TOPIC: -

DECLARATION
I MR.CHANDNI GALA student of T.Y.B.COM (BANKING AND
INSURANCE) (SEMESTER V) of SHRI CHINAI COLLEGE OF
COMMERCE AND ECONOMICS hereby declare that I have completed the
project on LOAN SYNDICATION in the academic year 2007-2008. The
information submitted is true and original and to the best of my knowledge.

Sign of student
(CHANDNI GALA)

CERTIFICATE
I Mr.NISHIKANT JHA hereby certify that MISS.CHANDNI GALA of
T.Y.B.COM (BANKING AND INSURANCE) Semester V of SHRI
CHINAI COLLEGE OF COMMERCE AND ECONOMICS has completed
the project on LOAN SYNDICATION in the academic year 2007-2008. The
information submitted is true and original and to the best of my knowledge.

Sign of Project guide

(NISHIKANT JHA)

Acknowledgement
Completing a task is never one mans effort. It is often the result of
invaluable contribution of number of individuals in direct or indirect way in
shaping success and achieving it.
I would like to extend our sincere gratitude and appreciation to
Prof.Nishikant Jha who guided me in the study of loan syndication. It has
indeed been a great learning, experiencing and working under him during
the course of the project .We would like to thank prof. (Mrs.) Malini Johari
(Principal) and Prof (Mr.) Nishikant Jha (co-ordinator), Shri Chinai College
of Commerce and Economics- Andheri for their their support and assurance
throughout this project.
We would like to thank the librarian of our college for helping us in finding
out the relevant material for our project. We would like to appreciate all our
college friends and family members who gave us all support and backing
and always came forward whenever a helping hand was needed.

INDEX
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CONTENTS
Executive summary
Introduction
Meaning Of Loan
Meaning Of Syndication
Introduction To Loan Syndication
Features Of Loan Syndication
Stage In The Loan Syndication
Process
Reasons/Purpose For Syndicated
Lending
Advantages Of Syndicated Lending
Project Finance And Loan
Syndication
Parties And Their Role Within The
Syndication Process
Loan Syndication Financial
Institutions
Loan Depot
The Syndicated Loan Market
Overview of ICICI Bank
History Of ICICI Bank
ICICI Syndication
Syndication Advisory And Other
Services
Conclusion
Bibliography

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INTRODUCTION
Banks play an important role in the economic development of a nation.
banks provide a number of functions. The term bank comes from the word
BANCO which means a bench. In earlier days European money lenders
used to display coins of different countries in big heaps on benches or tables
for the purpose of lending or exchanging.It receives money from those who
want to save in the form of deposits and lends the money to those who need
it.The primary functions of the bank are known as banking functions and the
secondary functions of the bank are known as non-banking functions.
A Bank is a financial institution which deals with deposits and advances
and other related services. The term banking has undergone tremendous
changes over the years. The traditional and commercial banking activities of
accepting deposits and lending have been replaced by the concept of
universal banking and now international banking. Banks are expanding their
operations, entering new markets and trading in new asset types. The change
in financial system has created new opportunities along with new risks.
The banks plays a vital role in modern business without banks, it would be
highly difficult to conduct business activities in a smooth manner. A bank is
a vital aid-to-trade. Thus bank is an evolutionary concept. It acts as a
connected link between borrowers and lenders of money. For the past three
decades Indias banking system has several outstanding achievements to its
credit. The most striking feature is its extensive reach. It is no longer
confined to metropolitans or cosmopolitans in India. In fact, Indian banking
system has reached even to the remote countries of the world. This is the
main reason of Indias growth process.
Not long ago, an account holder had to wait for hours at the bank counters
for getting a draft or for withdrawing his own money. Today, he has a
choice. Gone are the days when the most efficient bank transferred money
from one branch to another in two days. Now it is simple as instant
5

messaging or dial a pizza. Money has become the order of the day. The
modern day banking consist of all activities viz .accounts of non residents,
financing exports and imports, financing in foreign currencies, cross border
financing, syndication of loans and many other activities. With the
introduction of new products and services in the banking sector it has made
the life of a common man more simple and easy.
Innovation in banking:TECHNOLOGY FOR VALUE CREATION
1)
2)
3)
4)

Internet Banking
Mobile Banking
Payment and Settlement Systems(RTGS)
Benefits of Technology in Banking

RURAL INDIA CATCHING UP

1) Micro Finance and Self Help Groups
BANKING BEYOND BANKING
1)
2)
3)
4)
5)

