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Journal articles on the topic 'Syndicated Loan'

Author: Grafiati

Published: 4 June 2021

Last updated: 31 January 2023

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1

Fang, Xiaohua, Yutao Li, Baohua Xin, and Wenjun Zhang. "Financial Statement Comparability and Debt Contracting: Evidence from the Syndicated Loan Market." Accounting Horizons 30, no. 2 (March 1, 2016): 277–303. http://dx.doi.org/10.2308/acch-51437.

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SYNOPSIS In this study, we examine whether and how borrowing firms' financial statement comparability affects the contracting features of syndicated loans. Using a sample of loans issued by U.S. public firms in the syndicated loan market over the period 1992–2008, we find strong and robust evidence that financial statement comparability is negatively associated with loan spread and the likelihood of pledging collateral, and positively associated with loan maturity and the likelihood of including performance pricing provisions in loan contracts. We also find that borrowing firms with greater financial statement comparability are able to complete the loan syndication process more swiftly, form loan syndicates enabling the lead lenders to retain smaller percentages of loan shares, and attract a greater number of lenders and, particularly, a greater number of uninformed participating lenders. Altogether, these findings are consistent with the view that financial statement comparability plays an important role in alleviating information asymmetry in the syndicated loan market. JEL Classifications: G12; G14; M41

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2

Hasan, Iftekhar, Liang Song, Meisong Zhan, Peng Zhang, and Zhaoguo Zhang. "Corporate disclosure and financing arrangements." Asian Review of Accounting 23, no. 2 (July 17, 2015): 139–55. http://dx.doi.org/10.1108/ara-01-2014-0020.

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Purpose – The purpose of this paper is to explore how firms’ disclosure standards influence the syndicated loan market, with an emphasis on loan syndicate structure and composition. Design/methodology/approach – To empirically investigate the effects of corporate disclosure on bank loan syndicate structure and composition, the authors hand-match Dealscan, Worldscope, and other databases and construct a sample across 11 emerging markets. Findings – The authors found that lead banks retain less ownership and form a less-concentrated loan syndicate when borrowers have superior disclosure policies. The authors also concluded that lead banks select more foreign participants in a loan syndicate and these members retain more ownership when borrowers have high disclosure rankings. Finally, the authors present evidence that the relationship between corporate disclosure and bank loan syndicates is more significant for firms with better governance. Originality/value – The findings suggest that corporate disclosure has a significant influence on financing arrangements, even in a weak governance environment.

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3

Tarasov, A. A. "Arranging the Process of Raising Syndicated Loans." Finance: Theory and Practice 22, no. 6 (December 26, 2018): 121–31. http://dx.doi.org/10.26794/2587-5671-2018-22-6-121-131.

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The article presents the main aspects of organisation, formation and management of a syndicate of banks in the syndicated lending market. A syndicated loan is provided to a borrower by two or more creditor banks on equal terms within one loan documentation package. This market has the following main characteristics: significant amounts of financing; transactions are organised and syndicated by the largest investment and commercial banks; standard legal documentation; centralisation of agency function. The syndication process is a key factor in a successful transaction in the syndicated lending market. The research objective is a structured description of the syndication business process in the credit market. The following tasks have been set and solved: 1) determining the optimal syndication schedule; 2) transactional and legal documents classification; 3) development of methods of risk management of the syndication process. The methodological basis is the process approach to the formation of a syndicate and the role distribution among the bank transaction participants (organisers, underwriters, bookrunners, agents). Based on the regulatory specifics of syndicated lending, legal documents of the process (mandate letter, confidentiality agreement, syndication letters) have been described. The optimal schedule has been proposed to implement a syndicated loan transaction. It includes five stages: 1) planning; 2) formation of a “senior” syndicate; 3) formation of a “common” syndicate; 4) management of the final structure of the syndicate; 5) legal closing of the transaction. Marketing materials (investment presentation, information memorandum) and key transaction activities (press releases publication and bank meeting) have been examined. Key risks of syndicated lending have been defined and described; they include market risk underwriting and funding. From a practical point of view, the article is of interest for representatives of the Russian commercial and investment banks and corporate borrowers who plan to attract corporate financing in the international syndicated lending market.

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4

Kim, Jeong-Bon, and Byron Y. Song. "Auditor Quality and Loan Syndicate Structure." AUDITING: A Journal of Practice & Theory 30, no. 4 (November 1, 2011): 71–99. http://dx.doi.org/10.2308/ajpt-10144.

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SUMMARY This study investigates whether and how the quality of external auditors hired by borrowers has an impact on loan syndicate structure. Our empirical analyses, using a sample of U.S. syndicated loans from 1996 to 2009, show the following findings: First, a larger number of banks participate in syndicated loans to borrowing firms with Big 4 (or previously Big 5 or Big 6) auditors than to those with non-Big 4 auditors. Second, the percentage of a syndicated loan retained by the lead bank(s) is smaller when the borrower is a client of a Big 4 auditor than when the borrower is a client of a non-Big 4 auditor. Third, the effect of auditor quality (Big 4 versus non-Big 4) on loan ownership structure is less pronounced when lenders are able to gather more information about the borrower prior to the loan deal. Overall, our results suggest that auditor quality plays an important role in loan syndication by alleviating information asymmetries between lead banks and non-lead participant banks. JEL Classifications: G21; G32; M42. Data Availability: Data are publicly available from sources identified in the paper.

