Financing European Economies : New tools for new issues

Course objectives

  • Understanding the global reduction of bank intermediation in Europe

  • Focus on the origins of the deleveraging of European econopmies

  • Understanding the crucial role of savings in direct financing

  • Descovering new financing solutions for small and middle size companies

The deep changes in global European financing

  • The continuous effort in regulating bank industry :
    • Basel 3 : Leverage ratio, LCR ans Equity ratios
    • European Banking Union : Singe Resolution Mechanism (SRM) and ECB's global supervision of European Banks
    • A new player : The FSB and its TLAC
  • Real difficulties among European banks

Case Study: Bank resolution exemples : SNS Reaal, MontePaschi, BES

  • Issues for Banks : capital constitution and global reduction of balance sheets
    • Banks Balance sheets
    • Securitization :A growing role for central banks
    • Corporate financing : A changing world

Case Study: what does a Bank Balance Sheets look like ?

  • The real situation : Are small and middle size companies facing real financing difficulties ?

2. Deleveraging the small and middle size companies: The train is already gone

  • A strong need for financing but a risk taking business
  • A credit risk management by companies themselves : a first solution
    • Working capital management : The tools
    • Discounting bills : FINEXKAP exemple

3. Financing European companies : New tools

  • Using traditionnal exchanges
    • Alternext and Enternext
    • Alternativa
    • IBO versus IPO
  • OTC tools :

    • High Yield bond issues
    • Middle size companies dedicated funds (FCPI)
    • Euro Private Placements (the charter of Paris Europlace, changing insurance laws, growing amounts)
    • Mikad and Novo Funds
    • The GIAC
    • Isodev : Financing small companies
  • Cross companies loans :

    • Joint sureties : Solidea and Nord Financement
    • What kind of role for French state ?
  • Direct households financing : Crowdfunding issues

Case Study: Unilend - Principles, advantages and issues

Alain Bouijoux

Alain Bouijoux

Head of sales in London and Paris on a desk for foreign exchange and interest rate derivatives, Alain has evolved for over 10 years in the markets. He faced the needs of his clients as well as the requirements of traders and management obligations of back and middle offices. Today he puts that experience at your disposal to answer all your questions about markets and their actors.

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