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Course 2007-2008 a.y.

8191 - INVESTMENT BANKING AND STRUCTURED FINANCE


MM-LS - OSI-LS - AFC-LS - CLAPI-LS - CLEFIN-LS - CLELI-LS - CLEACC-LS - DES-LS - CLEMIT-LS - CLG-LS - M-LS
Department of Finance

Course taught in English


Go to class group/s: 31 - 32

MM-LS (6 credits - I sem. - AI) - OSI-LS (6 credits - I sem. - AI) - AFC-LS (6 credits - I sem. - AI) - CLAPI-LS (6 credits - I sem. - AI) - CLEFIN-LS (6 credits - I sem. - AI) - CLELI-LS (6 credits - I sem. - AI) - CLEACC-LS (6 credits - I sem. - AI) - DES-LS (6 credits - I sem. - AI) - CLEMIT-LS (6 credits - I sem. - AI) - CLG-LS (6 credits - I sem. - AI) - M-LS (6 credits - I sem. - AI)
Course Director:
STEFANO GATTI

Classes: 31 (I sem.) - 32 (I sem.)
Instructors:
Class 31: STEFANO GATTI, Class 32: TO BE DEFINED


Course Objectives

The course focuses non the business of structured finance from the financial service standpoint.
The course pays constant attention to the pratical aspects of each structured finance transaction. The repeated use of case studies analyzed by teams of students links the theoretical background to real-life situations.
For each transaction, the issues discussed are:

  • definition of the transaction;
  • deal structuring;
  • the trend of demand at both international and domestic level;
  • the situation of the offer (internationally and at the domestic level).

Course Content Summary

Structured finance: the classification of services.

Asset-backed securitization:

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

Project financing:

  • features and differences from corporate financing;
  • industries of application; private projects vs public-private partnerships
  • risk analysis and risk management
  • valuation of deals bankability
  • the rating of project finance deals

 


Detailed Description of Assessment Methods

Final written exam for both attending and non attending students. Attendants can join the assignment program. In this case, the average of the marks obtained by students’ groups will count for 40% on the final valuation, the remaining 60% being the mark given to the final exam.
No partial exam is scheduled.


Textbooks

If available at start of course:

  • S. Gatti, Project Finance in Theory and Practice, Elsevier-Academic Press, 2007.
  • Slides by Faculty available on program website.

Otherwise:

  • E.R. Yescombe, Principles of Project Finance, Academic Press, 2002
  • S. Caselli S. Gatti, Structured Finance, Springer Verlag, 2005 (chapters 1, 2 and 3)
  • Slides by Faculty available on program website.
Last change 13/06/2007 10:03