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5

Mugarura, Norman. "The Law relating to syndicated loan agreements and its application in commercial practice." Journal of Financial Regulation and Compliance 24, no. 2 (May 9, 2016): 177–96. http://dx.doi.org/10.1108/jfrc-09-2015-0051.

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Purpose The purpose of this paper is to articulate the law relating to syndicated loan agreements and what legal experts and parties need to safeguard against inherent pitfalls in its usage and practice. The research design of this paper has two strands: an examination of generic issues relating syndicated loan agreements and the process; and the mechanisms for transferring proprietary rights and interests should parties want to do so. Design/methodology/approach The paper was written on the basis of evaluating primary and secondary data sources to gain insights into commercial experiences of harnessing syndicated loan facilities as an alternative form of raising finance for development projects. It has examined case law which reflects the law and practice of syndicated loan markets both in common and civil law jurisdictions. Particular attention has been paid to the credibility of source materials and its relevance to usage and practice of syndicated loan agreements. The core element of this methodology has been an evaluation of generic issues which underpin syndicated loan agreements, analysis of academic literature and evaluation of cases and policy documents. The paper has drawn examples in both common and civil jurisdictions to gain insights into the law which governs syndicated loan markets and its practical application. There has been an uptake in syndicated loan markets not only in United Kingdom but also globally. While there has been a growing body of literature on syndicated loan markets, mechanisms for transferring proprietary rights and interests of contractual parties have not been given proportionate attention. The paper addresses a gap in the law of syndicated loan markets and the varied ways in which they are harnessed in international commercial practice. It addresses existing gaps in the law and practice of syndicated loans, not only in the UK but also in other jurisdictions where examples have been drawn. The research design of this paper has two strands: an examination of generic issues relating loans and the process in which they are constituted as financial products; and the mechanisms for transferring proprietary rights and interests. Findings The findings underscore the fact that much as syndicated loans offer huge advantages to commercial parties, there are also intricacies which parties need to keep in mind and guard against. Like in other forms of commercial agreements, parties to a syndicated loan agreement have the power to nominate the governing law not necessarily from jurisdictions where they do business but as they may see fit. In practice, effective contractual terms in syndicated loans are to be applied slightly differently to other form of commercial agreements in English contract law. For example, representation and warranties are grouped together and constitute statements by the borrower, which the lender considers should be true at the inception of the loan agreement. As a syndicated loan involves the participation of many banks (obviously some foreign banks), there is the potential for conflict of laws. As such, arranging a syndicated loan should be governed by the relating to international commercial contracts to address the challenge posed by conflict of laws. This is essential to ensure proprietary transfer of rights in the asset are properly constituted and effective. The loan should be carefully structured to reflect important technical issues which relate to duties and obligation of contractual parties. Research limitations/implications This was largely a theoretical paper undertaken on the basis of evaluating primary and secondary data sources, some of which were not able to corroborate. It would have been better to corroborate some of the data sources used with financial institutions (which specialise in syndicate loans and related products) to mitigate the potential for bias the data used were generated. Practical implications It is important that legal practitioners and policy markers have access to requisite data on different types of loan markets not only in the UK but also other jurisdictions. One of the most important implication is that unlike bond markets (which are sought in response to an uptake in market risks), the foregoing environment tends to negatively correlate in syndicated loan markets. Lending institutions such as banks tend to be cautious when there are instabilities in the market as demonstrated in the aftermath of the recent global financial crisis (2010-2014). There is a converse relationship between loan markets and syndicated loans, which is explained by the fact that the higher the risks, the more cautious lenders (financial institutions) tend to be to safeguard against uncertainties of ending in an environment which is not conducive for business. Bonds on the other hand are sought as security by credit markets against inherent risks especially in times of economic uncertainties. This is why in the aftermath of the recent global financial crisis, banks were anxious and unwilling to lend not only to each other but also to small business for fear and to curtail potential market risks. It needs to be noted that just like in other forms of international commercial agreements, parties in syndicated loan agreements have autonomy to nominate the governing law of the agreement, not necessarily from jurisdictions where parties do business. Where parties have not nominated the governing law clause of syndicated loan contracts, rules of private international law such as characteristic performance of the contract will apply. Social implications There is a growing body of literature on syndicated loan markets, but one wonders why mechanisms for transferring proprietary rights and interests of contractual parties have not been written about as much. It is an important area but has somehow been overlooked by scholars on this subject. If the borrowers’ fails to keep up their repayments (default), it will have an adverse on loan markets and the economic stability which will in turn affects businesses, people and national governments. Originality/value The paper was written on the basis of evaluating primary and secondary data sources to gain insights into commercial experiences of harnessing syndicated loan facilities as an alternative form of raising finance for development projects. It has examined case law which reflects the law and practice of syndicated loan markets both in common and civil law jurisdictions. Particular attention has been paid to the credibility of source materials and its relevance to usage and practice of syndicated loan agreements. The core element of this methodology has been an evaluation of generic issues which underpin syndicated loan agreements, analysis of academic literature and evaluation of cases and policy documents. The paper has drawn examples in both common and civil jurisdictions to gain insights into the law which governs syndicated loan markets and its practical application.

