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FINANCIAL MARKET COURSES

Syndicated Lending

The syndicated loan market in its current form was originally developed in the US in the 1980s as a means of financing leveraged buyouts (LBOs). Since then, the global syndicated lending market has since grown significantly, rising to USD 4.5 trillion in 2007. For lenders, syndicating a loan agreement splits the lending risk among a number of participants. It also allows for a diversification of the lending portfolio from both a geographical and sectoral point of view. For borrowers, syndicated loans are an efficient way to raise larger amounts of capital and extend their banking relationships.

 

This course looks at the fundamentals of syndicated lending, including the syndication process, players involved, fees, and the history of the syndicated lending market.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Understand the basic principles of syndicated lending

    Outline the syndication process and the players involved

    Describe the secondary market for syndicated loans

  • COURSE OUTLINE

    Topic 1: What is Syndicated Lending?

    Why Syndicate?

    Types of Borrower

    Investors in a Syndicated Loan

    Types of Syndicated Loan

    o Term Loan

    o Revolving Credit Facility

    Pricing

    Syndicated Lending – Main Players

    Benefits of Syndication for Borrowers and Lenders

    The History and Development of Syndicated Lending

    Topic 2: The Syndicated Lending Process

    The Three Phases

    o Pre-mandate Phase

    o Post-mandate Phase

    o Post-closure Phase

    Types of Syndicated Deal

    o Pre-mandate Phase

    o Post-mandate Phase

    o Post-closure Phase

    Repayment

    o Amortization

    o Balloon repayment

    o Bullet repayment

    Prepayment

    Fee income

    o Front-end fees

    o Regular fees

    Topic 3: The Secondary Market for Syndicated Loans

    Why a Secondary Market?

    Secondary Market Participants

    o Market Makers

    o Active Traders/ Investors

    Types of Purchase

    o Novation

    o Assignment

    o Participation

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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