- Structure the various underlying assets, whether on a Project, Asset or Securitisation basis
- Understand the ins and outs of Public Private Partnerships (PPP's)
- Assess the key risks on such Structured finance products
- Understand the risk assessment methodology of rating agencies
- Overview of Structured finance debt products
- How they interfere in banks' and Corporates' balance sheets and P&L.
- Why market players use these financing solutions.
Project Finance fundamentals
- Key structuring steps and main market players involved: host country, sponsors, offtaker etc.
- Legal structuring on an SPC and concessionary basis.
Case Study: a Power Plant finance in South East Asia (Laos & Thailand)
- Risk management from a bank and sponsor perspective:
- Introducing on the notion of Non-Recourse or Limited Recourse financing.
- Risk sharing between the consortium sharholders. Drafting the JV's agreement
- The key role of Export Credit Agencies and Multilateral Banks in managing the Political risk
- Why the environmental & Societal risk ranks high in the agenda.
- The Project Cash flows
- Brief introduction to modelling techniques and sensitivity parameters, including financial covenants (DSCR, LLCR, ICR and IRR)
- Recent market developments
- Brief introduction on Public Private Partnerships (PPP) and on Project bonds.
Case Study: Preparing the term sheet of a PPP fast transit -railway project in France
Asset Finance fundamentals
- Overview of the main financing structures: operational and financial lease, tax lease, Corporate credit.
Case Study: Aircraft finance. Reviewing the financing of an Airbus sold to an middle-eastern airline
- The Due diligence process from the Export Credit Agency's point of view.
- Reviewing the risk assessment methodology of Coface and UK Export.
- Co-insurance & RE-insurance schemes.
Securitisation and Re-financing instruments
- Why Corporates and banks use securitisation ?
- Direct access to capital markets
- Optimization of Asset & Liabilities Management (ALM)
- Refinancing of commercial and Real Estate receivables through RMBS, CMBS and ABS
- Review of a securitisation structure on a legal, accounting and financing basis.
- Role of the issuing SPC and of the credit enhancer.
- Risk management via debt tranching, derivatives and credit enhancement.
Case Study: A recent RMBS issuance analyzed by a rating agency.
Conclusion and Evaluation
Sylvaine has made much of her professional career in major banking groups (ING, Rabobank, BNP Paribas) where she performed commercial and risk management operations of Corporate, Trade Finance and Real Estate Project Finance. Sincemore than 10 years, she is also a visiting professor at the University of Paris Dauphine where she teaches in the Structured Finance Banking to the Finance Insurance Masters. Today she intervenes as a trainer and consultant to banks and large exporters.
Sylvaine Chubert also teaches :
- Deals in the New World of Debt (Catalogue English)
- Introduction to microfinance (Catalogue English)
- La nouvelle donne du financement en Europe (Catalogue Finance)
- Le financement des énergies renouvelables (Catalogue Finance d'entreprise)
- Les financements immobiliers structurés (Catalogue Finance)
- Les financements structurés (Catalogue Finance)
- Les fondamentaux du financement de projet (Catalogue Finance)
- Microfinance et «social business» (Catalogue Finance)
- Project Finance Fundamentals (Catalogue English)
- Real Estate structured finance (Catalogue English)
- Structured Finance Fundamentals (Catalogue English)
- Techniques avancées d’analyse et de modélisation d’actifs immobiliers (Catalogue Finance)