Is there scope for a new project bond market in Europe? A promising opportunity for promoting transnational infrastructure

Rosales Araque, Raúl C. and Vassallo Magro, José Manuel (2012). Is there scope for a new project bond market in Europe? A promising opportunity for promoting transnational infrastructure. "Revista de globalización, competitividad y gobernabilidad", v. 6 (n. 3); pp. 89-99. ISSN 1988-7116. https://doi.org/10.3232/GCG.2012.V6.N3.05.

Description

Title: Is there scope for a new project bond market in Europe? A promising opportunity for promoting transnational infrastructure
Author/s:
  • Rosales Araque, Raúl C.
  • Vassallo Magro, José Manuel
Item Type: Article
Título de Revista/Publicación: Revista de globalización, competitividad y gobernabilidad
Date: September 2012
ISSN: 1988-7116
Volume: 6
Subjects:
Faculty: E.T.S.I. Caminos, Canales y Puertos (UPM)
Department: Ingeniería Civil: Transportes [hasta 2014]
Creative Commons Licenses: Recognition - No derivative works - Non commercial

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Abstract

La Unión Europea acaba de lanzar una iniciativa para fomentar Participaciones Público Privadas (PPPs) mediante bonos de proyecto más atractivos a inversores institucionales para promover proyectos transeuropeos. Esto se logra a través de mecanismos de mejora crediticia como garantías de liquidez o tramos de deuda subordinada facilitados por el Banco Europeo de Inversiones. Esta iniciativa pretende evitar los problemas de liquidez experimentados actualmente por bancos comerciales en Europa para financiar megaproyectos. En este artículo exploramos las ventajas e inconvenientes de esta iniciativa para promover redes de infraestructuras transnacionales en Europa, y analizamos su aplicabilidad a otras áreas como Latino-América. The European Union recently launched an initiative to foster Public Private Partnerships (PPPs) for delivering Trans-European projects by making long-term project-bonds more appealing to institutional investors. This is achieved through credit-enhancement mechanisms such as partial stand-by liquidity guarantees, or layers of subordinated debt provided by the European Investment Bank. This initiative intends to circumvent the liquidity problems currently endured by commercial banks in Europe to fund megaprojects. In this paper we explore the advantages and drawbacks of this initiative for promoting transnational infrastructure networks in Europe, and analyse its applicability to other economic areas such as Latin America.

More information

Item ID: 20172
DC Identifier: http://oa.upm.es/20172/
OAI Identifier: oai:oa.upm.es:20172
DOI: 10.3232/GCG.2012.V6.N3.05
Official URL: http://gcg.universia.net/pdfs_revistas/articulo_240_1356080637985.pdf
Deposited by: Memoria Investigacion
Deposited on: 18 Nov 2013 12:03
Last Modified: 21 Apr 2016 22:39
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