Türk Bankacılık Sektörü Tarafından Alınan Sendikasyon Kredilerinde Spreadi Belirleyen Faktörler

Pişkin, Fatih (2016): Türk Bankacılık Sektörü Tarafından Alınan Sendikasyon Kredilerinde Spreadi Belirleyen Faktörler. Published in: İktisat Fakültesi Mecmuası , Vol. 2016/2, No. 66 (1 December 2016): pp. 113-158.

Abstract

Sendikasyon kredilerinde uygulanan faiz oranı iki bölümden oluşmaktadır. Birinci bölüm, baz olarak alınan, Libor ya da Euribor gibi uluslararası kabul görmüş değişken bir faiz oranı iken, ikinci bölüm bu baz oranının üzerine eklenen ve uluslararası literatürde spread olarak adlandırılan sabit bir faiz oranıdır. Bu çalışmanın amacı Türkiye’de faaliyet gösteren bankalar tarafından 2003-2012 yılları arasında alınmış olan sendikasyon kredilerinde, spreadin belirlenmesinde etkisi olan değişkenlerin neler olduğunun tespit edilmesidir. Spread üzerinde belirleyici olduğu düşünülen değişkenler beş ayrı grupta ele alınmıştır: küresel, makroekonomik, borçlu, sözleşme ve sendikasyon grubu değişkenleri. Elde edilen sonuçlar küresel finansal koşullardaki değişimlerin spreadi belirlemede etkili olduğunu; çoğunlukla yabancı bankalardan oluşan borç verenlerin, sendikasyon kredilerinin Türk bankacılık sektörü ve Türkiye’nin yurtdışı borçlanması içerisindeki payının oldukça sınırlı olmasına rağmen, fiyatlamada makroekonomik koşulları da dikkate aldıklarını göstermektedir. Ayrıca, borçluya ait özelliklerin de spread üzerinde etkili olduğu, kredi özelindeki sözleşme koşullarının ve sendikasyon grubunun yapısına dair değişkenlerin ise belirleyici olmadıkları sonucuna varılmıştır.

• Item Type: MPRA Paper
• English Title: Determinants of Spread on Syndicated Loans To The Turkish Banking Sector
• Language: Turkish
• Keywords: spread, sendikasyon kredileri, kredi fiyatlaması, bankalar
• Subjects: F - International Economics > F3 - International Finance > F34 - International Lending and Debt Problems; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors

