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Syndikeringsprocessen vid garantier och lån

Eklund, Klas LU (2011) In Examensarbete JURM01 20111
Department of Law
Abstract (Swedish)
Denna uppsats syftar till att utreda skillnader och likheter mellan syndikerade lån och syndikerade garantier. De garantier som behandlas är demandgarantier samt standby letters of credit. Dessa garantier är speciellt anpassade för de krav som ställs på den internationella transaktionsmarknaden. Standby letters of credit eller standby remburser har utvecklats för att motsvara demandgarantier och de särskilda krav som amerikansk lagstiftning ställer på garantier.
Uppsatsen inleds med ett avsnitt där syndikerade lån behandlas och beskrivs för att senare utgöra en grund vid jämförelsen med syndikerade garantier. Därefter följer en genomgång av demandgarantier och standby remburser och den funktion dessa har på den internationella marknaden.... (More)
Denna uppsats syftar till att utreda skillnader och likheter mellan syndikerade lån och syndikerade garantier. De garantier som behandlas är demandgarantier samt standby letters of credit. Dessa garantier är speciellt anpassade för de krav som ställs på den internationella transaktionsmarknaden. Standby letters of credit eller standby remburser har utvecklats för att motsvara demandgarantier och de särskilda krav som amerikansk lagstiftning ställer på garantier.
Uppsatsen inleds med ett avsnitt där syndikerade lån behandlas och beskrivs för att senare utgöra en grund vid jämförelsen med syndikerade garantier. Därefter följer en genomgång av demandgarantier och standby remburser och den funktion dessa har på den internationella marknaden. Avsnittet berör särskilt de karaktärsdrag som produkterna har och vilka egenheter det medför vid avtalets tillkomst. Slutligen följer ett avsnitt om syndikering av garantier. Här utreds hur garantier kompletterar och förhåller sig till syndikerade lån samt vilka skillnader och likheter som kan ses vid syndikeringsprocessen.
Marknaden för syndikerade lån är tätt sammankopplad med marknaden för syndikerade garantier. Genom bland annat de standarddokument som utges av Loan Market Association har det visat sig att garantier syndikeras i samband med syndikerade lån. De huvudsakliga principerna för produkterna är densamma och på många sätt är avtalsklausulerna mycket lika varandra.
Trots de många likheter som kan ses i såväl syndikeringsprocessen som avtalets utformning kan vissa skillnader skönjas. Vid syndikerade garantier har den i uppsatsen berörda tvåstegsmodellen kunnat ses som anpassad för syndikering av garantier. Marknaden för garantier synes ofta kräva att en bank ska stå gentemot beneficienten. Motgarantier försäkrar sedan den utställande banken ersättning från det övriga syndikatet som därefter ersätts av uppdragsgivaren. Vid syndikerade lån utses, liksom vid garantier, en agentbank. Skillnaden består i att syndikatet vid lån är direkt anknutna till låntagaren.
Vad gäller avtalets utformning kan vi se att syndikerade lån där betalning utges direkt ställer andra krav än garantier där betalning sker i ett senare skede. Genom åtaganden från låntagaren och långtgående hävningsklausuler kan syndikatet vid lån återkräva betalning när problem uppstår, medan ett syndikat som utställt en garanti ofta betalar ut garantin efter det att problem har uppstått. Följaktligen har syndikatet vid garantier ett större behov av säkerheter ifrån uppdragsgivarens sida. Syndikerade lån och syndikerade garantier utgör två skilda produkter som används i tät sammanslutning till varandra. De skillnader som kan ses mellan produkterna beror på såväl marknadsmässiga krav som de specifika karaktärsdrag som lån och garantier innehar. Likheterna kan sägas bero på marknadens förkärlek för att använda produkterna tillsammans och därav följer flertalet syndikeringsprinciper samma mönster oavsett om det är lån eller garantier som avses. (Less)
Abstract
This thesis aims to investigate differences and similarities between syndicated loans and syndicated guarantees. For this purpose I have chosen to examine demand guarantees and standby letters of credit. These guarantees are especially adjusted and well suited for challenges on the international transaction market. Standby letters of credit have been developed to match demand guarantees and the special demands of U.S. legislation regarding bank guarantees.

The thesis starts with a chapter concerning syndicated loans, which later on serves as a foundation for a comparison with syndicated guarantees. Subsequently follows a review of demand guarantees and standby letters of credit regarding their function on the international market.... (More)
This thesis aims to investigate differences and similarities between syndicated loans and syndicated guarantees. For this purpose I have chosen to examine demand guarantees and standby letters of credit. These guarantees are especially adjusted and well suited for challenges on the international transaction market. Standby letters of credit have been developed to match demand guarantees and the special demands of U.S. legislation regarding bank guarantees.

