Anhang B 32015D0658

Tabelle 16 Benchmark-Informationen 1. Recent Limited Recourse Project Finance Bank Loans (Low Carbon Energy) This table updates the one provided in Annex A of our responses dated 5 September 2014 to show the quantum of the commercial debt tranche distinct from the total debt quantum which, for certain projects, included export credit guaranteed or multilateral debt facilities. Project Financial Close Amount [Commercial Bank Tranche] Tenor (Years) Commercial Bank Loan Margin (6) Government Support (7) Gemini Offshore Wind May 2014 EUR 2 000 m [EUR 850 m] 14 300 SDE renewable subsidy (per MWh) from Dutch government Separate export credit facilities provided by EKF (Denmark), Euler Hermes (Germany) and Delcredere/Ducroire from Belgium London Array Offshore Wind Oct 2013 GBP 266 m [GBP 266 m] 13 275 Renewables Obligation subsidy (per MWh) from UK Government Separate export credit facility provided by EKF (Denmark) for initial financing Butendiek Offshore Wind Feb 2013 EUR 950 m [EUR 230 m] 8,5 300 Feed-in Tariff subsidy (per KWh) from German government Separate export credit facility provided by EKF (Denmark) Westermost Rough Offshore Wind Aug 2014 GBP 370 m [GBP 197 m] 15 300 Renewables Obligation subsidy (per MWh) from UK Government […] […] EUR 650 m [EUR 650 m] 10 175-275 Finance from commercial banks only Derbyshire Energy from Waste PFI Aug 2014 GBP 145 m [GBP 145 m] 25 315-320 Renewables Obligation subsidy (per MWh) from UK Government Local Authority payments for waste recycling MEDIAN 300 SWAP SPREAD (8) + 13 (To convert from LIBOR margin to Gilt benchmark) ILLIQUIDITY PREMIUM – 50 MARKET INDICATION (9) 263 Source: Commercial banks; InfraNews; InfraJournal 2. Corporate Debt (rated BB+) Spreads Issuer Ticker Coupon Maturity Amount Rating Tenor (years) Current Spread (bp) Government Support Heathrow Airport HTHROW 7,125 % 01/03/2017 GBP 325 m NR/Ba3/BB+ 3 231 Nil Heathrow Airport HTHROW 5,375 % 01/09/2019 GBP 275 m NR/Ba3/BB+ 5 253 Nil Anglian Water OSPRAQ 7,000 % 31/01/2018 GBP 350 m NR/Ba3/BB+ 3 290 Nil Electricity North-West NWENET 5,875 % 21/06/2021 GBP 80 m BB+/NR/NR 7 274 Nil Yorkshire Water KEL 5,750 % 17/02/2020 GBP 200 m BB–/NR/BB+ 5 314 Nil Enel SpA ENELIM 7,75 % 10/09/2075 GBP 400 m BB+/Ba1/BBB– 61 373 31,2 % owned by Government Ministry Enel SpA ENELIM 6,625 % 15/09/2076 GBP 500 m BB+/Ba1/BBB– 62 367 Telecom Italia TITIM 5,875 % 19/05/2023 GBP 400 m BB+/Ba1/BBB– 9 281 Nil Energias de Portugal ELEPOR 8,625 % 04/01/2024 GBP 425 m BB+/Ba1/BBB– 10 256 Nil MEAN 293 ILLIQUIDITY PREMIUM – 50 MARKET INDICATION 243 Source: Bloomberg as at 21 August 2014 using BGN Source. 3. iTraxx Europe Crossover Series 21 Constituents Rated BB+/Ba1 Company Ticker Identifier Rating Tenor (Years) CDS Flat Spread ArcelorMittal MT NA CX375716 BB+/Ba1 10 347 EDP Energias de Portugal SA EDP PL CEPO1E10 BB+/Ba1 10 203 Finmeccanica SpA FNC IM CFME1E10 BB+/Ba1 10 285 HeidelbergCement AG HEI GY CHEI1E10 NR/Ba1 10 226 Lafarge SA LG FP CLAF1E10 BB+/Ba1 10 168 Telecom Italia SpA TIT IM CTII1E10 BB+/Ba1 10 281 Wendel SA MF FP CMWP1E10 BB+/NR 10 206 MEAN 245 Source: Markit; Bloomberg as at 21 August 2014 using CMAN Source. Tabelle 17 Simulierte Verteilung der Renditekurve im Jahr 10 1992 - 2013 VAR model simulation 10 Yr (P) vs. 1992-2013 VAR model simulation […] […] […] Spot in 10 years time VAR simulation 10 years ahead (June 2024) VAR simulation 10 years ahead (June 2024) Tenor 10 Yr (P) Median 95 % percentile Distance from median (ppts) Distance from 95th percentile (ppts) 10 Yr (P) + 1,5 ppt probability 1 Yr 3,47 3,80 6,20 – 0,33 – 2,72 19 % 2 Yr 3,55 4,00 6,24 – 0,45 – 2,69 21 % 3 Yr 3,62 4,16 6,24 – 0,54 – 2,61 22 % 4 Yr 3,70 4,31 6,20 – 0,61 – 2,50 21 % 5 Yr 3,78 4,44 6,17 – 0,66 – 2,39 20 % 7 Yr 3,93 4,64 6,20 – 0,71 – 2,27 19 % 9 Yr 4,09 4,76 6,19 – 0,66 – 2,10 15 % 10 Yr 4,17 4,79 6,14 – 0,62 – 1,97 13 % 12 Yr 4,11 4,88 6,15 – 0,77 – 2,03 15 % 15 Yr 4,07 4,97 6,09 – 0,89 – 2,02 17 % 20 Yr 4,07 4,99 6,12 – 0,92 – 2,05 17 % 30 Yr 3,98 4,97 6,08 – 1,00 – 2,10 20 % 50 Yr 3,91 5,01 6,04 – 1,10 – 2,13 24 % Sensitivitätsanalyse der IUK (…) Rendite der britischen Staatsanleihen (Gilts) nach Laufzeit Schaubild 1 Rendite der britischen Staatsanleihen (Gilts) nach 10, 20 und 30 Jahren 20-year Gilts Yields (in percent) 30-year Gilts 10-year Gilts UK Government bond (Gilt) yields by maturity Laufzeitstruktur der Renditeverteilung für mit BB bewertete Unternehmen in USD Abbildung 3 Laufzeitstruktur der Renditeverteilung für mit BB bewertete nichtfinanzielle Unternehmen in USD Tenors USD US Non-financials BB curve — USD Swaps Curve (basis points) Term structure of yield spreads for non-financial BB-rated companies Hinweis: Daten von Bloomberg, Erstellungsdatum: 21. August 2014.