Project Financing and the International Financial Markets
Since the 1970s, the practice of financing major private and public sector capital-intensive projects has shifted to an ever-greater reliance on private funding sources, as opposed to direct financing through the issuance of corporate or government bonds.
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INTERNATIONALFINANCIALMARKETS
PROJECTFINANCING and the
INTERNATIONALFINANCIALMARKETS
Esteban C. Buljevich International Finance Corporation
Yoon S. Park The George Washington University
Kluwer Academic Publishers
BostordDordrecht/London
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Library of Congress Cataloging-in-Publication Data Buljevich, Esteban C. Project financing and the international financial markets / Esteban C. Buljevich, Yoon S. Park. p. cm. Includes bibliographical references and index. ISBN 0-7923-8524-1 (alk. paper) 1. Economic development projects--Finance. 2. Capital investments. 3. International finance. 4. Investments, Foreign. I. Park, Yoon S., 1935II. Title. HD75.8.B85 1999 332.1'53--dc21 99-31824 CIP Copyright © 1999 by Kluwer Academic Publishers All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, Kluwer Academic Publishers, 101 Philip Drive, Assinippi Park, Norwell, Massachusetts 02061 Printed on acid-free paper.
Printed in the United States of America
This book is dedicated to my beloved wife Estela, my children Azul and Marion and my parents Esteban and Ana Maria Esteban C. Buljevich
This book is dedicated to my loving wife Heawon, and our three wonderful children Yoon S. Park
Contents
Acronyms About the Authors Introduction
.
xi XV
xvii
Overview of Financial Innovations in the International Financial Markets Financial Innovations and their Implications Classification of Financial Innovations Types of Financial Transactions
1 4 14 15
.
Syndicated Eurocredit Loans The Mandate Process Marketing a Syndicated Loan Syndication Documents Publicity Syndicated Loan Characteristics Servicing a Syndicated Loan Problems in the Syndicated Loan Market
19 20 21 24 25 26 30 31
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Marketable Debt Securities in the International Financial Markets Commercial Paper, Bonds and Notes Government Obligations Bank Guarantees in Support of Debt Securities
35 35 52 53
Depositary Receipts American Depositary Receipts (ADRs) Rule 144A ADRs (RADRs) Global Depositary Receipts (GDRs)
55 56 60 61
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viii ,
.
.
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Project Financing and the International Financial Markets Interest Rate, Currency and Commodity Derivatives
63
Interest Rate Swaps Other Interest Rate Derivatives Currency Swaps (or Cross-currency Long-term Debt Swaps) Commodity Swaps Bank Guarantees in Support of Swap Transactions
63 68 69 73 74
Off-balance Sheet Activities of Commercial Banks
77
Off-balance Sheet Activities of Commercial Banks Risk-based Capital Ade
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