20439 - STRUCTURED AND PROJECT FINANCE
CLMG - M - IM - MM - AFC - CLAPI - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT
Course taught in English
Supported by Antin Infrastracture Partners
Go to class group/s: 31
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 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.
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
Final written exam for both attendant and nonattendant students. No mid-term exam is scheduled.
- 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.
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.