Tony Merna

Project finance has spread worldwide and includes numerous industrial projects from power stations and waste-disposal plants to telecommunication facilities, bridges, tunnels, railway networks, and now also the building of hospitals, education facilities, government accommodation and tourist facilities. Despite financial assessment of PF projects being fundamental to the lender’s decision, there is little understanding of how the use of finance is perceived by individual stakeholders; why and how a financial assessment is performed; who should be involved; where and when it should be performed; what data should be used; and how financial assessments should be presented. Current uncertainty in financial markets makes many sponsors of construction project financings carefully consider bank liquidity, the higher cost of finance, and general uncertainty for demand. This has resulted in the postponement of a number of projects in certain industry sectors. Governments have seen tax receipts drastically reduced which has affected their ability to finance infrastructure projects, often irrespective of the perceived demand. Equity providers still seek to invest, however there are less opportunities due to market dislocation. Due to the demand for global infrastructure it is believed that project financings will return to their pre-crunch levels, or more so, however lenders’ liquidity costs will be passed on to the borrowers. Lenders will also be under stricter regulation both internally and externally. The steps outlined in the guide are designed to provide a basic understanding for all those involved or interested in both structuring and assessing project financings. Secondary contracts involving constructors, operators, finance providers, suppliers and offtakers can be developed and assessed to determine their commercial viability over a projects life cycle. Special Features a structured guide to assessing the commercial viability of construction projectsexplains economic metrics to use in the decision making processdetailed case study shows how stakeholders apply the concept of project finance

Detailed analysis of front office functions, systems, tools, and processes Front Office Banking walks you through a comprehensive collection of actual products and client facing processes within an investment or corporate bank, demonstrating how each component of the customer-bank interaction is an opportunity to increase revenue. Applied information and analysis of key front office processes, including all procedural and systems detail, make this practical guide useful to those just starting out, as well as seasoned practitioners tasked with delivering process changes and improvements. Coverage includes all key processes that underlie front office banking, giving you insight into what the banking job actually entails while highlighting the important tools, decisions, and pitfalls. Analysis of real-world cases and critical excerpts from interviews with highly successful investors and bankers illustrate the real revenue-affecting implications of front-office performance, and charts, graphs, and organograms provide visual reference for the ideas discussed.The front office is the client-facing part of the firm, and as income- or revenue-generating roles, require a comprehensive understanding of the products and processes that underlie a banking operation. This book is a thorough guide to the front office, explaining the roles, functions, systems, and processes. * Understand all key components of each front office function * Learn all types of available finance options and the required due diligence * Examine the important intricacies of front and middle office interaction * Optimize the entire front office process, from approach to booking the deal Serving primarily as intermediaries between the client and the bank, the front office staff is critical to the success and profitability of a corporate or investment bank operation. With a systematic discussion and thorough analysis of this important area, Front Office Banking is essential reading for practitioners.

Investment in any new project invariably carries risk but the construction industry is subject to more risk and uncertainty than perhaps any other industry. This guide for construction managers, project managers and quantity surveyors as well as for students shows how the risk management process improves decision-making. Managing Risk in Construction Projects offers practical guidance on identifying, assessing and managing risk and provides a sound basis for effective decision-making in conditions of uncertainty. The book focuses on theoretical aspects of risk management but also clarifies procedures for undertaking and utilising decisions. This blend of theory and practice is the real message of the book and, with a strong authorship team of practitioners and leading academics, the book provides an authoritative guide for practitioners having to manage real projects. It discusses a number of general concepts, including projects, project phases, and risk attitude before introducing various risk management techniques. This third edition has been extended to recognize the reality of multi-project or programme management and the risks in this context; to highlight the particular problems of risk in international joint ventures; and to provide more coverage of PFI and PPP. With case studies and examples of good practice, the book offers the distilled knowledge of over 100 man-years of experience in working on all aspects of project risk, giving sound practical guidance on identifying, assessing and managing risk.

The book analyzes, compares, and contrasts tools and techniques used in risk management at corporate, strategic business and project level and develops a risk management mechanism for the sequencing of risk assessment through corporate, strategic and project stages of an investment in order to meet the requirements of the 1999 Turnbull report. By classifying and categorizing risk within these levels it is possible to drill down and roll-up to any level of the organizational structure and to establish the risks that each project is most sensitive to, so that appropriate risk response strategies may be implemented to benefit all stakeholders. "The new edition of this book provides a clear insight into the intricacies of corporate risk management and the addition of the case study exemplars aids understanding of the management of multiple projects in the real world." —Professor Nigel Smith, Head of the School of Civil Engineering, University of Leeds

A guide to the procurement of privately financed projects: an indicative assessment of the procurement process outlines the concept of privately financed projects (PFP) that can be used for both public-private and private-private interactions. Utilising models from many countries the guide develops a robust procurement system applicable to PFP and project finance in both the EU and overseas. This guide provides a systematic approach for the preparation and evaluation of privately financed projects (PFP) and services. It is intended to assist both the 'Principal' (often a public body) and the 'Promoter' (private body) at each phase of the procurement process, from inception through to financial closure. Principals using this guide should be able to adapt the private finance procurement process for their specific organisation and business sector. Moreover, in the case of the promoting organisation, the guide provides an appreciation of the steps that occur and the various processes undertaken and the associated costs of bidding. A guide to the procurement of privately financed projects: an indicative assessment of the procurement process provides an invaluable understanding of the critical facets involved in PFP and suggests frameworks for developing objective orientated procurement elements.