Does Borrowing from Banks Cost More than Borrowing from the Market?
比较同一公司同一天银行贷款与债券的定价，发现银行贷款利率比债券隐含信用利差高出140-170个基点，首次直接证明企业愿为银行信贷支付溢价。
ABSTRACT This paper investigates the pricing of bank loans relative to capital market debt. The analysis uses a novel sample of loans matched with bond spreads from the same firm on the same date. After accounting for seniority, lenders earn a large premium relative to the bond‐implied credit spread. In a sample of secured term loans to noninvestment‐grade firms, the average premium is 140 to 170 bps or about half of the all‐in‐drawn spread. This is the first direct evidence of firms' willingness to pay for bank credit and raises questions about the nature of competition in the loan market.