The term structure of credit spreads in project finance
研究发现项目融资的信用利差期限结构呈驼峰形，与其他债务类型不同，并分析了高杠杆随时间下降、长期政治风险担保等特征，对基础设施融资和巴塞尔II框架下的风险管理有参考价值。
Abstract This paper finds that the term structure of credit spreads in project finance is hump‐shaped. This contrasts with other types of debt, where credit risk is shown instead to increase monotonically with maturity ceteris paribus . We emphasize a number of peculiar features of project finance structures that might underlie this finding, such as high leverage decreasing over time, long‐term political risk guarantees and the sequential resolution of uncertainty along project advancement stages. Our result is particularly relevant given the importance of project finance as a source of long‐term capital for infrastructure especially in developing countries and has implications for risk management in the framework of Basel II. Copyright © 2007 John Wiley & Sons, Ltd.