The thesis starts with a chapter concerning syndicated loans, which later on serves as a foundation for a comparison with syndicated guarantees. Subsequently follows a review of demand guarantees and standby letters of credit regarding their function on the international market. This chapter especially regards the characteristics of these products and how they affect the work of drafting a contract. The last chapter concerns syndicated guarantees. This part describes and investigates how guarantees and syndicated loans complement each other as well as the differences and similarities in the process of syndication between the products.

The market for syndicated loans is closely connected to the market of syndicated guarantees. Through studies of, among others, standard documents from the Loan Market Association it has been shown that syndicated guarantees are formed within the frame of syndicated loans. The most important principles of syndication apply for both loans and guarantees. In fact a large amount of the contract clauses are similar to both products.

Despite the large number of similarities, which can be seen in the syndication process and drafting of the contract, some distinguishing features should be noticed. Syndication of guarantees often uses a two step model of syndication, which is especially suitable for syndication of guarantees. The market of syndicated guarantees often demands that one bank forms an obligation directly toward the beneficiary. Counter guarantees ensure the issuing bank reimbursement from the rest of the syndicate. Later on the applicant reimburses the syndicate in accordance with the guarantee. It is common to appoint an agent bank in the case of syndicated loans and syndicated guarantees. The difference lies in the direct connection between the syndicate and the borrower in syndicated loans.

With regard to the formation of contracts it seems that syndicated loans, where payment is made directly, requires consideration of other aspects than syndicated guarantees where payment is made later on. Through covenants and strict event of default clauses, the syndicate can demand repayment from the borrower as soon as problems occur. However, in the case of a syndicated guarantee the syndicate has to honor the guarantee after problems has occurred. Hence the syndicate might have a greater need for securities from the applicant in the case of syndicated guarantees. Syndicated loans and guarantees are two separate products used in close connection to each other. The differences derive from demands of the market as well as specific features of the products. The similarities in large can be explained by the markets preference to combine them. Consequently the principles of syndication apply in both cases. (Less)
Please use this url to cite or link to this publication:
author
Eklund, Klas LU
supervisor
organization
course
JURM01 20111
year
type
H2 - Master's Degree (Two Years)
subject
keywords
Bankrätt, syndikerade garantier, syndikerade lån
publication/series
Examensarbete
language
Swedish
id
1975968
date added to LUP
2011-06-13 14:51:44
date last changed
2011-06-13 14:51:44
@misc{1975968,
  abstract     = {This thesis aims to investigate differences and similarities between syndicated loans and syndicated guarantees. For this purpose I have chosen to examine demand guarantees and standby letters of credit. These guarantees are especially adjusted and well suited for challenges on the international transaction market. Standby letters of credit have been developed to match demand guarantees and the special demands of U.S. legislation regarding bank guarantees.  

The thesis starts with a chapter concerning syndicated loans, which later on serves as a foundation for a comparison with syndicated guarantees. Subsequently follows a review of demand guarantees and standby letters of credit regarding their function on the international market. This chapter especially regards the characteristics of these products and how they affect the work of drafting a contract. The last chapter concerns syndicated guarantees. This part describes and investigates how guarantees and syndicated loans complement each other as well as the differences and similarities in the process of syndication between the products.  

The market for syndicated loans is closely connected to the market of syndicated guarantees. Through studies of, among others, standard documents from the Loan Market Association it has been shown that syndicated guarantees are formed within the frame of syndicated loans. The most important principles of syndication apply for both loans and guarantees. In fact a large amount of the contract clauses are similar to both products.

Despite the large number of similarities, which can be seen in the syndication process and drafting of the contract, some distinguishing features should be noticed. Syndication of guarantees often uses a two step model of syndication, which is especially suitable for syndication of guarantees. The market of syndicated guarantees often demands that one bank forms an obligation directly toward the beneficiary. Counter guarantees ensure the issuing bank reimbursement from the rest of the syndicate. Later on the applicant reimburses the syndicate in accordance with the guarantee. It is common to appoint an agent bank in the case of syndicated loans and syndicated guarantees. The difference lies in the direct connection between the syndicate and the borrower in syndicated loans.      

With regard to the formation of contracts it seems that syndicated loans, where payment is made directly, requires consideration of other aspects than syndicated guarantees where payment is made later on. Through covenants and strict event of default clauses, the syndicate can demand repayment from the borrower as soon as problems occur. However, in the case of a syndicated guarantee the syndicate has to honor the guarantee after problems has occurred. Hence the syndicate might have a greater need for securities from the applicant in the case of syndicated guarantees. Syndicated loans and guarantees are two separate products used in close connection to each other. The differences derive from demands of the market as well as specific features of the products. The similarities in large can be explained by the markets preference to combine them. Consequently the principles of syndication apply in both cases.},
  author       = {Eklund, Klas},
  keyword      = {Bankrätt,syndikerade garantier,syndikerade lån},
  language     = {swe},
  note         = {Student Paper},
  series       = {Examensarbete},
  title        = {Syndikeringsprocessen vid garantier och lån},
  year         = {2011},
}