Glossary

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Advanced Debt Capital Markets and Securitisation - LAWS8027

Faculty: Faculty of Law

School: Faculty of Law

Course Outline: See below

Campus: Sydney

Career: Postgraduate

Units of Credit: 6

EFTSL: 0.12500 (more info)

Indicative Contact Hours per Week: 2

Enrolment Requirements:

Must be enrolled in Program 9200, 9210, 5740, 9230, 9270 or 5272

Excluded: JURD7427

CSS Contribution Charge: 3 (more info)

Tuition Fee: See Tuition Fee Schedule

Further Information: See Class Timetable

View course information for previous years.

Description

Over the past 15 years one of the most significant developments in the Australian financial markets has been the growth of the private (as opposed to government or semi-government) debt capital markets. From a very low base in the early 1990s, the Australian debt capital market has grown, largely through the growth in securitisation, to have over $250 billion in outstanding instruments.

LLM Specialisations

Corporate and Commercial Law
Corporate, Commercial and Taxation Law

Recommended Prior Knowledge

Knowledge of Australian Corporate Law and Regulation either from undergraduate law degree or relevant work experience. International Students are advised to NOT enrol in this course unless they have an understanding of Australian Corporate Law and Regulation.

Course Objectives

Consistent with the aims of the Course as above, a candidate who has successfully completed the subject should have:

1. Acquired expansive and comprehensive knowledge of:

the debt capital markets and securitisation in particular (how they operate and are regulated, particularly in Australia but also in other areas of the world;
the interaction of tax and stamp duty law with debt capital markets issues;
the role of rating agencies in a capital markets issue;
the variety of structured capital markets products available; and
improved their oral communication skills by participating in class discussions where the lectures allow.

By completing the take-home exam a candidate should have improved their:

ability to analyse, problem solve and think critically; and
written communication skills.

Main Topics

The aims of the course are to ensure that you are familiar with the central principles of:

What debt capital markets are?
What debt and hybrid instruments are?
Disclosure regimes for retail and wholesale debt instruments in Australia and overseas;
Relevant prudential regulation issues;
Traditional and other securitisation structures;
General applications for derivatives in debt capital markets;
Covered bond structures;
Tax and stamp duty charges on debt instruments;
Insolvency issues as they apply to insolvent issuers of debt instruments;
Marketing and pricing residential mortgage backed securitisation transactions;
The role of rating agencies in a capital markets issue;
Clearing systems;
Recent developments and future reforms.

Assessment

The aims of the assessment program are to examine students' understanding of the course content while also assessing their ability to solve problems, critically analyse and draw considered conclusions.
Class participation 10%
Take home exam 90%

Course Texts

Prescribed

Course materials have been prepared and are available for students from the UNSW Bookshop.

Order from UNSW Bookshop

Recommended
Please refer to the Course Outline.