Constructing a curve

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Project finance deals are notoriously complex to hedge at the best of times. Schemes such as public transport and toll roads require large investments in single-purpose assets, and the two main phases - construction and operation - are characterised by very different risks and cashflows. There is also a duration mismatch in long-term project finance transactions - the bulk of the capital expenditure is concentrated in the initial construction phase, while revenues accrue only after operation

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