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Syndicated Lending: Practice and Documentation, 5th Edition

Euromoney Trading Ltd
February 1, 2009
578 Pages - SKU: BGIQ2620499

Abstract Table of Contents Related Reports

The fifth edition of this Euromoney best seller - the 'Gold Book' - has been fully updated and revised to take account of all the changes in the rapidly evolving market for syndicated credits. The book provides practical explanations by borrowers and bankers of how to arrange, lead and manage a syndicated loan and includes an up-to-date discussion of documentary issues (contributed by Clifford Chance) using annotated documents. This book allows you to benefit from decades of combined syndicated lending expertise. The book is a complete guide, taking the reader through the various stages of syndicated lending from the opening phase of seeking a mandate through to syndicating, documenting and the closing of a transaction.

The expanding role played by the Loan Market Association: Clare Dawson and David Slade; The origins and development of the LMA; Ongoing issues; The LMA and the credit crunch; Looking to the future
Chapter 1: The creation and history of an innovative market: The creation of the market; Development of the market; The early 1990s; The mid-1990s; The late 1990s; The early noughties; The mid-noughties; When the music stops …
Chapter 2: Structural analysis and recent developments in the syndicated: credit markets; Definition; Instruments; Pricing; Capital adequacy and risk weightings; Location of the marketplaces; Sources of information
Annex 2.1: History and methodology of Dealogic Loan Analytics: Written by the Dealogic Loans Department
Annex 2.2: Selected sources of information on the syndicated loan market
Supplement 1: The syndication process - a borrower’s perspective: Roger Taylor; Introduction; Carphone Warehouse (CPW); Syndicates; Arrangers; Documentation and execution; Conclusion
Supplement 2: Acquisition finance: the pure oxygen of the loan market: Declan McGrath; Introduction; The past; The present; The future; Conclusion
Supplement 3: Co-financing with the European Bank for Reconstruction and Development (EBRD) to support the development of market economies from Central Europe to Central Asia: Lorenz Jorgensen; The EBRD today; The loan markets in Russia and the Commonwealth of Independent; States (CIS); The priorities of the region; The benefits of co-financing with the EBRD, and examples of recent; EBRD syndication successes; Summary and conclusions
Supplement 4: Interpretation of liquidity analysis: William Wild; Introduction; Distribution of total commitments; Some good news … mostly bad news; Conclusion
Supplement 5: Loan portfolio management: Keith Ho; Introduction; Background of portfolio management; What impact can portfolio management have?; Risk transfer markets; Developments in portfolio management
Supplement 6: A recent history of the European leveraged finance market: Tessa Walsh; Introduction; Early days until the millennium; Economic recovery and early foundations 2002-03; Foundations of a capital market laid in 2004; Supply and demand 2005; The end of the beginning; The beginning of the end; The market’s darkest hour; Conclusion
Supplement 7: US loan and high yield bond performance revisited: Meredith Coffey; Introduction; US loans as an asset class; The credit crisis; The outlook
Supplement 8: Explaining loan and recovery ratings: Paul Watters; Introduction; What is the reason for this growth?; Rating definitions and rating scale; The rating process; Introduction to loan and recovery ratings; Recovery rating methodology
Appendix 1: Impact of legal jurisdiction on recovery prospects
Appendix 2: Specimen list of outstanding European loan and recovery ratings: (July 2008)
Chapter 3: Structure, content and cost analysis of offers to arrange syndicated transactions: Structuring a term sheet; Sample term sheets; Appendix: Project Tennis - term sheet
Chapter 4: The transaction cycle for a syndicated credit: Principal phases, milestones and duties; The pre-mandate phase; The post-mandate phase; The post-signing phase; Delaware SPC, Inc. and Project Tennis: sample syndication; strategies and yield calculations
Annex 4.1: DealManager Loans: Dealogic: Loans Department; Technology in the loan market; Document management
Annex 4.2: Technology reshapes the debt capital market: Lee Perlis; Online workspace speeds the syndicated loan lifecycle; Online workspaces aid global reach for loan market; Compliance a top priority for banks and investors; Companies seek email alternative for sensitive information; New technology integrates collaboration and relationship; management
Annex 4.3: Implementing syndicated lending best practice in IT systems: Jonathan Ready; How can IT systems instil best practice?; Supporting syndicated lending; Managing distribution; Providing a global multi-site environment; What key benefits can best practice deliver?; The way forward
Chapter 5: The documentation process: Subsequent syndication; The LMA Recommended Form of Primary Documents; The sample documents
Chapter 6: Secondary market transfer mechanism: Introduction; Background; Objectives; Transfer techniques under English law; Transfer techniques under New York law
Annex: Secondary loan trading: a case study: David Fewtrell
Chapter 7: Defaults, enforcement and workout: Introduction; Remedies for default; Enforcement or workout; The restructuring process in relation to sovereign debt; The Sovereign Debt Restructuring Mechanism (SDRM); The restructuring process in relation to corporate borrowers; Workouts and reorganisations in the US
Glossary of terms
Index

Syndicated Lending: Practice and Documentation, 5th Edition

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