Ukutyala imali kwiibhondi eziluhlaza kunokuba yinto enomdla kakhulu kutyalo-mali kwaye yenye iimveliso ezingaziwayo ngabatyali mali abancinci nabaphakathi. Ngoku i-ADIF yenze umba wale modality ngenani lezigidi ezingama-600 zeerandi. Lo ngumba wesithathu wolu hlobo olwenziwa yinkampani kwi-BME. Kule mihla, umba omtsha we-bond bond eluhlaza we-ADIF-Alta Velocity-wamkelwa ngorhwebo kwi-BME ngesixa sezigidi ezingama-600 zeerandi. Emva kwezo zenziwe ngoJuni 2017 nango-Epreli 2018, lo ngumcimbi wesithathu wolu hlobo lweebhondi ze-ADIF kwimakethi ye-BME AIAF.
Umcimbi unethuba leminyaka esi-8, ukulungiswa kokugqibela kweebhondi kuya kuba ngowama-2027 Kwangelo xesha, inexabiso lomntu ngamnye le-100.000 euros kwaye uya kuhlawula ikhuphoni le-0,95% ngonyaka. I-BBVA, iBanco Santander, iBhanki ye-HSBC kunye ne-Société Générale zisebenze njengabaququzeleli be-Global kunye nabaGcini-mbhali balo mbandela, ovale ngokusasazeka ngokuthelekiswa ne-Treasury Bonds ezifanayo zokukhula kwamanqaku angama-28.
Kwangokunjalo, inzala ephezulu eveliswe yile ndawo ibekiweyo iyaphawuleka, kunye nokubhalwa ngaphezulu kwencwadi yoku-odola yamaxesha e-3,3, eyayikhokelwa ngabatyali-mali bamanye amazwe, i-67% yetotali, kwaye babhalisela I-60% ngabatyali mali abanoxanduva kwezentlalo. I-ADIF inomgangatho we I-Baa2, Ukuzinza kwembono, yiNkonzo kaMoody's Investors kwaye ukusuka A-, izinzile, nguFitch. Olu lwazi lubaluleke kakhulu ukuvavanya ukhuseleko lolu hlobo lotyalo-mali kwaye lunokubonisa inqanaba lokuzithemba kule micimbi ikhethekileyo.
Iibhondi eziluhlaza: uzinzo
Iimali eziqokelelweyo ngalo mbandela ziya kunikezelwa kulwakhiwo lweendlela ezintsha ezinesantya esiphezulu. Umcimbi ubekwe ngaphakathi kwisakhelo esichazwe yimigaqo-nkqubo yozinzo ye-ADIF, egqiba ukuba ukusetyenziswa kwemali kuya kuba iiprojekthi eziluhlaza ezifanelekileyo, ezimisela izixa-mali kunye neenjongo zotyalo-mali kwiiprojekthi ezichaziweyo kunye nezibophelelo ze ingxelo kubatyali mali. Ukongeza, iibhondi eziluhlaza ze-ADIF kufuneka zixhomekeke kwimbono yesibini malunga nokuthotyelwa kwezi nqobo yiCICERO (iZiko loPhando lwemozulu lwaMazwe ngaMazwe).
Inkqubo entsha yokuthembisa
Ukufikelela kwi-Global Dominion kubhalise iNkqubo eNtsha yokuQaphela kwi-MARF. Ngesi sixhobo sitsha senkxaso mali inkampani iya kuba nebhalansi ephezulu Kwiinyanga ezili-12 ezizayo ukuya kuthi ga kwi-75 yezigidi ze-euro kwaye ukhuphe amanqaku othembiso kunye nemigaqo yokuhlawula phakathi kweentsuku ezintathu ukuya kwiinyanga ezingama-24. I-Bankia, i-Banco Santander kunye ne-Norbolsa zisebenza njengo-Co-Managers kunye namaQumrhu okuBekwa kweNkqubo. Isimangalo se-PKF nguMcebisi oBhalisiweyo waseDominion eMARF kwaye ingcebiso yomnikezeli wezomthetho malunga nokuvulwa kwenkqubo ibonelelwe yinkampani ye-GBP-Legal.
Ngokoluvo lukaGonzalo Gómez Retuerto, uMlawuli oLawulayo we-MARF, "iiNkqubo zeeNgcaciso zeeNgcaciso kule marike ye-BME zidityanisiwe njengefomula yokuxhasa ngemali esebenziseka kakhulu kwiinkampani, kuba ziyabavumela ukuba bavumelane nomthamo okhutshelwe iimfuno zabo zemali" . Kwiminyaka emihlanu yokusebenza, iMARF ibhalise iinkqubo ezivela kwiinkampani ezingama-38 esele zisasaza kule marike.
