MUFG has been recognized as Project Bond Bookrunner of the Year, having excelled across the gamut of debt products for power and renewables in the US and Canada in 2019.
Perennially one of the most prolific project finance lenders in North America, the bank racked up 34 transactions In 2019, according to IJGlobal data. Clients and rivals alike acknowledge that its blanket coverage of the market is a huge advantage.
“They see pretty much every deal, so they have a good perspective on what is market and what is not,” said an official at an institutional debt investor, who also pointed to the team’s strong origination, underwriting, structuring and distribution capabilities “both in the private placement and bank loan market.”
This comment highlights another unique feature of the MUFG platform – its ability to put the whole bank at the service of the client, including a leading private placement desk and leveraged finance team.
“They’re more nimble than pure project finance banks or pure term loan B arrangers,” said a client. “It’s an interesting mix.”
The firm’s capabilities were showcased last year in deals including a levered convertible equity financing of a portfolio of renewables for NextEra Energy, a wind portfolio acquisition financing for Harbert Management Corp, a project bond refinancing of a solar portfolio in California for Consolidated Edison Development and financing for the acquisition of a conventional power fleet in Canada by Energy Capital Partners.
Maintaining a market leading position across all categories is a team effort, led by head of structured finance Erik Codrington and head of power Alex Wernberg. Managing directors Beth Waters and Louise Pesce also win high praise from clients.
“They get points for competitiveness, loyalty, their balance sheet and their ability to syndicate within a range,” says one borrower. “They try to make something work for everyone.”
See all of the 2019/2020 awards