By 2014, market conditions had stabilised, however long term debt remained uncompetitive. Post GFC some private parties have taken advantage of improved market conditions to undertake unscheduled refinancing to achieve improved pricing (lower base interest rates and credit margins).
Debt tenors remain shorter than the full contract term, and therefore more recent projects continue to be bid on the basis that there will be a number of scheduled refinancing instances over the project's life.
Recent refinancing in 2016-17 have shown increasing interest by financiers in providing long term debt which fully amortises over the project term. This has been noticeable in both committed bid proposals and refinancing of operating projects. These long term structures remove future refinancing risk.
Under more recent PPP project deeds, all refinancing requires the government party's consent and the consent rights differ according to the materiality of the refinancing. Typically, the government party is entitled to share in refinancing gains except in specific defined circumstances.