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On SMi's 9th annual event the latest key issues in PFI financing will be assessed and discussed from a variety of industry perspectives including the Treasury's new credit guarantee proposals, the latest trends in PFI financing and the future of PPPs in Europe.

The conference will also clearly define and illustrate the issues of buying and selling equity stakes, valuing PPP equity investments, the key drivers for adopting bond financing as opposed to equity, and establishing a framework for PPP/PFI credit risk analysis. You will be able to gain valuable insight into PFI procedures, giving you the chance to strive ahead of the market , providing an ideal opportunity to take advantage of a growing market.

BENEFITS OF ATTENDING BULLET POINTS:

Gain a thorough understanding on Credit Guarantee Finance
Discover the latest developments in the Metronet PPP Transaction
Identify the best methods for establishing a framework for PPP/PFi credit risk analysis
Evaluate the latest issues in refinancing and the secondary markets
Discuss and debate where the trends are heading in debt & equity financing for PPP/PFi projects
Review and consider the future of PPPs in Europe

INDUSTRY EXPERTS: A unique opportunity to learn from leading PFI and PPP industry experts including:
David Finlay, Head of PFI Development, National Audit Office
Philip Pacey, Chief Financial Officer, Metronet
Thomas Barrett, Director, European Investment Bank (EIB)
Chris Bolt, PPP Arbiter
Robin Herzberg, Group Head of Risk, Carillion
Rupert Bruce, Project & Investment Director, Mowlem
Tony Roper, Director, Portfolio Management, John Laing
Stephen Paine, Managing Director, UBS Investment Bank
Ceri Richards, Head of Infrastructure Finance, Bank of Scotland
Stella Tansengco, Director, Credit Suisse First Boston
Alan Douglas, Director, Infrastructure Finance, CIFG
Paul David, Head of PPPs, MBIA Assurance
Charles Barrington, Chairman of RMPA Services., RMPA Services
Pearse Rutledge, Partner/Head of Debt Advisory, Ernst & Young
Sandra Pereira, Director, Standard and Poor's

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

Pearse Rutledge

Pearse Rutledge, Partner/ Head of Debt Advisory, Ernst & Young

9:10 KEYNOTE ADDRESS

Thomas Barrett

Thomas Barrett, Director, European Investment Bank (EIB)

  • Priorities for private sector involvement in European infrastructure
  • New PPP policy focus in the EU and Accession countries
  • TENs Investment Facility (TIF) for the development of the Trans European Transport and Energy Networks
  • 9:40 KEY ISSUES IN PFI FINANCING

    David Finlay

    David Finlay, Head of PFI Development, National Audit Office

  • The importance of competition in procuring finance
  • Refinancing: how the new arrangements are working
  • The Treasury’s new credit guarantee proposals
  • What the public sector needs to know about the secondary market
  • 10:20 PANNEL DISCUSSION: DEBT & EQUITY FINANCING FOR PPP/PFI PROJECTS

  • Latest developments in equity financing
  • Bonds vs commercial debt
  • Advantages and disadvantages of using bonds as opposed to commercial debt
  • Assessing the competition between these two sources of finance
  • Long-term perspective on performance of the project
  • Gershon Cohen

    Gershon Cohen, , Senior Director of Infrastructure Finance, Bank of Scotland

    Paul David

    Paul David, Head of PPPs, MBIA Assurance

    Rupert Bruce

    Rupert Bruce, Project & Investment Director, Mowlem

    11:00 Morning Coffee

    11:20 IS CREDIT GUARANTEE FINANCE WORKABLE? - A MONOLINE PERSPECTIVE

    Paul David

    Paul David, Head of PPPs, MBIA Assurance

  • Credit guarantees as an additional means of funding PFI projects
  • Assessing the aim of this scheme
  • Practicality, attractiveness and applicability of a different means of funding
  • What are the benefits of Guarantee funds?
  • Improving overall value for money
  • Maintaining fair competition between monolines and banks
  • 12:00 IS CREDIT GUARANTEE FINANCE WORKABLE FROM A BANK’S POINT OF VIEW?

    Ceri Richards

    Ceri Richards, Head of Infrastructure Finance, Bank of Scotland

  • Looking at the pricing difference between monoline and a bank
  • Allocating risk between the public and private sector
  • Testing the new model
  • Government limits on the guarantees
  • What changes will it have on the role of current bond arrangers in the market?
  • Looking ahead – After the pilot studies
  • 12:40 Lunch

    14:00 PROJECT WHOLE LIFE CONSIDERATIONS

    Chris Elliot

    Chris Elliot, Finance Director, Global Solutions Limited

  • Project selection
  • Controlling bid costs
  • Pricing and risk
  • Equity participation
  • Mobilisation and the construction interface
  • Operations over the life of the contract
  • Life cycle costs
  • 14:40 CASE STUDY:

    Charles Barrington

    Charles Barrington, Chairman of RMPA Services., RMPA Services

  • Managing a project against a background of changing requirements
  • Achieving complex planning permissions necessary to deliver project value
  • Integrating land sales into a complex project financing
  • Issues arising from the complex credit support structure needed to achieve investment grade rating
  • 15:20 Afternoon Tea