Amathuba amashishini amatsha
Ukufikelela kwiGlobal Dominion kwasekwa ngonyaka we-1999 kwaye kuyo yonke imbali yayo yeminyaka engama-20 kuye kwaba ngumniki-nkqubela weenkonzo zobuchwepheshe obuninzi kwaye izisombululo ezizodwa zobunjineli yamacandelo onxibelelwano ngomnxeba, kufakelo lweshishini (izakhiwo ezinde, iindibano zombhobho, igesi kunye neenkqubo zokutsha okanye zokwaleka) nakwintsimi yomoya kunye namandla e-photovoltaic. Inobukho kumazwe angama-38. IYurophu imele iipesenti ezingama-60 zentengiso yayo, eMelika, 29% naseAsia naseOceania, i-11% eseleyo.
Kwi-2018 Dominion ifumene i indibaniselwano ehlanganisiweyo ye-1.084 yezigidi I-euro kunye ne-EBITDA yezigidi ezingama-72,4. Inkampani idwelisiwe kwi-Stock Exchange ukusukela ngo-2016 kwaye ibandakanyiwe kwisalathiso se-IBEX Small Cap. Ukuya kwinqanaba lokuba yenye indlela yokwenza ukonga kunenzuzo kodwa phantsi kwenye iilensi kwisicwangciso esisetyenziswe ngabakhuphi bezi mveliso zingenayo. Apho imida yokungenelela ingagqithi kumanqanaba e-2% okanye ye-3%.
Iibhondi ezintsha kwingeniso emiselweyo
Ukukhutshwa okutsha kweebhondi zeprojekthi ngu-Photonsolar, inkxaso-mali ye-Kobus Renewable Energy II FCR, ngesixa-mali esingama-36,5 ezigidi zeerandi sele singenisiwe kuthethathethwano kwi-MARF. Iibhondi zinexabiso lobuso beyunithi ye-100.000 euro kunye izakufumana isigqebhezana esiyi-3,75% ngegama nje ngonyaka, ihlawulwa ngekota, kwixabiso lobuso ngalo lonke ixesha. Ukuhlawulwa kwamatyala kuya kwenzeka ngokunciphisa isixa esincinci kunye nekota nganye kude kube ngu-2038.
Ukulinganiswa kwe-Axesor kunike umba we-Photonsolar's bond ukukala i BBB-, ngomkhwa ozinzileyo. I-Photonsolar isebenza kwizityalo ezisixhenxe ze-photovoltaic ezikwiCiudad Real, Seville, Córdoba naseMallorca, eziqale ukusebenza phakathi kuka-2006 no-2008, nezithi, zizonke, zilawule amandla abizwa ngokuba zii-megawatts eziyi-8,82.
Amanqaku eSithembiso eSolaria
UMARF udwelise entsha INkqubo yamaNqaku eSithembiso weSolaria Energía y Medio Ambiente, apho uSolaria angena kwintengiso okokuqala evela kwikomkhulu leQela kwaye ahluka kwimithombo yakhe yezemali yexeshana. Amortization iya kwenzeka ngokunciphisa isixa esincinci kunye nekota nganye kude kube ngu-2028.
Kwi-2016 kunye ne-2017 Solaria sele ibhalisiwe kwi-MARF Imiba emithathu yeprojekthi yexesha elide Iqhutywa ziinkampani eziphantsi kwayo iGlobasol, iPuertollano 6 kunye neCasiopea, yokuxhasa ngemali iipaki ezininzi ezenziwa yinkampani. Ngoku, ngale Nkqubo yeeNqaku zeNgcaciso, iya kuba nakho ukukhupha izixhobo kunye nokukhula okuphezulu kweminyaka emibini de ifikelele kwi-balance eseleyo ye-50 yezigidi ze-euro.
ISolaria Energía y Medio Ambiente inezinga lokudibanisa i-BBB- (imbonakalo elungileyo) enikezelwe yiAxesor Rating. Ukusukela ekusekweni kwayo ngo-2002, uSolaria Energía y Medio Ambiente ubenecandelo lezamandla ahlaziyekayo, ngakumbi ekuphunyezweni nasekuphuhlisweni kwetekhnoloji ye-photovoltaic yelanga. Okwangoku iQela leSolaria lilawula kwaye lisebenze izityalo ze-14 ze-photovoltaic ezinamandla okuphela kwe-75 MW kwaye inobukho eSpain, e-Itali, ePortugal, eGrisi, e-Uruguay, eMexico naseBrazil.