References

Ağca, Ş. ve Celasun O. (2012), “Sovereign debt and corporate borrowing costs in emerging markets,” Journal of International Economics, 88(2012): 198–208. Altunbaş, Y. ve Gadanecz, B. (2004), “Developing country economic structure and the pricing of syndicated credits,” Journal of Develeopment Studies, 40(5): 143-173. Angbazo, L.A., Mei, J., ve Saunders, A. (1998), “Credit spreads in the market for highly leveraged transaction loans,” Journal of Banking & Finance, 22 (1998): 1249-1282. Barbosa, L. ve Ribeiro N. (2007), “Determinants of Spreads in Syndicated Loans to Euro Area Corporates,” Banco de Portugal Economic Bulletin, 65-78. Bharath, S.T., Dahiya S., Saunders A., ve Srinivasan, A. (2011), “Lending Relationships and Loan Contract Terms,” The Review of Financial Studies, 24 (4) : 1141-1203. Boehmer E. ve Megginson W.L. (1990), “Determinants of Secondary Market Prices for Developing Country Syndicated Loans,” The Journal of Finance, 45(5): 1517-1540. Booth, J. R. (1992), “Contract Costs, Bank Loans, and the Cross-Monitoring Hypothesis,” Journal of Financial Economics, 31: 25-41. Bosch, O. (2006), “Information Asymmetry and the Pricing of Private Debt – Evidence from European Syndicated Loans,” EFA 2007 Ljubljana Meetings Paper, Ljubljana, Slovenia, August, 22-25, 2007. Bosch, O. ve Steffen, S. (2011), “On syndicate composition, corporate structure and the certification effect of credit ratings,” Journal of Banking & Finance, 35 (2011): 290-299. Carey, M. ve Nini, G. (2007), “Is the corporate loan market globally integrated? A pricing puzzle,” Journal of Finance, 62(6): 2969–3007. Champagne, C. ve Coggins, F. (2012), “Common information asymmetry factors in syndicated loan structures,” Journal of Banking & Finance, 36 (2012): 1437–1451. Christodoulakis, G.A. ve Olupeka, T. (2010), “Pricing and momentum of syndicated credit in Europe,” Omega, 38 (2010): 325–332. Coleman, A.D.F., Esho, N., ve Sharpe, I.G. (2006), “Does bank monitoring influence loan contract terms?,” Journal of Financial Services Research, 30 (2): 177–198. Dennis, S.A, Nandy, D., ve Sharpe, I.G. (2000), “The Determinants of Contract Terms in Bank Revolving Credit Agreements,” Journal of Financial and Quantitative Analysis, 35: 87-110. Diamond D.W. (1991), “Debt Maturity Structure and Liquidity Risk,” The Quarterly Journal of Economics, 106(3): 709-737. Do, V. ve Vu T. (2010), “The Effects of Reputation and Relationships on Lead Banks’ Certification Roles,” Journal of International Financial Markets, Institutions & Money, 20 (2010): 475-489. Eichengreen, B. ve Mody A. (2000), “Lending booms, reserves and the sustainability of short-term debt: inferences from the pricing of syndicated bank loans,” Journal of Development Economics, 63 (2000): 5–44. Flannery, M. (1986), “Asymmetric Information and Risky Debt Maturity Choice,” Journal of Finance, 41: 19-37. Focarelli, D., Pozzolo, A., ve Casolaro, L. (2008), “The pricing effect of certification on syndicated loans,” Journal of Monetary Economics, 55(2): 335–349. Fons, J.S. (1994), “Using default rates to model the term structure of credit risk,” Financial Analysts Journal, 50(5): 25–32. Fungacovai, Z., Godlewski C.J., ve Weill, L. (2011), “Asymmetric Information and Loan Spreads in Russia Evidence from Syndicated Loans,” Eastern European Economics, 49(1): 13-29. Gottesman, A. ve Roberts, G.S. (2004), “Maturity and Loan Pricing,” Financial Review, 39: 55-77. Harjoto, M., Mullineaux, D.J., ve Yi, H. (2006), “A Comparison of Syndicated Loan Pricing at Investment and Commercial Banks,” Financial Management, 35(4): 49-70. Haselmann, R. ve Wachtel, P. (2011), “Foreign banks in syndicated loan markets,” Journal of Banking & Finance, 35 (2011) 2679–2689. Hubbard, R.G., Kuttner, K.N., ve Palia, D.N. (2002), “Are There Bank Effects in Borrowers’ Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks,” Journal of Business, 75(4): 559-581. Ivashina, V. (2009), “Asymmetric Information Effects on Loan Spreads,” Journal of Financial Economics, 92 (2009): 300–319. Kim, M., Surroca J., ve Tribo J.A. (2014), “Impact of ethical behavior on syndicated loan rates,” Journal of Banking and Finance, 38 (2014): 122-144. Kleimeier, S. ve Megginson W.L. (2000), “Are project finance loans different from other syndicated credits?,” Journal of Applied Corporate Finance, 13(1): 75-87. Lee, S.W., Kwag. S-W., Mullineaux, D.J., ve Park, K. (2010), “Financial distress, information asymmetry, and syndicate structure: Evidence from Japanese borrowers,” Finance Research Letters, 7(2010): 119–126. Lim J., Minton, B.A., ve Weisbach, M.S. (2014), “Syndication Loan Spreads and The Composition of The Syndicate,” Journal of Financial Economics, 111(2014): 45-69. McCahery, J.A. ve Schwienbacher, A. (2010), “Bank Reputation in the Private Debt Market,” Journal of Corporate Finance, 16 (2010): 498-515. Nandy, D.K. ve Shao, P. (2008), “Institutional Investment in Syndicated Loans,” Erişim Tarihi: Ekim 2015 UBC Winter Finance Conference Paper, Whistler, British Columbia, March, 7-9 2008. Nini, G. (2004), “The Value of Financial Intermediaries: Empirical Evidence From Syndicated Loans to Emerging Market Barrowers,” Federal Reserve, International Finance Discussion Papers No 820. Saunders, A. ve Steffen, S. (2011), “The Costs of Being Private: Evidence from the Loan Market,” Review of Financial Studies, 24 (12): 4091-4122. Thomson Reuters (2012), “Global Syndicated Loans Review Managing Underwriters Full Year 2012,” (Çevirimiçi) http//dmi.thomsonreuters.com/Content/Files/4Q2012_Global_ Syndicated_Loans_Review.pdf, 10 Ekim 2016. Thomson Reuters (2015), “Global Syndicated Loans Review Managing Underwriters Full Year 2015,” (Çevirimiçi) http://dmi.thomsonreuters.com/Content/Files/4Q2014_Global_ Syndicated_Loans_Review.pdf, 10 Ekim 2016. Türk Dil Kurumu, Güncel Türkçe Sözlük, (Çevirimiçi) http://tdk.gov.tr/index.php?option= com_gts&arama=gts&guid=TDK.GTS.5612b14c873234.12018392, 10 Ekim 2016.