Project Finance:  2003 League Tables
	Global Lead Arrangers—Bank Loans (US$ millions)       2003 2003 Rank Name 2002 Rank Number of Facilities Amount Underwritten Percent of Total             1 CreditAgricole-CreditLyonnais – 36 $3,864 5.6% 2 Royal Bank of London 3 27 3,257 4.7 3 BNP Paribas SA 7 29 2,987 4.3 4 SMBC 47 21 2,639 3.8 5 Société Générale 2 21 2,614 3.8 6 WestLB 4 22 2,268 3.3 7 Citigroup SSB 1 17 2,101 3.0 8 Mitsubishi Tokyo Financial Group 10   24 2,004 2.9 9 Korea Development Bank 18    6 1,948 2.8 10 Barclays 5   28 1,940 2.8   Other      71   43,936    63.2   Total Market   302 $69,557 100.0%             Lead Managers—Project Bonds (US$ millions)       2003 2003 Rank Name 2002 Rank Number of Issues Amount Underwritten Percent of Total              1 Citigroup SSB 2 20 $6,624 20.6% 2 Credit Suisse First Boston – 13 4,437 13.8  3 Lehman Brothers 1 11 3,964 12.3  4 Barclay’s Capital 8 4 2,561 8.0  5 ABN AMRO 3 3 1,416 4.4 6 UBS – 3 1,171 3.6 7 Mediobanca – 2 1,136 3.5 8 Société Générale 17 3 1,120 3.5 9 Royal Bank of Scotland – 2 1,013 3.1  10 BNP Paribas SA 5 2 1,005 3.1   Other        26     7,717    24.0   Total Market   89 $32,164 100.0%               Global Advisory Mandates     2003   2002 2003 Rank Name Number  of Mandates Percent   of       Total   Number  of Mandates Percent   of       Total               1 Ernst & Young 143 21.1%   105 13.3% 2 PricewaterhouseCoopers 117 17.3   131 16.6 3 Macquarie 51 7.5   120 15.2 4 KPMG 46 6.8   38 4.8 5 ABN AMRO 27 4.0   25 3.2 6 Dexia 24 3.5   13 1.7 7 Grant Thornton 23 3.4   36 4.6 8 Taylor de Jongh 21 3.1   15 1.9 9 Mizuho 20 2.9   8 1.0 10 David Wylde Project Fin. 19 2.8   42 5.3   Other  330   48.7    359   45.6   Total for all firms 678 100.0%   787 100.0%                 Source:   Adapted from ProjectFinance International (IFR Publishing, London, United Kingdom) 1/22/03 and 1/21/04.   Global Project Finance Law Firms: 1998-2003  2002  Rank Firm Name Location Number of Financings Closed         1 Allen & Overy U.K. 54 2 Clifford Chance U.K. 48 3 Shearman & Sterling U.K. 34 4 Latham & Watkins U.S. 33 5 Millbank Tweed U.S. 31 6 Linklaters Global 28 7 Skadden Arps U.S. 25 8 Allens Arthur Robinson Australia 20 9 Sullivan & Cromwell U.S. 17 10 White & Case U.K. 17           Source:   Adapted from ProjectFinance International, 11/12/03. Note:  Includes only deals over $500 million and counts only the lead advisor.
If you have any suggestions for additional content, please contact Professor Benjamin C. Esty. Last updated October 11, 2004