FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)HowPrivateEquityFuelsNon-BankLendingSharjilHaque,SimonMayer,TengWang2024-015Pleasecitethispaperas:Haque,Sharjil,SimonMayer,andTengWang(2024).“HowPrivateEquityFuelsNon-BankLending,”FinanceandEconomicsDiscussionSeries2024-015.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.015.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.HowPrivateEquityFuelsNon-BankLending∗SharjilHaque†SimonMayer‡TengWang§January26,2024AbstractWeshowhowprivateequity(PE)buyoutsfuelloansalesandnon-bankparticipa-tionintheU.S.syndicatedloanmarket.Combiningloan-leveldatafromtheSharedNationalCreditregisterwithbuyoutdealsfromPitchbook,wefindthatPE-backedloansfeaturelowerbankmonitoring,lowerloansharesretainedbytheleadbank,andmoreloansalestonon-bankfinancialintermediaries.ForPE-backedloans,thespon-sor’sreputa...
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