Structured Finance: Leveraged Buyouts, Project Finance, Asset Finance and

Description: Preface xix Introduction 1 A Brief History of Structured Finance 1 Defining Structured Finance 4 Why was Structured Finance Set Up? 6 PART I Leveraged Buyout (LBO) 13 CHAPTER 1 What is an LBO? 15 1.1 The Main Features of an LBO 15 1.2 A Three-step Leverage 17 Case Study 1: The Harley-Davidson LBO (1981-1986) 22 CHAPTER 2 The Different Stakeholders 26 2.1 The Target Company 26 2.2 Buyers 35 2.3 Lenders 40 Case Study 2: Michael Milken and the Birth of the High-Yield Bond Market 47 Case Study 3: Malcolm Glazer and the Manchester United LBO 53 CHAPTER 3 The LBO Process 63 3.1 The Sale Process 63 3.2 Exit Strategies 72 3.3 LBO and Private Equity 77 Case Study 4: Hilton Hotels LBO, the Most Profitable Private Equity Deal Ever 85 Summary LBOs: What Have We Learnt? 92 PART II Project Finance 95 CHAPTER 4 The ABC of Project Finance 97 4.1 Definition 97 4.2 Why Choose a Project Finance Structure 99 4.3 Constraints of the Project Finance Structure 103 4.4 How to Choose between Corporate and Project Financing 103 Case Study 5: The Construction of the Eiffel Tower 105 CHAPTER 5 The Main Parties to Project Financing 110 5.1 Different Types of Projects 110 5.2 Sponsors 117 5.3 Lenders 127 5.4 The Role of Public Authorities 140 Case Study 6: The Near Bankruptcy of Disneyland Paris 142 CHAPTER 6 Project Finance Structuring 149 6.1 Preliminary Analysis of the Project 149 6.2 Project Finance Legal Structure 156 6.3 Financial Structure 166 Summary Project Finance: What Have We Learnt? 173 PART III Asset Finance 175 CHAPTER 7 Definition of Asset Finance 177 7.1 The Scope of Asset Finance 177 7.2 How to Finance Assets 178 Case Study 7: Richard Branson and the Beginnings of Virgin Atlantic 196 CHAPTER 8 The Stakeholders 200 8.1 Clients 200 8.2 Lessors 210 8.3 Lenders 222 Case Study 8: The Rise and Fall of GPA Group, the First Giant Aircraft Leasing Company 230 CHAPTER 9 Behind the Scenes 238 9.1 Inside a Leasing Company 238 9.2 Legal Considerations 243 9.3 The Dynamics of Leasing Markets 250 Summary Asset Finance: What Have We Learnt? 254 PART IV Securitization 255 CHAPTER 10 The Securitization Process 257 10.1 Transforming Illiquid Assets into Liquid Securities 257 10.2 Tranching of Securities 258 Case Study 9: The Securitization of David Bowie's Intellectual Property Rights 264 Case Study 10: What is a Covered Bond? 267 CHAPTER 11 The Different Stakeholders 272 11.1 Borrowers 272 11.2 The Originator 274 11.3 Around the SPV: The Transaction's Life 276 11.4 The Investors 280 Case Study 11: The Subprime Crisis 285 Case Study 12: Michael Burry's Big Short 294 CHAPTER 12 Structuring a Securitization 299 12.1 Composition of the Collateral 299 12.2 Managed Transactions 302 12.3 Additional Structuring Considerations 311 Case Study 13: Whole Business Securitization 324 Summary Securitization: What Have We Learnt? 327 Conclusion 329 Structured Finance: What Have We Learnt? 329 A Comparison of Various Types of Structured Finance 330 What is the Future for Structured Finance? 332 Appendix A How Banks Set Interest Rates 336 Appendix B Syndication and Club Deals 341 Appendix C Credit Derivatives 347 Bibliography 350 Acknowledgments 354 Index 357

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