Activities per year
Abstract
This paper provides a comparative analysis of sustainable and conventional syndicated loan spreads and pricing. Using a cross-section of 24,962 syndicated loan tranches closed between 2018 and 2022 in OECD countries, we show that sustainable and conventional loans are differently priced, spreads of sustainable versus conventional loans do not differ significantly, and banks rely on contractual, macroeconomic, bank syndicate structure, and borrowers’ characteristics when pricing sustainable tranches. At the deal-level, our results do not support the hypothesis of sustainable debt financing as a mechanism for reducing firms’ funding costs. We also find that economies of scale, institutional, and information asymmetry arguments affect firms’ choice between sustainable and conventional syndicated deals.
| Original language | English |
|---|---|
| Number of pages | 50 |
| Publication status | Published - 4 Feb 2024 |
| Event | European Financial Management Association 2024 Annual Meeting - ISEG, Lisbon, Portugal Duration: 26 Jun 2024 → 29 Jun 2024 https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2024-Lisbon/2024%20meetings.php |
Conference
| Conference | European Financial Management Association 2024 Annual Meeting |
|---|---|
| Abbreviated title | EFMA 2024 Annual Meeting |
| Country/Territory | Portugal |
| City | Lisbon |
| Period | 26/06/24 → 29/06/24 |
| Internet address |
Keywords
- ESG
- Syndicated loans
- Credit spreads
- Loan pricing
- Cost of borrowing
Fingerprint
Dive into the research topics of 'The pricing of sustainable syndicated loans'. Together they form a unique fingerprint.Activities
- 1 Oral presentation
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The pricing of sustainable syndicated loans
Alves, P. (Speaker), Gonçalo, J. (Speaker) & Pinto, J. (Speaker)
4 Feb 2024Activity: Talk or presentation › Oral presentation
Projects
- 1 Active
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CEGE: Research Center in Management and Economics
Silva, M. (Full Professor), Sousa, R. (Full Professor), Alves, P. (Assistant Professor), Madsen, A. (Invited Assistant Professor), Lourenço, A. (Associate Professor), Carvalho, A. S. (Associate Professor), Andrade, A. (Assistant Professor), Silva, P. D. (Associate Professor), Vlačić, B. (Invited Assistant Professor), Martins, C. (Invited Assistant Professor), Gomes, C. (Auxiliary Researcher), Gevrek, Z. E. (Invited Assistant Professor), Oliveira, F. G. D. (Associate Professor), Faria, G. (Invited Associate Professor), Marreiros, H. (Scholarship holder), Pinho, J. (Invited Assistant Professor), Machado, J. (Associate Professor), Araújo, J. (Auxiliary Researcher), Pinto, J. (Assistant Professor), Rego, A. (Full Professor), Gaspar, J. M. (Auxiliary Researcher), Corbo, L. (Invited Assistant Professor), Costa, L. (Associate Professor), Fernandes, L. (Assistant Professor), Sottomayor, M. (Assistant Professor), Martins, N. (Full Professor), Hernández-Marrero, P. (Auxiliary Researcher), Gonçalves, R. (Associate Professor), Ribeiro, R. (PI), Coelho, S. L. (Assistant Teacher), Pereira, S. M. (Auxiliary Researcher), Silva, S. (Associate Professor), Rodrigues, V. (Associate Professor), Sotiros, D. G. (Auxiliary Researcher), Valverde, C. (Assistant Professor), Leitão, A. (Assistant Professor), Julião, J. (Assistant Professor), Tavares, M. (Assistant Professor), Lages, C. R. (Auxiliary Researcher), Elmashhara, M. G. (Auxiliary Researcher) & Teymourifar, A. (Auxiliary Researcher)
1/01/20 → 31/12/25
Project: Other