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Author:Saunders, Anthony 

The Myth of the Lead Arranger’s Share

We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly after syndication. In contrast to existing asymmetric information theories on the role of the lead share, we find that loans that are sold are less likely to become non-performing in the future. This result is robust to several different measures of loan performance and is reflected in subsequent secondary market prices. We ...
Staff Reports , Paper 922

Journal Article
The Eurocurrency interbank market: potential for international crises?

Business Review , Issue Jan , Pages 17-27

Journal Article
LDC debt rescheduling: calculating who gains, who loses

Business Review , Issue Nov , Pages 13-23

Journal Article
Securities activities of commercial banks: the problem of conflicts of interest

Business Review , Issue Jul/Aug , Pages 17-27

Journal Article
Why are so many new stock issues underpriced?

Business Review , Issue Mar , Pages 3-12

Working Paper
Incentives to engage in bank window-dressing: manager vs. stockholder conflicts

Working Papers , Paper 89-9

Working Paper
When does the prime rate change?

Working Papers , Paper 90-16

Working Paper
The hedging performance of ECU futures contracts

Working Papers , Paper 87-15

Working Paper
Who changes the prime rate?

Working Papers , Paper 90-26

Working Paper
Bank size, collateral, and net purchase behavior in the federal funds market: empirical evidence a note

Working Papers , Paper 87-12


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