TY - JOUR
TI - Finansowanie europejskich inwestycji infrastrukturalnych na rynku obligacji
AU - Mosionek-Schweda, Magdalena
TI - Finansowanie europejskich inwestycji infrastrukturalnych na rynku obligacji
AB - 
	The aim of this article is to evaluate the Project Bond Initiative, which is one of the main elements of the Connecting Europe Facility for financing priority infrastructure projects in transport, energy and ICT. In 2012–2016, the pilot phase of the initiative was conducted, qualifying eight projects to receive support. The essence of this initiative is to divide the debt bonds issued in connection with the financing of the project into a senior tranche and a subordinated tranche, and then for the European Investment Bank to grant financial support or a guarantee to the subordinated tranche. This guarantee is to improve the credit quality of the senior debt to the level expected by institutional investors, thereby facilitating the raising of funds for infrastructure investments through the bond market. The results of the pilot phase confirm that the Project Bond Initiative may be an effective tool to stimulate investment in infrastructure and commitment of long-term investors to such projects, however, it has weaknesses to be considered before its full implementation. The article is based on literature studies, examination of the EU legislation and case studies of projects supported under the pilot phase of the initiative.
VL - 2016
IS - Tom 35/2
PY - 2016
SN - 2300-6102
C1 - 2353-9496
SP - 186
EP - 199
DO - 10.4467/23539496IB.16.056.5637
UR - https://ejournals.eu/czasopismo/ibage/artykul/finansowanie-europejskich-inwestycji-infrastrukturalnych-na-rynku-obligacji
KW - project bonds
KW - infrastructure gap
KW - subordinated debt
KW - financial market