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A Global Overview of the Syndicated Loans Market

In: Syndicated Loans

Author

Listed:
  • Yener Altunbaş

    (University of Wales)

  • Blaise Gadanecz

    (Bank for international Settlements)

  • Alper Kara

    (University of Leicester)

Abstract

Syndicated loans are credits granted by a group of banks to a borrower. They are hybrid instruments combining features of relationship lending and publicly traded debt. They allow the sharing of credit risk between various financial institutions without the disclosure and marketing burden that bond issuers face. Syndicated credits are a very significant source of international financing, with signings of international syndicated loan facilities accounting for no less than a third of all international financing, including bond, commercial paper and equity issues (Figure 2.1). This chapter describes the functioning of this increasingly global market, focusing on participants, pricing mechanisms, primary origination and secondary trading.

Suggested Citation

  • Yener Altunbaş & Blaise Gadanecz & Alper Kara, 2006. "A Global Overview of the Syndicated Loans Market," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Syndicated Loans, chapter 2, pages 6-14, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-59723-5_2
    DOI: 10.1057/9780230597235_2
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    Cited by:

    1. Alperovych, Yan & Divakaruni, Anantha & Manigart, Sophie, 2022. "Lending when relationships are scarce: The role of information spread via bank networks," Journal of Corporate Finance, Elsevier, vol. 73(C).

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