Tools, Applications and Total Performance
Wiley Finance Series
1. Auflage November 2013
2013. 528 Seiten, Hardcover
ISBN 978-1-119-94181-1 - John Wiley & Sons
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An in-depth explanation of mezzanine financeMezzanine finance products, which have grown increasingly popular in recent years, involve a unique and complex form of analysis because of their hybrid nature. Because mezzanine finance involves no collateral, it accentuates legal terms, term sheets, and contracts, in addition to depicting dynamics of both debt and equity. Experienced chairman, lecturer, and professor of investment banking Luc Nijs presents readers with a thorough description of product groups, structuring and pricing, and cultural discrepancies in terms of regulation and application in Mezzanine Financing: Tools, Applications and Total Performance. Nijs analyzes common triumphs and failures encountered in mezzanine financing, and he discusses techniques for risk analysis and risk mitigation. A final study of international capital markets, their products' relevance, attractiveness, and liquidity, and the effects on pure equity/fixed-income risk concludes the book.* Conveys a professional's advice through case studies of various regions, industries and contexts* Provides the only complete analysis of mezzanine finance as no other books take on the topic as their only subject* Details an increasingly popular and globally relevant subject in financeThose seeking a detailed explanation of the complexities within mezzanine financing will encounter a professional account in Nijs's book.
Aus dem Inhalt
Preface xiii1 Introduction 11.1 The Bi-polar World of Finance 11.2 Demarcation of the Product Group 51.3 Positioning and Use of Mezzanine Finance 71.4 The Risk-Return Conundrum 101.5 Providers of Mezzanine Finance 181.6 The Market for Mezzanine Products 182 The Mezzanine Product Group 252.1 Categorization of the Mezzanine Product Group 252.2 Case Study: The Kratos Company - Merger Finance 673 The Implicit Cost of Mezzanine Products 773.1 Measuring Risk 773.2 Types of Risk 803.3 Equity Risk Versus the Risk of Borrowing: Default Risk and the Cost of Debt 873.4 Putting It All Together 903.5 How Much Risk is There in a Mezzanine Product? 923.6 Cost Versus Return Dynamics for Mezzanine Products 944 The 'Pricing' Question and Further Financial Dynamics of Convertible Loans and Preferred Convertible Shares 974.1 Pricing Grid for Mezzanine Products 974.2 Financial Dynamics of Convertibility in Convertible Loans and Preferred Convertible Shares 994.3 Case Study: JJ Bars & Restaurants - Mezzanine for Expansion 1215 The Mezzanine Product Group and the Financial Industry 1395.1 The Basel Committee and Framework 1405.2 The Evolution of the Basel Rules (Basel I and II) 1405.3 Objectives of Basel III and the Central Themes 1445.4 Impact on the Use of Mezzanine Products in the Financial Sector 1635.5 Regulation in the Insurance Sector Impacting the Use of Mezzanine Products 1635.6 CoCo Bonds - Contingent Convertible Bonds 1715.7 Annex I - Summary Basel III 1775.8 Annex II - Basel III - Specifi c Features 1785.9 Case Study Positions: Mezzanine Financing for Financial Institutions 1825.10 Case Study 1: Financing the Future of Bank Alhanbra 1825.11 Case Study 2: Growing the Brazilian Market 1845.12 Case Study 3: Financing a South African FI which is Part of a Larger Conglomerate Prior to an IPO 1866 Mezzanine and Project Finance 1896.1 Types of Projects 1926.2 Financing Aspects 1936.3 Securitizing Project Loans 1956.4 Case Study 1: Developing a Toll Road in Poland (A2) 1966.5 Case Study 2: Building and Operating a Wind Park 2037 Real Estate Projects and Mezzanine Finance 2117.1 Wider Application 2127.2 Other Applications and Return Issues 2147.3 Case Study: Financing a Real Estate Company in the CEE Region 2208 Mezzanine and the Private Equity Space 2258.1 Drivers of Return 2288.2 LBO Structure 2328.3 Tax Implications 2478.4 Alternative Transactions Using Similar Financing Structures 2478.5 Summary of Different Compartments in the LBO Structure 2498.6 Summary of Types of Securities in the Leverage Structure of an LBO 2518.7 Case Study: Buying Orangina - a Typical LBO with Some Interesting Questions Ahead! 2519 Mezzanine Products and the World of the Rating Agencies and Accountancy Boards 2619.1 Rating Agencies and the Debt-Equity Continuum 2619.2 Case Study: Fitch's Approach to Rating Hybrid for Corporates 2729.3 Mezzanine Debt, Rating Agencies, the Regulator and Financial Institutions After 2008 2849.4 Appendix 1: Equity-Content Maximization and Structuring Criteria at Moody's 2939.5 Appendix 2: S&P's and Moody's Key Structuring Considerations 2949.6 The Intricacies of the Accounting World 2959.7 Demarcation Lines and Product Modeling 30910 Term Sheets, Inter-creditor Agreements and Debt Restructuring 31310.1 Groups of Covenants 31310.2 Review of Key Covenants for Mezzanine Products 31610.3 Other Covenants 31810.4 Case Studies: The Good, the Bad and the Ugly 31910.5 A Comparison of Debt Asset Classes 32110.6 Case Study: LyondellBasell and Lyondell Chemical Company 33911 Outlook 35311.1 Introduction 35311.2 The Not-Too-Distant Past 35411.3 New Kids on the Block 35511.4 The Unitranche Product 35611.5 Reorganization of Insolvency Laws in Europe 35911.6 Islamic Finance: Sukuks and Non-Risk-Free Bond Look-Alikes 36011.7 Origination Sources for Mezzanine 36111.8 The Role of Governmental Organizations 36211.9 The Refi nancing Wall: Opportunities and Challenges 36311.10 Performance of Mezzanine Products 363Appendix 1 Overview of Term Sheets and/or Model Contracts for the Mezzanine Product Group 367Appendix 2 First Lien/Second Lien Inter-creditor Agreement 415Glossary 479Case Guidance/Solutions 489Index 505