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Non-bank investors and loan renegotiations

Author: Santos, Jo�ao Cabral dos. ; Teodora Paligorova; Bank of Canada,
Publisher: Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2016. ©2016
Series: Staff working paper (Bank of Canada), 2016-60.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
"We document that the structure of syndicates affects loan renegotiations. Lead banks with large retained shares have positive effects on renegotiations. In contrast, more diverse syndicates deter renegotiations, but only for credit lines. The former result can be explained with coordination theories. The puzzling effect of syndicate diversity in term loan renegotiations derives from the growth of collateralized  Read more...
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Details

Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Santos, Jo�ao Cabral dos. ; Teodora Paligorova; Bank of Canada,
OCLC Number: 969538311
Language Note: Includes abstracts in English and French.
Notes: Distributed by the Government of Canada Depository Services Program (Weekly acquisitions list 2017-02).
"December 2016."
Description: 1 online resource (ii, 53 pages).
Series Title: Staff working paper (Bank of Canada), 2016-60.
Responsibility: by Teodora Paligorova, Financial Markets Department, Bank of Canada, and João A.C. Santos, Federal Reserve Bank of New York.

Abstract:

"We document that the structure of syndicates affects loan renegotiations. Lead banks with large retained shares have positive effects on renegotiations. In contrast, more diverse syndicates deter renegotiations, but only for credit lines. The former result can be explained with coordination theories. The puzzling effect of syndicate diversity in term loan renegotiations derives from the growth of collateralized loan obligations (CLOs) in the syndicated loan market and the coordination between these vehicles and lead banks. CLOs that have a relationship with the lead bank of the renegotiated loan are strong supporters of amount-increase renegotiations, arguably because this gives them access to attractive investments. Related CLOs fund not only their portion of the loan increase, but also the portion that was supposed to be funded by the lead bank. Our findings highlight the previously unrecognized role of the growing presence of non-bank lendersin corporate lending"--Abstract, p. ii.

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