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6

Vygovskyy, O. "LEGAL STATUS OF PARTICIPANTS OF INTERNATIONAL SYNDICATED LOAN TRANSACTIONS." ACTUAL PROBLEMS OF INTERNATIONAL RELATIONS 2, no. 127 (2016): 65–72. http://dx.doi.org/10.17721/apmv.2016.127.2.65-72.

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The article reveals legal issues related to the status of participants of international syndicated loan transactions – the arranging bank (lead manager), the agent bank, the banks participating in the international syndicate, the borrower. In particular, the author of the article makes comparison of the legal status of the arranging bank and the agent bank taking into consideration their functions and powers, specifics of relations with other banks and the borrower. Special attention is paid to the liability of the lead manager for the contents of the information memorandum sent to the potential participants of the international syndicate at the preparatory stage. The article also covers specific issues related to use of the international syndicated loan agreement as a single agreement defining the legal basis of interaction of all participants of this transaction, their rights and obligations, liability for violation of the contractual obligations incurred by the participants.

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Chub, D. V. "A Blockchain in Concluding and Administering a Syndicated Loan Agreement." Actual Problems of Russian Law 16, no. 11 (August 26, 2021): 55–64. http://dx.doi.org/10.17803/1994-1471.2021.132.11.055-064.

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A traditional banking market has undergone significant changes caused by rapid development of digital technologies, which has been largely facilitated by the coronavirus pandemic. At the same time, it seems that a blockchain technology has gained great importance in the issuance of syndicated loans. This circumstance is explained by the fact that a syndicated loan agreement, similar to the blockchain technology, traditionally brings together a large number of participants, including, in particular, borrowers, lenders, a loan manager, a mortgage manager. The paper substantiates the advantage of using the blockchain technology in structuring relations related to the provision of a syndicated loan to a borrower. Particular attention is paid to the legal status of a loan manager using blockchain technology to carry out his functions of organizing and administering a syndicated loan agreement. The paper explains the peculiarity of interaction between a credit manager and other parties to the syndicated loan agreement when using blockchain technology. Legislative changes are proposed aimed at providing syndicated lending participants with the opportunity to use blockchain to organize interaction between them.

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8

Lim, Jongha, Bernadette A. Minton, and Michael S. Weisbach. "Syndicated loan spreads and the composition of the syndicate." Journal of Financial Economics 111, no. 1 (January 2014): 45–69. http://dx.doi.org/10.1016/j.jfineco.2013.08.001.

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9

Amira, Khaled, and Mark L. Muzere. "Collateral and Yield Spread of Syndicated Loans." Accounting and Finance Research 7, no. 3 (June 27, 2018): 180. http://dx.doi.org/10.5430/afr.v7n3p180.

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We examine factors that influence the use of collateral in syndicated loans and explore debt contract theories under adverse selection and moral hazard. Using a probit model (Agresti, 2007) to analyse syndicated loan data (1987-2007) for firms in the United States, we find that loan and borrower specific factors and general economic conditions as well are significant in explaining the presence of collateral in these loans. Further testing exploring the relationship between collateral and yield spread of syndicated loans while using an econometric procedure (Heckman, 1976; Lee, 1978) to control for the simultaneity between the decision to use collateral and the determination of the yield spread confirms the empirical predictions of the moral hazard debt theory. The use of collateral reduces risk and the cost of borrowing for syndicated loans, providing further clarification to the mixed empirical evidence in the literature.

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Priady, Nicko. "Perlindungan Hukum Terhadap Para Pihak Dalam Perjanjian Kredit Sindikasi." Recital Review 3, no. 2 (December 31, 2021): 216–31. http://dx.doi.org/10.22437/rr.v3i2.12933.

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This study aims to identify and criticize the arrangements, procedures and positions of all parties involved in syndicated financing. The formulation of the problem that will be discussed in this article is about the legal relationship between the parties in a syndicated loan to resolve bad loans when they default, and the legal protection of the parties in a syndicated loan agreement. The type of research is normative law, which is a research method that emphasizes legislation, conceptual law, and case law, and describes theories related to research problems. The results show that the implementation of Syndicated Loans is related to the rights and obligations of the parties. As long as the parties fulfill this and carry out the agreed agreements and carry out supervision simultaneously, the risk of default will be smaller. The regulation regarding the authority and rights and obligations between the Debtor and the Bank in the Syndicated Credit Agreement must be clearly stated in the Syndicated Credit Agreement so that there is no gap in the norm of ambiguity that can cause problems in the future.

