Division
United Kingdom
Table 16
Benchmark Information
| 1. Recent Limited Recourse Project Finance Bank Loans (Low Carbon Energy) | |||||
| This table updates the one provided in Annex A of our responses dated 5 September 2014 to show the quantum of the commercial debt tranche distinct from the total debt quantum which, for certain projects, included export credit guaranteed or multilateral debt facilities. | |||||
| Source: Commercial banks; InfraNews; InfraJournal | |||||
| Project | Financial Close | Amount[Commercial Bank Tranche] | Tenor(Years) | Commercial Bank Loan Margin (6) | Government Support (7) |
|---|---|---|---|---|---|
| Gemini Offshore Wind | May 2014 | EUR 2 000 m [EUR 850 m] | 14 | 300 | SDE renewable subsidy (per MWh) from Dutch government Separate export credit facilities provided by EKF (Denmark), Euler Hermes (Germany) and Delcredere/Ducroire from Belgium |
| London Array Offshore Wind | Oct 2013 | GBP 266 m [GBP 266 m] | 13 | 275 | Renewables Obligation subsidy (per MWh) from UK Government Separate export credit facility provided by EKF (Denmark) for initial financing |
| Butendiek Offshore Wind | Feb 2013 | EUR 950 m [EUR 230 m] | 8,5 | 300 | Feed-in Tariff subsidy (per KWh) from German government Separate export credit facility provided by EKF (Denmark) |
| Westermost Rough Offshore Wind | Aug 2014 | GBP 370 m [GBP 197 m] | 15 | 300 | Renewables Obligation subsidy (per MWh) from UK Government |
| […] | […] | EUR 650 m [EUR 650 m] | 10 | 175-275 | Finance from commercial banks only |
| Derbyshire Energy from Waste PFI | Aug 2014 | GBP 145 m [GBP 145 m] | 25 | 315-320 | Renewables Obligation subsidy (per MWh) from UK Government Local Authority payments for waste recycling |
| MEDIAN | 300 | ||||
| SWAP SPREAD (8) | + 13 | (To convert from LIBOR margin to Gilt benchmark) | |||
| ILLIQUIDITY PREMIUM | – 50 | ||||
| MARKET INDICATION (9) | 263 | ||||
| 2. Corporate Debt (rated BB+) Spreads | ||||||||
| Source: Bloomberg as at 21 August 2014 using BGN Source. | ||||||||
| Issuer | Ticker | Coupon | Maturity | Amount | Rating | Tenor(years) | Current Spread (bp) | Government Support |
|---|---|---|---|---|---|---|---|---|
| Heathrow Airport | HTHROW | 7,125 % | 01/03/2017 | GBP 325 m | NR/Ba3/BB+ | 3 | 231 | Nil |
| Heathrow Airport | HTHROW | 5,375 % | 01/09/2019 | GBP 275 m | NR/Ba3/BB+ | 5 | 253 | Nil |
| Anglian Water | OSPRAQ | 7,000 % | 31/01/2018 | GBP 350 m | NR/Ba3/BB+ | 3 | 290 | Nil |
| Electricity North-West | NWENET | 5,875 % | 21/06/2021 | GBP 80 m | BB+/NR/NR | 7 | 274 | Nil |
| Yorkshire Water | KEL | 5,750 % | 17/02/2020 | GBP 200 m | BB–/NR/BB+ | 5 | 314 | Nil |
| Enel SpA | ENELIM | 7,75 % | 10/09/2075 | GBP 400 m | BB+/Ba1/BBB– | 61 | 373 | 31,2 % owned by Government Ministry |
| Enel SpA | ENELIM | 6,625 % | 15/09/2076 | GBP 500 m | BB+/Ba1/BBB– | 62 | 367 | |
| Telecom Italia | TITIM | 5,875 % | 19/05/2023 | GBP 400 m | BB+/Ba1/BBB– | 9 | 281 | Nil |
| Energias de Portugal | ELEPOR | 8,625 % | 04/01/2024 | GBP 425 m | BB+/Ba1/BBB– | 10 | 256 | Nil |
| MEAN | 293 | |||||||
| ILLIQUIDITY PREMIUM | – 50 | |||||||
| MARKET INDICATION | 243 | |||||||
| 3. iTraxx Europe Crossover Series 21 Constituents Rated BB+/Ba1 | |||||
| Source: Markit; Bloomberg as at 21 August 2014 using CMAN Source. | |||||
| Company | Ticker | Identifier | Rating | Tenor (Years) | CDS Flat Spread |
|---|---|---|---|---|---|
| ArcelorMittal | MT NA | CX375716 | BB+/Ba1 | 10 | 347 |
| EDP Energias de Portugal SA | EDP PL | CEPO1E10 | BB+/Ba1 | 10 | 203 |
| Finmeccanica SpA | FNC IM | CFME1E10 | BB+/Ba1 | 10 | 285 |
| HeidelbergCement AG | HEI GY | CHEI1E10 | NR/Ba1 | 10 | 226 |
| Lafarge SA | LG FP | CLAF1E10 | BB+/Ba1 | 10 | 168 |
| Telecom Italia SpA | TIT IM | CTII1E10 | BB+/Ba1 | 10 | 281 |
| Wendel SA | MF FP | CMWP1E10 | BB+/NR | 10 | 206 |
| MEAN | 245 | ||||