Course 2013-2014 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) - CLAPI (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  |  SECS-P/11) - EMIT (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 e asset backed securitization) from the financial intermediaries’ standpoint.
The course pays constant attention to the pratical 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 the deals.

2. Project financing:
a. features and differences with corporate financing;
b. industries of application; private projects vs public-private partnerships
c. risk analysis and risk management
d. valuation of deal’s bankability
e. the rating of project finance deals
f. the evolution of the business: infrastructure funds and project bonds

3. Asset-backed securitization:
a. types and features;
b. cash vs syntetic securitizations
c. the rating of securitization deals

Detailed Description of Assessment Methods

Final written exam for both attendant and nonattendant students. No mid-term exam is scheduled.

Textbooks

Gatti S., Project Finance in Theory and Practice – Second Edition, Elsevier-Academic Press, 2012 (selected chapters)
Slides by the instructors, made available through the You@B agenda.

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 an useful element for attending students.

Last change 24/04/2013 14:55