A comparative analysis was conducted using data from the mature PPP markets of Australia, Canada, and the United Kingdom. The comparison gives some perspective on the results from the analysis of the PPP markets in the seven Asian countries studied. The analysis of the mature PPP markets shows that project-related variables have greater explanatory power than in developing Asia, suggesting the project finance modality is more entrenched in mature markets. For bank syndicate variables, bank profitability and the extent of impaired assets have limited explanatory power. In addition, the tier 1 ratio is no longer significant in this regression. This may be because of the quicker implementation of Basel III capital standards in the countries where the syndicated banks that lend to PPP projects in Australia, Canada, and the United Kingdom are headquartered, which has strengthened their capital bases. Appendix A4.1, Table A4.1.2 describes the drivers of project finance deals in the mature PPP markets.