Personal Banking
Retail Banking
NRI Services
Bancassurance
Any Branch Banking

THE CHANGING FACE OF BANKING

1) Universal banks
2) Smart Cards
3) Outsourcing BPO
The banking sector is an upcoming sector in the market these
days with the innovation of new techniques and opening up of new
branches around the country. Their main aim is at consumer satisfaction.
It is a sector of great importance to the common man and it continues to
expand in leaps and bounds everyday. The banks are rightly called as
nerve centers of business and backbones of modern industries and
commerce.
6

Meaning of the term Loan

A loan is a type of debt. All material things can be lent. Like all debt
instruments, a loan entails the redistribution of financial assets over time,
between the lender and the borrower. It is also defined as: Something lent for temporary use.
A sum of money lent at interest.
For example: - An act of lending; a grant for temporary use: asked for
the loan of a garden.
A temporary transfer to a duty or place away from a regular job: an
efficiency expert on loan from the main office.
Loans represent the majority of a banks assets. a bank can typically
earn a higher rate of interest on loans than on securities. Loans
however, come with risk. If a bank makes bad loans to consumers or
businesses, the banks may suffer on defaulter of repayments.
-Loan is an advance paid by the bank to the customer either with
security or without security is called as loan. If a loan is given without
security it is called as an advance. It is given for a fixed period of time
and aggregate rate of interests. Repayments are spread over from a
period of 1-5 years. It is also known as demand loan and it is
repayable on demand.
-The loans are granted to meet long term working capital needs and
for expansion and modernization. Interest is charged on the actual
amount sanctioned, whether withdrawn or not. Loans may be shortterm, medium-term or loan term. Long term loans are generally for
meeting the working capital requirements. Such loans are also called
as term loans. When a loan
is meant for meeting both fixed and
working capital requirement of a borrower, it is called as a
Composite loan.

Advantages of the loan system are as follows;

Financial discipline on the borrower

Periodic review of local Account
Profitability
The system is quite simple
It is given for a fixed period and specific purpose.

Meaning of syndication
An association of individuals formed for the purpose of conducting a
particular business or a joint venture.
Pooling of resources by financial institutions in a financing project to
spread the risk. Individual return from the investment is proportionate
to the degree of risk or amount of funds that each has put up or
underwritten.
A syndicate is a general term describing any group that is formed to
conduct some type of business. For example, a syndicate may be
formed by a group of investment bankers who underwrite and
distribute new issues of securities or blocks of outstanding issues.
Syndicates can be organized as corporations or partnerships.
A Syndicated loan (orsyndicated bank facility) is a large loan in
which a group of banks work together to provide funds for a
borrower. There is usually one lead bank (the "Arranger" or "Agent")
that takes a percentage of the loan and syndicates the rest to other
banks. A syndicated loan is the opposite of a bilateral loan, which
only involves one borrower and one lender (often a bank or financial
institution.
A syndicate only works together temporarily. They are commonly
used for large loans or underwritings to reduce the risk that each
individual firm must take on.

It can also be termed as an association of people or firms formed to

engage in an enterprise or promote a common interest or an
association of people or firms authorized to undertake a duty or
transact specific business.

The cost of a syndicated loan consists of interest and a number of

fees-management fees, participation fees, agency fees and
underwriting fees when the loan is underwritten by a bank or a group
of banks. Spreads over LIBOR depend upon borrower's credit
worthiness, size and term of the loan, state of the market (e.g. the
level of LIBOR, supply of non-bank deposits to the EURO banks,)
and the degree of competition for the loan.

INTRODUCTION TO LOAN SYNDICATION

Loan syndication refers to services rendered by an organization in

arranging and procuring credit from financial institutions, banks, other
lending and investment companies for financing the project or
meeting the working capital requirements.
The loan syndication work involves identification of sources where
from funds would be arranged, approaching these sources with
requisite application and supporting documents and complying with
all the formalities involved in the sanction and disbursal of loan.
In loan syndication there is a leader bank who undertakes all the
duties and functions of finance. The fees charged by merchant banker
for undertaking loan syndication varies upto one percent of the total
loan amount.

