Análisis de la rentabilidad en la finanaciación de infraestructuras : el caso de las carreteras en España

Abstract

The severity of the 2007 global financial crisis unleashed in the United States as a result of subprime loans and its subsequent systemic expansion throughout Europe and the rest of the World, has given rise to a new regulatory framework applicable to the banking system (Basel III), which seeks to increase the management and control of risks, strengthen the solvency and liquidity of credit institutions and prevent another crisis. The potential impact of this new regulation in long-term financing projects, such as those in the infrastructure sector, requires banks to reconsider its participation strategy, , thus enabling new institutional investors to step-in in a market that traditionally have been dominated by the former. The objective of this study is to identify, from a profitability standpoint, which of the funding schemes, Project Finance, Project Bond or an hybrid structure with characteristics of both schemes, is more attractive for the sponsors promoting investments in the infrastructure sector in general, and specifically in greenfield projects in the road sector.