Structured Finance.pdf

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Foreword

Stefano Caselli and Stefano Gatti

“Giordano Dell’Amore Institute of Financial Markets and Financial

Intermediaries – “L. Bocconi” University, Milan

Structured finance is a business area that encompasses a wide range of

transactions. In this work, the authors opted to include securitization,

project finance, leasing (as a transaction representative of asset based

finance) and acquisition finance activities conducted by utilizing a deal

design based on a strong debt component (essentially LBOs in all their

contractual variations). This perimeter of analysis does not lend itself to

meticulous theoretical or empirical debate. The evidence which emerges

from observation of the managerial practices of international and domestic

intermediaries that compete in this business (which are described in this

work) substantially confirm this choice.

Though defining the boundaries of structured finance is not particularly

problematic, the same can not be said of the position taken by Italian

financial intermediaries in this business area. In actual fact, neither in

national nor international literature can systematic studies be found which

deal with both positioning of actors on the market (and in this context

positioning of domestic intermediaries) as well as the choice of

organizational structures at the basis of services offered. This was the

primary motivation for drafting the present study.

The second reason that prompted the authors to address this topic lies in

the transformation of the strategy that various Italian banks have begun to

implement in recent years, reacting to pressure from changes in demand on

one hand and in supervisory authorities on the other. These stimuli

translate into the need for a more serious commitment to supporting

financial policies of client companies by offering a complete range of

services.

The shift from a logic of corporate lending to one of “full service”,

typical of corporate and investment banking, calls for change in two

respects:

1. the range of financial services proposed;

2. the choice of organizational structure adopted to supply these services.

As for the first point, structured finance presents a unique situation.

Unlike certain businesses which were for the most part unheard of among

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