Courses

    This course is an introduction to structured finance, the use of transaction structure to shift risks and rewards in financing arrangements. The primary focus of the course is asset securitization, with particular reference to auto loan, credit card, and mortgage securitizations, but the course will also provide an introduction to factoring, syndication, participation, leveraged leases, project finance, collateralized debt obligations, and synthetic securitizations (credit derivatives). Through a critical dissection of structured finance deal documents, the course will examine the credit enhancement, bankruptcy, securities regulation, tax, and accounting aspects of structured finance deals as well as the economics and policy issues involved. There are no prerequisites, but familiarity with bankruptcy, secured credit, and corporate finance are useful.