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1European Investment Bank
Controlling Public Spending in Advanced Economies
Public Investment and Public-Private Partnerships
Thomas C. BarrettEuropean Investment Bank
IMF / Ministry of Economy and FinanceRome, 14 November 2011
2European Investment Bank
Dominant counterparty:Public Sector
Dominant counterparty:Private sector
Low or relatively low
Predominantly public
Public
High or very high
Private
Private
RISK INCURRED BY THE PRIVATE PARTNERS
OPERATION & MAINTENANCESERVICES (O&M)
CONCESSION (PUBLIC OWNERSHIP OF THE FACILITIES)
CONCESSION (PRIVATE OWNERSHIP OF THE FACILITIES)
FULL PRIVATIZATION
• Management ofpublic facilities byprivate parties
• Leasing agreements
• Rehabilitation of existingfacilities, management andtransfer
• Design, building, managementand transfer (service agreementswith the public administration)
• Design, building, own, managementand transfer
• Merchant plants
• Asset sales
• Divestitures
• Construction: Public• Investment: Public• Commercial: Public• Operation: Private
• Construction: Public• Rehabilitation: Private• Commercial: Public/Private• Operation: Private
• Construction: Private• Commercial: mainly Private• Operation: Private
• Investment: Private• Commercial: Public/Private• Operation: Private
TYPES OF CONTRACTUAL STRUCTURES
RESPONSIBILITY FOR FINANCING
PROJECT GOVERNANCE
MAIN RISKS AND RELATIVE ALLOCATION AMONG THE INVOLVED PARTIES
Source: S. Gatti (2011), PPP Models: State of the art, best practices and future perspectives, Bocconi University.
WhatWhatWhatWhat do do do do wewewewe meanmeanmeanmean whenwhenwhenwhen talkingtalkingtalkingtalking aboutaboutaboutabout PPPsPPPsPPPsPPPs????
3European Investment Bank
European PPP Market112 PPP transactions reached financial close in 2010 with an aggregate value in excess of EUR 18 bn. The financial crisis deeply affected traditional funding sources Debt maturities shortened and pricing increased dramatically. As a result, there has been a shift from commercial debt to public financing institutions including the EIB. There is a growing dependency on public support to bring deals to close.
The existing European PPP market:The existing European PPP market:The existing European PPP market:The existing European PPP market:In 2010 and 2011, the European PPP market showed signs of recovery
Sou
rce:
EP
EC
/EC
ON
PP
P d
atab
ase
4European Investment Bank 4
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000S
pain
Uni
ted
Kin
gdom
Por
tuga
l
Fra
nce
Bel
gium
Sw
eden
Net
herla
nds
Ger
man
y
Italy
Den
mar
k
Cze
ch R
epub
lic
Irel
and
Lith
uani
a
Bul
garia
EUR million
0
5
10
15
20
25
30
35
40
45
50Nb of deals
Total value Number
Regional Distribution:Regional Distribution:Regional Distribution:Regional Distribution:Western Europe showed most PPP activity
Regional PPP Distribution
In 2010, most PPP activity took place in Western Europe. In 2010 Spain was the largest market by value of transactions. The UK financed the largest number of deals. Eastern European markets remained relatively small. France will be the largest market by value in 2011.
Source: EPEC Market Update 2011
5European Investment Bank
0
2
4
6
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DE NL IT FR BE PL ES IE HU SK UK EL PT
Public investment (flow)PPP (estimated flow investment)
Government investment and Government investment and Government investment and Government investment and PPPsPPPsPPPsPPPs
Government investments in percent of GDP, average 2008-2010
Source: ECON/EPEC PPP database, ECON calculations.
1.1 2.91.71.77.6 4.9 18.2 13.6 8.7 18.710.9
18.3
14.9
Number: PPPs relative to government investment, in %
6European Investment Bank
PPPsPPPsPPPsPPPs per sector and % value:per sector and % value:per sector and % value:per sector and % value:In 2010, Transport represented half of the market volume, thoughoutnumbered in terms of deal numbers.
PPP Financing per Sector
With 38 projects in 2010, Education PPPsoutnumbered Transport PPPs (24 projects).
In terms of value, with EUR 9 billion invested, transport still represents half of the market volume. Education and healthcare projects are, however, increasing.
