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Determinants of bank loan syndication structures for emerging market borrowers

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  • Godlewskiy, Christophe J.

Abstract

This paper investigates loan, borrower and country-level characteristics that influence bank loan syndicate structures lending to borrowers from emerging countries. It finds that main syndication motives such as loans portfolio diversification, regulatory pressure and management costs affect the structure of syndicates in a manner which is consistent with the benefits of syndication. Syndicates also adapt their structure to the banking environment of the borrower country and to mitigate potential agency problems stemming from the syndication process. Banking structure, regulation and financial development are the main drivers of the structuring of syndicates lending to borrowers from emerging markets. Structure is also sensitive to the legal environment in order to mitigate agency problems and re-contracting risk in case of borrower distress.

Suggested Citation

  • Godlewskiy, Christophe J., 2008. "Determinants of bank loan syndication structures for emerging market borrowers," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 1(3), pages 277-296, June.
    • Handle: RePEc:aza:rmfi00:y:2008:v:1:i:3:p:277-296
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    More about this item

    Keywords

    bank; loan; syndication; syndicate structure; emerging markets;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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