

    10:10

    Morning Coffee

    clock

    10:40

    DEVELOPING THE DUTCH MARKET

    Wim  Blaasse

    Wim Blaasse, Managing Director, Dutch Infrastructure Fund

  • Characteristics: unity or division
  • Primary market
  • Secondary market
  • Dutch Infrastructure Fund: the first fund in the Netherlands
  • Conclusion
  • clock

    11:10

    THE EMERGING AFRICA INFRASTRUCTURE FUND

    Nick Rouse

    Nick Rouse, Managing Director, Emerging Africa Infrastructure Fund

  • A new financing approach for the long term alleviation of poverty in sub-Saharan Africa
  • Nature of African Infrastructure concessions
  • Challenges for Governments
  • Expectations of lenders
  • Lessons for Governments
  • clock

    11:40

    THE ITALIAN INFRASTRUCTURE MARKET

    Joe Capra

    Joe Capra, Director, Newport Partners

  • Economics
  • Key business drivers
  • Exit Strategies
  • Conclusions
  • clock

    12:10

    APPLYING PFI TO THE UK WASTE SECTOR

    Ian Simm

    Ian Simm, Managing Director, Impax Asset Management

  • UK local authorities under pressure to meet targets for recovery and recycling of municipal solid waste
  • Integrated waste facilities require significant capital investment and are well suited to project financing
  • Mitigating technical and regulatory risks is not always straightforward
  • The experience of PFI waste deals has been mixed
  • What are the prospects for future PFI deal flow in this sector?
  • clock

    12:40

    Networking Lunch

    clock

    14:00

    EXIT THROUGH SECURITISATION

    Adam MacDonald

    Adam MacDonald, Director, UBS Investment Bank

  • Risk concentration
  • Rating implications
  • clock

    14:30

    LONG TERM SPONSORS/INVESTORS

    David Toplas

    David Toplas, Chief Executive, Mill Group Ltd

  • Financially led sponsors
  • In-house long term funds
  • Benefit for Tertiary market investors (eg pension funds)
  • Sound basis for long term partnering
  • clock

    15:00

    Afternoon Tea

    clock

    15:30

    STRUCTURING SECONDARY MARKET TRANSACTIONS

  • Precedent transactions
  • Pre-emption rights, bilateral agreements and auctions
  • Ad hoc sales
  • Packaged portfolios
  • Barry Williams

    Barry Williams, Partner, Secondary Market Infrastructure Fund (SMIF)

    clock

    16:00

    CONTRACTUAL ISSUES IN THE SECONDARY MARKET

    Euan McVicar

    Euan McVicar, Partner, McGrigors

  • Structuring transactions for ease and value
  • Vendor due diligence
  • Key issues in purchaser due diligence
  • What buyers and sellers need to know- current issues
  • clock

    16:30

    THE IMPACT OF SECONDARY MARKETS ACTIVITY ON CREDIT QUALITY

    Craig Jamieson

    Craig Jamieson, Director, Infrastrucure Ratings, Standard & Poor's

  • How credit ratings evolve over the life of a project
  • The impact of changes in debt or equity capital on the credit quality of a project
  • The impact of recycled capital on the credit quality of sponsors and contractors
  • Key features of recent securitisations
  • Recovery ratings vs. default ratings
  • clock

    17:00

    Chairman’s Closing Remarks and Close of Day One

    Workshops

    Risk Assessment in PFI Projects

    Risk Assessment in PFI Projects

    Jurys Great Russell Street Hotel
    23 November 2005
    London, United Kingdom

    Jurys Great Russell Street Hotel

    16-22 Great Russell Street
    London WC1B 3NN
    United Kingdom

    Jurys Great Russell Street Hotel

    HOTEL BOOKING FORM

    Title

    SubTitle
    speaker image

    Content


    Title


    Description

    Download

    Title


    Description

    Download

    Title


    Description


    Download


    WHAT IS CPD?

    CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

    ‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

    CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

    Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

    CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

    CPD AND PROFESSIONAL INSTITUTES

    There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

    For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

    CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

    TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

    Professional bodies and Institutes CPD schemes are either structured as ‘Input’ or ‘Output’ based.

    ‘Input’ based schemes list a precise number of CPD hours that individuals must achieve within a given time period. These schemes can also use different ‘currencies’ such as points, merits, units or credits, where an individual must accumulate the number required. These currencies are usually based on time i.e. 1 CPD point = 1 hour of learning.

    ‘Output’ based schemes are learner centred. They require individuals to set learning goals that align to professional competencies, or personal development objectives. These schemes also list different ways to achieve the learning goals e.g. training courses, seminars or e:learning, which enables an individual to complete their CPD through their preferred mode of learning.

    The majority of Input and Output based schemes actively encourage individuals to seek appropriate CPD activities independently.

    As a formal provider of CPD certified activities, SAE Media Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

    GLOBAL CPD

    Increasingly, international and emerging markets are ‘professionalising’ their workforces and looking to the UK to benchmark educational standards. The undertaking of CPD is now increasingly expected of any individual employed within today’s global marketplace.

    CPD Certificates

    We can provide a certificate for all our accredited events. To request a CPD certificate for a conference , workshop, master classes you have attended please email events@saemediagroup.com

    Event Title

    Headline

    Text
    Read More

    I would like to speak at an event

    I would like to attend an event

    Group Booking

    Please complete the below form and a member of SAE Media Group’s booking team will be in contact within 24 hours

    I would like to sponsor/exhibit at an event

    SIGN UP OR LOGIN

    Sign up
    Forgotten Password?

    Contact SAE Media Group

    UK Office
    Opening Hours: 9.00 - 17.30 (local time)
    SAE Media Group , Ground Floor, India House, 45 Curlew Street, London, SE1 2ND, United Kingdom
    Tel: +44 (0) 20 7827 6000 Fax: +44 (0) 20 7827 6001
    Website: http://www.smgconferences.com Email: events@saemediagroup.com
    Registered in England - SMi Group Ltd trading as SAE Media Group




    Forgotten Password

    Please enter the email address you registered with. We will email you a new password.

    Thank you for visiting our event

    If you would like to receive further information about our events, please fill out the information below.

    By ticking above you are consenting to receive information by email from SAE Media Group.
    Full details of our privacy policy can be found here https://www.smgconferences.com/privacy-legals/privacy-policy/.
    Should you wish to update your contact preferences at any time you can contact us at data.privacy@smgconferences.com.
    Should you wish to be removed from any future mailing lists please click on the following link http://www.smgconferences.com/opt-out

    Fill in your details to download the brochure

    By submitting this form you agree to our privacy policy and consent to receiving communications, you may opt out at any time.

    Join the loitering munitions community

    Keep up to date with industry news, insights, and community updates FREE and direct to your inbox every month!
    You can unsubscribe at any time. For full details see our Privacy Policy