ABOUT
SEQUOIA
SEQUOIA'S
OBJECTIVE
COMPETITIVE
ADVANTAGE
INFRASTRUCTURE
DEBT FUNDS

SEQUOIA RESEARCH

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    Outlook for United States infrastructure: US infrastructure sector analysis
    The sectors most likely to receive incremental private investment first are those that have clear user fees and are critical to the economy. These include air traffic control, highways, airports and ports. The electricity grid has been identified as a priority. Renewables will be the major driver of spending in power

    Autumn 2018

         September 2018

    This is the third of a three-part series on US infrastructure. In this series we provide a comprehensive look at US infrastructure, including the state of the market, drivers of future growth and sectors likely to attract the most private capital first. In this third piece we analyse seven primary sectors in economic infrastructure and identify which are expected to receive private investment most quickly.

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    Outlook for United States infrastructure: US infrastructure market analysis
    Better than average quality but low reinvestment in public capital stock has not yet fully manifested itself. The US needs $1.5 to $2 trillion in additional investment. We show a blueprint for plugging the funding gap

    Summer 2018

         June 2018

    This is the second of a three-part series on US infrastructure. In this series we provide a comprehensive look at US infrastructure, including the state of the market, drivers of future growth and sectors likely to attract the most private capital first. In this second piece we analyse the state of the US infrastructure market and provide a blueprint for financing the required investment.

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    Outlook for United States infrastructure: a market poised for growth
    The US infrastructure market is at an inflection point. It is expected to attract significant capital in the coming years after decades of underinvestment. States are leading the way and taking cues from Canada, Europe, the UK and Australia

    Spring 2018

         March 2018

    This is the first of a three-part series on US infrastructure. In this series we provide a comprehensive look at US infrastructure, including the state of the market, drivers of future growth and sectors likely to attract the most private capital first. In this first piece we provide an introduction to the US infrastructure market and demonstrate why it is poised for growth.

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    Extreme equity market volatility in February but credit drops only marginally and infrastructure holds steady
    Equity markets dropped 10% between late January and early February. This price weakness has not spread to other asset classes

    Winter 2017 / 2018

         January 2018

    Equity markets experienced extreme volatility in February 2018 with the US VIX spiking a record 115% in one day. The Dow fell 10% between 26 January and 5 February but the US high yield CDX index was down only 1.8%. Infrastructure prices have held steady as they exhibit mostly idiosyncratic risk and very little market risk.

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    Infrastructure debt risk-return: low defaults, high recoveries and a spread pick up vs comparable corporates
    Infrastructure debt has a superior risk-return profile vs comparable corporate credit. This is due to lower loss rates and higher spreads relative to corporate bonds

    Spring 2017

         March 2017

    Infrastructure debt is an underinvested asset class with wider spreads and stronger default characteristics than comparably rated corporates. The sector is dominated by banks looking for lending fees but not cheap assets. This leaves an opportunity for investors to earn above average risk-adjusted returns.

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Sequoia Investment Management Company specializes in infrastructure debt asset management

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