Syndicated lending and competition policy : a theoretical perspective
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Annette BONGARDT (ed.), Competition policy in the European Union : experiences and the challenges ahead, Oeiras : Instituto Nacional de Administracao (INA), 2005, pp. 103-108
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SCHURE, Paul, Syndicated lending and competition policyāÆ: a theoretical perspective, in Annette BONGARDT (ed.), Competition policy in the European UnionāÆ: experiences and the challenges ahead, OeirasāÆ: Instituto Nacional de Administracao (INA), 2005, pp. 103-108 - https://hdl.handle.net/1814/74849
Abstract
A syndicated loan is a loan or credit commitment granted by multiple banks. Syndicated loans are an extremely important source of external finance for the corporate sector. For example in the year 2004 banks commited more than USD 2 trillion in syndicated loans to firms. To compare, this is about 10 times the amount firms received in 2004 from issuing equity. The bond market was bigger, but thus was notably because of activity in the bond market by financial firms. Non-financial firms attracted much more external finance through syndicated loans than through bonds and other debt securities.