The main objective of this case is to analyse the issues arising from a complex refinancing operation carried out through a project bond issuance. The perspective is the one of a fixed income investor deciding to purchase the bonds and analysing risks and opportunities linked to the transaction. From this standpoint, students are exposed to concepts closely related to the Watercraft Capital transactions, including: credit enhancement mechanism, debt-service-coverage-ratio, loss given default, seniority of debt tranches, cash flow waterfall, guarantee facility, special-purpose-vehicle arrangement and Spanish gas market.
Watercraft Capital S.A.: refinancing project finance transactions
Gatti, Stefano;
2015
Abstract
The main objective of this case is to analyse the issues arising from a complex refinancing operation carried out through a project bond issuance. The perspective is the one of a fixed income investor deciding to purchase the bonds and analysing risks and opportunities linked to the transaction. From this standpoint, students are exposed to concepts closely related to the Watercraft Capital transactions, including: credit enhancement mechanism, debt-service-coverage-ratio, loss given default, seniority of debt tranches, cash flow waterfall, guarantee facility, special-purpose-vehicle arrangement and Spanish gas market.File | Dimensione | Formato | |
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Watercraft Capital S.A._13343.pdf
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Watercraft Capital-TN_13344.pdf
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