Using a large panel dataset of syndicated corporate loan facilities, we empirically identify the factors that influence the likelihood of securitization and the determinants of syndicate structure. The evidence reveals that facilities with higher credit risk and less information asymmetry are more likely to be securitized, while the percentage of a facility being securitized decreases with credit risk. We also find that securitization is associated with smaller lead arranger and total bank shares, but larger shares held by non-CLO institutional investors. Such a relationship exists in Term A, Term B, and leveraged facilities, suggesting that the relationship between securitization and syndicate structure is not entirely driven by the practice of bank and institutional participants targeting different segments of the syndicated loan market. Further analysis shows that the negative relationship between securitization and lead arranger share is stronger in the presence of greater information asymmetry.

中文翻译：

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证券化公司贷款的银团结构

我们使用大型集团企业银团贷款工具的数据集，从经验上确定了影响证券化可能性的因素以及企业银团结构的决定因素。证据表明，具有较高信用风险和较少信息不对称性的设施更可能被证券化，而被证券化的设施的百分比随信用风险而降低。我们还发现，证券化与较小的牵头安排人和银行总股份相关，但与非CLO机构投资者持有的较大股份相关。这种关系存在于A条款，B条款和杠杆融资中，这表明证券化和银团结构之间的关系并非完全由针对银团贷款市场不同部分的银行和机构参与者的惯例所驱动。