Course 2016-2017 a.y.

Go to class group/s: 31

CLMG (6 credits - I sem. - OP  |  SECS-P/11) - M (6 credits - I sem. - OP  |  SECS-P/11) - IM (6 credits - I sem. - OP  |  SECS-P/11) - MM (6 credits - I sem. - OP  |  SECS-P/11) - AFC (6 credits - I sem. - OP  |  SECS-P/11) - CLEFIN-FINANCE (6 credits - I sem. - OP  |  SECS-P/11) - CLELI (6 credits - I sem. - OP  |  SECS-P/11) - ACME (6 credits - I sem. - OP  |  SECS-P/11) - DES-ESS (6 credits - I sem. - OP  |  12 credits SECS-P/11) - EMIT (6 credits - I sem. - OP  |  SECS-P/11) - GIO (6 credits - I sem. - OP  |  SECS-P/11)

Course Director:
STEFANO GATTI

Course Objectives

The course focuses on the business of structured finance (project/infrastructure finance and asset backed securitization) from the financial intermediaries’ standpoint.
The course pays constant attention to the practical aspects of each structured finance transaction. The repeated use of case studies and of a business game allows students to link the theoretical background to real-life situations. The focus is on the deal structuring process and on the assessment of the financial sustainability of the transaction.

Course Content Summary

1. Structured finance: the classification of deals.
2. Project financing:

• features and differences with corporate financing;
• industries of application; private projects vs public-private partnerships;
• risk analysis and risk management;
• evaluation of deal’s bankability;
• the rating of project finance deals;
• the evolution of business: infrastructure funds and project bonds.

3. Asset-backed securitization:

• types and features;
• cash vs synthetic securitizations;
• the rating of securitization deals.

Detailed Description of Assessment Methods

Final written exam for both attendant and non-attending students. No partial exam is scheduled.

Textbooks

• S. Gatti, Project Finance in Theory and Practice, Elsevier-Academic Press, 2012, Second Edition, (Capitoli selezionati a cura del docente).
• Handouts cured by professor are available on You@B.

Exam textbooks & Online Articles (check availability at the Library)

Prerequisites

It is recommended to have attended a basic corporate finance course and master basic concepts of mathematical finance and inferential statistics. Good knowledge of Excel is a useful element for attending students.

Last change 14/06/2016 15:02