Overviewoffinancialsources2.2ForPublicSectorWorkFordevelopedcountriesandeconomies,taxpayersusuallypayforpublicinfrastructurefacilities.GovernmentsallocatepublicworksbudgetafteraprocessofscrutinyandCosts/BenefitsAnalysis.Thistypeofdirectfundingfrompubliccofferscaneitherbeintheformofagrantoraloan.(Singapore’shousingdevelopment&HKgovernmentfinance)2.2.1AnalternativetoDirectGovernmentFundingExample2.2.2BilateralAids2.2.3Multi-lateralAid(SupranationalFinancing)2.2.4ExportCreditFinancingSupplierCreditFinancing2.2.5BondIssuesThekeydifferencebetweenfixedandfloatingrateInterNotesisthecalculationofthecouponoverthelifeofthenote.FixedrateInterNotescouponsaresetatofferingandareconsistentthroughoutthelifeofthenote.FloatingrateInterNotescouponsarebasedonaspreadwhichissetatofferingandapredeterminedbenchmarkorindexsuchasU.S.Treasurybills(T-bills)whichisresetthroughoutthelifeofthenote.Thefloatingratenotedaycountbasismaybecalculatedusinganactual/actualbasisversusa30/360basisforthefixedratenotes.Ifthecouponrateisequaltoaspreadof50basispointsoverthe3-monthU.S.T-billrate,atoffering,thiswillequalacouponof1.60%basedona1.10%T-Billrate.After3months,ifthe3-monthT-billweretothenbe1.20%,theInterNotescouponwillberesetto1.70%forthenext3months.Cap,FloorandCollarExample2.2.6Privatization2.2.7Public/PrivatePartnershipExamples2.3PrivateSectorFunding2.3.1InternalFunding2.3.2ExternalFunding2.3.2.1LoanFinancingAsyndicatedloanisaloanfromtwoormorebankstooneborrower,basedononeloanagreementwithcommonterms.Theadvantageofsyndicatedlendingisthelargervolumeoftransactionpossibleandthespreadingofrisksamongstbanks.Loanscanbesecuredagainstthecompany’sassetsorhavelimitedrecoursetotheassetsofthecompany.Twotypesofarrangementarepossiblewithinstitutionalinvestors.DeveloperDeveloper-Occupier2.3.2.4EquityParticipationforConstructionFunding(IPO)公开发行股票的经济指标要求公司上市的流程SecuritisationofaloanPortfolio(e.g.thesecuritisationofhousingmortgage)2.3.2.5JointVentureFinancing2.3.2.6Contractor’sFinancing2.3.2.7Pre-saleofPr