Mind the Gap: The Difference between U.S. and European Loan Rates
分析了美国与欧洲银团贷款定价的差异，发现美国借款人在信用额度上支付更高利差但费用更低，总成本相近；定期贷款上美国利差更高，且美国发行人业绩较差解释了30%的利差差异。
We analyze differences in the pricing of syndicated loans between U.S. and European loans. \nFor credit lines, U.S. borrowers pay significantly higher spreads, but also lower fees, resulting \nin similar total costs of borrowing in both markets. For term loans, U.S. firms pay significantly higher spreads. While European firms across the rating spectrum issue terms loans, only low quality U.S. firms rely on term loans. U.S. issuers perform worse after loan origination compared to European issuers, which explains 30% of the spread differential. Increasing loan supply by institutional lenders in the U.S. since 2003 eventually fully removed the term loan \npricing gap.