For one london-based bond buyer, the European sales team at J.P. Morgan earned its spurs last September on a debt-financing deal for Mexico City's new, $13 billion international airport, among the largest infrastructure projects in the world. At issue for the financier was that a special-purpose vehicle — rather than the Mexican government—was the bond issuer and the party backstopping the credits. In addition, several technical concerns had cropped up. "We had a number of questions about the way the deal was structured with the SPV," the London financier reports, "and we had accounting questions over how they calculated cash flow and net income."
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