Essays on Changes in the Syndicated Loan Market

This thesis explores dynamics and trends in the syndicated loan market, where multiple lenders collaboratively fund a single borrower. The first chapter observes a shift in borrowing patterns post-2010, where bank-dependent firms no longer prefer to borrow from well-capitalised banks. The second chapter highlights a significant rise in loans with multiple lead arrangers over the past two decades and analyses the roles of co-lead arrangements in producing borrowers' private information. The final chapter reveals a spillover effect from capital regulation tightening in a lead arranger's home country, resulting in a reduction in loan spreads of the lead arranger's cross-border loans.