Domestic Lead Arranger Certification and the Pricing of Project Finance Loans

Ahiabor, Frederick; James, Gregory A.

doi:10.2139/ssrn.3269810

Cited by 2 publications

(4 citation statements)

References 52 publications

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“…Cruz and Sarmento (2018) empirically investigated the price determinants of PF loans for road projects in Portugal and found that macroeconomic and financial market conditions impacted spread more as compared to the project’s inherent characteristics. Ahiabor and James (2018) analysed the impact of arranger certification in IPF syndicates for 53 emerging countries during 1998–2011 and found that certification by a domestic intermediary as arranger resulted in an average spread decline of 24 basis points. The study also established that lenders viewed the presence of domestic arrangers as a mechanism to overcome information asymmetry in a loan transaction.…”

Section: Discussion On Literature Reviewmentioning

confidence: 99%

Infrastructure project finance: a systematic literature review and directions for future research

Kumar

Srivastava

Tabash

2021

QRFM

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Purpose The objective of this systematic literature review (SLR) is to outline the existing research in the field of infrastructure project finance (IPF). This paper aims to summarise the academic and practitioner research to highlight the benefits of adopting IPF structures in uncertain environments. By highlighting all conceptual and applied implications of IPF, the study identifies future research directions to develop a holistic understanding of IPF. Design/methodology/approach The SLR is based on 125 articles published in peer-reviewed journals during 1975–2019. After providing a brief overview of IPF, research methodology and citation, publication and author analysis, the SLR presents the various domains around which existing research in IPF is focussed and provides future research propositions in each domain. Findings The study found that despite the increased usage of IPF, academic and practitioner research in the field is lagging. Also, with increased usage of IPF in emerging and under-developed economies, IPF structure presents a perfect setting to understand how investment and financing are interlinked and how to overcome the institutional voids, socio-economic risks and inter-partner differences by IPF structures. Originality/value This literature review paper is based on the research in IPF between 1975 and 2019. To the best of the authors’ understanding, the SLR is the first focussed study detailing a methodical and thorough compendium of existing studies in the IPF domain. By focussing on various domains of IPF research, this paper presents future research avenues in the field.

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Section: Discussion On Literature Reviewmentioning

confidence: 99%

Infrastructure project finance: a systematic literature review and directions for future research

Kumar

Srivastava

Tabash

2021

QRFM

View full text Add to dashboard Cite

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“…The issue of the MLA and syndicate structure is explored by Ahiabor and James (2019) in a study of certification. Certification is the act of the MLA performing due diligence on a project and preparing an information memorandum for the syndication process.…”

Section: The Composition Of Lending Syndicatesmentioning

confidence: 99%

“…Following on from the discussion of syndicate structures in subsection 5.3 there are papers that deal with how value is affected by certification (Ahiabor & James, 2019;Gatti, Kleimeier, Megginson, & Steffanoni, 2013). As Ahiabor and James build on the earlier work of Gatti et al it is best to take the analyses in chronological order.…”

Section: Loan Pricing and Riskmentioning

confidence: 99%

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Mobilising Private Funding of Development Finance

McHugh

2021

The Journal of Development Studies

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Successful delivery of the United Nations Sustainable Development Goals (SDGs) is dependent upon mobilising private sector finance. From a lending perspective, this requires banks to co-invest or otherwise divert more resources to development finance. To provide insights into the effectiveness of this important initiative, this paper reviews key literature across Scopus, Web of Science and Google Scholar using a defined set of keyword searches. Four main themes of future research are identified. First, the international political economy has an influence on the competitive conditions in development finance and these forces need to be explained. Second, the structure of development projects affects the extent to which private sector capital is willing to be mobilised. More insights are needed into how private sector banks can be influenced. Third, the manner in which development banks participate in development projects affects the availability of credit. A greater understanding of their role could unlock greater financing flows. Finally, it is shown that risk appetite and mitigation of development finance affects pricing and credit availability which is another critical component of delivering the SDGs.

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Domestic Lead Arranger Certification and the Pricing of Project Finance Loans

Cited by 2 publications

References 52 publications

Infrastructure project finance: a systematic literature review and directions for future research

Infrastructure project finance: a systematic literature review and directions for future research

Mobilising Private Funding of Development Finance

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