怎样鉴别不合规票据

在正常情况下，票据的填写工作除按票据的票面格式、内容要求填写外．还要注意以下几个方面：     

依法合规经营 保证金融安全运行

依法合规经营保证金融安全运行牛庆国裴永强经过多年的努力,我国金融业在改革中不断稳步发展。但是,一些金融机构法制观念淡薄、违法违规经营,直接威胁着金融的安全、稳健、高效运行,突出表现在账外经营仍然十分严重。尽管早在１９９５年,中国人民银行就组织国有商业...     

江苏省银团贷款分析

一、江苏省银团贷款的基本特点1、专业运作与利用社会资源相结合在拓展银团贷款业务过程中,省内银行业金融机构已逐步建立起矩阵化的运作模式,实行内部机构、项目作业、信息传递扁平化和组织结构矩阵化。同时,省内银行业金融机构还注重加强与中介机构的合作,充分利用各种社会资     

银团贷款实务讲座(三)银团贷款筹组策略

一、银团贷款的价格构成 对借款人而言,利用银团贷款筹集资金的成本包括贷款利息、前端费、代理行费和承诺费四个部分.     

城市商业银行银团贷款初探

我国银行业金融机构银团贷款与发达国家相差甚远,城市商业银行银团贷款规模更是微乎其微。本文对城市商业银行发展银团贷款的必要性、发展建议、应注意的风险等方面进行了一些探讨,以便促进城市商业银行银团贷款业务的发展。     

城市商业银行银团贷款初探

我国银行业金融机构银团贷款与发达国家相差甚远,城市商业银行银团贷款规模更是微乎其微。本文对城市商业银行发展银团贷款的必要性、发展建议、应防范的风险等方面进行了一些探讨,以促进城市商业银行银团贷款业务的发展。     

浅议银团贷款

浅议银团贷款／江燕菊银团贷款是指由一家银行牵头，多家银行参与，共同向一个借款人提供一笔贷款的一种融资方式。其目前虽尚未被国内银行界所广泛运用，但已是银行保全信贷资产、提高信贷资产质量不容忽视的重要手段之一。一、作用１、银团贷款为防止不良资产、提高信贷...     

Syndicated Loans

This paper analyzes the market for syndicated loans, a hybrid of private and public debt, which has grown at well over a 20% rate annually over the past decade and which totaled over $1 trillion in 1997. We identify empirically the factors that influence a bank or nonbank's decision to syndicate a loan and the determinants of the proportion of the loan sold in the event of syndication. The evidence reveals a loan is more likely to be syndicated as information about the borrower becomes more transparent, as the syndicate's managing agent becomes more “reputable”, and as the loan's maturity increases. The lead manager holds larger proportions of information-problematic loans in its own portfolio. Loan syndications, like loan sales, appear to be motivated, in part, by capital regulations, and the liquidity position of the agent bank influences the likelihood of syndication, but not the extent. Our results confirm that information and agency problems affect the salability of debt claims and the extent to which a loan is “transaction oriented” rather than “relationship oriented” in the sense of A. Boot and A. Thakor (2000, J. Finance54, 679–713). Journal of Economic Literature Classification Numbers: D82, G20, G21, G24.     

当前美国银团贷款市场的几大特点

在美国,银团贷款与商业贷款、抵押贷款一样,历来是各商业银行传统授信业务之一.     

Banking Relationships and Syndicated Loans during the 2008 Financial Crisis

The research shows that banking relationships are important to lending. However, few studies focus on the banking relationships in syndicated loans, although these loans have became a major source of financing. The last financial crisis clearly shows the impacts of credit rationing and tightening credit conditions, even in the syndicated loans market. We investigate whether banking relationships help firms to benefit from better terms for syndicated loans in a chaotic financial environment. Using a sample of syndicated loans arranged from 2003 to 2008 in North America and Europe, we find that firms with a previously developed relationship with a lead bank obtained a lower spread and a longer maturity during the financial crisis but did not benefit from larger loan facilities.     

Determinants of Secondary Market Prices for Developing Country Syndicated Loans

This paper presents our investigation of the factors that determine secondary market prices of developing country syndicated loans. Trading volume in this market has almost doubled yearly from 1985 to 1988 while average market prices declined from 73% to 41% of par value during the same period. We find that loan values depend on a country's solvency rather than its liquidity and show that a country's adoption of a debt conversion program significantly decreases its loans' market prices. Furthermore, the debt moratoria by Brazil and Peru, as well as the developing-country-specific provisions made by U.S. banks, impact loan prices negatively.     

Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans

I empirically explore the syndicated loan market, with an emphasis on how information asymmetry between lenders and borrowers influences syndicate structure and on which lenders become syndicate members. Consistent with moral hazard in monitoring, the lead bank retains a larger share of the loan and forms a more concentrated syndicate when the borrower requires more intense monitoring and due diligence. When information asymmetry between the borrower and lenders is potentially severe, participant lenders are closer to the borrower, both geographically and in terms of previous lending relationships. Lead bank and borrower reputation mitigates, but does not eliminate information asymmetry problems.     

Why Larger Lenders Obtain Higher Returns: Evidence from Sovereign Syndicated Loans

Lenders who make large funding commitments earn higher rates of return than those who make smaller commitments. We analyze a data set of sovereign syndicated loan contracts to document study and this phenomenon. We show that the “large lenders” in the lending syndicates earn a “return premium,” which is positively affected by the likelihood of future liquidity problems of the borrower. This finding suggests that the onus would be on the large lenders in particular to provide services, such as liquidity insurance and coordinating the workout. The return premium also increases in the fraction of banks among the larger syndicate members, suggesting that banks are special lenders in terms of addressing idiosyncratic liquidity problems.     

Syndicated Leveraged Loans During and After the Crisis and the Role of the Shadow Banking System

In an article published in this journal in 1998, Nobel laureate Merton Miller argued that one of the best weapons available to national economies in their defense against the macroeconomic effects of banking crises is the availability of non‐bank financial institutions and products—or what we now refer to as the “shadow banking system.” Although Miller may have exaggerated the independence of bank‐ and market‐based sources of financing, the author argues that events during and after the recent crisis have shown Miller's claims about the importance of non‐bank investors in the provision of credit to be fundamentally correct. Critics of securitization and the shadow banking system tend to focus on the subprime mortgage story in which the sudden re‐pricing of credit risk and the resulting disappearance of investment demand for ABCP, private‐label mortgage‐related ABS, and ABS CDOs created unexpected and significant downward price pressure on those asset types. But the leveraged loan market tells a very different story. In contrast to the near complete disappearance of private mortgage securitizations, the extraordinary recovery of the U.S. syndicated leveraged loan market demonstrates that the relation between commercial and shadow banking has proved to be a highly productive and resilient one—and very much a two‐way street. When leveraged loans and CLOs experienced problems from 2007 through 2009 due primarily to the widespread liquidity and credit market disruptions that affected essentially all structured credit products, institutional investors in leveraged loans disappeared and the leveraged loan primary market imploded. But when institutional participants recognized the value of the underlying asset—corporate loans—and regained confidence in shadow‐banking products, leveraged lending by banks recovered quickly and dramatically. This outcome is viewed as vindicating Professor Miller's statement about the benefits of shadow markets and securitization— namely, the role of non‐bank investors in diversifying the risk of credit creation while at the same time improving the price discovery process in different markets. The recent history of the U.S. leveraged loan market demonstrates that shadow banking system participants play a critical role in meeting the total demand for such loans, and that the ebbs and flows from institutional leveraged loan markets are strongly connected with the health and integrity of the underlying leveraged bank loan market.     

欧洲银团市场探析及启示

正回顾欧洲银团市场发展历程、基本特征及机制特点,尤其是欧洲银团市场存在的差异化、多样化的基本特征,展现了国外银团市场发展的基本规律。欧洲市场环境存在的种种区域化、差异化特征,可能更近于我国当前金融环境和地域差异,欧洲银团市场的发展历程和内在规律对我国更有借鉴意义。在现有国内市场环境和银团发展水平的基础上,我国应紧密围绕更好地满足企业融资需求的目标,搞大、搞活银团一级和二级市场,从而形成统分结     

银团贷款发展的瓶颈与对策

近年来河北省的银团贷款虽然取得了好的发展势头,但由于开办的时间短,尚处于起步阶段,无论贷款规模和笔数,还是贷款对象与范围,都还难以适应经济社会发展的现实要求。必须共同营造良好发展氛围;大力提高和增强银团发展理念;积极拓展产品服务对象和业务范围;健全机制,强化银团人才建设;加强沟通,搞好银团信息披露;提高效率,加快银团业务发展;发展项目融资,激活不良贷款;完善银团贷款费用收取机制。只有这样才能真正解决现实问题、突破瓶颈,促进银团贷款健康、可持续发展。     

小企业贷款未解之题

9月21日,一份由中华全国工商业联合会发布的2006年民营经济蓝皮书《中国民营经济发展报告(2005-2010)》出炉。根据该报告的预测:“十一五”(2005- 2010年)期间,中国民营经济将持续高速增长,占国民经济的比重将进一步提高,全部民营经济将可能达到GDP的3／4。这本民营经济蓝皮书提供的数据还显示,中