Title: Contract risks and credit spread determinants in the international project bond market
Description: In infrastructure projects bondholders and shareholders share residual risks over time despite debt covenants meant to mitigate risk shifting. For projects accessing international bond markets to benefit from longer maturities and lower borrowing costs, it is therfore necessary to pay attention to such design features as capital structure, guarantees, off-take agreement, and project economics.
Subjects: Bond market, Capital market, Economic development projects, Finance, Infrastructure (Economics), Project finance, Risk