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Purgito, Jodi, and Bambang Tri Bawono. "The Role of a Notary in Making A Syndicated Loan Authentic Deed." Sultan Agung Notary Law Review 3, no. 4 (December 21, 2021): 1353. http://dx.doi.org/10.30659/sanlar.3.4.1353-1363.

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The purpose of this research is to analyze & find out: 1). The role of the Notary in the implementation of the authentic deed of syndicated loan (syndicated loan) 2). Barriers & solutions in making authentic syndicated credit deeds. The approach method in this research is a sociological juridical approach. The data used are primary & secondary data obtained through interviews & literature study, data analysis was carried out by analytical descriptive. The results of the research concluded: 1). The role of the Notary in the implementation of the authentic deed of syndicated loan (syndicated loan) includes, among others, making a deed of a syndicated credit agreement requested by the bank, providing guidance to the bank regarding credit documents, making final credit documents, confirm the data to the bank if there are things that are not or are not clear, keep the name of the debtor & the amount of credit requested, & enter it into the register book to be registered with the district court. 2) Obstacles & solutions in Making Authentic Deeds for Syndicated Loans, namely: difficulties in making authentic deeds before a Notary at the same time & place, dual duties & problems with guarantee institutions. The solution that can be done to overcome these obstacles is that the Notary should add HR in his office to help the Notary's tasks, the bank must also add HR, so that there is no double duty. To deal with problems related to guarantee institutions, the Paripassu Security Sharing Agreement (Security Sharing Agreement) emerged.

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Estevan de Quesada, Carmen. "The Heterogeneous Composition of Syndicated Loan Consortiums." European Business Law Review 29, Issue 4 (July 1, 2018): 527–47. http://dx.doi.org/10.54648/eulr2018020.

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The global syndicated loan market has been given new impetus after the slowdown during the worst years of the recent crisis. In recent times a new trend has become apparent with regard to the operators in this market, with institutional investors playing an ever more important role, as opposed to the banks that have traditionally dominated the market. This paper offers a brief introduction to the main features, contractual arrangements and players of syndicated loans, examines the structure and functions of syndicated loan consortiums in greater detail, and proposes their classification as a horizontal contractual business network. It also analyses their growing heterogeneous composition and concludes that some related goverance problems in the consortium could be fruitfully addressed from the business networks perspective.

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Ntiamoah Doku, James, Raymond Dziwornu, Richard Agbanyo, and Joyce Owusuaa Awuletey. "Loan syndication and cocoa production: Evidence from Ghana." African Journal of Agricultural and Resource Economics 17, no. 2 (June 30, 2022): 146–56. http://dx.doi.org/10.53936/afjare.2022.17(2).10.

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The syndication of loansis an innovative financing model that has emerged in the financial landscape to help lenders spread risk and share opportunities. This study examines the relationship between syndicated loans and cocoa production in Ghana, using annual time-series data spanning from 1993 to 2020, as well as the autoregressive distributed lag model (ARDL). The study found a positive and significant short-run and long-run relationship between syndicated loans and cocoa production. Specifically, a 1% increase in the amount of syndicated loans increases cocoa production by 0.25% in the long run. The Ghana Cocoa Board should ensure efficient utilisation of syndicated loans by investing in productivity-enhancing programmes to boost cocoa production.

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Howcroft, Barry. "Marketing a Eurocurrency Syndicated Loan." International Journal of Bank Marketing 3, no. 1 (January 1985): 43–53. http://dx.doi.org/10.1108/eb010749.

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Chu, Yongqiang, Donghang Zhang, and Yijia (Eddie) Zhao. "Bank Capital and Lending: Evidence from Syndicated Loans." Journal of Financial and Quantitative Analysis 54, no. 2 (September 7, 2018): 667–94. http://dx.doi.org/10.1017/s0022109018000698.

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Using within-loan estimations to remove the impact of demand-side factors, we find that the capital levels of banks participating in the same syndicated loan are positively associated with the banks’ contributions to the loan. Consistent with the argument that higher capital reduces the cost of uninsured debt, the positive effect of bank capital on lending is stronger among banks that rely more on wholesale funding. Furthermore, we find that banks increase their contributions to syndicated loans after receiving Troubled Asset Relief Program (TARP) funding. Taken together, we provide new evidence on the importance and causal effect of bank capital on lending.

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Shelepov, Andrei. "The MDBs’ Role in Syndicated Loan Deals (Review of the IMF Working Paper “Borrowing Costs and the Role of Multilateral Development Banks: Evidence From Cross-Border Syndicated Bank Lending”)." International Organisations Research Journal 15, no. 1 (April 5, 2020): 190–95. http://dx.doi.org/10.17323/1996-7845-2020-01-09.

