Structured Finance

Comprehensive coverage of all major structured finance transactions

Structured Finance is a comprehensive introduction to non-recourse financing techniques and asset-based lending. It provides a detailed overview of leveraged buyouts, project finance, asset finance and securitisation.

Through thirteen case studies and more than 500 examples of companies, the book offers an in-depth analysis of the topic. It also provides a historical perspective of these structures, revealing how and why they were initially created. Instruments within each type of transaction are examined in detail, including Credit Default Swaps and Credit Linked Notes. A presentation of the Basel Accords offers the necessary background to understand the regulatory context in which these financings operate.

With this book, readers will be able to:

• Delve into the main structured finance techniques to understand their components, mechanisms and how they compare
• Understand how structured finance came to be, and why it continues to be successful in the modern markets
• Learn the characteristics of financial instruments found in various structured transactions
• Explore the global context of structured finance, including the regulatory framework under which it operates

Structured Finance provides foundational knowledge and global perspective to facilitate a comprehensive understanding of this critical aspect of modern finance. It is a must-read for undergraduate and MBA students and finance professionals alike.

Charles-Henri Larreur is an investment banker specialized in structured finance and debt advisory. He is currently a professor at HEC Paris. He holds a Msc in Management from HEC Paris, a Msc in Public Affairs from Sciences Po and a BA in History from Sorbonne University.

A comprehensive coverage of all major structured finance transactions The author wrote this book to share his passion for structured finance. What is structured finance? Broadly defined, it is a combination of financial tools that are not off-the-shelf. It is an exciting mix of financial expertise, the occasional use of exotic financial instruments, and the unlimited use of one's imagination. It is a collection of tools creatively put together to make large, complex projects possible. Projects that otherwise would never have been financed. Without it, Gustave Eiffel would never have found the funds to build the Eiffel Tower, Richard Branson would never have started Virgin Atlantic, and Malcolm Glazer would never have bought Manchester United. Structured finance is a powerful engine for global growth. Readers will find in this book real-life examples showing the impact of structured finance all over the world, on all kinds of businesses. Bike lovers can see how structured finance gave Harley Davidson a second life. Those of you longing for a greener world can see how it helps the energy transition. And if you have a passion for donuts, you can see how it allowed for a restructuring of Dunkin Donuts. From leveraged buyouts to project finance, from securitization to asset finance, structured finance is the unseen beating heart of the global economy. Structured finance is also a set of complex debt products. The author analyzes in this book each of the main structured finance techniques and the rationale behind them. He covers the reasons why bankers came up with these financing tools and how the tools differ from each other. He also details the opportunities that structured finance offers companies and banks within the context of regulatory constraints like the Basel Accords. Finally, he shares an analysis of the most recent market trends, highlighting the growing importance of Credit Default Swaps and Credit Linked Notes and explaining how equity and debt funds are reshaping the global financial system.

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