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SMi's 10th annual event will address the latest key issues in PFI financing. Primary and secondary market deals will be assessed and discussed from a variety of industry perspectives.

Topics to be covered will include the Treasury's new credit guarantee proposals, the latest trends in PPP/PFI financing including new financial structures dealing with change during the lifetime of the project, and the emergence of the seconday market in Europe.

The conference will also clearly define and illustrate the key drivers for adopting bond financing as opposed to equity.   By attending this event you will be able to gain valuable insight into PFI deal structures, giving you the chance to strive ahead of the market, providing an ideal opportunity to take advantage of a growing market.

Speakers at this event include:

- David Finlay, Head of PFI Development, National Audit Office

- James Stuart-Mills, Senior Executive, Public Private Partnerships Programme (4ps)

- Shashi Verma, Principal, Corporate Finance, Transport for London

- Gary Neville, Director, Secondary Markets, John Laing

- Peter Dawson, Project Finance Manager, Carillion

- Cheryl Fisher, Head of Division, Structured Finance and PPPs, European Investment Bank

- Andrew Bride, Managing Director, DEPFA Bank

- Gershon Cohen, Deputy Head of Infrastructure Finance, Bank of Scotland (HBOS)

- Adrian Olsen, Head of Global Project Finance, Bank of Ireland

- Stella Tansengco, Director, Credit Suisse First Boston

- Adam MacDonald, Director, UBS

- Laurence Monnier, Senior Director, Fitch Ratings

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

David Wylde

David Wylde, Managing Director, David Wylde Project Finance

9:10 FINANCING OF PPP/PFI PROJECTS

David Finlay

David Finlay, Head of PFI Development, National Audit Office

  • Ensuring all financing options are explored
  • Funding competitions: when are they relevant?
  • Refinancing: issues from recent NAO reports
  • The development of the secondary market
  • 9:50 WHAT DRIVES LOCAL AUTHORITIES' PERCEPTIONS IN PPP/PFI?

    James Stuart-Mills

    James Stuart-Mills, Senior Executive, Public Private Partnership Programme (4ps)

  • Key issues
  • Local Authority equity stakes in PFI/PPP vehicles
  • Corporate financing
  • Refinancing
  • Secondary equity market
  • Protections in PFI/PPP for the Local Authority – the theory and the reality
  • Lessons learnt
  • 10:30 Morning Coffee

    11:00 THE EUROPEAN APPROACH TO PFI

    Cheryl Fisher

    Cheryl Fisher, Head of Division, Structured Finance and PPPs, European Investment Bank

  • PPP policy focus in the EU
  • Trans-European Networks (TENs)
  • 11:40 PPP FROM A GLOBAL PERSPECTIVE

    Paul Woodbury

    Paul Woodbury, Partner, Henderson Private Capital

  • Looking at PFI/PPP from an international perspective
  • Comparison with UK and rest of Europe
  • The developing market for secondary transactions – is this a global trend?
  • Lessons the UK can learn from global experiences
  • 12:20 Networking Lunch

    13:50 CONTRASTING DEVELOPMENTS IN EUROPE AND THE US

    Stella Tansengco

    Stella Tansengco, Director, Credit Suisse First Boston

  • Key drivers for governments
  • Assets covered
  • What, if anything, should the UK consider adopting?
  • 14:30 FINANCIAL CONSIDERATIONS OVER THE LIFE OF A PROJECT

    Gary  Neville

    Gary Neville, Director, Secondary Markets, John Laing

  • 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
  • 15:10 Afternoon Tea

    15:40 SECURITISATION OF A SECONDARY PFI PORTFOLIO

    Andrew Bride

    Andrew Bride, Director, Depfa Bank

  • Structural impediments and solutions
  • Rating issues
  • Selecting an optimum portfolio
  • Costs and benefits
  • Market appetite
  • 16:20 WHAT PRICE COMPETITION?

    Adrian Olsen

    Adrian Olsen, Global Head of Project Finance, Bank of Ireland

  • A brief review of current structures, cover ratios and pricing
  • Has competition between funders gone too far?
  • Has the PFI market now become commoditised?
  • What does the Project financier now bring to plain vanilla deals?
  • Is it time for PFI funding to move into mainstream banking?
  • 17:00 Chairman’s Closing Remarks and Close of Day One

    8:30 Registration & Coffee

    9:00 Chairman's Opening Remarks

    Charles Yates

    Charles Yates, Senior Manager, Grant Thornton

    9:10 RECENT DEVELOPMENTS IN THE BOND MARKET FOR PFI/PPP PROJECTS

    Adam MacDonald

    Adam MacDonald, Director, UBS

  • Bank vs bond - The issuer perspective
  • Working with rating agencies and monolines
  • Recent trends
  • 9:50 WRAPPED BOND ISSUES

    Louise Minford

    Louise Minford, Head of UK PFI, Ambac Assurance UK Limited

  • How do wrapped bond issues work in a PPP/PFI project?
  • Key drivers for adopting bond financing
  • Factors affecting availability of finance
  • Opportunities for wrapped bond issues
  • Lessons learnt from recent case studies

  • 10:30 Morning Coffee

    11:00 RATINGS, DEFAULT AND RECOVERY

    Laurence Monnier

    Laurence Monnier, Senior Director, Fitch Ratings

  • Rating methodology for PPP transaction
  • Default and recovery in PPP sector
  • Credit issues in PPP secondary market
  • Suitability of PPPs for CDOs and securitisation

  • 11:40 FINANCING TRANSPORT PPP PROJECTS IN LONDON

    Shashi Verma

    Shashi Verma, Principle, Corporate Finance, Transport for London

  • TfL’s experience of financing PPP/PFI projects
  • Overview of projects / interesting case studies
  • Approach to future PFI/PPP projects
  • Utilising TfL’s borrowing powers
  • Will these powers help the delivery of major projects in London?
  • The future?
  • 12:20 Networking Lunch

    13:50 WHICH WAY NOW FOR REFINANCING?

    Colin Johnson

    Colin Johnson, Senior Manager, Grant Thornton

  • The opportunities refinancing present
  • A review of the current refinancing market
  • Likely future trends in refinancing deals
  • How refinancing fits with the secondary equity market

  • 14:30 LEEDS HOSPITAL - A CREDIT GUARANTEE FINANCE (CGF)

    Gershon Cohen

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

  • Background
  • Comparing a monoline and a bank
  • Allocation of risk
  • Pricing
  • Liquidity
  • Latest developments
  • Looking ahead
  • 15:10 RISK PROFILING AND THE FINANCIAL MODEL

    Peter Dawson

    Peter Dawson, Project Finance Manager, Carillion Private Finance

  • The purpose of the financial model
  • Role of the financial model in risk profiling
  • Modelling the contract terms
  • Sensitivity analysis
  • 17:00 Chairman’s Closing Remarks Followed by Afternoon Tea

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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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