This paper examines which factors determine the pricing of loans for LBOs, using a worldwide sample of 11,111 loans closed in the 2000–2016 period. Our findings are consistent with the hypotheses that loans for LBOs extended to borrowers in market- versus bank-based financial systems are differently priced, and that law and institutional characteristics are important determinants of spreads for deals closed in market-oriented countries. Despite LBO loan pricing differing significantly in normal versus crisis times, loans extended to borrowers in market-based financial systems have higher spreads than those where banks play a major role. Our results also support the hypothesis of tranching as a mechanism of reducing spreads by completing financial markets and mitigating informational asymmetries. Finally, a robust convex relationship between spread and maturity is found, suggesting higher market competition by banks and investors for standard, medium-term maturities.

本文使用在2000年至2016年期间完成的11,111笔全球贷款样本，研究了哪些因素决定了杠杆收购的贷款定价。我们的发现与以下假设相吻合：假设向市场金融机构和银行金融机构的借款人提供的杠杆收购贷款定价不同，法律和制度特征是在面向市场的国家中完成交易的价差的重要决定因素。尽管在正常时期和危机时期，杠杆收购的贷款定价存在显着差异，但在基于市场的金融系统中，向借款人提供的贷款的利差要高于银行在其中扮演主要角色的贷款。我们的研究结果还支持了假说的假设，即通过完成金融市场和减轻信息不对称性来减少点差的一种机制。最后，