Course 2006-2007 a.y.

8191 - INVESTMENT BANKING E FINANZA STRUTTURATA / INVESTMENT BANKING AND STRUCTURED FINANCE


GM-LS - MM-LS - OSI-LS - AFC-LS - CLAPI-LS - CLEFIN-LS - CLELI-LS - CLEACC-LS - DES-LS - CLEMIT-LS - CLG-LS

Department of Finance


For the instruction language of the course see class group/s below
Go to class group/s: 31 - 32
GM-LS (6 credits - I sem. - AI) - 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)
Course Director:
STEFANO GATTI

Classes: 31 (I sem.)
Instructors:
Class 31: STEFANO GATTI


Class group/s taught in English

Course Objectives

The course focuses on the business of structured finance 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 analyzed by teams of students allows them to link the theoretical background to real-life situations.
For each transaction, the issues discussed are: 1. definition of the transaction; 2. deal structuring; 3. the trend of demand at both international and domestic levels; 4. the situation of the offer (internationally and at the domestic level).


Course Content Summary

  • Structured finance: the classification of the deals.
  • Asset-backed securitization: types and features; advisory and arranging services
  • Project financing: features and differences with corporate financing; industries of application; advisory and arranging services; modelling of project finance deals.
  • Asset finance: leasing big ticket and structured leasing.
  • Acquisition finance deal; the valuation of deal soundness.
  • The organizational structure of intermediaries acting in the business of structured finance.

Detailed Description of Assessment Methods

Attending students
Final written exam. Attending students can join the assignment program. In this case, the average of the marks obtained by students' groups will count for 40% of the final valuation, the remaining 60% being the mark given to the final exam.
No mid-term exam is scheduled.

Non-attending stutents
Final written exam.
No mid-term exam is scheduled.


Textbooks

  • 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 the instructors, made available through the course website.
Exam textbooks & Online Articles (check availability at the Library)
Last change 18/05/2006 00:00

Classi: 32 (I sem.)
Docenti responsabili delle classi:
Classe 32: ALBERTA DI GIULI


Classe/i impartita/e in lingua italiana

Obiettivi formativi del corso

Il corso affronta il tema dell'analisi del business della finanza strutturata nella visuale degli intermediari finanziari - con ruoli di advisory e arranging - che offrono servizi di consulenza finanziaria e di finanziamento alle imprese clienti.
Il corso presenta una costante attenzione agli aspetti operativi di ciascuna operazione analizzata. L'utilizzo di casi di studio realizzati in team di lavoro dagli studenti consente di rendere operativi i concetti sviluppati durante lo svolgimento delle lezioni.
Per ciascuna operazione analizzata nel corso vengono discussi: 1. gli aspetti definitori; 2. la strutturazione dell'operazione; 3. la dinamica della domanda a livello internazionale e domestico; 4. la situazione dell'offerta (sia a livello nazionale sia a quello internazionale).


Programma sintetico del corso

  • La finanza strutturata: una classificazione dei servizi.
  • Le operazioni di securitization: tipologie e caratteristiche; originators, di advisory e arranging.
  • Il project financing: caratteristiche e differenze con il corporate financing; settori di applicazione; advisory e arranging; modellizzazione delle operazioni.
  • Asset finance: leasing big ticket e structured leasing.
  • Le operazioni di acquisition finance; la valutazione della sostenibilita' delle operazioni.
  • La struttura organizzativa degli intermediari operanti nel business della finanza strutturata: alla ricerca di possibili modelli di riferimento.

Descrizione dettagliata delle modalità d'esame

Attending students
Final written exam. Attending students can join the assignment program. In this case, the average of the marks obtained by students' groups will count for 40% of the final valuation, the remaining 60% being the mark given to the final exam.
No mid-term exam is scheduled.

Non-attending stutents
Final written exam.
No mid-term exam is scheduled.


Testi d'esame

  • 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 the instructors, made available through the course website.
Exam textbooks & Online Articles (check availability at the Library)
Modificato il 18/05/2006 00:00