Through thirteen case studies and more than 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. Project finance has spread worldwide and includes numerousindustrial projects from power stations and waste-disposal plantsto telecommunication facilities, bridges, tunnels, railwaynetworks, and now also the building of hospitals, educationfacilities, government accommodation and tourist facilities. Current uncertainty in financial markets makes many sponsors ofconstruction project financings carefully consider bank liquidity,the higher cost of finance, and general uncertainty for demand.
This has resulted in the postponement of a number of projects incertain industry sectors. Governments have seen tax receiptsdrastically reduced which has affected their ability to financeinfrastructure projects, often irrespective of the perceiveddemand.
Equity providers still seek to invest, however there areless opportunities due to market dislocation. Lenders will also be under stricter regulation both internally andexternally.
The steps outlined in the guide are designed to provide a basicunderstanding for all those involved or interested in bothstructuring and assessing project financings. Secondary contractsinvolving constructors, operators, finance providers, suppliers andofftakers can be developed and assessed to determine theircommercial viability over a projects life cycle.
Special Features a structured guide to assessing the commercial viabilityof construction projects explains economic metrics to use in the decision makingprocess detailed case study shows how stakeholders apply the concept ofproject finance. Arguably the strongest addition to numerical finance of the past decade, Algorithmic Adjoint Differentiation AAD is the technology implemented in modern financial software to produce thousands of accurate risk sensitivities, within seconds, on light hardware.
AAD recently became a centerpiece of modern financial systems and a key skill for all quantitative analysts, developers, risk professionals or anyone involved with derivatives. It is increasingly taught in Masters and PhD programs in finance. The Modern Computational Finance books, written by three of the very people who designed Danske Bank's systems, offer a unique insight into the modern implementation of financial models. The volumes combine financial modelling, mathematics and programming to resolve real life financial problems and produce effective derivatives software.
This volume is a complete, self-contained learning reference for AAD, and its application in finance. AAD is explained in deep detail throughout chapters that gently lead readers from the theoretical foundations to the most delicate areas of an efficient implementation, such as memory management, parallel implementation and acceleration with expression templates.
The book builds the code step-by-step, while the code illustrates the concepts and notions developed in the book. A clear and comprehensive guide to financial modeling and valuation with extensive case studies and practice exercises Corporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic. Written by a globally-recognized financial and economic consultant, this book provides a thorough explanation of financial modeling and analysis while describing the practical application of newly-developed techniques.
Theoretical discussion, case studies and step-by-step guides allow readers to master many difficult modeling problems and also explain how to build highly structured models from the ground up. The companion website includes downloadable examples, templates, and hundreds of exercises that allow readers to immediately apply the complex ideas discussed.
Financial valuation is an in-depth process, involving both objective and subjective parameters. Precise modeling is critical, and thorough, accurate analysis is what bridges the gap from model to value. This book allows readers to gain a true mastery of the principles underlying financial modeling and valuation by helping them to: Develop flexible and accurate valuation analysis incorporating cash flow waterfalls, depreciation and retirements, updates for new historic periods, and dynamic presentation of scenario and sensitivity analysis; Build customized spreadsheet functions that solve circular logic arising in project and corporate valuation without cumbersome copy and paste macros; Derive accurate measures of normalized cash flow and implied valuation multiples that account for asset life, changing growth, taxes, varying returns and cost of capital; Incorporate stochastic analysis with alternative time series equations and Monte Carlo simulation without add-ins; Understand valuation effects of debt sizing, sculpting, project funding, re-financing, holding periods and credit enhancements.
Corporate and Project Finance Modeling provides comprehensive guidance and extensive explanation, making it essential reading for anyone in the field. A guide to using the power of design flexibility to improve the performance of complex technological projects, for designers, managers, users, and analysts.
Project teams can improve results by recognizing that the future is inevitably uncertain and that by creating flexible designs they can adapt to eventualities. This approach enables them to take advantage of new opportunities and avoid harmful losses. Designers of complex, long-lasting projects—such as communication networks, power plants, or hospitals—must learn to abandon fixed specifications and narrow forecasts.
Failure to allow for changing circumstances risks leaving significant value untapped. This book is a guide for creating and implementing value-enhancing flexibility in design. It will be an essential resource for all participants in the development and operation of technological systems: designers, managers, financial analysts, investors, regulators, and academics.
The book provides a high-level overview of why flexibility in design is needed to deliver significantly increased value. It describes in detail methods to identify, select, and implement useful flexibility. The book is unique in that it explicitly recognizes that future outcomes are uncertain.
It thus presents forecasting, analysis, and evaluation tools especially suited to this reality. Appendixes provide expanded explanations of concepts and analytic tools. Thesis M. It has experienced a rapid development and growth in the last decades both in developed and developing countries. The aim of this dissertation is to study and deepen the Project Finance in Emerging Markets framework. After a brief introduction of the main general features of this approach, it will focus on the developing countries context: the historical evolution overview, the risks evaluation, the international institutions involved and the economic impact of project finance in this scenario.
Furthermore, financial feasibility study will be conducted in order to evaluate a project over several financial and economic aspects. It regards a hydroelectric power plant built in Brazil in the early s through the project finance approach. The project evaluation is time located in these years because Brazil was considered an emerging market and it presented some peculiar economic and financial characteristics.
This book outlines features of international business transactions, and discusses their various associated risks. For the successful completion of an international business transaction, depending on its terms, both parties need access to funds.
This text deals with financing mechanisms mainly in the international sale of goods and in overseas construction projects. Concerning financing international sale of goods, it discusses export working capital financing, documentary credit, negotiation of bills of exchange, export factoring, and international forfaiting. Concerning financing an overseas construction project, this book discusses supplier and buyer credit, project finance, syndicated loans, and independent guarantees or standby letters of credit.
The book also covers export credit insurance or export credit guarantee , which is very useful for the facilitation of financing in the international sale of goods and in overseas construction projects.
IFC, and more recently, other multilateral, bilateral, and export credit institutions have played a strong suportive role in bringing project finance to its current volumes. IFC, in particular, was a pioneer of project finance in developing countries and has a unique depth of experience in this field, which spans more than 40 years in the practical implementation of some projects, many of them on a limited-recourse basis.
Particularly in today's marketplace, IFC's ability to mobilize finance both loan and equity for its own account and syndicated loans under its B-loan program , the strength of iis project appraisal capabilities, and its experience in structuring complex transactions in difficult environments have been reassuring to other participants and important to the successful financing of many projects. It opens with a brief description of the major international trends in project finance over the past two decades and then turns to the essential ingredients of successful project financing.
Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? This integration of functional areas such as strategy, operations, ethics, and human resource management encourages the reader to adopt a more integrative perspective and understanding of the interconnectedness of managerial decision-making.
Get BOOK. Modern Project Finance. Author : Benjamin C. Modern Project Finance Book Description:. The cases have been carefully selected to reflect actual use of project finance over the past five years in terms of geographic location the cases come from 15 different countries and.
0コメント