In contrast to bonds, cov-lite loans do not require SEC registration and are not subject to securities laws. We show that this distinction plays an important role in firms' choice between funding through cov-lite loans and bonds and helps understand why the market share of cov-lite loans has...

This paper explore whether there are competitive advantage of Australian domestic banks relative to international banks in absorbing liquidity risk originated from loan contract. We focus on the Australian syndicated loan market and the two types of syndicated loans: term loans and revolving...