While other global banks have pulled back from this asset class – one that has often proved to carry equity-style risk with debt-style returns and is set to be hit by high new capital standards under Basle II – Citigroup remains pre-eminent. According to Dealogic Projectware, in the past year it was the leading arranger of project loans, the leading bookrunner of project bonds and the leading adviser to project deals.
Problem loans to the once-vibrant US power sector and in telecoms-related projects have caused some banks to re-examine the risks and returns of project assets and their ability to distribute them.
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