The Total Costs of Corporate Borrowing: Don‘t Ignore the Fees
The Total Costs of Corporate Borrowing: Don`t Ignore the Fees
(Tobias Berg, Anthony Saunders, Sascha Steffen)
May 2013
Cost of borrowing = Interest rate ?
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Motivation
? Fees are an important part of syndicated loans
? >80% of syndicated loan contracts contain at least one fee type ? Fees can exceed interest payments for some loans
? Prior research focuses on All-In-Spread-Drawn (AISD)
? Ignores several important fee types ? Only aggregate
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Research questions
1. How does the ,,anatomy" of syndicated loan fees look like?
2. Do relationship benefits extend to fees? Are relationships relevant for the pricing structure (fees versus spread)?
3. What is a good measure for the total cost of borrowing?
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Agenda
? The "anatomy" of syndicated loan fees ? Fees and relationship lending ? A novel measure: ,,Total Cost of Borrowing"
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