Did Securitization Affect the Cost of Corporate Debt?

Taylor D. Nadauld, M. Weisbach
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引用次数: 171

Abstract

This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 15 basis point lower spread than that of loans that are not subsequently securitized. To identify the particular role of securitization in loan pricing, we employ a difference in differences approach and consider loan characteristics that are associated with the likelihood of securitization. We document that Term Loan B facilities, facilities originated by banks that originate CLOs, and loans of B-Rated firms are securitized more frequently than other loans. Spreads on facilities estimated to be more likely to be subsequently securitized have lower spreads than otherwise similar facilities. The results are consistent with the view that securitization caused a reduction in the cost of capital.
证券化是否影响了公司债务的成本?
本文研究企业银行贷款证券化是否对企业债务价格产生影响。我们的研究结果表明,随后证券化的贷款工具的利差比随后未证券化的贷款低15个基点。为了确定证券化在贷款定价中的特殊作用,我们采用了差异中的差异方法,并考虑了与证券化可能性相关的贷款特征。我们发现定期B级贷款、由发起clo的银行发起的贷款以及B级公司的贷款比其他贷款更频繁地被证券化。估计更有可能随后被证券化的工具的利差比其他类似工具的利差要低。研究结果与证券化降低资金成本的观点一致。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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