Infrastructure — such as regulated utilities, airports and roads — is essential for sustainable economic development. This type of asset is difficult to replicate and often has a monopoly-like character, which can create stable cash flows that are less sensitive than those of other sectors to the ups and down of the wider economy.
However, banks' capital adequacy requirements have tightened under Basel III, and some institutional investors have stepped in to fill the financial gap left by the banks. One of these is Allianz Global Investors.
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