    15:40 STRATEGIC RISK MANAGEMENT

    Robin Herzberg

    Robin Herzberg, Group Head of Risk, Carillion

  • Risk Strategy and Objectives
  • Roles and Responsibilities
  • Operational Risks
  • 16:20 BUYING AND SELLING PFI EQUITY STAKES

    Keith Pickard

    Keith Pickard, Senior Manager, Portfolio Management, John Laing

  • The ability to sell, the process, and consents
  • The seller - achieving best value
  • The buyer - process and due diligence, drivers, yield and value enhancement
  • Role of advisors
  • 17:00 VALUING PPP EQUITY INVESTMENTS

    Paul Cleal

    Paul Cleal, Partner, PricewaterhouseCoopers

  • Basis for valuing investments of equity and junior debt
  • Assessing the quality of cash-flows - key risks
  • Pricing equity pre - and post - construction completion
  • Effect of refinancing potential on value
  • Valuing portfolios of PPP investments
  • 17:40 Chairman’s Closing Remarks and Close of Day One

    8:30 Re-registration & Coffee

    9:00 Chairman's Opening Remarks

    Charles Yates

    Charles Yates, Senior Manager, Grant Thornton
    View Bio

    9:10 BOND FINANCING

    Stephen Paine

    Stephen Paine, Managing Director, UBS Investment Bank

  • Key drivers for adopting bond financing
  • Why is it value for money?
  • How the structuring of the deal affects financing
  • Risk management
  • Advantages and disadvantages
  • 9:40 EUROPEAN PFI

    Alan Douglas

    Alan Douglas, Director, Infrastructure Finance, CIFG

  • Alternative tender processes
  • Alternative approach to tender evaluation
  • Different risk allocation approaches
  • What, if anything, should the UK consider adopting?
  • 10:10 FINANCING PPPS

    Stella Tansengco

    Stella Tansengco, Director, Credit Suisse First Boston

  • Key drivers for governments
  • Assets covered
  • Refinancing trends
  • 10:40 PANNEL DISCUSSION – THE FUTURE OF PPP IN EUROPE

  • A look at the main advancing sectors across Europe – why are some still being delayed?
  • Is Europe still following the UK example?
  • Is there money to be made for bankers and investors?
  • The future of PFI/PPP in the EU Accession countries
  • Stephen Paine

    Stephen Paine, Managing Director, UBS Investment Bank

    Charles Yates

    Charles Yates, Senior Manager, Grant Thornton
    View Bio

    Stella Tansengco

    Stella Tansengco, Director, Credit Suisse First Boston

    Alan Douglas

    Alan Douglas, Director, Infrastructure Finance, CIFG

    11:00 Morning Coffee

    11:20 CASE STUDY: THE LONDON UNDERGROUND PPP

    Chris Bolt

    Chris Bolt, , PPP Arbiter

  • The London Underground PPP: structure and funding
  • Overview of the risk issues: Political, operational and financial
  • How does the Arbiter operate? Balancing flexibility and commitment within a contractual structure
  • What are the implications for other projects?
  • 12:10 DEMONSTRATING COMMITMENT TO THE PROJECT

    Rupert Bruce

    Rupert Bruce, Project & Investment Director, Mowlem

  • Ensuring sufficient flexibility to accommodate developments and changes during the life of the project
  • The need to deal with feasibility studies, the development phase, and sensitivity analysis, and be adaptable to different sorts of deal
  • Identifying and controlling sensitivities
  • Challenges encountered on the way
  • Dealing with the long term
  • Practical example of the issues involved in the life cycle of a project
  • 12:40 Lunch

    14:00 CASE STUDY: THE HIGHLIGHT OF 2003 – THE METRONET PPP TRANSACTION

    Philip Pacey

    Philip Pacey, Chief Financial Officer, Metronet

  • Assessing the culmination of five years of work to radically restructure the future operation of one of the world’s largest underground systems
  • Is the controversy set to continue?
  • Analysing the multi-tranche structure that included bond issues, syndicated loan and the EIB
  • Considering the separate financing arrangements in the Metronet consortium
  • Overview of the risk issues: political, operational and revenue
  • 14:40 ESTABLISHING A FRAMEWORK FOR PPP/PFI CREDIT RISK ANALYSIS

    Sandra Pereira

    Sandra Pereira, Director, Standard and Poor's

  • Analysing key risk areas: construction phase, operating phase, market risk and credit risk
  • Pricing and effective transfer of risk
  • Changing balance in public-private bearing of risk
  • New PPP structures and the implications
  • 15:20 REFINANCING

    Jo Elliot

    Jo Elliot, Chief Executive, Quayle Munro

  • Securing improved financing terms after the main financial risk has disappeared
  • Maximising and capitalising on the benefits of refinancing PFI projects
  • Looking at the arrangements sharing refinancing gains with the public sector
  • Challenges for the future
  • 16:00 Chairman's Closing Remarks and Close of Conference

    +

    Workshops

    PPP/PFI Exit Options
    Workshop

    PPP/PFI Exit Options

    The Hatton, at etc. venues
    30th June 2004
    London, United Kingdom

    The Hatton, at etc. venues

    51/53 Hatton Garden
    London EC1N 8HN
    United Kingdom

    The Hatton, at etc. venues

    HOTEL BOOKING FORM

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    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:

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