G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16452
DP16452 Ownership Concentration and Performance of Deteriorating Syndicated Loans
Mariassunta Giannetti; Ralf Meisenzahl
发表日期2021-08-13
出版年2021
语种英语
摘要Regulation and capital constraints may force banks and collateralized loan obligations (CLOs) to sell deteriorating loans, potentially hampering renegotiation and amplifying the initial negative shock to the borrower. We show that banks and CLOs sell downgraded loans to mutual funds and hedge funds. The reallocation of loan shares favors the syndicate's concentration increasing lenders' incentives to renegotiate. However, syndicates remain less concentrated when potential buyers experience financial constraints and subsequently loans are less likely to be amended and more likely to be downgraded even further. Our findings indicate that existing regulations may amplify shocks to credit quality during periods of generalized distress in the financial system.
主题Financial Economics
关键词Debtor concentration Credit quality Leveraged lending
URLhttps://cepr.org/publications/dp16452
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/545410
推荐引用方式
GB/T 7714
Mariassunta Giannetti,Ralf Meisenzahl. DP16452 Ownership Concentration and Performance of Deteriorating Syndicated Loans. 2021.
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