[雙語翻譯]外文翻譯--證券化會(huì)影響公司債務(wù)的成本嗎？（英文）

1、Did securitization affect the cost of corporate debt?$Taylor D. Nadauld a,n, Michael S. Weisbach ba Department of Finance, Brigham Young University, Provo, Utah, USA b Ohio State University and NBER, USAa r t i c l e i n

2、 f oArticle history:Received 23 February 2011Received in revised form6 July 2011Accepted 4 August 2011JEL classification:G21G31Keywords:SecuritizationCollateralized loan obligations (CLO)Corporate bank loansa b s t r a c

3、 tThis paper investigates whether the securitization of corporate bank loan facilities hadan impact on the price of corporate debt. Our results suggest that loan facilities that aresubsequently securitized are associated

4、 with a 17 basis point lower spread than that offacilities that are not subsequently securitized. We consider facility characteristics thatare associated with the likelihood of securitization and estimate the extent to w

5、hichthese characteristics are related to spreads. We document that Term Loan B facilities,facilities of B-rated firms, and facilities originated by banks that originate CLOs aresecuritized more frequently than other faci

6、lities. Spreads on facilities estimated to bemore likely to be subsequently securitized have lower spreads than otherwise similarfacilities. The results are consistent with the view that securitization caused a reduction

7、in the cost of capital.Sufi, 2007; Ivashina, 2009).2. Institutional backgroundCollateralized loan obligations (CLOs) transform spec- ulative-grade bank loan facilities into highly rated bonds through the process of pooli

8、ng and tranching.6 The incidence of securitizing corporate bank loans exploded between 2002 and 2007 and has been well-documented in the literature and popular press. Over 80% of the CLOs originated between 1996 and 2008

9、 were originated in the years 2002–2007, with nearly 50% occurring in 2006 and the first half of 2007 alone.7 Also noteworthy is the fact that between 2002 and 2007, 79% of new CLOs were originated by just ten banks. In

10、short, the creation of CLOs was very active over a relatively short period of time and concentrated in a relatively small number of originating banks. Theoretically, securitization can occur for a number of reasons. Firs

11、t, DeMarzo (2005) suggests that securitiza- tion reduces asymmetric information problems about the quality of individual loans by providing the purchaser with a diversified pool of loans from different issuers, presumabl

12、y having a lower information asymmetry pro- blem than any individual loan would have. Second, Gaur, Seshadri, and Subrahmanyam (2011) point out that securitization reduces market incompleteness, providing investors who v

13、alue that particular cash-flow distribution with the ability to purchase it. Finally, Coval, Jurek, and Stafford (2009), relying on the assumption that investors purchase bonds based solely on credit ratings, attribute t

14、he proliferation of securitization activity between 2002– 2007 to the potential for deal arrangers to deliver the cheapest possible set of assets that can obtain a high quality credit rating, thereby engaging in ratings

15、arbit- rage. The observation that the bank loans of B-rated borrowers were securitized more frequently than Ba- rated loans is consistent with a ‘‘cheapest-to-deliver’’ view of collateral selection in securitization. Yet

16、, none of these theories of securitization provides a rationale for why securitization should affect the spreads on loan facilities that subsequently are securitized. In other words, given two loan facilities, why should

17、 their spreads differ depending on whether they are subse- quently securitized if the risks associated with the loans’ repayment are identical? For this to be the case, the very process of securitization likely influence

18、s the lender’s decision about the loan at the time of origination.6 The term ‘‘tranche’’ is used to describe different bonds arising froma CLO deal and is also used to describe different loan facilities within abank loan

19、. The term tranche in this sentence refers to the tranches(bonds) that arise from the origination of a CLO. 7 Data on CLO originations are presented in Table 2.Please cite this article as: Nadauld, T.D., Weisbach, M.S.,