Download Investment Banking: A Guide to Underwriting and Advisory by Giuliano Iannotta PDF

By Giuliano Iannotta

The contemporary monetary turmoil has raised suspects on funding banks and should definitely reshape the undefined. besides the fact that, the transactions routinely controlled by way of funding banks will nonetheless require the intervention of monetary associations, as consistently long ago. This publication goals at delivering an summary of those conventional funding banking actions. It covers the most components of funding banking: safeguard underwriting (equity and debt), syndicated loans, marketplace for company keep an eye on (M&As, LBOs, etc.), restructuring. there's a powerful volume of analysis papers at the diversified parts of funding banking. whereas this growing to be literature offers a conceptual framework, it has little to claim on "how to do things". the purpose of the e-book is to mix the students' and practitioners' perspectives: each transaction is tested from either views. even if deeper awareness is given to analyze, it really is performed with the easy and powerful language of business.

Show description

Read or Download Investment Banking: A Guide to Underwriting and Advisory Services PDF

Best banks & banking books

The Experience of Free Banking

The renewed curiosity in loose banking has ended in ancient examine of locations and classes that skilled a few type of laissez faire banking. The adventure of unfastened Banking comprises the widest precis up to now of this paintings, together with checks of unfastened banking in Australia, the USA, Canada, China, Columbia, France, Scotland, and Switzerland.

Annual World Bank Conference on Development Economics 2000

The 'Annual global financial institution convention on improvement Economics' is a world collecting of students and practitioners of improvement coverage together with contributors from executive, deepest quarter, and academia. The twelfth annual convention, held in April 2000, centred mostly on 4 parts: new improvement considering, crises and restoration, company governance and restructuring, and social protection together with private and non-private discounts.

The Future of Global Financial Services (Blackwell Global Dimensions of Business Series)

This booklet explores the way forward for the monetary prone undefined, giving readers an idea of the types of associations and companies that would live on within the early twenty-first century. An informative and provocative exploration of the way forward for the monetary companies undefined. makes a speciality of most probably adjustments within the close to destiny, similar to higher use of the net for banking transactions and the expanding globalization of monetary prone.

Financial Strategies for the Manager

A part of Tsinghua collage Texts, monetary concepts for the executive incorporates a variety of economic administration concerns similar to financial plan research, a scientific method of monetary functionality appraisal, liquidity administration and revenues development, operating capital administration, budgeting, foreign currency echange and rate of interest threat administration, and a most dear software no longer more often than not understood – EVA.

Extra info for Investment Banking: A Guide to Underwriting and Advisory Services

Sample text

Thus, to determine the necessary current ownership, the Series A fund must estimate the amount of new stocks that will be issued in the future, but this amount depends in part on the amount of stocks that are issued now. This is a circularity problem that can be solved through a two-step approach. Consider again the example of 1 ml investment in a company that expects to earn 2 ml at yearend 5. The P/E ratio for comparables is 10. The projected terminal value is therefore 20 ml. How much will be available to investors and management?

5 times EBITDA is equity. Moreover the debt is usually structured in senior debt (supplied by banks) for about 4 times EBITDA and high-yield bonds for about 1 times EBITDA. Notice that the feasible debt structure changes over time depending on the market. 5x Mezzanine Equity Fig. 5 LBO financing structure Debt Debt EV EV Equity Equity t=0 t=1 Fig. 6 LBO candidate: The “stable-cash-flow” firm mezzanine financing, provided by specialized investors, the mezzanine funds. These funds demand higher compensation, which involves warrants or other equity-linked instruments (known as the equity kicker) in addition to interest (usually below market) on subordinated debt, which is repaid only after all senior debt is reimbursed.

Post-money). Suppose there are 1 ml shares outstanding pre-money. e. 6. It is now quite easy to infer the implicit value of the whole company. 97% investing 1 ml. 97%). This is the post-money valuation. , assuming that all convertibles are converted and all options are exercised. To wrap it up, the key elements of the VC method are the terminal value, the discount rate, and the proposed investment. The valuation method used by VC funds is usually the relative approach. Of course the challenging task is to predict the future net income of the company.

Download PDF sample

Rated 4.08 of 5 – based on 13 votes

admin