Source: EPEC Market Update 2010
Number of Deals by Sector
0 4 8 12 16 20 24 28 32 36 40
Education
Transport
Healthcare
General PublicServices
Public Orderand Safety
Telecoms
Environment
7European Investment Bank
0
20
40
60
80
100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
public loansgrants equitybondsprivate loans
in %
Note: data for 2011 refer only to the first six months of the year.
Financing structure of Financing structure of Financing structure of Financing structure of PPPsPPPsPPPsPPPs in Europein Europein Europein Europe
Source: ECON/EPEC PPP database, ECON calculations.
8European Investment Bank
Future European Needs and ObjectivesFuture European Needs and ObjectivesFuture European Needs and ObjectivesFuture European Needs and ObjectivesEurope 2020 Strategy
Europe 2020 Strategy
smartsmartsmartsmart
sustainablesustainablesustainablesustainableinclusiveinclusiveinclusiveinclusive
growthgrowthgrowthgrowth
New sources of finance & New sources of finance & New sources of finance & New sources of finance & smarter use of public resourcessmarter use of public resourcessmarter use of public resourcessmarter use of public resources
Infrastructure Investment needs of EUR 1.5-2.0 trillion until 2020
EIB/Commission collaboration on:
Joint financial instrumentsJoint financial instrumentsJoint financial instrumentsJoint financial instruments supported by EU budgetary funds to leverage private finance through
•Promoting grant/loan blendinggrant/loan blendinggrant/loan blendinggrant/loan blendingand PPPsPPPsPPPsPPPs•The Project Bonds initiativeProject Bonds initiativeProject Bonds initiativeProject Bonds initiative•Financial and Technical AdvisoryFinancial and Technical AdvisoryFinancial and Technical AdvisoryFinancial and Technical Advisoryservices (JASPERS; JESSICA; EPEC; Elena / NER 300)
In support of:
•EnergyEnergyEnergyEnergy Networks, Renewable Energy and Energy Efficiency;•TransportTransportTransportTransport and Environmental NetworksEnvironmental NetworksEnvironmental NetworksEnvironmental Networks•ICTICTICTICT and Digital Agenda
9European Investment Bank
PPPsPPPsPPPsPPPs mitigate the investment risk borne by public mitigate the investment risk borne by public mitigate the investment risk borne by public mitigate the investment risk borne by public authorities (1)authorities (1)authorities (1)authorities (1)
Need to develop organisational, regulatory and fiscal frameworksNeed to develop organisational, regulatory and fiscal frameworksNeed to develop organisational, regulatory and fiscal frameworksNeed to develop organisational, regulatory and fiscal frameworks for for for for PPPsPPPsPPPsPPPs in in in in order to increase the volume of PPP transactions across the EUorder to increase the volume of PPP transactions across the EUorder to increase the volume of PPP transactions across the EUorder to increase the volume of PPP transactions across the EU
The investment requirements of the transport, energy and digital broadband sectors are approximately EUR 1.5-2.0 trillion over the next decade
PPPs currently finance only a small share of EU infrastructure investments
Financing needs for major transport infrastructure investments go well beyond the means of national budgets
European investment needs are so significant that they will requEuropean investment needs are so significant that they will requEuropean investment needs are so significant that they will requEuropean investment needs are so significant that they will require smarter use ire smarter use ire smarter use ire smarter use of public financeof public financeof public financeof public finance
Innovative financial instruments to leverage private finance to complement risk based and grant funding of projects
Co-financing with banking and capital market institutions – the EU capital markets are a significantly under-utilised source of finance for infrastructure
10European Investment Bank
PPPsPPPsPPPsPPPs mitigate the investment risk borne by public mitigate the investment risk borne by public mitigate the investment risk borne by public mitigate the investment risk borne by public authorities (2)authorities (2)authorities (2)authorities (2)
Strategic benefits of PPP: better value for money & risk managemStrategic benefits of PPP: better value for money & risk managemStrategic benefits of PPP: better value for money & risk managemStrategic benefits of PPP: better value for money & risk management for the ent for the ent for the ent for the public sectorpublic sectorpublic sectorpublic sector