 Syndicated loans provide borrowers with a more complete menu of

financing options. In effect, the syndication market completes a
continuum between traditional private bilateral bank loans and
publicly traded bond market.
Loan syndications is responsible for arranging co-financing with
commercial banks and other financial institutions directly or indirectly
with export credit agencies (ECAS).
Loan syndications has chosen a flexible and market oriented
approach.
Loan syndication refers to assistance rendered by merchant banks to
get mainly term loans for projects. Such loans may be obtained from a
single financial institution or a syndicate or consortium.
Merchant bankers provide help to corporate clients to raise syndicated
loans from commercial banks. Merchant bankers help corporate
clients to raise syndicated loans from commercial banks.
Merchant banking is an institution which covers a wide range of
activities such as portfolio management, credit syndication, and
corporate advisory services. They help clients approach financial
institutions for term loans.
The Loan Syndications team includes dedicated professionals in
Chicago, New York, Toronto and London who are active in the bank
market and have an in-depth knowledge of the current trends in loan
pricing, structure and trading activities.
As the size of the individual loans increased, individual banks found it
difficult to take the risk single handed- regulatory authorities in most
countries limit the size of the individual exposures. Hence the practice
of inviting other banks to participate in the loan, to form a syndicate,
came into being; thus the term Syndicated loans
A loan syndicate refers to the negotiation where borrowers and
lenders sit across the table to discuss about the terms and conditions of
lending. At present Large groups of banks are forming syndicates to
arrange huge amount of loans for corporate borrowers.
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 The need for syndication arises as the size of the loan is huge and a
single bank cannot bear the whole risk of lending. Also the corporate
going for the issue is not aware about the banks which are willing to
lend. Hence syndication assumes significance.
In the case of syndication the risk gets diversified. The process of
syndication starts with an invitation for bids from the borrower. The
borrower mentions the funds requirement, currency, tenor etc. the
mandate is given to a particular bank or an institution that will take
the responsibility of syndicating the loan by arranging for financing
the banks.
Syndication is done on a best effort basis or on underwriting basis. It
is usually the lead manager who acts a syndicator of loans. The lead
manager has dual tasks i.e. formation of syndicate documentation and
loan agreement.
Common documentation is signed by the participating banks on the
common terms and conditions.
The advantages of syndicated loans are the size of the loan, speed and
certainty of funds, maturity profile of the loan, flexibility in
repayment, lower cost of funds, diversity of currency, simpler banking
relationships and possibility of renegotiation.
Syndicated loans are loans made by two or more lenders and
administered by a common agent using similar terms and conditions
and common documentation.
According to Business Credit, most loan syndications take the form of
a direct-lender relationship, in which the lead lender is the agent for
the other lenders in the origination and administration of the loan, and
the other lending banks are signatories to the loan agreement.
In the last several years the popularity of this type of loan has
exploded. By 2000, the total annual volume of syndicated loan

11

issuance had risen to $1.2 trillion, a $100 billion increase over the
year before. The businesses that are choosing this option to finance
their growth have expanded beyond the Fortune 500 companies that
were its first users.
They have now become a flexible funding source for both mid-sized
companies and smaller companies that are on the cusp of moving into
mid-sized status.
The simple reality is that "Companies can given these obstacles,
business owners and executives often express interest in syndicated
loans, which offer consolidation of effort and the possibility of
making new banking contacts. Lenders support their use as well.
Lenders like syndications because they permit them to make more
loans, while limiting individual exposures and spreading their risk
within portfolios more widely. "Moreover, administration of the loan
is extremely efficient, with the agent managing much of the process
on behalf of the participants."
Borrowers taking out syndicated loans pay upfront fees and annual

charges to the participating banks, with interest accruing (on a

quarterly, monthly, or semiannual basis) from the initial draw-down
date. "One advantage of syndication loans is that this market allows
the borrower to access from a diverse group of financial institutions,
In general, borrowers can raise funds more cheaply in the syndicated
loan market than they can borrowing the same amount of money
through a series of bilateral loans.
Syndicated loans are a special category of loans in which an arranger,
or group of arrangers, forms a group of creditors on the basis of
a mandate to finance the debtor. The debtor is usually a company with
an excellent rating. The debtor chooses this type of loan primarily
because the required loan volume exceeds the possibilities of one
creditor through bilateral financing, both from the perspective of
a risk analysis of the debtors position as well as the creditors
strategy. Despite the fact that the debtor and creditors only enter into

12

one contract, the creditors rights and obligations are several and
independent of each other.

Features of syndicated loans

The syndicated loan is a financing method evolved from bilateral loan.
Under the arrangement of syndicated loan, one bank or several banks (as the
arrangers) organize other banks to grant loans to the same borrower under
one loan agreement according to agreed terms.
Syndicated loans have the following features:
Huge amount and long term loans.
Less pressure on banks and diversified risk.
As for the borrower, syndicated loans provide large amounts of loans
with longer term and easy operation management (only need to
contact with the agent bank).

