Deals in the New World of Debt

Course objectives

  • Understand a highly evolutive regulatory framework
  • Understand banks' credit and ALM strategies when financing companies and projects in this new regulatory framework.
  • Identify new Debt market players and their financing products
  • Grasp what Public Private Partnerships' benefits have been for the world economy during the last two decades and where they can add value today
  • Tune up your financing or investment strategies accordingly

PART 1: New market fundamentals in the aftermath of the sub prime crisis

  • Over liquid markets but scarcely used by banks to fund their coporate clients.
  • How central banks interfere in the money markets.
  • The regulatory Big Bang following the subprime crisis. Overview of Basel 3 Solvency 2 and Dodd Frank Act's and their impact on the Debt industry; Role of the new European Banking Authority.
  • Refinancing issues : has the securitisation refinancing source dried out?
    • Fundamentals on Securitisation : ruling, structuring and strengths and weaknesses of the SPC's
    • End of the securitisation « conduits »' era. Renewal on the Pfandbrief market of German banks and launch of a Central bank-sponsored vehicule in Franceet
    • Market overview of recent CMBS issues in Europe and North America.

Case Study: RMBS recent issues in Europe.

  • Consequences: «Deleveraging» and back to Corporate credit fundamentals.

PART 2 : Overview of key market players and their current positioning on the Debt markets.

  • Insurance companies and asset managers structure debt funds.
  • Sovereign funds invest both in Infrastructure and Real Estate, both in Equity and Debt).
  • Private placements become popular among large SME's diversifying their Debt sources
    • Fundamentals' review on private placements
    • Marlket players and recent transactions on the European market
  • Public Private Partnerships (PPP's): Financing projects while reducing public deficits ?
    • Review of the PPP fundamentals
    • Overview of the main industries and countries with a strong PPP activity.
    • What can learn of the last two decades of PPP's? Value for money?
  • SME Stock Exchanges : a Euronext's innovation
    • Regulatroy framework and operation mode
    • Overview of recent market transactions
  • Crowdfunding:
    • Financing desintermediation on the Web.
    • Structuring through either Debt of Equity.
    • Reviewing the legal and financial framework of Crowdfunding platforms.
    • Web workshop : Special Focus on three Crowdfunding platforms in the US, France and the UK.
    • Why and how Institutional market players(commercial banks, Private Equity groups) invest in this soaring market.

Conclusion and evaluation

Sylvaine Chubert

Sylvaine Chubert

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.

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