External support and bank behaviour in the international syndicated loan market

Banks that enjoyed generous external financial support tended to under-price risk in theinternational syndicated loan market and did not show signs of innovation in their loanparticipations. Loans arranged by such banks had on average lower spreads (controlling forrisk and other characteristics) and these banks retained loans that were on average pricedbelow market. When supported banks’ investment...

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Year of publication:	2008-11-01
Authors:	Gadanecz, Blaise ; Tsatsarōnēs, Kōstas ; Altunbaş, Yener
Institutions:	Bank für Internationalen Zahlungsausgleich <Basel>
Publisher:	Bank für Internationalen Zahlungsausgleich <Basel>
Subject:	Bank \| Portfoliomanagement \| portfolio management \| Risikoverhalten

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1. The main questions and related literature
2. Empirical methodology and data
Two analytical perspectives
3. Baseline pricing regression
4. Looking at individual loans
4.1 The influence of special banks on individual loan spreads
4.2 Do supported banks retain a higher share of the loan?
5. Looking at individual banks
5.1 Patterns of portfolio composition
Specialisation
Herding
Churning
5.2 Underpricing of portfolios

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