Structured Finance

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This text serves as a comprehensive introduction to structured finance, ideal for undergraduate students in business, economics, management, and finance. It covers all major structured finance transactions, extending beyond securitisation to include non-recourse financial techniques and asset-based lending. The book details key techniques such as leveraged buyouts, project finance, asset finance, and securitisation, providing a high-level comparison of their similarities and differences. A historical overview explains the origins and enduring success of structured finance over the past 40 years, while the global context of each transaction is thoroughly examined. Instruments like Credit Default Swaps and Credit Linked Notes are analyzed, alongside a discussion of the Basel Accords for regulatory context. The text clarifies that "structured finance" encompasses various transaction types, not just securitisation, and defines these transactions for a clearer understanding. Readers will gain insights into the components and mechanisms of structured finance techniques, the characteristics of financial instruments involved, and the regulatory framework that governs them. Ultimately, this book equips readers with essential knowledge to navigate the complexities of structured finance, a foundational element of global markets.