Mon, 24/03/2014 - 11:50
Allianz Global Investors has reached the EUR2bn infrastructure debt investment milestone with the completion of its eighth transaction, the funding of the A11 motorway development in Belgium.
AllianzGI, on behalf of its clients, is investing EUR433m in the senior debt of the A11 project, which involves the construction of a 12km motorway connecting the Port of Zeebrugge with the E40 and E34 roads in western Flanders.
The transaction, for which Jan de Nul and DG Infra are lead sponsors, is the first listed construction-phase project bond in Belgium and uses the EIB’s Project Bond Credit Enhancement facility. The final maturity of the bond is 31.5 years.
Over the past year, AllianzGI has completed eight infrastructure debt transactions across seven European countries. With a focus on investment grade senior debt, AllianzGI is investing in infrastructure asset owning entities with both contracted and regulated revenues, including projects at either the pre-construction or post-construction / operating stages of their life-cycle.
AllianzGI was one of the first global investment manager to establish a dedicated infrastructure senior debt expertise in September 2012. It offers institutional investors, including pension funds, insurers and foundations, the opportunity to make long-term fixed income investments in infrastructure projects. In particular, infrastructure debt offers investors who have long-duration liabilities access to investments with matching long-term stable cash flows and risk-adjusted returns that are currently more attractive than government bonds.
Deborah Zurkow, CIO infrastructure debt at AllianzGI, says: “We are pleased to have reached this important milestone as it provides concrete evidence that there is a real market opportunity for long-term investors to secure an attractive yield via illiquidity premia and credit spreads while offering the reliability of an underlying real asset. It is exciting to be part of the development of a new asset class for investors and a new funding market for borrowers and government authorities. As the market develops and matures we expect to see significantly more institutional investor interest, which will help meet society’s need for substantial infrastructure funding.”
AllianzGI also has a pipeline of investments either at the tender stage or close to completion.
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