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Bank loans --- Syndicated loans --- Law and legislation --- Law and legislation

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This text provides an accessible introduction to syndicated loan agreements in English law and practice. It covers the key concepts of English contract law which are relevant to commercial lending transactions; loan facility agreements; syndicated lending; and loan transfers.

Loans --- Loans --- Bank loans --- Syndicated loans --- Law and legislation --- Law and legislation --- Law and legislation. --- Law and legislation.

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This paper documents to what extent firms from developing countries borrow short versus long term, using data on corporate bond and syndicated loan markets. Contrary to claims in the literature based on firm balance sheets, firms from developing countries borrow through bonds and syndicated loans at maturities similar to those obtained by developed country firms. The composition and use of financing matters. Firms from developing countries borrow shorter term in domestic bond markets, but the differences in international issuances (accounting for most of the proceeds) are significantly smaller. Developing country firms borrow longer term in syndicated loan markets, which they partially use for infrastructure projects. However, only large firms from developing countries (similar in size to those from developed ones) issue bonds and syndicated loans. The short-termism in developing countries is partly explained by a lower proportion of firms using these markets, with more firms relying on other shorter-term instruments.

Capital Raising --- Corporate Bonds --- Developing Countries --- Domestic Debt --- Firm Financing --- International Debt --- Issuance Maturity --- Long-Term Debt --- Markets --- Short-Term Debt --- Syndicated Loans

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This paper documents how firms in Arab countries issue equity, corporate bonds, and syndicated loans in domestic and international markets to obtain financing and grow. Using a new data set on issuance activity and firm performance, the paper finds that capital raising through these markets has grown rapidly since the early 1990s and involved an increasing number of issuing firms. Whereas the amounts raised (relative to gross domestic product) in equity and loan markets stand well with respect to international standards, bond issuance activity lags behind. Yet, bond financing has gained importance over time. Equity issuances primarily take place domestically, while bonds and loans are mostly issued internationally, display long maturities, and entail low levels of credit risk. Issuing firms are larger, grow faster, and are more leveraged than non-issuers. While issuers tend to be larger ex ante than non-issuers, the size gap between them seems to widen over time.

Capital Raising --- Corporate Bonds --- Domestic and International Debt Markets --- Equity --- Firm Financing --- Global Financial Crisis --- Issuance Activity --- Syndicated Loans --- Arab Countries

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Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sector. This finding suggests that a higher level of public external debt "crowds out" foreign credit to the private sector by increasing the risk of a sovereign debt crisis and thereby making exposure to corporate sector debt less desirable. The effect is stronger in countries with weak creditor rights. The results highlight the potential costs of fiscal expansions for the domestic corporate sector even when debt is issued in foreign markets.

Bank loans. --- Syndicated loans. --- Syndicates (Finance). --- Banks --- Debt Management --- Debt --- Debts, External --- Debts, Public --- Depository Institutions --- Emerging and frontier financial markets --- Exports and Imports --- External debt --- Finance --- Finance: General --- Financial services industry --- General Financial Markets: General (includes Measurement and Data) --- Industries: Financial Services --- International economics --- International Lending and Debt Problems --- Loans --- Micro Finance Institutions --- Mortgages --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Syndicated loans --- United States