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KFIN 2765A - Equity Capital Markets & Corporate Debt Finance

Type d'enseignement : Seminar

Semester : Spring 2017-2018

Number of hours : 34

Language of tuition : English

Pre-requisite

Students should have a previous understanding of securities markets purposes/mechanisms and knowledge of basic features of main traded securities (bonds, shares);they should also have a good grasp of: corporate financial analysis concepts and practises (general accounting principles, balance sheet and p/l breakdown and analysis, working capital requirements, flow of funds analysis); knowledge of corporate valuation methods (risk appraisal & measurement, impact on cost of equity/wacc, discounted cash flows, main valuation ratios); - corporate business & financial strategy (investment analysis, dividend policy, and value creation appraisal); - knowledge of main financial maths/statistical routinely used concepts and calculations (mean/median, st deviation, correlation, discounting, capitalisation, npv calculations etc., see use of hp 12c calculator).

Course Description

The ECM course covers Equity and Equity related fundraising options for listed Corporates through market offerings:IPO, Capital increase (Placing, Rights Issue), Block Trades (Accelerated or marketed offering), Equity-Linked Issue (Convertible/Exchangeable Bond Issue). Rationale, Product description,Valuation/Pricing Approaches, Regulated issues (Time schedule, Due Dilligence, Investors Education Process, documentation. Corporate Debt objective is to provide 1) an overview of the various options available to a CFO within the Financial objectives and constraints framework of a Corporate: Market, Business model, investment perspectives, Capital structure and 2) a discussion on the Intrinsic rationale and possible Terms in various situations: Securitization, Reverse factoring, Working Capital optimisation, Public-Private-Projects, Project Financing, Acquisition Finance, Debt Capital Markets (Straight, Hybrid or Project Bonds).

Teachers

  • FRAGNET D'HAUSEN, Aline (Managing Director –Coverage & Investment Banking, at Société Générale)
  • JANNEH, Foday M. (Teaching Assistant)
  • RIGAL, Bruno (Managing Director – Coverage & Investment Banking, Natixis)
  • SMERTNIK, Gilles (ex-Associé-Gérant at Lazard)

Pedagogical format

Slide presentation of support material with illustrative case studies.

Course validation

Participation in course + Multiple Choices Test on course content at the end.

Required reading

  • Corporate Finance by Vernimmen/Quiry/Dallochio/Le Fur/Salvi
  • Corporate finance by Brealey/Myers/Allen
  • Internet based articles on value creation