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Comparison of Syndicated Loan Markets with Bond Markets

In: Syndicated Loans

Author

Listed:
  • Yener Altunbaş

    (University of Wales)

  • Blaise Gadanecz

    (Bank for international Settlements)

  • Alper Kara

    (University of Leicester)

Abstract

Excessive borrowing by companies, households or governments lies at the root of almost every economic crisis of the past two decades, from Mexico to Japan and from East Asia to Russia. Following the financial crises in Mexico (1995) and South-East Asia (1997, 1998) the determinants of bond and loan financing to developing countries and the pricing of these instruments have been analysed widely in the academic literature (see, for instance, Hernandez and Rudolph, 1995; Eichengreen and Mody, 1997, 1998; Kamin and von Kleist, 1999; Chowdhry and Goyal, 2000). As stressed by Hale (2005), bonds and loans compete in the market for emerging market finance and it is important to gauge the relative importance of each instrument for planning purposes by lenders and borrowers alike. Indeed, while banks can cancel loans relatively easily — posing more potential liquidity threats to emerging market borrowers — bonds are harder to restructure, not least because of the dispersion of the bondholders.

Suggested Citation

  • Yener Altunbaş & Blaise Gadanecz & Alper Kara, 2006. "Comparison of Syndicated Loan Markets with Bond Markets," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Syndicated Loans, chapter 7, pages 126-161, Palgrave Macmillan.
  • Handle: RePEc:pal:pmschp:978-0-230-59723-5_7
    DOI: 10.1057/9780230597235_7
    as

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