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Does your debt coverage include secondary market transactions?


Yes, to the extent possible, but private infrastructure debt rarely trades in the secondary market. As such, we calibrate the credit spread models mostly with actual primary market transactions (observed deals) and derive from these the implicit premia of risk factors that are common to all infrastructure companies. Primary spreads are driven by the current deal flow, and we use these primary price signals to then calibrate valuations. 

Further Reading

You can read more about our Credit Risk Methodology here.

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