Penn, Graham;
(2022)
Promoting Liquidity in the Secondary Loan Market: Is Sub-Participation Still Fit for Purpose?
Journal of International Banking Law and Regulation
, 37
(3)
pp. 85-102.
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PROMOTING LIQUIDITY IN THE SECONDARY LOAN MARKET IS SUB-PARTICIPATION STILL FIT FOR PURPOSE (SUBMITTED WITH HEADER).pdf - Accepted Version Download (441kB) | Preview |
Abstract
One of the most innovative features of the international syndicated loan market, almost since its inception, has been the transformation from loan assets which are held, historically by banks, until maturity, to the creation of assets which are highly liquid and tradeable as if they were securities. The various techniques deployed by market participants to achieve such liquidity and transferability, and attempts by borrowers to restrict it, have been subject to almost constant change. This article will consider whether recent developments in the market, specifically with reference to sub-participations, are now inhibiting liquidity and transferability.
| Type: | Article |
|---|---|
| Title: | Promoting Liquidity in the Secondary Loan Market: Is Sub-Participation Still Fit for Purpose? |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | https://www.sweetandmaxwell.co.uk/Product/Banking-... |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10140334 |
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