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Special Report on

Syndicated Loan Facilities

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Bank loan syndicate structure can be considered as an organizational response to agency problems stemming from the syndication process. The banking environment also influences the syndication process. We investigate how syndicate structure is influenced by the characteristics of the banking environment, such as banking market structure, financial development, banking regulation and supervision, and legal risk. The results of a cross-country analysis performed on a sample of 15,586 syndicated loan facilities from 24 countries over a period of 15 years confirm that syndicate structure is influenced by banking environments ...
At the most basic level, arrangers serve the investment-banking role of raising investor funding for an issuer in need of capital. The issuer pays the arranger a fee for this service, and this fee increases with the complexity and risk factors of the loan. As a result, the most profitable loans are those to leveraged borrowers—issuers whose credit ratings are speculative grade and who are paying spreads (premiums or margins above LIBOR in the U.S., Euribor in Europe or another base rate) sufficient to attract the interest of non-bank term loan investors. Though, this threshold moves up and down depending on market conditions. In ...
Finacial Restructuring at Oerlikon Continues
Comprehensive financial restructuring measures agreed, which will strengthen the equity base of the company by up to CHF 1.3 billion and reduce net debt by up to approximately 77 percent (subject to approval by the shareholders at the Annual General Meeting to be held on 18 May 2010). In the financial year 2009, the unprecedented slowdown of the global economy led to a strong decline in sales volumes and a significant net loss. One-time charges of approximately CHF 350 million further impacted the company’s earnings. Operational restructuring measures led to recurring savings of CHF 237 million in 2009. ... market research, surveys and trends
Allens Arthur Robinson: Publication: Client Update: Banking & Finance
Legislation introduced today into Federal Parliament clarifies that the vast majority of syndicated loan facilities of at least $100 million that satisfy the public offer test will qualify for exemptions from interest withholding tax under sections 128F and 128FA of the Income Tax Assessment Act 1936 (Cth), without having to use a 'loan note' structure. Partner Diccon Loxton reports on the details of the Tax Laws Amendment (2007 Measures No. 3) Bill 2007. In a previous AAR Client Update issued on 7 December 2006, we reported that the Federal Government had introduced legislation that prospectively and, to a ... market research, surveys and trends


Converging Markets: Leveraged Syndicated Loans and High-Yield ...
Dec 2, 2005 ... larger syndicated loan facilities has greatly facilitated the expansion of the secondary market for these .... lion to $900 billion between 1993 and 2001.10 For the ... 40 percent of the leveraged loan market was owned ... industry trends, business articles and survey research
Syndicated Loan Facilities - Latest Changes To The S128F ...
The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings.  ( IWT IWT Institute for Women and Technology IWT Incumbent Worker Training IWT Inland Waterway Transport IWT Interest Withholding Tax IWT Instituut voor Wegtransport (Belgium) IWT I Would Think IWT International Workshop on Telematics ) exemption and will facilitate Australian borrowers' access to overseas loan markets. What are the changes to the legislation? For a number of years, there has been significant uncertainty in the ... industry trends, business articles and survey research
Ports of call for FDs looking to finance international growth
to inch from red to green, more and more businesses begin to look at growth as a reasonable aim for 2010. And for those FDs engaged in looking overseas, making sure their businesses are correctly set up to cash in on export opportunities can make all the difference. For some, the bank is the first port of call. Most corporate lenders are trumpeting their willingness to open up lines of lending to their customers. Whether that is true, there is no doubt that for some, the search for growth finance will need to start elsewhere. In the view of Luke Reeve at Ernst & Young’s capital markets advisory, the credit crunch combined ... market trends, news research and surveys resources
MEDICA : First-Half 2010 Business Review
MEDICA (Paris: MDCA), a leading provider of long and short-term dependency care in France, has released its business review for the six months ended 30 June 2010. REVENUE BY SECTOR - �M Long-term care - France % of revenue Post-acute and psychiatric care - France % of revenue ?We are satisfied with the growth in MEDICA's business in the first half of 2010,? said Jacques Bailet, Chairman and Chief Executive Officer. ?During the period, our revenue rose by 10.7% compared with the first half of 2009, with organic growth exceeding 6%. This positive first-half performance has ... market trends, news research and surveys resources


The syndicated loan market: structure, development and ...
signings of international syndicated loan facilities accounting for no less than a third of all international financing, including bond, commercial paper ... technology research, surveys study and trend statistics
FRB: Finance and Economics Discussion Series: Screen Reader ...
Recent accounting changes, for the first time, permit the use of fair value in the primary financial statements for held-to-maturity (HTM) bank loans. While the use of fair value has historically attracted significant discussion and debate, there is little information in the public domain on how banks would measure fair value or use it in loan management. This study presents and analyzes results from in-depth discussions with seven large internationally-active banks on their fair value use and measurement for HTM commercial loans and commitments. The objectives of the discussions and those of the study are to: identify the ... technology research, surveys study and trend statistics
A Comparison of Syndicated Loan Pricing at Investment and ...
syndicate. SECURED takes a value of one if the loan facilities are secured loans . SHORT. MATURITY takes value of one if the loan is a revolver with maturity ...
  1. profile image reedsmithllp A Swap Provider’s Guide to Syndicated Loan Documents That Incorporate Bilateral Swap Facilities...
Google Answers: Research Analysis - Titan Chemical
Hi!! 08-07-2005: S&P ups Titan Chemicals rating to ?BB? by Joseph Chin: "Standard & Poor?s Rating Services has raised Titan Chemical Corp Bhd?s corporate credit rating to ?BB? from BB- and the outlook is stable. ?The rating upgrade on Titan reflects a significant strengthening of the company?s balance sheet after its successful initial public offer in June 2005, with almost all of the proceeds used to reduce debts,? S&P?s credit analysts Royston Quek said on July 8. Under its IPO, Titan raise RM801 million and the debt burden is expected to fall to RM1.70 billion by end-2005, compared with RM2.70 billion at March 31, 2005. ...
Has anyone here been involved with organizing a bank? | Ask MetaFilter
Banker/InvestorFilter: I'm looking to start a new NJ de novo bank, and need someone that has been involved in such a project... I have done research including attending a seminar given by (NuBank) and Speaking to other groups by phone... I am told by some that I would need to get a "senior Lender" or other banker (Not Branch Manager type) to come on board as President. Others tell me to get the investors together and they provide the CEO. has anyone here been involved in such an investment? or any bankers here that could tell me why it's a great (or terrible) idea? I can research all I want, but at the ...