Sendikasyon kredileri ve Türkiye uygulaması
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Abstract
ABSTRACT An international syndicated loan is a kind of financing technique that can be accepted among direct credits, export and import credits, international leasing activities, project credits, and other international borrowing facilities. As a different feature of the syndicated loans, they are funded by a group of banks, which is called the syndicate, though there is only one corporation at the borrowing side of the loan. However, the management of the loan is executed as if it is provided by only one bank because the documentation and the agent bank are common. The banks participating the loan get titles like the lead manager, the manager, the comanager, the participating bank and the agent in respect of their shares and duties. They use these titles in the loan documentation and the tombstone. The loan can be arrenged in two different types as a term credit or a revolving credit facility. There are three different stages in a syndicated term credit organizing in a classical manner as the drawdown period, the grace period and the redemption period. The borrower has the syndication process started by giving a mandate to the bank sending an offer. After this point, the bank gets the title of the owner of the mandate. To form the management group, to supply funds to the participating banks and to help the borrower in the loan documentation are among its crucial functions. The total price of the loan for the borrower consists of two different types of costs: Fixed costs and variable costs. The management fee, which can be divided three parts as the praecipuum, the underwriting fee, and the participation fee, the agent bank fee, the expenses, and the spread adding over LIBOR constitute the fixed cost. The variable cost is an interest rate designated as a reference rate like LIBOR. The syndicated loan market is one of the important international finance markets for the borrowers. In recent years the objectives of the loans begin to involve funding private projects, acqusition and merging more and more. In most cases Turkish Banks apply to this market to finance the private projects, export and import activities. xrvTürk bankaları özel projelerin finansmanı veya dış ticaretin finansmanı gibi konularda kullandırmak üzere verecekleri kredilerin finansmanı amacıyla başvurmaktadırlar. xm ABSTRACT An international syndicated loan is a kind of financing technique that can be accepted among direct credits, export and import credits, international leasing activities, project credits, and other international borrowing facilities. As a different feature of the syndicated loans, they are funded by a group of banks, which is called the syndicate, though there is only one corporation at the borrowing side of the loan. However, the management of the loan is executed as if it is provided by only one bank because the documentation and the agent bank are common. The banks participating the loan get titles like the lead manager, the manager, the comanager, the participating bank and the agent in respect of their shares and duties. They use these titles in the loan documentation and the tombstone. The loan can be arrenged in two different types as a term credit or a revolving credit facility. There are three different stages in a syndicated term credit organizing in a classical manner as the drawdown period, the grace period and the redemption period. The borrower has the syndication process started by giving a mandate to the bank sending an offer. After this point, the bank gets the title of the owner of the mandate. To form the management group, to supply funds to the participating banks and to help the borrower in the loan documentation are among its crucial functions. The total price of the loan for the borrower consists of two different types of costs: Fixed costs and variable costs. The management fee, which can be divided three parts as the praecipuum, the underwriting fee, and the participation fee, the agent bank fee, the expenses, and the spread adding over LIBOR constitute the fixed cost. The variable cost is an interest rate designated as a reference rate like LIBOR. The syndicated loan market is one of the important international finance markets for the borrowers. In recent years the objectives of the loans begin to involve funding private projects, acqusition and merging more and more. In most cases Turkish Banks apply to this market to finance the private projects, export and import activities. xrv
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