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Roundtable: Will French PPP be as ready for the next crisis?
19 December 2011
France’s PPP market sailed through the last crisis unscathed, even strengthened, and 2011 has been its busiest year yet. A new crisis may require further structural changes. Tom Nelthorpe gathers public and private players from across the market in London.
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The French PPP market has delivered a slew of big-ticket financings this year, including two, Tours-Bordeaux and Bretagne-Pays de la Loire, in high-speed rail, a new national defence headquarters, Balard, and a road, the A63, that managed to include traffic risk and an upfront payment from sponsors. The country’s programme if anything accelerated after the 2008 crisis, on the back of generous sovereign support, an experienced bank market, and a small number of strong domestic mega-sponsors.
The latest bout of uncertainty in credit markets could be much less forgiving. It centres on the ability of sovereign governments to honour their obligations, and many European banks have been particularly hard hit. Can the mainstays of French PPP lending – the CDC and EIB – maintain their commitments to the sector, or can new instruments, including project bonds and dailly securitisations, replace them?
Project Finance gathered six market participants in London to...
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