Comparative analysis of international syndicated loans

• Published in: Вестник университета no. 5; pp. 200 - 208
• Main Author: Tarasov, A. A.
• Format: Journal Article
• Language: Russian
• Published: Publishing House of the State University of Management 26.06.2025
• Subjects: assets management; brokers; international capital markets; investment banking services; legal counsels; liabilities management; loan documentation; raising corporate finance; syndicated lending; syndication process
• ISSN: 1816-4277; 2686-8415
• DOI: 10.26425/1816-4277-2025-5-200-208

The article proposes three approaches to the comparative analysis of international syndicated loans. The first approach includes comparison of transactions on the primary and secondary syndicated loan markets. This analysis is based on the following aspects: parties to the deal; parameters of the syndicated loans; specialised legal documentation; timelines of the deals. The second approach proposes the comparison of deals for corporate borrowers and financial institutions. In the syndicated   loan market corporate there is a wide array of transaction formats (classic syndicated loans, underwritten transactions), while the syndicated loans for financial institutions are usually term loans executed as club deals that include certain structural features, such as extension options and specialised financial covenants. The third   approach consists of comparing transactions in the international and Russian syndicated loan markets. This analysis is conducted considering the fact that the first ones are denominated in foreign currency, are subject to international law and are implemented with the participation of international creditors and investors, while the second ones are denominated in rubles, are subject to Russian law and are implemented with the participation of Russian banks and development institutions.