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The review covers the 2018 IMF working paper “Borrowing Costs and The Role of Multilateral Development Banks: Evidence from Cross-Border Syndicated Bank Lending.” It is acknowledged that cross-border bank lending is becoming an increasingly important source of external financing for developing countries and therefore can play a key role in infrastructure development. The working paper examines the impact of participation by multilateral development banks (MDBs) in loan syndicates on the terms of loan deals, with a particular emphasis on loan pricing. The results of the study show that MDB participation is associated with higher borrowing costs and longer maturities, indicating a greater willingness on the part of MDBs to finance projects with higher risks which may otherwise be unattractive to private investors. In addition, MDB participation is associated with lower spreads for riskier borrowers compared to similar loans from private banks. The authors show that MDBs can help mobilize private investment in developing countries, including in infrastructure, through risk mitigation.

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Chin, Chen-Lung, Wei-Ren Yao, and Pei-Yi Liu. "Industry Audit Experts and Ownership Structure in the Syndicated Loan Market: At the Firm and Partner Levels." Accounting Horizons 28, no. 4 (May 1, 2014): 749–68. http://dx.doi.org/10.2308/acch-50825.

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SYNOPSIS The PCAOB has recently issued two concept releases that seek feedback on a proposal that requires audit firms to disclose the name of the engagement partner in the audit report. This paper provides evidence about the efficacy of this proposal by examining whether industry audit experts at the partner level are valued by stakeholders—lenders in the syndicate loan market. Our paper is based on the unique data in Taiwan, where the audit report is issued in the name of two signing auditors, as well as the audit firm. Prior research suggests that lead arrangers prefer to hold a lower share of the loan and to have a larger number of other lenders. First, we find no evidence that Big 4 audit firms are related to the lower share of a syndicated loan held by the lead arrangers, after controlling for industry audit expertise; we also find no evidence that firm-level expertise alone is associated with the share held by lead arrangers. However, we do find that partner-level industry audit experts, either alone or in conjunction with a firm-level industry audit expert, are associated with the lower share of syndicated loans held by lead arrangers. Second, we find that the number of lenders in general (or the number of foreign lenders in particular) in a loan is the largest when borrowers retain industry audit experts at both the firm and partner levels.

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Addoum, Jawad M., and Justin R. Murfin. "Equity Price Discovery with Informed Private Debt." Review of Financial Studies 33, no. 8 (October 21, 2019): 3766–803. http://dx.doi.org/10.1093/rfs/hhz128.

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Abstract Equity markets fail to account for the value-relevant nonpublic information enjoyed by syndicated loan participants and reflected in publicly posted loan prices. A long-short strategy that buys (sells) the equities of firms with recently appreciated (depreciated) loans earns large risk-adjusted returns, suggesting a surprising and economically important level of segmentation across the same firm’s capital structure. The information lag captured by trading strategy returns is not affected by drivers of firm-specific attention, including the publication of loan returns in the Wall Street Journal. Instead, returns to the strategy are eliminated among equities held by mutual funds also trading in syndicated loans. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

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Wiyono, Pambudi, and Pujiono. "Legal Consequences of Creditor's Name Change in Syndicated Loan Agreement." International Journal of Social Sciences and Humanities Invention 6, no. 10 (October 23, 2019): 5683–87. http://dx.doi.org/10.18535/ijsshi/v6i10.05.

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The present study discussed the legal consequence of the creditor's name change and the consideration used by the Supreme Court Judge no. 1300 K/Pdt/2013. The present study was categorized as doctrinal legal study using case study approach. The data were collected through library research. Syllogism was employed as the analysis technique of this legal writing. The change of creditor's name in a syndicated loan, as it happens to "PT. Bank Finconesia” that changes its name to “PT. Bank Agris" cause problems since the new name "PT. Bank Agris" is not mentioned in the loan agreement no. 8 dated 28 November 1995. The making of syndicated loan agreement should be based on article 1320 and 1338 of the Indonesian Civil Code. The Supreme Court no. 1300/K/Pdt/2013, the supreme court has made an incorrect decision by granting the plaintiff's lawsuit as the syndicated creditor. It is incorrect because, in the syndicated loan agreement, the creditors had agreed to appoint a facilitating agent who acts legally as representative of the creditors, it makes the facilitating agent is authorized to have a direct relation with the debtors, especially in filing a lawsuit to the court.

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Drago, Danilo, and Concetta Carnevale. "Do CSR Ratings Affect Loan Spreads? Evidence from European Syndicated Loan Market." Sustainability 12, no. 18 (September 16, 2020): 7639. http://dx.doi.org/10.3390/su12187639.

