Is the Corporate Loan Market Globally Integrated? PDF Download
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Author: Mark Steven Carey
Publisher:
ISBN:
Category : Globalization
Languages : en
Pages : 56
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Book Description
"We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the U.S., other things equal. Differences in borrower, loan and lender characteristics associated with equilibrium mechanisms suggested in the literature do not appear to explain the phenomenon. Borrowers overwhelmingly issue in their natural home market and bank portfolios display significant home "bias." This may explain why pricing discrepancies are not competed away, but the fundamental causes of the discrepancies remain a puzzle. Thus, important determinants of loan origination market outcomes remain to be identified, home "bias" appears to be material for pricing, and corporate financing costs differ in Europe and the U.S"--Federal Reserve Board web site.
Author: Mark Steven Carey
Publisher:
ISBN:
Category : Globalization
Languages : en
Pages : 56
Get Book Here
Book Description
"We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the U.S., other things equal. Differences in borrower, loan and lender characteristics associated with equilibrium mechanisms suggested in the literature do not appear to explain the phenomenon. Borrowers overwhelmingly issue in their natural home market and bank portfolios display significant home "bias." This may explain why pricing discrepancies are not competed away, but the fundamental causes of the discrepancies remain a puzzle. Thus, important determinants of loan origination market outcomes remain to be identified, home "bias" appears to be material for pricing, and corporate financing costs differ in Europe and the U.S"--Federal Reserve Board web site.
Author: Mark Carey
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
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Book Description
Author: James R. Barth
Publisher: Edward Elgar Publishing
ISBN: 1849806101
Category : Business & Economics
Languages : en
Pages : 767
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Book Description
The recent financial crisis has stimulated much debate on the governance of financial institutions, as well as research on the effects of governance arrangements on risk-taking, performance and financial institutions more generally. Furthermore, researchers are asking how regulation, legislation, politics and other factors influence the governance of financial institutions and their behavior in different dimensions. The specially commissioned contributions featured in this timely Handbook confront these complex issues. The contributors – top international scholars from finance, law and business – explore the role of governance, both internal and external, in explaining risk-taking and other aspects of the behavior of financial institutions. Additionally, they discuss market and policy features affecting objectives and quality of governance. The chapters provide in-depth analysis of factors such as: ownership, efficiency and stability; market discipline; compensation and performance; social responsibility; and governance in non-bank financial institutions. Only through this kind of rigorous examination can one hope to implement the financial reforms necessary and sufficient to reduce the likelihood and severity of future crises. Bringing the reader to the frontier of research on governance of financial institutions, this volume is sure to inspire future research in scholars and students of financial institutions, governance and banking as well as all those involved with private financial institutions and public regulatory and supervisory authorities.
Author: M. Morgan
Publisher: Springer
ISBN: 0230100066
Category : Business & Economics
Languages : en
Pages : 277
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Book Description
The Impact of 9/11 on Business and Economics is the second volume of the six-volume series The Day that Changed Everything? edited by Matthew J. Morgan. The series brings together from a broad spectrum of disciplines the leading thinkers of our time to reflect on one of the most significant events of our time.
Author: Nicola Cetorelli
Publisher: DIANE Publishing
ISBN: 1437933874
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market (EM) economies. The authors examine adverse liquidity shocks on main developed-country banking systems and their relationships to EM across Europe, Asia, and Latin Amer., isolating loan supply from loan demand effects. Loan supply in EM across Europe, Asia, and Latin Amer. was affected significantly through three separate channels: (1) a contraction in direct, cross-border lending by foreign banks; (2) a contraction in local lending by foreign banks¿ affiliates in EM; and (3) a contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, cross-border lending. Charts and tables.
Author: LSTA (Loan Syndications and Trading Assoc.)
