The aim of this chapter is to investigate and highlight the typical features of the transactions and market covering a family of instruments known as structured leasing deals, namely, complex, intricate deals assembled ad hoc, with an organizational and contractual framework that is grafted onto a leasing transaction. To achieve the above, this chapter has been structured in four parts. The first part tackles the issue of defining structured leasing deals by examining their characteristics within the broader context of the structured finance and leasing market. The second part, instead, focuses on the market set-up, highlighting basic trends, its size and internal organization, and the types of financial intermediary operating within it. The third part looks at the leasing transaction from a tax standpoint, examining its distinctive features and possible room for maneuver, which is fundamental when assembling a structured transaction. At this juncture it would appear significant to conduct a sensitivity analysis to measure the effects on cost of capital produced by changes in the basic components of the leasing contract and tax implications for the lessee. Lastly, the fourth part examines the issue of classifying and analyzing structured leasing transactions in order to provide an initial classification scheme, illustrating their characteristics from a standpoint of the transaction’s basic set-up, tax and financial architecture and main results achieved.

Structured leasing transactions

Caselli, Stefano
2017

Abstract

The aim of this chapter is to investigate and highlight the typical features of the transactions and market covering a family of instruments known as structured leasing deals, namely, complex, intricate deals assembled ad hoc, with an organizational and contractual framework that is grafted onto a leasing transaction. To achieve the above, this chapter has been structured in four parts. The first part tackles the issue of defining structured leasing deals by examining their characteristics within the broader context of the structured finance and leasing market. The second part, instead, focuses on the market set-up, highlighting basic trends, its size and internal organization, and the types of financial intermediary operating within it. The third part looks at the leasing transaction from a tax standpoint, examining its distinctive features and possible room for maneuver, which is fundamental when assembling a structured transaction. At this juncture it would appear significant to conduct a sensitivity analysis to measure the effects on cost of capital produced by changes in the basic components of the leasing contract and tax implications for the lessee. Lastly, the fourth part examines the issue of classifying and analyzing structured leasing transactions in order to provide an initial classification scheme, illustrating their characteristics from a standpoint of the transaction’s basic set-up, tax and financial architecture and main results achieved.
2017
9783319541235
Caselli, Stefano; Gatti, Stefano
Structured finance: techniques, products and market
2.ed
Caselli, Stefano
File in questo prodotto:
File Dimensione Formato  
Capitolo Caselli per Springer 2018.doc

non disponibili

Descrizione: Capitolo del libro
Tipologia: Documento in Pre-print (Pre-print document)
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 241 kB
Formato Microsoft Word
241 kB Microsoft Word   Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/4001374
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact