B40.3188 – Topics in international Finance: Applied Financing Strategies
Course Objectives
The course is intended for future finance professionals and corporate executives seeking a “practitioner’s”
grasp on how to structure and execute financing strategies in the international capital markets. As such,
the course is largely taught from the borrower’s perspective, looking at his/her interaction with the
investment banks and the capital markets. The borrower must develop the best financing strategy in
order to facilitate the achievement of the company’s business objectives.
The first part of the course will review the instruments, markets and pricing methodologies typically
utilized to formulate a financing strategy. The second part will focus on the analytical framework
necessary for a company to assess the appropriate capital structure, in terms of leverage, instruments
and related markets. The third part will include sophisticated derivatives and structured finance
techniques. Students will be exposed to decision-making situations across different industries,
geographies and financial conditions. The course will make large use of real case studies written by the
instructor based on his professional experience. This course would be particularly useful to students who
are interested in a career in the capital market department of investment banks, in the finance
department of corporates, or as an advisor on financing strategies.
Course Method
This is an applied course. It aims at providing students with the required skills for structuring and
executing financing strategies in the international capital markets. The case study approach provides an
opportunity to apply products and methodologies to real-life deals. The course will be taught in the form
of lectures together with cases studies intended for class discussion.
As in any case-based course, the method of analysis and the questions posed are far more important
than the final answers. Consequently, the lessons and insights drawn from these cases are largely a
function of the effort and care students invest into being fully acquainted with the readings and cases for
each session. Classes will include discussion of readings, case analysis and group activities.
Instructor
Tommaso Albanese is an Adjunct Professor in Finance at Stern. He is a former Managing Director of
Morgan Stanley & Co, Co-Head of Global Capital Markets in Europe and Global Head of Corporate
Derivatives. He also teaches at the Cass Business School in London.
Text and Cases
The textbook for the course is:
E.Brigham, M.Ehrhardt, Financial Management: Theory and Practice, (South-Western, 2008) (“FMTP”).
The additional readings and assigned cases will be provided on Blackboard during the course. Class
notes will be distributed in advance of each session.
Assignments
All case assignments will be turned in by groups of three to four students each. In addition to preparing
for each class, groups will be responsible for the following:
-One case presentation in class.
-Two case write-ups for the remaining cases.
Class presentation. There are five cases assigned for the course to be allocated between the groups.
Each presentation will last no longer than 20 minutes. It should focus on the substantive issues rather
than being a question-by-question response. Spend time on presenting insights not background
information. Attention should be paid to the clarity and quality of your message.
Write-up. The coversheet should include the name of the case and the group members. The first page
should be titled “Executive Summary” and should contain the main insights that have emerged from
analyzing the case. The next one or two pages (no more) should contain a numbered list with the
answer to each question in the case (all supporting work in appendices). The write-up will be graded for
content and format. Write-ups should be turned in electronic format at talbanes@stern.nyu.edu and in
hardcopy format prior to the session for which they are assigned.
Grading
Grades will be computed as follows:
Case Assignments (as per above) 40%
Final Exam 40%
Class participation 20%
Final Exam. The final exam will be an individual effort. It will last about sixty minutes and will consist of
a list of questions (six to eight) to test the depth of your understanding of the material. The questions
will only refer to the topics covered in class. It is a closed book exam.
Class Participation. It will be evaluated on the basis of participation to the class discussion. Quality is
more important than quantity. Quality comments are those who move the conversation forward, or offer
a different, unique and relevant perspective, or build on other comments, or raise apparent tradeoffs in
the analysis. The evaluation is adversely affected by lack of attendance or the creation of negative
classroom externalities.
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