This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt … spread than that of loans that are not subsequently securitized. To identify the particular role of securitization in loan … likelihood of securitization. We document that Term Loan B facilities, facilities originated by banks that originate CLOs, and …

For nearly a decade prior to the collapse of structured finance markets in late 2007, securitization by collateralized … whether securitization was associated with risky lending in the corporate loan market by examining the performance of … underperform the rest of the loan portfolio. Overall, we argue that the securitization of corporate loans is fundamentally …

become significantly more favorable due to securitization. Securitization also leads to an expansion in credit on the …. Finally, the 2008 collapse in securitization leads to a reversal in local lending channel …

-rated tranches. We find, however, that banks active in securitization held more highly-rated tranches. Such a result can be …

into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside … investor wealth drives the demand for riskless debt and indirectly for securitization, ii) intermediary assets and leverage …

We survey the literature on securitization and lay out a research program for its open questions. Securitization is the … markets. Securitization has grown from a small amount in 1990 to a pre-crisis issuance amount that makes it one of the largest … of the recent financial crisis. Nevertheless, despite the transformative effect of securitization on financial …

are collateralized, frequently with securitized bonds. We refer to the combination of securitization plus repo finance as …-term market that provides financing for a wide range of securitization activities and financial institutions. Repo transactions …

explanation for the low number of modifications to date than contract frictions related to securitization agreements between …