Template-Type: ReDIF-Article 1.0
Author-Name: Iñaki Aldasoro
Author-Name: Sebastian Doerr
Author-Name: Haonan Zhou
Title: Non-bank lenders in the syndicated loan market
Abstract: Non-bank lenders are an important source of syndicated credit to non-financial corporates in most regions and industries. Their loan origination, however, is more concentrated by location and sector than that of banks and it is also more volatile. Syndicated loans arranged by non-banks carry a significantly higher spread relative to those by banks, consistent with the pattern that firms borrowing from non-banks are more leveraged and less profitable, ie riskier. Non-banks generally grant a smaller share of their new loans to foreign borrowers than banks do. During domestic financial crises, they reduce this share further, exacerbating the global transmission of shocks.
Journal: BIS Quarterly Review
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2203c.pdf
File-Format: Application/pdf
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2203c.htm
File-Format: text/html
Year: 2022
Month: March
Classification-JEL: E51, F34, G21, G23
Handle: RePEc:bis:bisqtr:2206c