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We investigate whether corporate social responsibility (CSR) ratings affect the syndicated loan spreads paid by European listed firms. By performing ordinary least squares (OLS) pooled regressions on a sample of 1101 syndicated loans granted to European companies, we find evidence that borrowers’ CSR ratings have a significant impact on loan spreads. However, the relationship between CSR ratings and loan spreads is quite complex. Low CSR-rated firms pay higher loan spreads than better CSR-rated firms, but high CSR ratings are not always rewarded by lenders. The benefits of a high CSR rating level are significant only for firms located in countries that pay great attention to sustainability issues. Overall, our work provides a key to reconciling the mixed results obtained in the empirical literature, as we find evidence of a significant lack of homogeneity within the European Union countries regarding the relationship between CSR performance and the cost of debt financing.

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Altunbaş, Yener, Blaise Gadanecz, and Alper Kara. "The evolution of syndicated loan markets." Service Industries Journal 26, no. 6 (September 2006): 689–707. http://dx.doi.org/10.1080/02642060600851129.

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Gasbarro, Dominic, Kim-Song Le, Robert G. Schwebach, and J. Kenton Zumwalt. "Syndicated Loan Announcements and Borrower Value." Journal of Financial Research 27, no. 1 (March 2004): 133–41. http://dx.doi.org/10.1111/j.1475-6803.2004.00081.x.

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Haselmann, Rainer, and Paul Wachtel. "Foreign banks in syndicated loan markets." Journal of Banking & Finance 35, no. 10 (October 2011): 2679–89. http://dx.doi.org/10.1016/j.jbankfin.2011.02.023.

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Matveeva, Natalya A. "THE LEGAL NATURE OF SYNDICATED LOAN AGREE-MENTS AND ON THE ORGANIZATION OF A SYNDICATED LOAN." Banking law 3 (June 24, 2020): 21–27. http://dx.doi.org/10.18572/1812-3945-2020-3-21-27.

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Song, Liang, and Joel C. Tuoriniemi. "Accounting quality, governance standards, and syndicated loan contracts." Pacific Accounting Review 28, no. 1 (February 1, 2016): 2–15. http://dx.doi.org/10.1108/par-10-2014-0035.

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Purpose – The purpose of this paper is to examine how firms’ accounting quality affects bank loan contracting in seven emerging markets and whether these relationships are affected by borrowers’ governance standards. Design/methodology/approach – The study sample period is 1999-2007 because the syndicated loan market was severely affected by the East Asian financial crisis of 1998 and the US financial crisis of 2008. The final sample includes 719 loan observations for 75 firms in seven emerging markets. Findings – The authors find that syndicated lenders provide loans with more favorable terms such as larger amounts, longer maturity and lower interest spread to borrowers in emerging markets with higher accounting quality. The authors also find that the influences of accounting quality on syndicated loan contracting for borrowers in emerging markets exist only with higher country- and firm-level governance rankings. The results of this paper suggest that lenders place more value on accounting numbers generated by borrowers in emerging markets with stronger internal and country governance frameworks. Originality/value – Overall, this research provides new insights about how accounting quality affects the contract design. Specifically, the extant literature has demonstrated the effects of accounting quality on financial contracts in developed countries (e.g. Bharath et al., 2008). The authors extend this analysis to borrowers in emerging markets and confirm a similar result. Most notably, the authors explore whether the relationship between accounting quality and syndicated loan contracts is influenced by borrowers’ country- and firm-level governance, and find that accounting quality matters only when accompanied by high-quality governance. This research provides new insights about how accounting quality and governance standards affect the terms of borrowing contracts in emerging markets.

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Keil, Jan, and Karsten Müller. "Bank Branching Deregulation and the Syndicated Loan Market." Journal of Financial and Quantitative Analysis 55, no. 4 (August 15, 2019): 1269–303. http://dx.doi.org/10.1017/s0022109019000607.

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How do changes in banking regulation affect the syndicated loan market? Because branch networks and loan syndication both enable banks to diversify geographical credit risk, we investigate the staggered implementation of the Riegle–Neal Interstate Branching and Banking Efficiency Act of 1994. Exploiting that the act only changed the legal framework for out-of-state commercial banks, we find that branching deregulation decreased syndicated loan issuance but spurred bilateral lending to corporations. Consistent with a supply-driven substitution effect, this shift is also reflected in interest rate spreads. Our results suggest that changes to banking regulation can substantially alter credit allocation across loan types.

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Tarasov, A. A. "FINANCING OF COMPANIES WITH SYNDICATED LOANS." World of Transport and Transportation 15, no. 3 (June 28, 2017): 122–31. http://dx.doi.org/10.30932/1992-3252-2017-15-3-11.

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[For the English abstract and full text of the article please see the attached PDF-File (English version follows Russian version)].ABSTRACT The article analyzes the features of syndicated loans for transport companies. The purposes for which borrowers from the transport sector raise funds, and the requirements for provision of financial and information materials within the transaction are considered. The key stages of the process of attracting a syndicated loan and functions of its main participants are presented, while the success of the project is the consistency of the results with the objectives of the operation and the set deadlines. Keywords: economy, financing of transport companies, syndicated lending, debt market, corporate finance, transaction conditions, financial management.