The value for money case of private financing has been clearly demonstrated in the TEN-T network
The ability to accelerate investments by attracting risk capital from equity, bank lending and capital market finance
Developing a competitive market in infrastructure provision, both in Europe and outside
The ‘balance sheet treatment’ of PPP is controversial – and not a valid guide to the economic merit of the investment
Financing of Financing of Financing of Financing of PPPsPPPsPPPsPPPs requires continued:requires continued:requires continued:requires continued:
Structural reform of Public Sector Procurement
Structural reform of banking, capital and equity markets
11European Investment Bank
PPP impact on Fiscal ManagementPPP impact on Fiscal ManagementPPP impact on Fiscal ManagementPPP impact on Fiscal Management
PROSPROSPROSPROS
Better analysis of options (Value Value Value Value for Moneyfor Moneyfor Moneyfor Money): assessment of the optimum combination of whole-of-life costs and quality (or fitness for purpose) of the good or service to meet the user’s requirement Lifecycle cost approachLifecycle cost approachLifecycle cost approachLifecycle cost approach facilitate modelling of fiscal expenses More transparencytransparencytransparencytransparencyRecording and monitoring of contingent liabilities’ portfolio facilitate control of fiscal riskcontrol of fiscal riskcontrol of fiscal riskcontrol of fiscal risk
CONSCONSCONSCONS
Current statistical treatmentstatistical treatmentstatistical treatmentstatistical treatment of PPP is unsatisfactory for regulatory and fiscal authorities, as well as unclear for market development as shown by different Eurostat, IMF and IPSAS perspectives Asymmetric Accounting: Asymmetric Accounting: Asymmetric Accounting: Asymmetric Accounting: contingent risk of cost overruns and project underperformance from traditional procurement are not counted as public debt Weakness of monitoringWeakness of monitoringWeakness of monitoringWeakness of monitoring of service commitments mainly at the sub-national and para-statal levelRenegotiationRenegotiationRenegotiationRenegotiation allows channelling significant future subsidies surpassing budget constrains
12European Investment Bank
New paradigms needed for EU infrastructure New paradigms needed for EU infrastructure New paradigms needed for EU infrastructure New paradigms needed for EU infrastructure investmentsinvestmentsinvestmentsinvestments
Infrastructure planning:Infrastructure planning:Infrastructure planning:Infrastructure planning:
Effective management of existing infrastructure.
Fundamental review replaces incremental planning.
Prioritisation based on contribution to long term growth
Infrastructure finance:Infrastructure finance:Infrastructure finance:Infrastructure finance:
Public sector capital deployed as risk based financial instruments rather than grant finance
Results in significant change in public / private funding mix will funding15% of public infrastructure from private capital impress in 2020?
Government as investment enabler, not investment funder
Policy challenge: Policy challenge: Policy challenge: Policy challenge: making short term capital rationing consistent with long
term strategic growth
13European Investment Bank
Promoting Promoting Promoting Promoting PPPsPPPsPPPsPPPs: EU policy frameworkEU policy frameworkEU policy frameworkEU policy framework
The PPP Communication of 2009The PPP Communication of 2009The PPP Communication of 2009The PPP Communication of 2009 (COM(2009)615) confirms the strategic importance of PPP for achieving EU objectives for economic and social infrastructure, as well as the need for a ‘level playing field’ between procurement methods
EU Structural Funds RegulationsEU Structural Funds RegulationsEU Structural Funds RegulationsEU Structural Funds Regulations for 2014-2020 could be a major stimulus to the development of PPP across EU-27 due to roll-out of joint-financial instruments and limited direct absorption capacity
An EU wide PPP law?An EU wide PPP law?An EU wide PPP law?An EU wide PPP law? Legislative issues include:Potentially incompatible with treatment of PPPs in civil and common law jurisdictions
Potential incompatibility with other aspects of procurement legislation
Content of national PPP laws often reflects specific national institutional structures (e.g. does a PPP unit have a ‘gatekeeping’ / control function, or an advisory mandate?)
