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Internationella syndikerade lån

Malmgren, Carl LU (2010) JURM01 20092
Department of Law
Abstract (Swedish)
Den internationella syndikerade lånemarknaden har sina rötter från 1960-talet och har alltsedan dess varit en av de största, mest flexibla och viktigaste finansieringskällorna för stater och företag världen över. Från 1990-talet fram till och med finanskrisens utbrott hösten 2008 växte marknadsvolymerna kraftigt. Sedan dess har volymerna minskat dramatiskt.

Kärnan i ett syndikerat lån är att två eller flera banker kommer överens om att ge ett lån till en låntagare på gemensamma villkor som regleras i ett enda avtal mellan alla parter. Skälet till att en låntagare vänder sig till ett syndikat av långivare är att när ett företag vill ta ett riktigt stort banklån är en enskild bank ofta ovillig att på egen hand erbjuda låntagaren hela... (More)
Den internationella syndikerade lånemarknaden har sina rötter från 1960-talet och har alltsedan dess varit en av de största, mest flexibla och viktigaste finansieringskällorna för stater och företag världen över. Från 1990-talet fram till och med finanskrisens utbrott hösten 2008 växte marknadsvolymerna kraftigt. Sedan dess har volymerna minskat dramatiskt.

Kärnan i ett syndikerat lån är att två eller flera banker kommer överens om att ge ett lån till en låntagare på gemensamma villkor som regleras i ett enda avtal mellan alla parter. Skälet till att en låntagare vänder sig till ett syndikat av långivare är att när ett företag vill ta ett riktigt stort banklån är en enskild bank ofta ovillig att på egen hand erbjuda låntagaren hela lånebeloppet. Detta på grund av att lånet kan vara för stort för den enskilda banken att finansiera, alternativt att exponeringen mot endast en låntagare blir för stor för den enskilda banken. Genom att bilda ett banksyndikat blir det möjligt för bankerna att erbjuda stora lån, utan att på egen hand åta sig för stor risk. För bankerna innebär det även en möjlighet att diversifiera sin lånestock och sprida riskerna, då de kan ge lån till många låntagare istället för endast ett stort lån till en låntagare.

För att möjliggöra lånet krävs det att det finns minst en arrangörsbank och sedan minst en agentbank. Arrangörsbanken tillsätts av låntagaren för att gemensamt förbereda ett information memorandum om låntagaren och lånet. Sedan vänder sig arrangörsbanken med information memorandum till banker som har ett intresse av att delta i lånesyndikatet och förhandlar fram villkoren för lånet.

När lånesyndikatet är bildat och låneavtalet är undertecknat tillsätts en agentbank. Agentbanken är lånesyndikatets agent och sköter syndikatets kontakter med låntagaren. Agentbankens roll definieras precist och tillämpningsområdet begränsas i stort till administrativa och tekniska uppgifter utan större befogenheter. En del av agentbankens roll är att agera betalningskanal mellan lånesyndikatet och låntagaren. Skulle agentbanken gå i konkurs i det skede då den transfererats pengar av ena parten, oavsett part, men ännu inte vidarebefordrat pengarna till den andra parten är det syndikatet som står risken. Agentbanken är nämligen agent åt syndikatet och den har inte någon legal relation till låntagaren. För att syndikatet ska kunna få ut något mer än en oprioriterad fordran ur agentbankens konkurs krävs det att pengarna överförts till agentbanken med ett specifikt syfte och därigenom innehafts i en trust. Det måste även finnas möjlighet att spåra pengarna hos agentbanken. Kravet på ett specifikt syfte är säkerligen uppfyllt, likaså att det ska gå att spåra pengarna. Problemet för syndikatet är att det är svårt att hävda att de haft en intention till att skapa en trust, samtidigt som agentbanken i kontraktet friskrivs från fiduciary ansvar. Den enda återstående lösningen för bankerna i lånesyndikatet kan då bli kvittning. (Less)
Abstract
The international syndicated loan market has its roots from the 1960s and has ever since been one of the largest, most flexible and most important sources of funding for states and corporations worldwide. From the 1990s until the financial crisis started in the autumn of 2008 market volumes grew sharply. Since then, however, volumes have dropped dramatically.

The core of a syndicated loan is that two or more banks agree to provide a loan to a borrower on common conditions that are regulated under a single contract between all parties. The reason why a borrower turns to a syndicate of lenders is that when a company wants to take a really large bank loan, an individual bank is often unwilling to independently offer the borrower the full... (More)
The international syndicated loan market has its roots from the 1960s and has ever since been one of the largest, most flexible and most important sources of funding for states and corporations worldwide. From the 1990s until the financial crisis started in the autumn of 2008 market volumes grew sharply. Since then, however, volumes have dropped dramatically.

