supervisory dataset of syndicated loans from 2006-2012. Leveraging the unique information on covenant compliance, collateral and … public firms after violations. We find that collateral plays an important role in alleviating credit rationing for private … collateral values and tighter lending standards. We conclude that banks' use of the covenant channel disproportionately impacts …

the CMBS market as a natural experiment, when banks funded both collateral types. Our results show that properties likely … securitization in this market funds safe collateral …

collateral and various covenants on syndicated loan risk. It addresses firms’ self-selection of these contract terms by analyzing … how a loan’s collateral and covenants affect: 1) the difference between the loan’s credit rating and the senior, unsecured … loan’s credit spread. The results show that the rating agency and investors agree that a collateral requirement, a capital …

We show that the liquidation value of collateral depends on who is pledging it. We employ transaction-level data on … collateral that they pledge. The premium in corporate loan markets amounts to 25 basis points. Our results imply that liquidation … value contains a component at the borrower-collateral level, and that lenders monitor and price-in the interdependency …