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 Fewer restriction on the use of proceeds (compared with government

loans and export credit)
Easier management (Compared with loans borrowed separately from
different banks)
Syndicated loans can be structured to incorporate various options. As
in the case of FRS, a drop lock feature converts the floating rate loan
into a fixed rate loan if the benchmark index hits a specified floor. A
multi-currency option allows the borrower to switch the currency of
denomination on a rollover date.
Security in the form of government guarantee or mortgage on assets
is required for borrowers in developing countries like India.
Syndicated loan is more suitable as compared to a simple loan from
single or multiple banks.
The borrower does not have to deal with a large number of lenders.
It has permitted the issuers to achieve more market-oriented and
cost-effective financing.
Loan syndications are a cost-effective method for participating
institutions to diversify their banking books and to exploit any
funding advantages relative to agent banks.
Syndicated loans have increasingly become the corporate financing
choice of large- and mid-size firms. As a result, syndicated lending
has become a major component of today's financial landscape.
Syndicated lending also allows banks to compete more effectively
with public debt markets for corporate borrowers. To a large extent,
the development of the loan syndication market has stemmed, if not
reversed, the trend toward disintermediation of corporate debt by
reducing the differences between intermediated and public debt
markets.

14

STAGES IN SYNDICATION
PRE-MANDATE STAGE

PLACING THE LOAN AND

DISBURESEMENT

POST-CLOSURE STAGE

15

Broadly there are three stages in syndication, viz., Pre-mandate phase,

Placing the loan and disbursement and post-closure stage.
1) PRE-MANDATE STAGE: - This is the initiated by the prospective
borrower. It may liaise with a single bank or it may invite
competitors bids from a number of banks. The borrower has to
mandate the lead bank, and the underwriting bank, if desired. Once
the lead bank is selected and mandated by the borrower, the lead bank
has to undertake the appraisal process. the lead banks needs to
identify the needs of the borrower, design an appropriate loan
structure, and develop a persuasive credit proposal.
2) PLACING THE LOAN AND DISBURSEMENT: - At this stage, the
lead bank can start to sell the loan in the marketplace i.e. to
prospective participating banks. this means that the lead bank needs to
prepare an information memorandum, prepare a term sheet, prepare
legal documentation, approach selected banks and invite
participation. A series of negotiations with the borrower are
undertaken if prospective participants raise concerns.
To conclude this stage the lead bank must achieve closing of the
syndication, including signing. If need be, underwriting bank has to
sign the balance portion of the loan.
Loan is disbursed in phases as agreed in the loan contract. Loan is
disbursed in no-lien account i.e. a bank account created exclusively
to disburse loan. This account and its withdrawals are monitored by
banks. This is to ensure that the loan is used only for the purpose
defined in the loan agreement and that the funds are not diverted to
any other purpose.
3)

POST-CLOSURE STAGE:- This is monitoring and follow-up phase.

It has many times done through an escrow account. Escrow account is
the account in which the borrower has to deposit its revenues and the
agent ensures that the loan repayment is given due priority before
payments to any other parties. Hence in this stage, the agent handles
the day-to-day running of the loan facility.

16

Reasons/Purpose for syndicated lending

Like insurance, a loan is an assumption of risk. For a certain
class of loan, with certain rules, the bank might believe that it is
likely that 5% of all borrowers may go bankrupt. If the bank's
cost of funds is a hypothetical 5%, the bank needs to charge more
than 10% interest on the loan to make a profit. In general, banks
and the financial markets use risk-based pricing, charging an
interest rate depending on the risk of the loan product in general
or the risk of the specific borrower.
The problem with larger businesses loans, however, is that there
are fewer of them. So, if the bank has the only large business
loan and if that business happens to be one of that defaults, then
the bank loses all its money. For this reason, it is in the best
interest of all banks to split, or "syndicate" their large loans with

17

each other, so each get a representative sample in their loan

portfolios.
A second, often criticized reason for syndicating loans is that it
avoids large or surprising losses and instead usually provides
small and more predictable losses. Smaller and more predictable
losses are favored by many management teams because of the
general perception that companies with "smoother" or more
steady earnings are awarded a higher stock price relative to their
earnings (benefiting management who is often paid primarily by
stock). Critics, such as Warren Buffett however, say that many
times this practice is irrational.If the bank could still get a
representative sample by not syndicating, and if syndication
would reduce their profit margins, then over the long term a bank
should make more money by not syndicating. This same dynamic
plays out in the investment banking and insurance fields, where
syndication also takes place.
To avoid that the borrower has to deal with all syndicate banks
individually, one of the syndicate banks usually acts as an Agent
for all syndicate members and acts as the focal point between
them and the borrower.

