BA ASIA project finance head Peter Barlow and his deputy, David Carew, have been poached by Nomura Project Finance International. Nomura plans to fund big infrastructure projects using debt and equity. Mr Barlow has spent nine years with the Bank of America Group and was previously with Wardley. He and Mr Carew will start with Nomura Project Finance International early next month. Mr Barlow, whose work responsibilities have covered India to Japan, and China to New Zealand when he was at BA Asia, said Nomura Project Finance had a global mandate to arrange project financings. 'It's an extremely interesting move,' he said. 'I'm not being arrogant about this, but I do actually think we're going to see a quantum change in the market. 'If you look at areas of project financing in Asia, a lot of the projects that need to go ahead in infrastructure in Asia are difficult. 'They're going to require repayment periods that are too long for commercial banks.' Mr Barlow said Nomura wanted to use its expertise in equity and debt securities to finance some of the major projects in the region. Nomura also was considering setting up an equity vehicle as part of that strategy, Mr Barlow said. Nomura had securities capability in the region through joint ventures with partners throughout Asia, and expected more project financing to be handled by Asian capital markets, he said. 'Malaysia is a very good example of what is happening in the sophisticated end of the market,' Mr Barlow said. In one such transaction, YTL, Malaysia's first independent power producer, pioneered a 15-year ringgit issue to help fund a M$2.6 billion (about HK$7.93 billion) power station, placing the bonds with Malaysia's Employee Provident Fund. Toll roads and water projects were an example of difficult projects that might require structured transactions using debt or other securities.