Overview

Privately held infrastructure funds has raised USD102 billion globally in 2021, which is up from USD34 billion a decade earlier according to Preqin. In Asia Pacific, there are significant opportunities for infrastructure investments as ADB has estimated that an approximate USD1.7 trillion of infrastructure investments are required in Asia every year until 2030 with a study by Bain indicating that USD2 trillion of sustainable infrastructure is needed between 2021 and 2030 if South-east Asia is to achieve climate and sustainable development goals. Outside infrastructure funds, there are multiple ways to participate in the infrastructure boom via asset classes such as listed equity and public bonds. The rise of infrastructure as an asset class and the emergence of sustainable infrastructure in recent years has driven the need for investors and financiers to understand and keep up to date with the evolving infrastructure ecosystem and landscape, particularly in a market that is as heterogeneous as Asia Pacific.

CFA Society Singapore and Keppel Capital have thus collaborated to deliver this unique and highly relevant infrastructure investing/financing workshop. The workshop will enable the participant to have a comprehensive view of the landscape of investing/financing, how do practitioners do it and what are the risk factors involved. A case study will be run by an equity investor. The workshop will close with a virtual site visit to a sustainable infrastructure project, enhancing the learning experience of participants.

The workshop is an expert-led workshop with senior industry practitioners with a total of over 100 years of experience, teaching topics in their respective domain with their roles being:

  1. Equity Investor
  2.  Legal
  3. Multilateral
  4. Bank
  5. Insurance
  6. Rating Agency

What skills will you gain through this course?
  1. Understand how do infrastructure equity investor generate returns, what is sustainable infrastructure and the investable space
  2. Understand how do debt providers-banks, public debt investors, multilaterals approach infrastructure financing and the lifecycle of project investments from entry to exit
  3. Appreciate the ESG considerations for equity, bank, multilateral and public debt investors
  4. Obtain an understanding of key project structures and contracts
  5. Identify key risks and risk mitigation strategies and approaches
Who should attend?
  • Infrastructure investment, banking professionals, project and financial advisors with less than 6 years’ experience in infrastructure industry
  • Private bankers, family offices and investors in direct or indirect infrastructure private equity and public equity/debt
  • Individuals working in corporates which are developing, operating and/or investing in infrastructure
Course Outline

11 to 12 November 2021

(Thurs & Fri)

Day 1: 8:45am to 5:45pm

Day 2: 9:00am to 4:00pm

Virtual via Zoom

Course Fee

CFA Society Singapore member: S$1,680*

Non-Member: S$1,980*

*Price subject to 7% GST

Professional Learning Credits
(CFA Institute)

11.5 PL hours

DAY 1
^
0845 - 0900

Welcome Message

^
0900 - 0945

Introduction to Infrastructure Asset

a. Long-term Concessions
b. Regulated Tariffs
c. Governmental Interface
d. High Barriers to Entry

What are the types of Investable Assets

a. Power (Thermal, Renewable)
b. Environmental Utilities (Water, WTE)
c. Energy
d. Transport
e. Telecommunications

Hector Wang, Senior Vice President, Keppel Capital

^
0945 - 1045

Risk Analysis

Typical Risks and Mitigants
a. Revenue
b. Construction
c. Political
d. Operating Expenses
e. Regulatory

David Richardson, Director, Keppel Capital

^
1045 - 1115

Tea Break

^
1115 - 1210

Bank Lending

a. Types of Lenders
b. Financing Instruments – PF Loans, Green /
Sustainability Bonds, Project Bonds
c. Summary Risk Analysis from a Lender’s Perspective
d. Sample Financing Terms for a PF Loan
e. Project Accounts
f. Equator Principles

Kelvin Wong, Managing Director, Global Head of Power and Utilities (P&U), DBS Singapore
^
1210 - 1315

Lunch

^
1315 - 1430

Common Project Structures and Contracts

a. PPP
b. BOT
c. BOOT
d. EPC, O&M, PPA, SHA, FA, Fuel Supply

James Harris, Partner, Finance & Projects, Pinsent Masons

David Platt, Partner, Finance & Projects, Pinsent Masons

^
1430 - 1530

Public Markets – Bonds

a. Ratings Methodology
b. Rating Process
c. Project Finance default and recovery studies
d. Bayfront
e. Cases
f. ESG

Ray Tay, Senior Vice President, Moody’s Investors Service
^
1530 - 1600

Tea Break

^
1600 - 1645

Public Agency

a. Role of Multilaterals
b. Preferred Creditor Status
c. Type of Instruments – Equity/A-B loan/Guarantees
d. Cases
e. ESG

Thomas Walenta, CFA, Senior Investment Officer, Asian Infrastructure Investment Bank (AIIB)

^
1645 - 1745

Risk Mitigants and Alternatives Distribution

a. Construction Risks- DSU
b. Cyber Risk
c. Terrorism Risk
d. Transition into Operating Risk
e. PRI
f. CRI and unfunded risk participation

Jon Hetherington, Senior Vice President, Sales & Industry Leader, Construction Asia, Marsh Specialty

Victor Ong, CFA,, Senior Deputy Global Head, Portfolio Management, CRS, Axis Capital

DAY 2
^
0900 - 1000

Private Equity, Infrastructure Funds and Venture Capital Funds: Structure, Key Terms and Trends

a. Fund Structuring
b. Hot Button Issues
    – Funding Economics
    – GP Investment
    – Transparency and Reporting
    – Fund Governance and Affiliate Transactions
    – Termination
    – Co-Investment Rights

Mark Davies, Partner, Corporate, Finance and Investments, King & Spalding

^
1000 - 1100

Case Study 1

Miguel Mondonedo, Vice President, Infrastructure, Keppel Capital
^
1100 - 1130

Tea Break

^
1130 - 1215

Fireside Chat

Boon Chin Hau, Managing Director, Head of Asia, Latam & Credit, Infrastructure, GIC Infrastructure Group
^
1215 - 1245

Presentation of Certificates of Participation / Closing Address

^
1245 - 1345

Lunch

^
1345 - 1545

Virtual Site Visit

^
1600 onwards

End of Workshop

Supporting Partners