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Practice paper

Determinants of bank loan syndication structures for emerging market borrowers

Christophe J. Godlewskiy
Journal of Risk Management in Financial Institutions, 1 (3), 277-296 (2008)
https://doi.org/10.69554/QFBU6965

Abstract

This paper investigates loan, borrower and country-level characteristics that influence bank loan syndicate structures lending to borrowers from emerging countries. It finds that main syndication motives such as loans portfolio diversification, regulatory pressure and management costs affect the structure of syndicates in a manner which is consistent with the benefits of syndication. Syndicates also adapt their structure to the banking environment of the borrower country and to mitigate potential agency problems stemming from the syndication process. Banking structure, regulation and financial development are the main drivers of the structuring of syndicates lending to borrowers from emerging markets. Structure is also sensitive to the legal environment in order to mitigate agency problems and re-contracting risk in case of borrower distress.

Keywords: bank; loan; syndication; syndicate structure; emerging markets

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Author's Biography

Christophe J. Godlewskiy is an assistant professor of finance at the University of Strasbourg Faculty of Business and Economics where he teaches corporate finance, financial analysis and risk management. He is also a member of the Laboratoire de Recherche en Gestion et Economie. He holds a PhD in finance from the Université Robert Schuman and a master’s of science in banking and finance from the Université Louis Pasteur. His research interests include credit risk management, bank loan syndication, organisation and governance in banks, bank efficiency and regulation, and emerging markets finance. He has presented his work at numerous international finance conferences and has been published in several refereed finance journals. He is a member of the French and the German Finance Associations.

Citation

Godlewskiy, Christophe J. (2008, June 1). Determinants of bank loan syndication structures for emerging market borrowers. In the Journal of Risk Management in Financial Institutions, Volume 1, Issue 3. https://doi.org/10.69554/QFBU6965.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 1 / Issue 3
© Henry Stewart
Publications LLP

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