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Syndicated Loan Glossary

basis point (bp)
    1/100 of one percent (0.01%). it is the unit of measurement used to describe fees or spreads in most loan transactions.
arranger
    A bank or other financial institution responsible for originating and syndicating a transaction. the arranger always has a senior role, is often also the agent and if required, usually underwrites...
return on assets
    A broadly based accepted basis for lenders to measure the relative profitability of a commitment to lend money. the components of roa comprise margins, fees, including commitment fee if applicable...
buy-in/sell-out
    A buy-in/sell-out concept on secondary loan trades serves as a mechanism for enforcing delayed settlement compensation.
collateralised loan obligations (clo)
    A cdo where the debt obligations are loans.
yank the bank
    A clause in a loan agreement permitting the borrower(s) to buy out a lender who does not accept a waiver or amendment request to the loan agreement.
cross-over credit
    A company rated investment grade by one credit rating agency and high yield by another.
delayed compensation
    A component of pricing in the settlement of loan trades which do not close on a timely basis. delayed compensation is intended to place the parties in the approximate economic position on the actu...
utilisation fee
    A fee paid to the lender to increase its return on drawn assets. the payment is generally linked to the average utilisation of the facility exceeding a specified percentage or amount during a defi...
front end fee (fef)
    A fee, calculated as a percentage of the principal amount, which is payable once, generally at signing of the loan agreement or shortly thereafter.
leveraged loan
    A loan that has higher levels of debt leverage when compared to an investment grade credit. various institutions may define a leveraged loan in different ways, although it is reasonably common to ...
club loan
    A loan where a group of lenders agree to take and hold an asset at the outset of the transaction with no intention of reducing their commitments through subsequent syndication.
mandated lead arranger (mla)
    A mandated bank at the highest level. the mla, or at least one mla in cases when there is more than one mla, will act as the bookrunner.
praecipium
    A portion of the front-end fee, calculated on the nominal amount of the loan and paid to the mla in recognition of the human resources and technical skills commitment required to conclude a succes...
fixed rate bond
    A security on which the coupon is paid at a fixed rate set at the beginning of the arrangement and applied for the whole life of the agreement.
floating rate bond or note (frn)
    A security on which the coupon paid changes on every interest roll-date throughout the life of the debt in line with a reference rate - such as libor or euribor.
asset backed security (abs)
    A security which is supported by assets such as mortgages, car loans, credit card receivables, owned by the issuer of the security and usually placed with a trustee.
commercial paper (cp)
    A short term unsecured promise to repay a debt on a certain future date, usually written as a promissory note and sold at a discount.
withholding tax (wht)
    A tax on interest or dividend payments, deductible at source.
accordion feature
    A type of option that a borrower can have inserted into a syndicated credit agreement at the outset of the transaction which allows it to increase the principal under the credit agreement, subject...
leveraged buy out (lbo)
    Acquisition of a company by a private firm where the ratio of the debt component of the financing in relation to the equity component is high. such financings often include mezzanine and/or 2nd li...
gross up
  1. Additional payments made by a borrower to compensate its lenders for withholding taxes or similar levies that reduce the amounts actually received by the lenders from the borrower.

  2. ...
rating agency
  1. Agencies which provide independently derived credit assessments on borrowers or on specific debt instruments issued by a borrower.

  2. Рейтинговое агентство
economic capital
    Amount of capital required by banks to offset all expected potential losses.
clear market
    An agreement by a borrower at the mandate stage of a syndicated loan not to engage in other public financings which could compete with the syndicated loan being arranged.
original issue discount (oid)
    An amount by which the par value of a debt (usually a public security but also can be applicable to a leveraged loan) exceeds its offering price at the time of its original issuance. the original ...
monte carlo simulation
    An analytical technique in which a large number of simulations are run using random quantities for uncertain variables and looking at the distribution of results to infer which values are most lik... монте-карло имитация;
commitment fee
    An annual percentage fee payable to a bank on the undrawn portion of a committed loan facility. typically paid quarterly in arrears.
коммисия за обязательство; oneri di mantenimento;
facility fee
    An annual percentage fee, payable by the borrower, pro-rata to banks providing a credit facility to that borrower - it is calculated on the full amount of the facility, whether or not the facility...
cross default
    An event of default under a loan agreement triggered by a default in the payment of, or the actual or potential acceleration of the repayment of, other financial indebtedness of the same borrower ... omissione incrociata;
intercreditor agreement
  1. An intercreditor agreement sets out the agreement between various financiers providing loans or credits to a borrower and reconciles their different interests. it deals with the commercial beh...
sub underwriter
    An underwriter will sometimes sell down a portion of its underwriting commitment to a sub underwriter.
new york mercantile exchange (nymex)
    Based in new york, nymex is the largest physical commodity futures exchange in the world, as well as a leading trading forum for energy and precious metals.
break funding
    Break funding seeks to ensure that neither party to a secondary loan trade is disadvantaged as a result of movements in the underlying funding rate where the settlement date is not a loan rollover...
bba
    British bankers association.
bvca
    British venture capital association, the industry body for the uk private equity and venture capital industry.
chicago board of trade (cbot)
    Cbot was established in 1848 and is a leading futures and options exchange with over 3,600 members trading 50 different contracts in financial and agricultural products.
cagr
    Compound annual growth rate.
financial accounting standards board (fasb)
  1. Formed in 1973, fasb is the designated organization in the us private sector for establishing standards of financial accounting and reporting and for governing the preparation of financial rep...
international accounting standards board (iasb)
    Formed in 2001 to develop global accounting standards for use in the preparation of financial reports.
правление комитета по международным стандартам финансовой отчетности (правление кмсфо); правление комитета по международным стандартам;
basel i
    Framework agreed in 1988 by the basel committee on banking supervision relating to supervisory regulations governing the capital adequacy of international banks.
amortisation
    Gradual repayment of a debt over time in a series of regular or irregular payments.
амортизация;
holdco
    Holding company.
ring fence
  1. In lending terminology, when a specific company is made structurally bankrupt remote from the rest of the parent group. this may be applied for regulatory reasons (such as for uk electricity d...
ifrs
    International financial reporting standards created by the iasb.
bank for international settlements (bis)
    International organisation which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. its banking services are provided exclusively to central... банк международных расчетов (бмр);
axe sheet
    Key details of a syndicated transaction, covering name of borrower, type of facility, term of facility and pricing details.
lcds
    Loan credit default swaps. a product which is similar to cds but referenced against loans. this is a relatively new product and steps to standardise processes are being considered by market player...
mbo
    Management buy out, occurs where managers and/or employees of a business acquire control over all, or part, of the business.
m&a
    Merger and acquisition.
npl
  1. Non-performing loan.

