PPP project financings are categorised by most institutional investors with other long-dated infrastructure debt and, therefore, fund managers are free to make substitute investments within this class. For the last year, fund managers have been able to meet the needs of their portfolios by investing in other debt, most notably that issued by European utility companies, which has been placed in the market at very attractive spreads, and which requires little effort on the part of fund managers to structure or to understand. Because these companies have become multinational in their operations, they habitually issue in sterling, euro and dollars, providing an ample supply to investors that might otherwise have currency constraints.