Analysis of the Practice and Risks of Using Infrastructure Bonds in the Project Financing Market

The article discusses the role and features of project financing of facilities, the need for new instruments and forms of attracting investments that would allow linking debt obligations with the project being implemented. Financial sources of construction of facilities within the framework of public-private partnership are investigated. It has been established that the relevance of the use of infrastructure bonds is confirmed by the lack of financial resources for infrastructure projects, as well as the growing market for non-mandatory pension insurance. It is noted that only the conditions necessary for the targeted use of funds received from the sale of infrastructure bonds and the rules for financing the construction and reconstruction of infrastructure facilities using SOPF bonds are fixed at the legislative level. The goals of creating infrastructure bonds have been determined. The analysis of the ratio of the application of loans and bonds in project financing was carried out, the stages of project financing are considered. Municipal targeted and corporate forms of issuing infrastructure bonds were identified and the main conditions for financing infrastructure projects were formulated. It is noted that despite the fact that infrastructure bonds are reliable, it is necessary to increase their protection against inflation and indicate a competitive yield on securities compared to federal loan bonds. Additional measures are proposed to increase the attractiveness of the infrastructure project. It is noted that an important condition for the completion of infrastructure projects is the effective distribution of risks and effective management of them. Financial, political and project assessment risks were identified as the main risks. The latter are classified as mandatory monitoring and control, since they affect the incompleteness of the project. The advantages and disadvantages of this project financing mechanism are formulated.

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