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.File | Dimensione | Formato | |
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