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| Tekijä: | Thomas, H. Wang, Z. |
| Otsikko: | The integration of bank syndicated loan and junk bond markets |
| Lehti: | Journal of Banking and Finance
2004 : FEB, VOL. 28:2, p. 299-329 |
| Asiasana: | Banking Loans Pricing Liquidity Syndicated loans Junk bonds |
| Kieli: | eng |
| Tiivistelmä: | This paper hypothesizes that the special role of banks as corporate quasi-insiders has been changing due to developments in informational, legal and institutional infrastructures of syndicated loan markets. It investigates the integration of intermediated and disintermediated financial markets through highly leveraged transaction (HLT) syndicated loans during the 1990s. It is demonstrated that, with the emergence of traded HLT syndicated loans as an alternative high-yield asset to high-yield bonds, market integration has dramatically increased. Taking the late 1980s and 1990s together, different factors explain the movement of credit spreads of the two markets. HLT loan market's spreads are strongly affected by bank liquidity, the effect of which on HLT loan spreads disappears after 1993. From 19941999, junk bond market liquidity factors affect bank loan pricing. These changes are interpreted as evidence of the erosion of bank specialness. |
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