Did securitization affect the cost of corporate debt?

• 成果类型: Article
• 署名作者: Nadauld, Taylor D.; Weisbach, Michael S.
• 署名单位: Brigham Young University; University System of Ohio; Ohio State University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2012.03.002
• 发表日期: 2012
• 页码: 332-352
• 关键词: Securitization; Collateralized loan obligations (CLO); Corporate bank loans

摘要

This paper investigates whether the securitization of corporate bank loan facilities had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 17 basis point lower spread than that of facilities that are not subsequently securitized. We consider facility characteristics that are associated with the likelihood of securitization and estimate the extent to which these characteristics are related to spreads. We document that Term Loan B facilities, facilities of B-rated firms, and facilities originated by banks that originate CLOs are securitized more frequently than other facilities. Spreads on facilities estimated to be more likely to be subsequently securitized have lower spreads than otherwise similar facilities. The results are consistent with the view that securitization caused a reduction in the cost of capital. (C) 2012 Elsevier B.V. All rights reserved.