English, Article, Journal or magazine article edition: The Determinants of Up-Front Fees on Bank Loans to LDC Sovereigns Issam Hallak

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Determinants of Up-Front Fees on Bank Loans to LDC Sovereigns
Author
  • Issam Hallak
Physical Description
  • preprint
Notes
  • The paper explores the determinants of up-front fees on sovereign bank loans. Remuneration of bank loans is typically channelled through the floating interest benchmark, the interest spread, and a battery of fees. There is substantial evidence of the spread paying for long-run sovereign repayment capacity. Little is known, however, about the role of the fees paid up-front. Based on a uniquely extensive sample of LDCs sovereign loan contracts, this study provides substantial evidence of up-front fees capturing the costs due to the expected renegotiations and agency issues. This contradicts previous studies based on spreads only, predicting a pricing difference between public and private debt to LDCs sovereigns.
  • sovereign debt, syndicated loans, up-front fees, pricing design, less-developed countries
  • RePEc:oxf:wpaper:075
Language
  • English
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