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Arsenova, L. A. "REGIONAL ASPECTS OF DEVELOPMENT OF SYNDICATED LOAN MARKET IN RUSSIA AND PRICE TRENDS UNDER THE CONDITIONS OF MODERN WORLD ECONOMIC CRISIS." Strategic decisions and risk management, no. 1 (November 1, 2014): 80–87. http://dx.doi.org/10.17747/2078-8886-2011-1-80-87.

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Syndicated loans market has significantly changed following the financial crisis in 2008-2010. However for the regional companies the syndicated loans have become an instrument for the increase in efficiency and recovery. As well Russian banks are more active on the syndicated loans market. As for the further development and pricing trends we assume that the pre-crisis amounts and structures of the syndicated loans could not return before end 2012–2013 however the pricing will remain on the current level.

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Matveev, Igor V. "THE LIABILITY UNDER A SYNDICATED LOAN AGREEMENT." Banking law 3 (June 24, 2020): 12–20. http://dx.doi.org/10.18572/1812-3945-2020-3-12-20.

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30

Mi, Biao, and Liang Han. "Banking market concentration and syndicated loan prices." Review of Quantitative Finance and Accounting 54, no. 1 (December 4, 2018): 1–28. http://dx.doi.org/10.1007/s11156-018-0781-y.

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31

Kopecky, Kenneth, and Yibo Xiao. "THE REPUTATION EFFECT ON SYNDICATED LOAN PRICING." Journal of Academy of Business and Economics 13, no. 1 (March 1, 2013): 207–25. http://dx.doi.org/10.18374/jabe-13-1.16.

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BELOUSOV, Andrei L. "Syndicated Lending: Law Enforcement and Legislative Refinements." Digest Finance 26, no. 3 (September 30, 2021): 261–67. http://dx.doi.org/10.24891/df.26.3.261.

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Subject. This article focuses on the development of the syndicated lending institution as the respective legal framework emerges. Objectives. The article aims to consider problems of the development of syndicated lending in Russia and describe the main areas for further changes in the legal regulation. Methods. For the study, I used logical and structural analyses, and functional analysis system and legalistic approaches. Results. The article describes the essence, features and legal regulation of syndicated lending, and evaluates enforcement practices based on the new syndicated loan law. It also formulates key issues and identifies further areas for changing the legal regulation of syndicated lending. Conclusions. The development of syndicated lending can significantly support large and medium-sized businesses in terms of job preservation, tax revenue growth, and business competitiveness. The findings can contribute to the theory of syndicated lending in the Russian Federation, and practical activities to suggest possible legislative and regulatory improvements in this area.

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Godlewski, Christophe J. "How to get a syndicated loan fast ? The role of syndicate composition and organization." Finance 31, no. 2 (2010): 051. http://dx.doi.org/10.3917/fina.312.0051.

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Tarasov, A. "Management Issues in Loan Syndications Banking." Review of Business and Economics Studies 7, no. 3 (September 30, 2019): 37–44. http://dx.doi.org/10.26794/2308-944x-2019-7-3-37-44.

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This article covers the key management issues in the loan syndications banking business. A syndicated loan is provided to a borrower by a group of commercial or investment banks. The global syndicated loan market is from one perspective, the primary funding source for corporations and on the other — one of the leading businesses for the global banks. There exist some unique challenges that must be responded by banks from a managerial and strategic perspective to establish and maintain leadership in the important business due to the features, structures, and industrial organisation of the market. We first consider how the loan syndications business is structured in a global bank, its functions and competitive advantages. Then we discuss the ways banks can implement an effective strategy and maintain leadership and growth in the market. Finally, we propose solutions to dealing with commoditization in banking: (i) adding more value-added services to the client offering; (ii) bundling of services in order to realize cross-selling opportunities and maximize share-of-wallet; (iii) further segmentation and customization of the client base (by industry/relationship/services consumption). By adopting these strategies, banks can successfully fight the commoditization magnet and increase the profitability of their loans syndications businesses.

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Смирнов, Е., and E. Smirnov. "Loan for Manufacturers Will Become More Affordable." Auditor 4, no. 3 (April 4, 2018): 3–9. http://dx.doi.org/10.12737/16756.

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Entered into force in February this year, the federal law on syndicated loans, according to analysts of the Russian Parliament and the Government of Russia, will signifi cantly increase lending in the real economy and at the same time reduce the risks of creditors.

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Mikhaylovskiy, Vladimir A., and Aleksandr E. Fedorkov. "AN AGREEMENT ON THE MAIN SYNDICATED LOAN TERMS." Banking law 3 (June 24, 2020): 33–41. http://dx.doi.org/10.18572/1812-3945-2020-3-33-41.

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Lee, Sang Whi, and Sang Soo Park. "A Study on the Chinese Syndicated Loan Market." Journal of international area studies 12, no. 2 (July 31, 2008): 247. http://dx.doi.org/10.18327/jias.2008.07.12.2.247.

