3 Sources of Funding

2015 ◽  
Author(s):  
Ransome Clive ◽  
Dunnett Geoffrey
Keyword(s):  
Commercial Banks ◽  
Project Finance ◽  
Export Credit ◽  
Market Conditions ◽  
Market Participants ◽  
Contractual Relationships ◽  
Different Types ◽  
The Cost ◽  
Key Participants ◽  
Export Credit Agencies

This chapter provides an overview of the various sources of funding, the cost of funding, access to the debt markets, and the considerations of key participants in current market conditions. As the project finance market evolves, new funders and funding techniques emerge. This chapter explores how contractual relationships between the equity participants and debt providers are structured and how risk is allocated between different types of funders. It discusses the role that sponsors, export credit agencies, multilateral agencies, development finance institutions, and commercial banks play in the project finance market. Finally, the chapter considers the role and use of letters of intent, term sheets, commitment letters, and mandate letters, and analyses the key documentation issues of relevance to the market participants.

8 Official Funding Sources: Export Credit Agencies

2019 ◽  
Author(s):  
Borisoff Alexander ◽  
Pendleton Andrew ◽  
Blundell Lewis
Keyword(s):  
Natural Resources ◽  
Financial Institutions ◽  
Government Policy ◽  
Pivotal Role ◽  
Export Credit ◽  
Infrastructure Projects ◽  
Market Participants ◽  
Funding Sources ◽  
Border Trade ◽  
Export Credit Agencies

This chapter focuses on export credit agencies (ECAs). ECAs are government-backed suppliers of financing and other credit support. As enablers of government policy and ‘soft diplomacy’, they possess a variety of tools that are not available to commercial financial institutions alone. Among the most important of these tools is the ability to offer financial terms that are more competitive than those available in the market. ECAs are able to provide financial liquidity in challenging times, making them attractive market participants in all types of credit environments. ECAs are an essential source of capital for the financing of cross-border trade, including for the financing of major infrastructure projects worldwide. In the coming years ECAs will likely continue to play a pivotal role in the financing of global energy, natural resources and infrastructure projects.

9 Official Funding Sources: Export Credit Agencies and Multilateral Development Banks

2015 ◽  
Author(s):  
Borisoff Alexander ◽  
Compton Andrew
Keyword(s):  
Project Finance ◽  
Export Credit ◽  
Working Capital ◽  
Multilateral Development Banks ◽  
Funding Sources ◽  
Loan Guarantees ◽  
Development Banks ◽  
Export Credits ◽  
Risk Insurance ◽  
Export Credit Agencies

This chapter provides an overview of official funding sources available in the project finance arena, including from export credit agencies, multilateral development banks, and governmental and quasi-governmental entities. The forepart of the chapter describes export credit agencies and multilateral development banks generally, as well as hybrid-type official funding sources. The second part of the chapter explores the types of funding these entities provide, including loans, loan guarantees, political risk insurance, working capital facilities, equity investments, and bond guarantees. The chapter concludes by assessing regulatory regimes applicable to export credit agencies, including the voluntary OECD Consensus or Arrangement on Export Credits that seeks to promote transparency among export credit agencies, and other common issues and considerations to explore when seeking funding by way of such an official funding source.

scholarly journals Financing infrastructure in Asia through bonds and capital markets

2020 ◽  
Vol 4 (1) ◽  
pp. 87
Author(s):  
Shubhomoy Ray ◽  
Jyoti Bisbey
Keyword(s):  
Capital Markets ◽  
Credit Rating ◽  
Market Liquidity ◽  
Project Finance ◽  
Export Credit ◽  
Financial Products ◽  
Asset Class ◽  
The 2008 Financial Crisis ◽  
Export Credit Agencies ◽  
Financing Infrastructure

The project finance scenario has changed significantly around the world after the 2008 financial crisis and following the subsequent Basel III recommendations. Project finance loans from commercial banks and financial institutions have largely dried up, leaving it mostly to the export credit agencies and the bilateral and multilateral development banks to provide the institutional credit. Unfortunately, those sources are not enough, given the huge needs for construction of new infrastructure and renovation of the old ones across Asia, Africa and Latin America. The need for capital markets, through market listed financial products across asset class, unlocking a large part of domestic and corporate savings, has never been felt as strongly before. This article seeks to analyze the development story of various Asian capital markets and examine financial products, which have succeeded in their short history in receiving investor interest. The article also delves into the challenges to market development, policy imperatives and the issues relating to market liquidity and credit rating, which are the most significant influencers for public market float and investor interest.

