In recent years we've all seen significant changes to the financing of large-scale infrastructure projects around the globe. The traditional route of long-term bank debt is still available in some markets. But with stiffer banking regulation, it is questionable whether it can keep up should the project pipeline significantly expand. In many regions, institutional project debt may fill this need.This paper presented by PwC seeks to provide some clarity to the project bond concept and to the interest of institutional investors in infrastructure projects.