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Project bond market hangs on credit enhancement initiatives
“Infrastructure is not naturally a bond market product. Bonds will account for only 10% of the market at best.” There are plenty of people like this banker who believe that without the comfort of a triple-A monoline guarantee, the risks inherent in funding infrastructure will be too great for the bond market to bear. Considerable time and effort has therefore been spent to find a replacement for the monoline wrap that was the linchpin of the project bond market before 2007.
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