Is there scope for a new project bond market in Europe?: a promising opportunity for promoting transnational infrastructure

Raúl C. Rosales; José Manuel Vassallo Magro

Is there scope for a new project bond market in Europe?: a promising opportunity for promoting transnational infrastructure

Raúl C. Rosales ^[1] ; José M. Vassallo ^[2]
1. [1] Universidad Autónoma de Madrid
  
  Universidad Autónoma de Madrid
  
  Madrid, España
2. [2] Universidad Politécnica de Madrid
  
  Universidad Politécnica de Madrid
  
  Madrid, España
Localización: GCG: revista de globalización, competitividad y gobernabilidad, ISSN 1988-7116, Vol. 6, Nº. 3, 2012, págs. 89-99
Idioma: inglés
Títulos paralelos:
- É possível um mercado de project bonds na Europa?: uma oportunidade para a promoção de infra-estruturas transnacionais
- ¿Es posible un mercado de project bonds en Europa?: una oportunidad para la promoción de infraestructuras transnacionales
Enlaces
- Texto completo (pdf)
Resumen
- español
  La Unión Europea acaba de lanzar una iniciativa para fomentar Participaciones Público Privadas (PPPs) mediante bonos de proyecto más atractivos a inversores institucionales para promover proyectos transeuropeos. Esto se logra a través de mecanismos de mejora crediticia como garantías de liquidez o tramos de deuda subordinada facilitados por el Banco Europeo de Inversiones. Esta iniciativa pretende evitar los problemas de liquidez experimentados actualmente por bancos comerciales en Europa para financiar megaproyectos. En este artículo exploramos las ventajas e inconvenientes de esta iniciativa para promover redes de infraestructuras transnacionales en Europa, y analizamos su aplicabilidad a otras áreas como Latino-América.
- English
  The European Union recently launched an initiative to foster Public Private Partnerships (PPPs) for delivering Trans-European projects by making long-term project-bonds more appealing to institutional investors.
  
  This is achieved through credit-enhancement mechanisms such as partial stand-by liquidity guarantees, or layers of subordinated debt provided by the European Investment Bank. This initiative intends to circumvent the liquidity problems currently endured by commercial banks in Europe to fund megaprojects. In this paper we explore the advantages and drawbacks of this initiative for promoting transnational infrastructure networks in Europe, and analyse its applicability to other economic areas such as Latin America.
- português
  A União Europeia acaba de lançar una iniciativa para fomentar Parcerias Público Privadas (PPPs) através de obrigações de projecto mais atractivas para investidores institucionais para a promoção de projectos transeuropeus. Isto consegue-se através de mecanismos de melhoria creditícia, como garantias de liquidez ou tranches de dívida subordinada disponibilizadas pelo Banco Europeu de Investimentos. Esta iniciativa pretende evitar os problemas de liquidez sentidos actualmente pelos bancos comerciais na Europa para financiar megaprojectos. Neste artigo exploramos as vantagens e inconvenientes desta iniciativa para a promoção de redes de infra-estruturas transnacionais na Europa, e analisamos a sua aplicabilidade a outras áreas como a América Latina
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