ScholarWorks@중앙대학교

초록

This study examines the structure and organization of co-arranged loans, which are increasingly used in domestic and global syndicated loan markets. Empirical analysis shows that co-arrangement reduces loan spreads, with the effect being more pronounced when there are four or more lead arrangers, when foreign, top-tier, or non-bank institutions are involved, or when arrangers have prior collaboration history. Such loans often include stronger creditorprotection provisions, such as financial covenants and collateral. These results indicate that co-arranged loans provide large-scale financing at lower costs while enabling shared screening and monitoring among arrangers. Nevertheless, potential risks to financial stability from institutional interlinkages call for appropriate supervisory measures and further research.

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