Introduction

The course provides an overview of Investment Banking from a transactional, regulatory and legal perspective. Students will explore the dynamic relationship between corporate structures / corporate balance sheets and capital markets to fund and optimize transactions.

Students will delve into the structure of capital markets and develop deep insights in the role of financial intermediaries, i.e. banks, financial sponsors, regulators and how these players affect transactions and facilitate the flow of capital between capital seekers and capital providers.

The instructor will discuss several case studies to help students understand deal sourcing - origination, transaction complexities, funding and leverage, regulatory approvals, pricing, integration as well as regulatory compliance and supervision.

Course Outcomes

Upon completing this course, students should develop a broad understanding of:

1. Capital Markets, Market Structure, Participants
2. The Legal Structure of a Firm: Capital Structure, Capital Markets vs Bank Financing, IPOs, SPACs, Secondary Offerings
3. The Value of a Firm: Book Value, Market Value, Enterprise Value - Levered Equity, WACC, Discounted Cash Flows (DCF), Peer Valuation
4. Debt Financing, LBOs, CLOs, Mortgage Financing, MBS, REITs
5. M and A, Cross-Border Transactions, Taxes, CIFIUS transaction review and approvals

Textbook

• Investment Banking: Valuation, LBOs, M&A, and IPOs, 3rd Edition

• Wall Street Journal (daily) and Financial Times (daily) - A free subscription for a defined period of time is available to students. Use it!

Grading Policies