By Yener, Gadanecz, Blaise, Kara, Alper Altunbas
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Extra info for Syndicated Loans: A Hybrid of Relationship Lending and Publicly Traded Debt
7 Total volume and number of leveraged buyouts in the US, 1980–99 Source: Thomson Financial Securities database. LBO transactions generally required large borrowings and were often considered too risky for a single bank to underwrite and carry on its balance sheet. The need for a more efficient and liquid loan market arose to manage these exposures more efficiently. To handle this activity, a new type of loan syndication process was pioneered by the major New York money-centre banks, which established loan distribution operations to arrange, underwrite and distribute pieces of large corporate loans to syndicates of banks (Barnish, Miller and Rushmore 1997), limiting their risk as well as diversifying their portfolios.
Activity in the Eurodollar market got a spectacular impetus from the need to recycle the excess funds – dollar-denominated bank deposits – of oil-exporting countries after 1973. 4). html. 3 Current account balances, 1970–80 Sources: IMF, World Economic Outlook and International Financial Statistics databases. 4 The growth of Eurodollar markets, 1970–82 Source: The Congress of the US Congressional Budget Office Staff Working Paper (August 1985), p. 10. The surpluses of oil exporters had to be recycled to oil-importing countries in one way or another.
In addition, restrictions capping interest rates that could be served on deposits did not apply in the Eurodollar market, which prompted banks to look for new innovative financial products to sell to investors, while satisfying borrowers seeking to raise cheaper funds. One of the notable inventions of the era was the establishment of the Eurobond markets which allowed international companies to issue dollar-denominated bonds that would be bought by European and overseas branches of US banks. Typically a Eurobond was underwritten by a syndicate of international banks and denominated in an international currency, issued outside the borrower’s home country, paying a longterm fixed or floating interest rate.