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Heitfield, Erik, Steve Burton, and Souphala Chomsisengphet. "Systematic and idiosyncratic risk in syndicated loan portfolios." Journal of Credit Risk 2, no. 3 (2006): 3–31. http://dx.doi.org/10.21314/jcr.2006.038.

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Drago, Danilo, and Raffaele Gallo. "Do multiple credit ratings affect syndicated loan spreads?" Journal of International Financial Markets, Institutions and Money 56 (September 2018): 1–16. http://dx.doi.org/10.1016/j.intfin.2018.04.002.

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Champagne, Claudia, and Frank Coggins. "Common information asymmetry factors in syndicated loan structures." Journal of Banking & Finance 36, no. 5 (May 2012): 1437–51. http://dx.doi.org/10.1016/j.jbankfin.2011.12.009.

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Kim, Moshe, Jordi Surroca, and Josep A. Tribó. "Impact of ethical behavior on syndicated loan rates." Journal of Banking & Finance 38 (January 2014): 122–44. http://dx.doi.org/10.1016/j.jbankfin.2013.10.006.

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Franco, Francesca, Oktay Urcan, and Florin P. Vasvari. "Corporate Diversification and the Cost of Debt: The Role of Segment Disclosures." Accounting Review 91, no. 4 (October 1, 2015): 1139–65. http://dx.doi.org/10.2308/accr-51325.

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ABSTRACT Previous theoretical arguments suggest that industrial diversification provides a co-insurance effect that decreases the firm's default risk. In this paper, we endogenously estimate a firm's segment disclosure quality and investigate whether the quality of segment disclosures significantly affects bond investors' assessment of the co-insurance effect of diversification. We document that bonds issued by industrially diversified firms with high-quality segment disclosures have significantly lower yields than bonds issued by diversified firms with low-quality segment disclosures. We also find that the negative relation between industrial diversification and bond yields becomes stronger when firms improve segment disclosures as a result of FAS 131. Finally, we show that high-quality segment disclosures are associated with lower syndicated loan spreads for a subsample of loans issued by large bank syndicates, which are more likely to rely on publicly reported segment information. JEL Classifications: G31; G32; M10; O16.

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Nguyen, Ca. "Does amortization matter? Evidence from the syndicated loan market." Journal of Financial Research 45, no. 1 (February 10, 2022): 92–123. http://dx.doi.org/10.1111/jfir.12269.

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الخطيب, محمد شاهين, and شيرين أبو غزالة. "ماهية قرض التجمع البنكي = The Concept of Syndicated Loan." Dirasat Shari a and Law Sciences 43 (October 2016): 1493–512. http://dx.doi.org/10.12816/0035128.

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Mora, Nada. "Lender Exposure and Effort in the Syndicated Loan Market." Journal of Risk and Insurance 82, no. 1 (January 16, 2014): 205–52. http://dx.doi.org/10.1111/jori.12020.

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Cumming, Douglas, Florencio Lopez-de-Silanes, Joseph A. McCahery, and Armin Schwienbacher. "Tranching in the syndicated loan market around the world." Journal of International Business Studies 51, no. 1 (July 4, 2019): 95–120. http://dx.doi.org/10.1057/s41267-019-00249-1.

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Maskara, Pankaj Kumar, and Donald J. Mullineaux. "Small Firm Capital Structure and the Syndicated Loan Market." Journal of Financial Services Research 39, no. 1-2 (June 29, 2010): 55–70. http://dx.doi.org/10.1007/s10693-010-0086-3.

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Champagne, Claudia, and Lawrence Kryzanowski. "Are current syndicated loan alliances related to past alliances?" Journal of Banking & Finance 31, no. 10 (October 2007): 3145–61. http://dx.doi.org/10.1016/j.jbankfin.2006.11.018.

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49

Champagne, Claudia. "The international syndicated loan market network: An “unholy trinity”?" Global Finance Journal 25, no. 2 (2014): 148–68. http://dx.doi.org/10.1016/j.gfj.2014.06.006.

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Brown, Christine, Viet Do, and Oscar Trevarthen. "Liquidity shock management: Lessons from Australian banks." Australian Journal of Management 42, no. 4 (November 17, 2016): 637–52. http://dx.doi.org/10.1177/0312896216656720.

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Prior to the 2007–2009 financial crisis, international banks had an average share of around 65% of the syndicated loan market in Australia. When the crisis hit, the resulting liquidity shock resulted in globally active international banks exiting the Australian market. With limited global operations, the major Australian banks were able to absorb and manage the liquidity shock. This resulted in domestic banks carrying a significantly greater proportion of revolving credit facilities in their syndicated loan portfolios after 2008. Domestic bank willingness and ability to deal with the market disruption and to hold a greater proportion of high liquidity risk revolvers are directly linked to the level of their transaction deposits. Their increased involvement in revolving facilities cannot be fully explained by the certification effect or flight-to-home effect. It is not demand driven and is robust to endogeneity tests.

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