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Assessing the development of airport concession models and financing in times of a financial crisis

机译:在金融危机时期评估机场优惠模式的发展和融资

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The market for airport transactions presents a mixed picture. While numerous recent transactions have been cancelled, postponed or closed on terms and conditions far less favourable to concession grantors or sellers than those of previous years, other recent transactions have been successfully completed, important landmark transactions have achieved significant progress and roadblocks are being removed for investors. At the same time, investors, as well as their lenders, are taking a far more conservative approach when evaluating project and finance risks.What kind of price structures contribute to the sustainability of the project? How do mitigants against extraordinary project risks enhance bankability? What tools are available to manage financing shortfall events? How can direct agreements help? And why should a concession agreement contain fair terms and conditions that balance the interests of the parties involved in case of an early termination event? The tools to procure bankability do not need to be reinvented, but they were not always implemented during the times of an overheated market. This paper holds that the market will return as traffic picks up again, but that a more conservative investment and financing approach with more balanced concession agreements will dominate the market for the near and medium future.
机译:机场交易市场的情况好坏参半。尽管最近的许多交易在取消,推迟或关闭方面的条件和条件远不如前几年,但对其他方面的交易却取得了成功,重要的里程碑式交易也取得了重大进展,并消除了障碍。投资者。同时,投资者以及他们的贷方在评估项目和财务风险时采取了更为保守的方法。什么样的价格结构有助于项目的可持续性?缓解非常规项目风险的缓解措施如何增强银行能力?哪些工具可用于管理资金短缺事件?直接协议如何提供帮助?为何特许协议中应包含公平的条款和条件,以在发生提前终止事件时平衡当事各方的利益?获取银行业务能力的工具无需重新发明,但在过热的市场中并不总是可以实施。本文认为,随着流量的再次回升,市场将恢复,但在近期和中期,以更保守的投资和融资方式以及更为平衡的特许协议将主导市场。

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