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The real and the rated
01 July 2005
Project Finance asked the project community to rate the brightest and best in the market. While the information is based on perception rather than volume or number of deals - perception arguably creates its own reality. The results, via internet poll, provide some, but not complete, comfort for the established names.
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It is newly fashionable to declaim interest in league table rankings, and many banks do so. There is indeed some evidence to support the link between high league table placings, or at least rapid improvements, and the probability of more bad loans on the books. But few banks or firms would want to adopt the slogan "small is beautiful".
Project banks are now searching for a third model for drumming up business. The last decade has witnessed a tension between asset-driven lending and relationship-driven lending. Neither has been perfect, since asset-driven lending, and thus the ability to pick and choose transactions, requires an unimpeachable franchise, and relationship deals occasionally go bad because they have been done for the wrong reasons.
The most common strategy is for banks to focus on trying to dominate their domestic markets. This is made easy by the growth of public-private partnerships (PPP), which...
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