20439 - STRUCTURED AND PROJECT FINANCE
CLMG - M - IM - MM - AFC - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT - GIO
Course taught in English
Go to class group/s: 31
The course focuses on the business of structured finance (project/infrastructure finance and 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.
- Structured finance: the classification of deals.
- Project financing.
- Features and differences with corporate financing.
- Industries of application. private projects vs public-private partnerships.
- Risk analysis and risk management.
- Evaluation of deal’s bankability.
- The rating of project finance deals.
- The evolution of business: infrastructure funds and project bonds.
- Asset-backed securitization:
- Types and features.
- Cash vs synthetic securitizations.
- The rating of securitization deals.
No mid-term exam is scheduled.
The exam usually consists of 3/4 open questions, articulated in sub-questions, and in numerical exercises/mini cases referred to the topics discussed during the course.
Attending students can opt to take the exam with the assignment program. In this case, groups of students work on 2 case studies. The average mark obtained in the two case studies counts for 40% of the final exam mark.
- S. GATTI, Project Finance in Theory and Practice, Elsevier-Academic Press, 2012, 2nd edition, capitoli selezionati a cura del docente.
- Slides a cura dei docenti messe a disposizione attraverso Blackboard e-learning space.
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 a useful element for attending students.