Structured Asset Finance

Asset Financing Techniques

• Basic principles of structured finance
• Comparing the various types of asset finance:
• Lease versus Buy and Loan
• Finance Lease versus Operating Lease
• Tax and non tax leases
• Other lease operations
• Role of the parties and implementation process of a typical deal
• Main typical structures of asset finance operations
• Asset valuation method
• Example of cash flow evaluation for real-estate assets
• Risk on assets and hedge
• Detailed schemes
• Usual Terms and Conditions
• Financial Modelling and assumptions (dual use of the model for simulation and optimisation purposes)
• The specifics of export and cross-border lease operations

Tax Aspects of Lease Operations

• European Union and WTO directives
• Negotiating a tax agreement
• Company tax structures
• Income tax structures
• Current trends in selected countries

Further Study and Practical Cases

• Optimisation criteria
• Availability of funding
• Risk management aspects: how spinning off assets can transfer or reduce risk
• Accounting rules and financial criteria
• Tax optimisation
• Financing Property, Plant and Equipment: leasing as an essential financing technique
• Review of the main categories of eligible assets
• Identifying the optimal structured finance technique depending on the nature of the assets and the optimisation criteria

• Practical workshop

• Financing and refinancing of a commercial vehicles fleet
• Alternatives to leasing for the financing of intangible assets and working capital needs.
• Main categories of eligible assets.
• Facilities Management and Outsourcing contracts.

• Practical workshop

• Financing and refinancing of a stock of wines and spirits
• Effects of asset finance on corporate balance sheets in a post ENRON environment
• Recent evolutions of the main accounting norms (IAS, US GAAP)
• Consecutive adjustment of dynamic balance sheet management techniques
• Latest innovations in terms of asset financing techniques

Public Private Partnerships

• Overview of the regulatory framework in the UK and Europe
• Main sectors involved: infrastructure, health, education, defence
• Current results and future trends

Conclusion: prospects and new trends in techniques of asset finance