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HomeEU loan syndication and its impact on competition in credit markets
Final report
Metaúdaje publikácie
Debt is a critical source of finance for the European economy. The syndicated loan market is a major contributor of debt finance, particularly in terms of large-scale debt. This study by Europe Economics investigates whether the syndicated loans market in six selected countries – France, Germany, the Netherlands, Poland, Spain and the United Kingdom – is working well and efficiently. This research focused on two, important, segments within the overall syndicated lending market – loans supporting Leveraged Buy-outs (LBOs) and those financing project and infrastructure investment. Our work identifies some areas of potential competition concern, particularly around aspects of information exchange between lenders, the provision of ancillary services (such as hedging) by banks that are part of the syndicate, the combination of advisory and debt arranging activities and in refinancing situations. We describe how these risks differ between the LBO and PF/INFRA segments. We identify those features in the market and within market participants that can influence the likelihood of these risks being actualised. We also identify an area of inefficiency in the loan syndication market, not directly related to the competition policy risks, around settlement processes, which could be another area for future regulatory attention
- Dátum uverejnenia:
- Témy Politika hospodárskej súťaže
- Oblasť: banková politika , dlh , odbory , Politika EÚ v oblasti hospodárskej súťaže , trh , úver , úver EÚ
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| ISSN | ISBN 978-92-76-01894-0 | DOI 10.2763/738938 | Katalógové číslo KD-04-19-330-EN-N |
- Released on EU publications website:
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