Extensive time required / dilution of scarce resources
14European Investment Bank
Promoting Promoting Promoting Promoting PPPsPPPsPPPsPPPs: Member State policy responses: Member State policy responses: Member State policy responses: Member State policy responses
Capacity buildingCapacity buildingCapacity buildingCapacity building: most countries are building public sector capacity recognising that appropriate PPP policy, strategy and implementation capacity are essential requirements
Public Sector support / Private finance leverage:Public Sector support / Private finance leverage:Public Sector support / Private finance leverage:Public Sector support / Private finance leverage: many countries have developed guarantee / financial appraisal and negotiation mechanisms for PPPs, reflecting their understanding of the importance of private finance as public funds are limited
PPP organisational structures and strategy: PPP organisational structures and strategy: PPP organisational structures and strategy: PPP organisational structures and strategy: Increasing commitment to PPP organisational structures at national, regional, local and municipal levels
Performance of national and regional PPP Units is mixed: many countries are yet to complete coherent and comprehensive public sector institutions to support PPP development and many PPP units are under-resourced for the tasks required
The role of Ministries, Auditors and Fiscal AuthoritiesThe role of Ministries, Auditors and Fiscal AuthoritiesThe role of Ministries, Auditors and Fiscal AuthoritiesThe role of Ministries, Auditors and Fiscal AuthoritiesThe leadership roles of Ministries of Transport, as well as Finance, Economy and Budget, are critical to the overall results that can be achievedNational Audit Offices / Courts of Auditors can play a major role in driving better value for money from PPPs, ensuring the lessons from successful, as well as unsuccessful, PPPs are learned and implemented, and that programmes are transparent and well communicated to the public
15European Investment Bank
Financing PPPs Financing PPPs Financing PPPs Financing PPPs –––– EIBEIBEIBEIB’’’’ssss response (1)response (1)response (1)response (1)
EIB has provided substantial policy supportpolicy supportpolicy supportpolicy support and organisationalorganisationalorganisationalorganisational capacitycapacitycapacitycapacity to support the development of PPP markets and investments since the 1990s
EIB lendingEIB lendingEIB lendingEIB lending has been a key source of medium and long term debt for the European PPP market since 2007
EIB PPP FinancingSince 1990, EIB has progressively broadened geographic and sector spread of its PPP lending. The Bank is now one of the major funders of projects in Europe with a portfolio of 130 projects and investment of around EUR 30 billion. Annual signatures averaging above EUR 2 billion since 2000, reaching EUR 3.4 billion in 2010 with EUR 2.4 billion in the transport sector.
16European Investment Bank
Financing PPPs Financing PPPs Financing PPPs Financing PPPs –––– EIBEIBEIBEIB’’’’ssss response (2)response (2)response (2)response (2)
Development of innovative financial instrumentsfinancial instrumentsfinancial instrumentsfinancial instruments is a key part of EIB’s support of the Europe 2020 Agenda
Guarantee for Subordinated Loans for TEN-Transport (LGTT)
Project Bonds initiative
Infrastructure Funds (more than 20 EIB funds to date) managed primarily by private sector; principal focus in EU-12
Development of dedicated financial instruments to finance combating climate change
EIB is expanding Technical and Financial AdvisoryTechnical and Financial AdvisoryTechnical and Financial AdvisoryTechnical and Financial Advisory services to the public sector to help improve investment decision making capacity, project implementation and better leverage of national and EU budgetary funds
The European PPP Expertise CentreEuropean PPP Expertise CentreEuropean PPP Expertise CentreEuropean PPP Expertise Centre, a core and unique initiative to support Member States in all aspects of PPP development and delivery
17European Investment Bank
EPECEPECEPECEPECThe European PPP Expertise Centre
EPEC was established in 2008established in 2008established in 2008established in 2008 with the Commission and Member States
EPEC is a panpanpanpan----European regional PPP networkEuropean regional PPP networkEuropean regional PPP networkEuropean regional PPP network, designed to promote public sector sharing of information, experience and good practice
More than 30 public sector MembersMore than 30 public sector MembersMore than 30 public sector MembersMore than 30 public sector Members (PPP Units, Ministries of Finance, etc)
‘Public sector clubPublic sector clubPublic sector clubPublic sector club’ facilitates open exchange
ExecutiveExecutiveExecutiveExecutive staffed by EIB, private sector and EPEC Member secondees
www.eib.org/epec
18European Investment Bank
EIB Technical and Financial Advisory EIB Technical and Financial Advisory EIB Technical and Financial Advisory EIB Technical and Financial Advisory servicesservicesservicesservices (TFA)(TFA)(TFA)(TFA)
EIB EIB EIB EIB delivers more than 30 TFA programmes – many have an important project development or implementation as well as upstream financial advisory focus
The EIB is committed to expanding its range of TFA advisory activitiesTFA advisory activitiesTFA advisory activitiesTFA advisory activities in support of both:
direct lending operations;
up-stream capacity building
JESSICAJESSICAJESSICAJESSICA programme focuses on more effective use of Structural Funds viacreating revolving Urban Development Fund structureshttp://www.eib.org/products/technical_assistance/jessica/index.htm?lang=-en/
JASPERSJASPERSJASPERSJASPERS represents a key instrument to promote take up of Structural Fund allocations by promoting better project preparationhttp://www.eib.org/products/technical_assistance/jaspers/index.htm
19European Investment Bank 19
EU Structural FundsEU Structural FundsEU Structural FundsEU Structural Funds and sector-specific budgetary programmes for TEN-T, TEN-I and CEF (Connecting Europe Facility) are major source of infrastructure finance
EU programmes require co-financing funds which must come from private sources and/or public authorities.
