Insegnamento a.a. 2017-2018

20439 - STRUCTURED AND PROJECT FINANCE


CLMG - M - IM - MM - AFC - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT - GIO

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) - 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) - GIO (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 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.


Course Content Summary

  • 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.

Detailed Description of Assessment Methods

Final written exam for both attendant and non attendant students.
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.


Textbooks

  • 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.
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 a useful element for attending students.

Last change 23/05/2017 15:28