AU Finance China International Marine Acquisition of Maersk Container Industry Paper

Studying an international project-finance deal, M&A transaction, or privatization from a corporate-finance perspective, or (ii) a risk-management transaction (operating or economic risk), synthetic funding, arbitrage opportunity, etc. from a capital-
market perspective.
To find interesting projects, I suggest that you read the FT, look on Bloomberg, or visit Standard
& Poor’s website, where you go to corporate finance analyses in the Forum, and select the Utilities
and Infrastructure Finance section (the website constantly changes, though). Similarly, Moody’s has
sample analyses that might be of interest on their website. However, contrary to S&P, you have to
search Moody’s website for materials which will often complement what you find on S&P’s. Taking
such a recent international project-finance deal that was funded in the global capital markets (global
bond or equity issue) as an example of your project the analytic focus should be on:
1. capital structure and risk distribution;
2. the contractual web: off-take agreement, loan and bond covenants, construction agreements;
3. risk assessment and pricing: how were the bonds priced?
4. capital budgeting: economic and viability (simulation analysis);2 existence of real options;
5. riskiness of the output buyer through credit spread or simulation analysis.

Topic:

https://www.reuters.com/article/maersk-m-a-china-international-marine-idUSKBN2GO044