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Insights

Opinion pieces from the team, and uses cases covering private markets, infrastructure investment, climate change, social risk, and more.

Featured image for “New research shows that infrastructure credit spreads are fair”

New research shows that infrastructure credit spreads are fair

A new paper drawn from the Natixis/EDHECinfra research chair sheds new light on the drivers of returns in private infrastructure debt. Infrastructure credit spreads remain twice as high today as in 2008, but this new research shows that only 30bps of this increase cannot be explained by changes in systematic risk factor prices.

Featured image for “The Pricing of Private Infrastructure Debt: A Dynamic Approach and Comparison with Corporate Debt”

The Pricing of Private Infrastructure Debt: A Dynamic Approach and Comparison with Corporate Debt

This paper examines the drivers and evolution of credit spreads in private infrastructure debt. We ask two main questions: Which factors explain private infrastructure credit spreads (and discount rates) and how do they evolve over time? Are infrastructure project finance spreads and infrastructure corporate spreads driven by common factors?

Featured image for “No financial pain or gain for ESG management and reporting”

No financial pain or gain for ESG management and reporting

New EDHECinfra research finds there is no financial penalty or gain (based on Return on Assets) for infrastructure firms to implement ESG management and reporting.A new paper drawn from the EDHECinfra/LTIIA Research Chair shows that Environmental, Social and Governance (ESG) scores are not negatively or positively correlated with the financial performance of unlisted infrastructure firms.

Featured image for “Infrastructure prices don’t show a bubble”

Infrastructure prices don’t show a bubble

This blog was initially published in top1000funds.com. No asset is an island… Infrastructure equity prices do not exist in a vacuum. Analysing hundreds of transactions over the last 15 years, we found that they are driven by systematic risk factors, which can be found across asset classes. In other words, markets did process information rationally and average prices did reflect

Featured image for “New EDHECinfra study shows that ‘peak infra’ may be behind us”

New EDHECinfra study shows that ‘peak infra’ may be behind us

New EDHECinfra research documents the factors behind the evolution of unlisted infrastructure prices over past 15 years. Common risk factors found in numerous asset classes explain the evolution of unlisted infrastructure secondary market prices. That’s the finding of a new paper drawn from the EDHECinfra /LTIIA Research Chair. Interestingly, the paper also shows that that, after a long period of

Featured image for “Which Factors Explain Unlisted Infrastructure Asset Prices? Evidence from 15 years of secondary market transaction data”

Which Factors Explain Unlisted Infrastructure Asset Prices? Evidence from 15 years of secondary market transaction data

This paper drawn from the EDHECinfra /LTIIA Research Chair shows that common risk factors found in numerous asset classes explain the evolution of unlisted infrastructure secondary market prices. It also shows that after a long period of prices increases, “peak infra” may already be behind us.