  2. Natural pivot length

  3. National priorities list
npl; noise pollution level; уровень шума; national priorities list for uncontrolled hazardous waste sites; national priorities list;
pik
    Payment in kind, typically does not provide for any cashflows from borrower to lender between the drawdown date and the maturity or refinancing date. pik interest accrues and capitalises periodica...
prop-desk
    Proprietary trading desk.
p2p
  1. Public to private.

  2. Peer-to-peer (p2p) refers to the decentralized interactions that happen between at least two parties in a highly interconnected network. p2p participants deal dir...
recap
  1. Recapitalisation.

  2. Recapitulation of the terms and conditions agreed
recapitulation of the terms and conditions agreed; перечисление согласованных сроков и условий;
raroc
    Risk-adjusted return on capital.
risk adjusted return on capital;
bookrunner
    The bank(s) appointed to run the books during the execution phase of syndication with responsibility for issuing invitations, disseminating information to interested banks and informing both the b...
regulatory capital
    The capital required to support a portfolio of assets derived by reference to the capital requirements set out in basel i or basel ii as applicable.
mezzanine finance
    The capital structure layer of funding between common equity and secured borrowing, usually subordinated and sometimes may carry an equity warrant. mezzanine finance may also involve an element of...
generally accepted accounting principles (gaap)
  1. The common set of accounting principles, standards, and procedures that companies use to compile their financial statements and reports.

  2. The united states accounting standards estab... общепринятые принципы бухгалтерского учета (опбу); общепринятые принципы бухгалтерского учета; общепринятые принципы бухгалтерского учета (гаап);
expected loss
    The expected value of portfolio losses due to default over a specified time horizon. lenders set aside provisions to cover expected losses.
ожидаемые убытки; ожидаемый убыток;
transfer fee
    The fee charged by an agent bank for transferring a portion of a loan from one lender of record to another lender of record.
extension fee
    The fee charged when an existing committed facility is extended beyond the original maturity date.
financial services authority (fsa)
    The fsa was established in 1997 and is primarily responsible for regulatory supervision of the financial sector in the uk. it is accountable to parliament via hm treasury.
coupon
    The interest which is paid on a bond.
cedola;
reference obligations
    The particular loans and/or bonds to which a cds is referenced to.
grace period
  1. The period between signing the loan agreement and the first repayment of principal. also, the period which may be allowed to the borrower to remedy an event of default.

  2. Льготный пер... отсрочка первого платежа,; льготный период; periodo di tolleranza;
on the break
    The point in time when a syndicated loan becomes free to trade.
out of the box
    The pricing on a facility as notified to the market at the start of primary syndication.
securitisation
    The process whereby a portfolio of debt instruments is repackaged as a tradeable security.
conversione in titoli; секьюритизация;
ramping
    The ramping-up phase is the phase immediately following the issuance of cdo notes during which the process of buying the pool of debt assets backing the cdo is completed.
risk adjusted return on capital (raroc)
    The return on capital on an asset portfolio after taking account of the risk weightings of each asset as determined by basel ii.
return on equity (roe)
  1. The return on capital on an asset portfolio based on the equity required to support the portfolio.

  2. Рентабельность собственного капитала
рентабельность собственного капитала; доходность собственного капитала; доход от акций, рентабельность собственного капитала;
return on investment (roi)
    The return on capital on an asset portfolio based on the sum invested in the portfolio.
доходность инвестирования; доходность инвестирования, доход на вложенный (инвестированный) капитал;
general syndication
    The syndication stage following the underwriting of a facility leading to the final distribution of amounts among the lenders participating in the primary stage of a syndicated loan.
unexpected loss
    The unexpected value of portfolio losses due to default over a specified time horizon (over and above expected losses). the lender retains capital to cover such losses.
непредвиденный убыток;
agency fee
  1. This is an annual fee, calculated as a lump sum or per bank per annum, payable by the borrower to compensate the agent for the mechanical and operational work performed by that bank under the ... агентское вознаграждение;