PPP structures are eligible for EU Budgetary grant-funded projects
The development of appropriate mechanisms and rules to facilitate joint PPPs and EU funding is necessary in order to meet the next EU budgetary period policy objectives
Innovations in Public and Private financing (1)Innovations in Public and Private financing (1)Innovations in Public and Private financing (1)Innovations in Public and Private financing (1)Combining EU Budgetary Funds and market instruments
20European Investment Bank
The Marguerite FundMarguerite FundMarguerite FundMarguerite Fund targets an equity base of EUR 1.5bnequity base of EUR 1.5bnequity base of EUR 1.5bnequity base of EUR 1.5bn and an associated Debt Co-Financing Initiative (DCIDCIDCIDCI) of EUR 5bnEUR 5bnEUR 5bnEUR 5bn.
Major publicly funded Core SponsorsCore SponsorsCore SponsorsCore Sponsors (EIB, CDC, CDP, ICO, PKO and KfW) as well as the European Commission, CGD and Bank of Valetta are backing this Fund; also Nordic Investment Bank and Black Sea Trade & Development Bank support it through the Debt Co-financing Initiative. Public and private sector investors from all EU countries are expected to join at a later stage.
Target sectorsTarget sectorsTarget sectorsTarget sectors: TEN-T, energy and climate change.
Focus on solid IRR targetsFocus on solid IRR targetsFocus on solid IRR targetsFocus on solid IRR targets - Fund to give preference to projects with satisfactory Economic Rates of Return (ERR).
Expected to be a model in the future for other similar public and private a model in the future for other similar public and private a model in the future for other similar public and private a model in the future for other similar public and private fundsfundsfundsfunds so as to attract Capital Market Institutions (including private and public pension funds and insurance companies) to invest in TENs infrastructure.
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Innovations in Public and Private financing (2) Innovations in Public and Private financing (2) Innovations in Public and Private financing (2) Innovations in Public and Private financing (2) Long term equity – the Marguerite FundMarguerite FundMarguerite FundMarguerite Fund
21European Investment Bank
Innovation in Public and Private financing (3)Innovation in Public and Private financing (3)Innovation in Public and Private financing (3)Innovation in Public and Private financing (3)
BanksBanksBanksBanks increasingly aware that they will not be able to supply will not be able to supply will not be able to supply will not be able to supply all the funding needs and the maturity is required for PPP / all the funding needs and the maturity is required for PPP / all the funding needs and the maturity is required for PPP / all the funding needs and the maturity is required for PPP / infrastructure investmentsinfrastructure investmentsinfrastructure investmentsinfrastructure investments;
Long term, stable cash flows from infrastructure investments remain the ideal the ideal the ideal the ideal ‘‘‘‘fitfitfitfit’’’’ for institutional investorsfor institutional investorsfor institutional investorsfor institutional investors;
Procurers, governments and sponsors are concerned that the deal flow could slow down due to lack of fundingdeal flow could slow down due to lack of fundingdeal flow could slow down due to lack of fundingdeal flow could slow down due to lack of funding;
Private sector players are keen on reviving the marketPrivate sector players are keen on reviving the marketPrivate sector players are keen on reviving the marketPrivate sector players are keen on reviving the market. Many are already working on innovative ideas, such as mezzanine funds or debt funds.
Capital Markets for PPP finance … the positives
22European Investment Bank
���� Public sector as a catalyst ?Public sector as a catalyst ?Public sector as a catalyst ?Public sector as a catalyst ?
• Adjusting the procurement processesAdjusting the procurement processesAdjusting the procurement processesAdjusting the procurement processes toward easier integration of capital market solutions?
• Requiring ‘‘‘‘capital market friendlycapital market friendlycapital market friendlycapital market friendly’’’’ bidsbidsbidsbids?
• Encouraging the IFIs and promotional banks to develop develop develop develop capital market optionscapital market optionscapital market optionscapital market options?