The core of a syndicated loan is that two or more banks agree to provide a loan to a borrower on common conditions that are regulated under a single contract between all parties. The reason why a borrower turns to a syndicate of lenders is that when a company wants to take a really large bank loan, an individual bank is often unwilling to independently offer the borrower the full loan amount. This is because the loan may be too large for an individual bank to finance, or that the exposure to a single borrower is becoming too large for the bank. By forming a syndicate of banks, it becomes possible for banks to offer large loans without taking on too much risk by themselves. For a bank, it is also an opportunity to diversify their loan stock and spread their risk, as they can give loans to many borrowers, instead of only one large loan to a single borrower.

In order to make the loan possible it is required that there is at least one lead bank and one agent bank. The lead bank is appointed by the borrower to jointly prepare an information memorandum. After that the lead banks role is to apply with the information memorandum to banks that have an interest in participating in the loan syndicate and negotiate the terms of the loan.

When the loan syndicate is formed and the loan agreement is signed, an agent bank is appointed. The agent bank is the syndicate’s agent and manages the syndicates’ contacts with the borrower. The agent’s role is defined precisely and limited largely to administrative and technical responsibilities without any major powers. A part of the agent bank’s role is to act as a payment conduit between the lending syndicate and the borrower. If the agent bank would go bankrupt at a time when it been transferred money by one party, regardless of party, but not yet forwarded the money to the other party, the risk is on the syndicate. That is because the agent bank is the agent of the syndicate and has no legal relationship to the borrower. If the syndicate is to get something more than an unsecured claim from the agent bank’s bankruptcy, it is required that the money transferred to the agent bank is transferred with a specific purpose and thus held in a trust. It must also be possible to trace the money within the agent bank. The requirement for a specific purpose is certainly satisfied, as well as it should be possible to trace the money. The problem for the syndicate is that it is difficult to argue that they had an intention to create a trust, since the agent bank in the contract uses a clause to disclaim itself from fiduciary responsibility. The only remaining solution for banks in the loan syndicate might then be a set -off. (Less)
Please use this url to cite or link to this publication:
author
Malmgren, Carl LU
supervisor
organization
course
JURM01 20092
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Bankrätt
language
Swedish
id
1600040
date added to LUP
2010-05-06 16:19:06
date last changed
2010-05-06 16:19:06
@misc{1600040,
  abstract     = {The international syndicated loan market has its roots from the 1960s and has ever since been one of the largest, most flexible and most important sources of funding for states and corporations worldwide. From the 1990s until the financial crisis started in the autumn of 2008 market volumes grew sharply. Since then, however, volumes have dropped dramatically.

The core of a syndicated loan is that two or more banks agree to provide a loan to a borrower on common conditions that are regulated under a single contract between all parties. The reason why a borrower turns to a syndicate of lenders is that when a company wants to take a really large bank loan, an individual bank is often unwilling to independently offer the borrower the full loan amount. This is because the loan may be too large for an individual bank to finance, or that the exposure to a single borrower is becoming too large for the bank. By forming a syndicate of banks, it becomes possible for banks to offer large loans without taking on too much risk by themselves. For a bank, it is also an opportunity to diversify their loan stock and spread their risk, as they can give loans to many borrowers, instead of only one large loan to a single borrower. 

In order to make the loan possible it is required that there is at least one lead bank and one agent bank. The lead bank is appointed by the borrower to jointly prepare an information memorandum. After that the lead banks role is to apply with the information memorandum to banks that have an interest in participating in the loan syndicate and negotiate the terms of the loan. 

When the loan syndicate is formed and the loan agreement is signed, an agent bank is appointed. The agent bank is the syndicate’s agent and manages the syndicates’ contacts with the borrower. The agent’s role is defined precisely and limited largely to administrative and technical responsibilities without any major powers. A part of the agent bank’s role is to act as a payment conduit between the lending syndicate and the borrower. If the agent bank would go bankrupt at a time when it been transferred money by one party, regardless of party, but not yet forwarded the money to the other party, the risk is on the syndicate. That is because the agent bank is the agent of the syndicate and has no legal relationship to the borrower. If the syndicate is to get something more than an unsecured claim from the agent bank’s bankruptcy, it is required that the money transferred to the agent bank is transferred with a specific purpose and thus held in a trust. It must also be possible to trace the money within the agent bank. The requirement for a specific purpose is certainly satisfied, as well as it should be possible to trace the money. The problem for the syndicate is that it is difficult to argue that they had an intention to create a trust, since the agent bank in the contract uses a clause to disclaim itself from fiduciary responsibility. The only remaining solution for banks in the loan syndicate might then be a set -off.},
  author       = {Malmgren, Carl},
  keyword      = {Bankrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Internationella syndikerade lån},
  year         = {2010},
}