Fusing leveraged finance and option pricing.
LevFin Academy is a specialist school for the people who negotiate, underwrite, and invest in leveraged credit. Selected covenant rights are economically option-like.
What we do
The core programme is a live, four-session masterclass, Fusing Leveraged Finance and Option Pricing. Over twelve hours you build a driver-based credit model from scratch, learn to read a leveraged-finance deal across legal and economic states, and map selected covenant rights — the builder basket, the equity cure, the make-whole, portability and the MFN — into contingent-payoff structures and spread-equivalent teaching estimates.
The method
A leveraged loan agreement allocates contingent rights, constraints and control transfers. Selected provisions can be represented as option-like, path-dependent payoffs once their holder, legal states, exercise conditions, blockers and interactions are specified. Current public outputs are teaching estimates, not market prices or legal conclusions.
Your instructor
LevFin Academy is created and taught by Federico Etchelecu. He is the author of The LevFin Book (nine parts, forty-five chapters) and the Leveraged Finance Covenants Bible, and the architect of the covenant-as-option framework the programme is built on, including its fully worked, model-driven credit example.
Federico has spent more than twenty years in leveraged finance and investment banking. He is currently Director of Leveraged & Acquisition Finance at ING Wholesale Banking in Madrid, and before that spent sixteen years at Banco Santander — most recently as Executive Director in Leveraged Finance — structuring LBOs and acquisition financings for private-equity sponsors and corporate borrowers. He began his career in M&A and debt capital markets in Buenos Aires, holds an M.Sc. in Finance from Universidad Torcuato Di Tella, and is accredited in leveraged finance, LBO structuring and loan documentation through Fitch Learning, Redcliffe Training and the Loan Market Association (LMA). LevFin Academy is his independent venture; its framework and materials reflect his own views.
Contact
Questions about the cohorts, corporate or team places, or anything else — email federico.etchelecu@levfinacademy.com and we’ll reply personally, usually within one business day.
LevFin Academy is operated by Federico Etchelecu (NIF Y0157012M), Calle Mimosa 1, 28232 Las Rozas de Madrid, Spain.