The case involves tapping global capital markets for an important revenue-driven project in a developing country. It addresses key issues in project and infrastructure finance in the context of a major Peruvian toll road project.

The Banco Espírito Santo (BES) case covers issues related to bank strategy, safety and soundness, the role of conglomerates, and problems related to family control. The setting is Europe, following the financial crisis of 2007-09, and its efforts to create a single banking market. It illustrates the lack of transparency inherent in conglomerates that have banks 'embedded' in them, the additional opacity associated with family control, the problems of tracking cross-border risk exposures even under market integration funds in the EU and the Eurozone, and the associated systemic risks.