scholarly journals A Comprehensive Analysis of the Effects of Capital Regulation and Heterogeneity on Bank Efficiency

2021 ◽  
Vol 4 (5) ◽  
pp. 111-116
Author(s):  
Jingwen Xu
Keyword(s):  
Cost Efficiency ◽  
Commercial Banks ◽  
Comprehensive Analysis ◽  
Capital Regulation ◽  
Profit Efficiency ◽  
Bank Efficiency ◽  
Different Types ◽  
Heterogeneity Analysis ◽  
The Cost ◽  
The Impact

This article analyzes the impact of capital regulation on bank efficiency using panel data from 165 commercial banks in China from 2013 to 2019. The results indicate that cost efficiency changes slightly and profit efficiency fluctuates greatly. Under the pressure of capital regulation, the profit efficiency of commercial banks with sufficient capital improves, while profit efficiency of banks with insufficient capital decreases slightly, and the cost efficiency of all commercial banks increases. Based on the heterogeneity analysis of banks, it is found that the cost efficiency and profit efficiency of different types of commercial banks differ significantly in response to capital regulation.

AGRICULTURAL PERIODICALS OF RUSSIA IN THE EARLY XX CENTURY

2019 ◽  
Keyword(s):  
Statistical Data ◽  
Soil Science ◽  
Agriculture Soil ◽  
Agricultural Knowledge ◽  
Horse Breeding ◽  
Different Types ◽  
Fruit Growing ◽  
Advanced Knowledge ◽  
The Cost ◽  
The Upper Volga Region

The article deals with the distribution of agricultural periodicals on the territory of the Russian Em-pire in the early twentieth century. Before that there were practically no publications on the pages of sci-entific magazines. Great emphasis is placed on the analysis of agricultural magazines published before 1917 in the Upper Volga region, namely in Vladimir, Kostroma, Tver and Yaroslavl provinces. Thanks to existed in pre-revolutionary Russian periodicals on agricultural subjects advanced knowledge of agron-omy, agriculture, soil science, horticulture, fruit growing, vegetable growing, winemaking, viticulture, 135 tobacco growing, livestock, poultry, bee-keeping, veterinary medicine, forestry, and hunting, land man-agement, irrigation, horse breeding were promoted. On the basis of statistical data, office documentation and other published sources, the author draws conclusions about the degree of accessibility of agricul-tural periodicals for the population, including the peasantry. Availability of agricultural periodicals largely depended on its price, so the author studied the situation with the cost of the annual subscription fee of these publications. The article investigates the issues of periodicity of agricultural magazines and newspapers, the exact number of such publications, as well as their subject matter. Existence duration of different types of periodicals is analyzed, the main publishers of magazines and newspapers, places of their publication are revealed. A prominent place is given to the publishing activities of agricultural pub-lic organizations and zemstvo self-government bodies. It is concluded that natural process of agricultural knowledge distribution among the population of Russia through publications on the pages of periodicals was disrupted by revolutionary events of 1917.

scholarly journals Game-Theoretic Decision Support for Cyber Forensic Investigations

Sensors ◽  
2021 ◽  
Vol 21 (16) ◽  
pp. 5300
Author(s):  
Antonia Nisioti ◽  
George Loukas ◽  
Stefan Rass ◽  
Emmanouil Panaousis
Keyword(s):  
Cyber Security ◽  
Strategic Decisions ◽  
Bayesian Games ◽  
Bayesian Game ◽  
Cyber Forensics ◽  
Detection And Attribution ◽  
Different Types ◽  
Game Theoretic ◽  
The Cost

The use of anti-forensic techniques is a very common practice that stealthy adversaries may deploy to minimise their traces and make the investigation of an incident harder by evading detection and attribution. In this paper, we study the interaction between a cyber forensic Investigator and a strategic Attacker using a game-theoretic framework. This is based on a Bayesian game of incomplete information played on a multi-host cyber forensics investigation graph of actions traversed by both players. The edges of the graph represent players’ actions across different hosts in a network. In alignment with the concept of Bayesian games, we define two Attacker types to represent their ability of deploying anti-forensic techniques to conceal their activities. In this way, our model allows the Investigator to identify the optimal investigating policy taking into consideration the cost and impact of the available actions, while coping with the uncertainty of the Attacker’s type and strategic decisions. To evaluate our model, we construct a realistic case study based on threat reports and data extracted from the MITRE ATT&CK STIX repository, Common Vulnerability Scoring System (CVSS), and interviews with cyber-security practitioners. We use the case study to compare the performance of the proposed method against two other investigative methods and three different types of Attackers.

