TOKYO -- Japan's Modec, a unit of Mitsui E&S Holdings that builds what are known as floating production, storage and offloading platforms or FPSOs, has issued $1.1 billion in bonds to fund a Brazilian offshore project as the resource sector explores alternatives to traditional bank lending.
With tougher global financial rules set to take effect in a few years, banks are expected to reduce financing for infrastructure development projects. Companies are now increasingly turning to project bonds to secure needed funds.
