Course 2014-2015 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

• Structured finance: the classification of the deals.

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

• Asset-backed securitization:
• types and features;
• cash vs syntetic securitizations;
• 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

• S. Gatti , Project Finance in Theory and Practice – Elsevier-Academic Press, 2012 (selected chapters) ,Second Edition.

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 11/04/2014 09:44