THE FOREIGN BANK EFFECT ON VALUE CREATION IN COMMERCIAL BANKS INCORPORATED IN THAILAND

2008 ◽  
Vol 53 (02) ◽  
pp. 215-244
Author(s):  
CHANTAL HERBERHOLZ
Keyword(s):  
Performance Measures ◽  
Commercial Banks ◽  
Economic Value ◽  
Value Added ◽  
Foreign Bank ◽  
Level Data ◽  
Beneficial Impact ◽  
Domestic Banks ◽  
The Cost ◽  
Traditional Performance

Using quarterly bank-level data over the period 1997–2005, this paper examines the effect of foreign bank presence on commercial banks incorporated in Thailand, using traditional and value-based performance measures as indicators of the degree of competition and proxies for the efficiency in the provision of banking services. The findings suggest that foreign bank presence is not only beneficial in terms of traditional performance measures, but also in terms of economic profit. The results with respect to economic value added and cash value added, however, cast some doubt over the presumed benefits of opening up, underlining the importance of using a proxy that considers the cost of equity and departs from standard accounting principles. Furthermore, the results indicate that foreign entry through the acquisition of domestic banks appears to have a stronger and more beneficial impact on locally incorporated banks than through the establishment of branches, with majority ownership by a foreign blockholder being of importance.

scholarly journals Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory

2013 ◽  
Vol 2013 ◽  
pp. 1-8 ◽  
Author(s):  
Kai Chang
Keyword(s):  
Futures Market ◽  
Time Varying ◽  
Conditional Volatility ◽  
Conditional Correlation ◽  
Spot Prices ◽  
Market Participants ◽  
Hedging Effectiveness ◽  
Hedge Ratios ◽  
Cost Of Carry ◽  
The Cost

Under departures from the cost-of-carry theory, traded spot prices and conditional volatility disturbed from futures market have significant impacts on futures price of emissions allowances, and then we propose time-varying hedge ratios and hedging effectiveness estimation using ECM-GARCH model. Our empirical results show that conditional variance, conditional covariance, and their correlation between between spot and futures prices exhibit time-varying trends. Conditional volatility of spot prices, conditional volatility disturbed from futures market, and conditional correlation of market noises implied from spot and futures markets have significant effects on time-varying hedge ratios and hedging effectiveness. In the immature emissions allowances market, market participants optimize portfolio sizes between spot and futures assets using historical market information and then achieve higher risk reduction of assets portfolio revenues; accordingly, we can obtain better hedging effectiveness through time-varying hedge ratios with departures from the cost-of-carry theory.

scholarly journals A New Design of Sydney’s Frontport Check-in System

2021 ◽  
Vol 13 (7) ◽  
pp. 3850
Author(s):  
Ting Liu ◽  
Gabriel Lodewijks
Keyword(s):  
Swot Analysis ◽  
Control Measures ◽  
Key Factors ◽  
Scheme Design ◽  
Different Types ◽  
Baggage Handling ◽  
Loading And Unloading ◽  
The Cost ◽  
Main Engine ◽  
Process Method

This paper proposed a scheme design for Sydney’s frontport check-in system, which completes check-in and baggage drop-off at Sydney’s Circular Quay, and transports the baggage to Sydney Kingsford Smith Airport by waterway, and provided a strengths, weaknesses, opportunities and threats (SWOT) analysis of Sydney’s frontport check-in system. Using the process method of quality management, the frontport check-in process was divided into three sub-processes: baggage consignment, baggage packing and transportation, and airport baggage handling. The eight key elements of each sub-process such as input, output, resources, and methods, etc. were discussed, the key factors influencing the cost of baggage transportation were analyzed, and the cost control measures such as adopting economic speed, reducing fuel consumption of the main engine, improving the ship loading rate, and raising loading and unloading efficiency were proposed. At the same time, two different types of baggage transportation ships and other parameters that affect the cost such as the number of berths, ships, lifting machineries, and the yard area were analyzed and calculated through calculation cases. This scheme is a beneficial addition to the existing in-town check-in system.

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