FINANcing in local currency

In 1996, we achieved the first bond in local currency during the development of the Ruta 5 Talca-Chillán highway in Chile. This was the first time a guarantee from a monoline insurance company had been used, which was then extended to the entire concession program in the country.

PRIVATE FINANCING FOR BIG PROJECTS

Some examples are the financing for the 407 ETR highway in Canada and other complex projects like the M4/M6 in Ireland. The financing for the M4/M6 highway in 2003 was the first in the Irish program and demonstrated that it is possible to raise private investment for demanding contracts in risk allocation, and at competitive prices.

LONG-TERM FINANCING

The bond refinancing for the Via do Infante highway in Portugal in 2001 was the first project bond in Portugal and the first long-term bond in continental Europe, with a term of 26 years.

FINANCING OF MANAGED LANES

The LBJ Express, in the United States, was financed for the first time in 2009 with TIFIA bonds and funds. It is now being rolled out across the country as the new Managed Lanes model.

FINANCING DURING THE FINANCIAL CRISIS

In 2014, the M8, M73 and M74 highways in Scotland were the first road projects in the United Kingdom involving bond financing since the financial crisis in 2008. In 2017, the Western Roads Upgrade project, in Australia, achieved a similar milestone when it managed to close the first bone for a “greenfield” highway since the start of the crisis, and on a long term-basis.