Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223537
Title: PROJECT FINANCE SECURITIZATION IN SINGAPORE
Authors: CHAN KAH HON
Keywords: Infrastructure
Project Finance
Project Finance Securitization
Degree of B.Sc. (Project and Facilities Management)
Project and Facilities Management
2020/2021 PFM
PFM
Building
Tan Chee Keong Willie
Issue Date: 5-Jan-2021
Citation: CHAN KAH HON (2021-01-05). PROJECT FINANCE SECURITIZATION IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: Asia currently faces a shortfall of infrastructure critical to enabling their continued economic growth, which will only worsen in the coming decades. Therefore, the involvement of private capital will play a pivotal role in meeting the financing needs for infrastructure in Asia. One potential solution is project finance securitization, which is the process of structuring project finance loans into securities that can then be sold on the global capital markets. However, though promising, project finance securitization has remained a niche field globally, with most transactions ever issued coming from developed markets. Therefore, when a government-backed firm in Singapore was able to successfully issue Asia’s first ever project finance securitization in 2018, this was a landmark deal for the field. Hence this paper aimed to research and study project finance securitization in Singapore to understand the potential risks that affected the successful 2018 transaction and investigate mitigation strategies that were effective, for potential adoption in future transactions. Based on a review of existing literature, a case study of the 2018 transaction was carried out, which included a set of interviews with finance industry practitioners who were involved with the 2018 transaction. The case study proposed a list of motivations, risks, and mitigation strategies relevant to project finance securitization in Singapore. The effectiveness of the mitigation strategies was then further tested by assessing the pricing of the 2018 transaction through an empirical spread determinants model. From the results, it was proven that the mitigation strategies uncovered by the case study were effective. Therefore, future project finance securitizations should take note of these strategies since they can help ensure a successful transaction and help further meet infrastructure financing needs in Asia.
URI: https://scholarbank.nus.edu.sg/handle/10635/223537
Appears in Collections:Bachelor's Theses

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