Paligorova, Teodora; Santos, João A. C. - 2016
between these vehicles and lead banks. CLOs that have a relationship with the lead bank of the renegotiated loan are strong …We document that the structure of syndicates affects loan renegotiations. Lead banks with large retained shares have … fund not only their portion of the loan increase, but also the portion that was supposed to be funded by the lead bank. Our …