07
Nov
Panel discussion: Liberalisation and the changing face of European rail
The effects of rail liberalisation in the EU are starting to appear, with new players emerging in France and elsewhere, and infrastructure investors showing interest in the sector. Antin this year announced the launch of Promixa, France’s first independent high speed rail operator, while Le Train is also seeking capital for high-speed rail services. New challengers to state rail operators have also emerged in Finland and other countries, while the channel tunnel route from the UK to mainland Europe also looks set to see new competitors emerging.
- What are the attractions and risks of these investments for infrastructure funds?
- Will infrastructure funds continue to increasingly target train operating companies rather than focusing on rolling stock leasing as previously?
- Are other opportunities other than operating and leasing trains emerging for infrastructure investors?
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SpeakersChristian Forster Managing Partner Apex Rail
Mark Swindell Founding Partner Rock Rail
Catherine Pihan-le Bars Deputy CEO LE TRAIN
Toby Walker Head of Project Finance & Rail Distribution EMEA Credit Agricole
Robin Ganguly Global Executive Editor Infralogic
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Christian is a co-founder of Apex Rail - a leading rail finance advisory boutique - has more than 25 years of experience in rail and infrastructure financing. Prior to establishing his own company in 2017, Christian held various senior positions in the advisory, banking, leasing and manufacturing industries.
In his banking time (Deutsche Bank and HSH Nordbank) he led large debt financings of commuter rolling stock, high-speed trains and freight cars in Europe and the US and was also an advisory board member of the rolling stock lessor Railpool, a company which he helped to establish and fund. His career in rail began in the manufacturing industry, then gained further experience in rolling stock leasing at GATX Rail Europe while initially being a project finance manager in the energy and transport infrastructure sectors for ABB.
Christian holds an MBA equivalent degree from the University of St. Gallen. He is fluent in German (mother tongue), English and Norwegian and with good working knowledge of Italian and French.
Mark Swindell has over 33 years of experience working in the City of London, New York and Europe. For the last 25 years, he has specialised in developing innovative funding, financing and procurement strategies for major infrastructure projects and has worked on many ground-breaking PPP transactions. Swindell has worked to ensure that the interests of the public and private sectors are aligned to create long-term, privately financed projects with incentives which reward success against output driven objectives and which create substantially improved public sector value for money.
As a lawyer, Swindell created and led DLA Piper’s Commercial and Projects group, which grew to 130 lawyers across Europe. This group completed over 160 PPP projects in ten different territories over ten years. In 2007, Swindell became global head of the Infrastructure and Defence Sector at DLA Piper and was the principal editor of the five DLA Piper European PPP Reports published between 2005 and 2010. The last of these were sponsored by EPEC and the European Investment Bank. Swindell also chaired a market leader European round table conference.
Since founding Rock Infrastructure, Swindell has been the principal advisor delivering the Mersey Gateway Bridge Project having been appointed Commercial Director in 2011 and has also been involved in the transformation of CAE’s Medium Support Helicopter Training Facility PPP at RAF Benson. Having set up Rock Rail in 2014, Swindell developed a joint venture with SL Capital to invest over GBP 2bn in new rolling stock for the UK, alongside long-term institutional investors.
Catherine Pihan-le Bars is the Deputy CEO in charge of operations at LE TRAIN, a pioneering company creating a new open access operator and revolutionizing interregional high-speed rail services in France. Catherine oversees operations, strategic development, and financing, ensuring the successful execution of this ambitious project, along with key strategic partnerships.
Before joining LE TRAIN, Catherine led major transformation projects in the urban planning and health sectors, including large-scale digital initiatives. Her experience in these areas has prepared her to manage the complex challenges involved in delivering innovative infrastructure solutions.
Catherine is particularly focused on how LE TRAIN can contribute to the evolution of mobility in France, with a strong emphasis on operational agility, sustainability, and customer experience.
Private Debt Distribution Alternatives specialist, heading the EMEA PF & Rail distribution team with extensive experience in Rail, Digital Infrastructure, core infrastructure, renewables and industrial project finance. Have been actively involved in underwriting, PP and advisory financings in the Rail sector since 2009 when CACIB started building up the Rail finance team.
Robin oversees global editorial and research coverage for Infralogic. A 24-year news veteran, with 16 of them spent editing financial news, Robin has worked for some of the world's leading news outlets, including The Wall Street Journal, Dow Jones Newswires and Bloomberg. He has been a regular on live television, commenting mainly on Chinese government and central bank policy. At Infralogic, he is responsible for daily news coverage and analysis written by a team of journalists spread across the globe, including the Americas, EMEA and the Asia-Pacific region.