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Title: | Large debt financing syndicated loans versus corporate bonds |
Authors: | Altunbas, Y Kara, A Marques-Ibanez, D |
Keywords: | syndicated loans;corporate bonds;debt choice;the euro area |
Issue Date: | 2-Mar-2009 |
Publisher: | European Central Bank (ECB) |
Citation: | Altunbas, Y., Kara, A. and Marques-Ibanez, D. (2009) 'Large debt financing syndicated loans versus corporate bonds', European Central Bank (ECB), Working Paper Series, pp. 1 - 35. Available at: https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1028.pdf. |
Series/Report no.: | ECB Working Paper;No. 1028 |
Abstract: | Following the introduction of the euro, the markets for large debt financing experienced a historical expansion. We investigate the financial factors behind the issuance of syndicated loans for an extensive sample of euro area non-financial corporations. For the first time we compare these factors to those of its major competitor: the corporate bond market. We find that large firms, with greater financial leverage, more (verifiable) profits and higher liquidation values tend to prefer syndicated loans. In contrast, firms with larger levels of short-term debt and those perceived by markets as having more growth opportunities favour financing through corporate bonds. |
Description: | JEL Classification: D40, F30, G21. European Central Bank Working Paper Series For a complete list of Working Papers published by the ECB, please visit the ECB’s website (https://www.ecb.europa.eu/pub/research/working-papers/html/index.en.html). |
URI: | https://bura.brunel.ac.uk/handle/2438/27902 |
ISSN: | 1561-0810 |
Other Identifiers: | ORCID iD: Alper Kara https://orcid.org/0000-0002-8560-0501 |
Appears in Collections: | Dept of Economics and Finance Research Papers |
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