3.10 In some early PFI deals financed using bank debt, investors secured improved returns through refinancing project debt, as confidence in investing in PFI deals strengthened. Our previous reports identified that, in some cases, refinancing resulted in investors increasing their returns from between 12 and 15 per cent to 50 to 70 per cent. Such high returns from debt refinancing have not arisen in subsequent contracts, since the Treasury negotiated arrangements with investors to share refinancing gains.