Commercial banksCommercial banksCommercial banksCommercial banks still see capital markets as competitors;
Institutional investors Institutional investors Institutional investors Institutional investors have other opportunities, which appear simpler and often present a better risk reward/ratio;
SponsorsSponsorsSponsorsSponsors, are generally more comfortable with banks (over which they can exert a much stronger commercial control) and fear the “uncertainties” associated with capital markets;
ProcurersProcurersProcurersProcurers, are often not familiar with capital market and not always prepared to tomeet the specific requirements of capital markets investors;
Role of credit rating agencies.credit rating agencies.credit rating agencies.credit rating agencies.
Innovation in Public and Private financing (3)Innovation in Public and Private financing (3)Innovation in Public and Private financing (3)Innovation in Public and Private financing (3)
… and the challenges (with a solution?)
23European Investment Bank
ObjectiveObjectiveObjectiveObjective
To increase the debt financing availability for large scale infrastructure
projects
Target areasTarget areasTarget areasTarget areas
•Transport
•Energy
•Broadband
How?How?How?How?
EU/EIB joint support to project companies issuing
bonds to finance infrastructure projects
Form of supportForm of supportForm of supportForm of support
Funded/unfunded subordinated credit
enhancement by EIB to ensure sufficient rating of
the bonds
ResultResultResultResult
More private sector financing attracted from the capital markets to
finance key infrastructure
Potential investorsPotential investorsPotential investorsPotential investors
Long-term institutional investors
Europe 2020 Project Bond Initiative Europe 2020 Project Bond Initiative Europe 2020 Project Bond Initiative Europe 2020 Project Bond Initiative ---- the role the role the role the role of EIBof EIBof EIBof EIB
24European Investment Bank
Answers to the European Market consultation Answers to the European Market consultation Answers to the European Market consultation Answers to the European Market consultation –––– Key statisticsKey statisticsKey statisticsKey statistics
131 131 131 131 contributionscontributionscontributionscontributions from a wide range of stakeholders in terms of sector and geography
Desirable Desirable Desirable Desirable minimum ratingminimum ratingminimum ratingminimum rating: A/A- for larger projects, BBB/BBB+ for smaller projects
Lower Lower Lower Lower financial costsfinancial costsfinancial costsfinancial costs and/or longer and/or longer and/or longer and/or longer maturitiesmaturitiesmaturitiesmaturities expected by most stakeholders depending on regulation, guarantee and other fees, rating, etc.
Other potential sectorsOther potential sectorsOther potential sectorsOther potential sectors: social infrastructure (25%), renewable/low carbon energy (21%), water and waste (13% and 6%)
Will the Initiative attract private investment in transport, energy and
ICT infrastructure?
60%
5%
15%
2%
18%
Yes Partly Depends Not n/a
Europe 2020 Project Bond Initiative Europe 2020 Project Bond Initiative Europe 2020 Project Bond Initiative Europe 2020 Project Bond Initiative Market response
25European Investment Bank
CreditCreditCreditCredit RiskRiskRiskRisk in Project Financein Project Financein Project Financein Project FinanceMoody’s (October 2010)
Period: 1983198319831983----2008200820082008
2,689 projects, analysisof a subset of 213 projects for which at least one senior securedbank loan got defaulted
Out of 213 projects, 116 emerged fromdefault
10 year cumulative default rate (11.5%) lowerlowerlowerlower than default rate for corporate issuers oflow investmentgrade/high speculative grade (Ba – 21.13%)
Source: Moody’s (2010) – Cited in Gatti (2011), Bocconi University
26European Investment Bank
ContactsContactsContactsContacts
Thomas C. Barrett, DirectorThomas C. Barrett, DirectorThomas C. Barrett, DirectorThomas C. Barrett, Director
European Investment Bank,
Luxembourg
tel: +352 43 79 87006
Guy Guy Guy Guy ChetritChetritChetritChetrit
EPECEPECEPECEPEC
European Investment Bank,
Rome
tel: +39 06 471984047
Nicholas Nicholas Nicholas Nicholas JennettJennettJennettJennett, Director, Director, Director, Director
European Investment Bank,
Luxembourg
tel: +352 43 79 87320
Francesco Francesco Francesco Francesco TotaroTotaroTotaroTotaro
EPECEPECEPECEPEC
European Investment Bank,
Luxembourg
tel: +352 43 79 87611