Publisher: McGraw Hill Professional
ISBN: 0071468986
Category : Business & Economics
Languages : en
Pages : 1006
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Book Description
The First Guide to Understanding and Capitalizing on the $1 Trillion-Plus Loan Syndications and Trading Market! The Handbook of Loan Syndications and Trading is the first resource especially designed to equip institutional investors and professional money managers with expert analysis and insights on every key aspect of this rapidly growing financial market. Co-published by McGraw-Hill and the Loan Syndications and Trading Association (LSTA), The Handbook of Loan Syndications and Trading fully explains the evolution and history of the loan market…primary and secondary markets …analytics and performance…the credit agreement… pricing and all legal and regulatory issues. This comprehensive reference guide features: First-ever guidance on the booming loan syndications and trading market, covering every topic that investors and money managers need to know Over 40 contributions from the leading players in loan syndication, including Standard & Poor's, Bank of America, JP Morgan, Credit Suisse, along with top Buyside Institutions and Law Firms Valuable insights and observations from industry experts A comprehensive A-Z glossary of all loan syndications and trading terms Dozens of helpful tables, charts, and examples
Author: Daniel Gurara
Publisher: International Monetary Fund
ISBN: 1484386205
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Cross-border bank lending is a growing source of external finance in developing countries and could play a key role for infrastructure financing. This paper looks at the role of multilateral development banks (MDBs) on the terms of syndicated loan deals, focusing on loan pricing. The results show that MDBs' participation is associated with higher borrowing costs and longer maturities---signaling a greater willingness to finance high risk projects which may not be financed by the private sector---but it is also associated with lower spreads for riskier borrowers. Overall, our findings suggest that MDBs could crowd in private investment in developing countries through risk mitigation.
Author: Gerard Caprio
Publisher: Academic Press
ISBN: 0123978734
Category : Business & Economics
Languages : en
Pages : 635
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Book Description
This title begins its description of how we created a financially-intergrated world by first examining the history of financial globalization, from Roman practices and Ottoman finance to Chinese standards, the beginnings of corporate practices, and the advent of efforts to safeguard financial stability.
Author: Michael Bellucci
Publisher: McGraw Hill Professional
ISBN: 1259644871
Category : Business & Economics
Languages : en
Pages : 704
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Book Description
The definitive guide for navigating today’s credit agreements Today’s syndicated loan market and underlying credit agreements are far more complex than ever. Since the global financial crisis, the art of corporate loan syndications, loan trading, and investing in this asset class have changed dramatically. Lenders are more diverse, borrowers more demanding, and regulations more stringent. Consequently, the credit agreement has evolved, incorporating many new provisions and a host of revisions to existing ones. The LSTA’s Complete Credit Agreement Guide brings you up to speed on today’s credit agreements and helps you navigate these complex instruments. This comprehensive guide has been fully updated to address seven years of major change—which has all but transformed the loan market as we knew it. It provides everything you need to address these new developments, including what to look for in large sponsor-driven deals, the rise of “covenant lite” agreements for corporate borrowers seeking fewer covenant restrictions, Yankee Loans, other products resulting from globalization, and other product developments driven by the diversification of the investor class. You’ll benefit from the authors’ in-depth coverage of all the nuances of today's credit agreements, as well as their tips on how to protect your loan, manage defaults, and navigate cross-border deals. This reliable guide covers: o Commitments, Loans, and Letters of Credit o Interest and Fees o Amortization and Maturity o Conditions Precedent o Representations o Covenants o Guarantees and Security o Defaults and Enforcement o Interlender, Voting, and Agency issues o Defaulting Lenders o Assignments, Participations, and Disqualified Lender ListsBorrower Rights o Regulatory Developments Structuring and managing credit agreements has always been a difficult process – but now it’s more complicated than ever. Whether you work for a company that borrows money in the syndicated loan market or for a bank, a hedge fund, pension fund, insurance company, or other financial institution, the LSTA’s Complete Credit Agreement Guide puts you ahead of the curve of today’s credit landscape.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
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Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
