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Course 2014-2015 a.y.

20439 - STRUCTURED AND PROJECT FINANCE


CLMG - M - IM - MM - AFC - CLAPI - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT
Department of Finance

Course taught in English


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

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

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