Advantages/Benefits of Syndicated Loans

In addition, economists and syndicate executives contend that there
are other, less obvious advantages to going with a syndicated loan.
These benefits include: Syndicated loan facilities can increase competition for your business,
prompting other banks to increase their efforts to put market
information in front of you in hopes of being recognized.
Flexibility in structure and pricing. Borrowers have a variety of

options in shaping their syndicated loan, including multicurrency

options, risk management techniques, and prepayment rights without

18

penalty.
Syndicated facilities bring businesses the best prices in aggregate and

spare companies the time and effort of negotiating individually with

each bank.
Syndicate banks sometimes are willing to share perspectives on
business issues with the agent that they would be reluctant to share
with the borrowing business.
Syndicated loans bring the borrower greater visibility in the open
market. Bunn noted that "For commercial paper issuers, rating
agencies view a multi-year syndicated facility as stronger support than
several bilateral one-year lines of credit."

Benefits to the borrower

Raising a loan which would exceed the capacity of a single bank.
Cutting down on management capacity since the borrower
communicates only with the arranger/agent.
Broadening the financing base through the participation of other
banks.
Typically less costly than numerous lines through multiple
institutions.
It helps to enhance broader financial relationships.
Deals with a single bank.
Quicker and simpler than other ways of raising capital. E.g. Issue of
equity or bonds.

Benefits to the investor

Establishing direct relationships with new customers.
Enables much broader risk diversification without significant
additional marketing efforts.
Due to uniform documentation there is a better chance for a
subsequent placement on the secondary market.
Contract documents and information provided at no expense.

Benefits to the lead banks

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 Fund arrangement and other fees can be earned without committing

capital.
Enhancement of banks reputation.
Enhancement of banks relationship with the client.

Benefits to the participating banks

Access to lending opportunities with low marketing/ processing costs.
It triggers more opportunities to participate in future syndications as
network of the banks establishes a level of comfort with each other.
In case the borrower runs into difficulties, participant banks have
equal treatment.

PROJECT FINANCE AND LOAN SYNDICATION

Working Capital Finance
Working capital finance is done in order to meet the entire range of shortterm fund requirements that arise within a corporates day-to-day
operational cycle.
The working capital loans can help the company in financing inventories,
managing internal cash flows, supporting supply chains, funding production
and marketing operations, providing cash support to business expansion and
carrying current assets.

20

The working finance products comprise a spectrum of funded and nonfunded facilities ranging from cash credit to structured loans, to meet the
different demands from all segments of industry, trade and the services
sector. Funded facilities include cash credit, demand loan and bill
discounting. Demand loans are considered also under the FCNR (B) scheme.
Non-funded instruments comprise letters of credit (inland and overseas) as
well as bank guarantees (performance and financial) to cover advance
payments, bid bonds etc.

Project Finance
In general, project finance covers Greenfield industrial projects, capacity
expansion at existing manufacturing units, construction ventures or other
infrastructure projects. Capital intensive business expansion and
diversification as well as replacement of equipment may be financed through
the project term loans.
Project finance is quite often channeled through special purpose vehicles and
arranged against the future cash streams to emerge from the project.
The loans are approved on the basis of strong in-house appraisal of the cost
and viability of the ventures as well as the credit standing of promoters.

Corporate Term Loan

The corporate term loans can support the company in funding ongoing
business expansion, repaying high cost debt, technology up gradation,
leveraging specific cash streams that accrue into the company, implementing
early retirement schemes and supplementing working capital.
Corporate term loans can be structured under the FCNR (B) scheme as well,
with the option of switching the currency denomination at the end of interest
periods. This will helps to take advantage of global interest rate trends vis-vis domestic rates to minimize your debt cost.
The banks corporate term loans are generally available for tenors from three
to five years, synchronized with your specific needs.

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The corporate term loans carry fixed or floating rates, as befits the exact
requirement of the client and the risk context. Again, these rates will be
linked to the banks prime lending rate.
The corporate term loans can have a bullet or periodic repayment schedule,
as required by the client. The repayment mode may be linked to the cash
accruals of the company.
The Banks expert credit crew gauges the applicants particular fund
requirements and evaluates the companys credit worthiness, factoring in the
cash flows generated by it.

Structured Finance
The structured finance involves assembling unique credit configurations to
meet the complex fund requirements of large industrial and infrastructure
projects. Structured finance can be a combination of funded and non-funded
facilities as well as other credit enhancement tools, lease contracts for
instance, to fit the multi-layer financial requirements of large and longgestation projects.

Channel Financing
Channel financing is an innovative finance mechanism by which the bank
meets the various fund necessities along the supply chain at the suppliers
end itself, thus helping to sustain a seamless business flow along the arteries
of the enterprise.
Channel finance ensures the immediate realization of sales proceeds for the
clients supplier, making it practically a cash sale. On the other hand, the
corporate gets credit for a duration equaling the tenor of the loan, enabling
smoother liquidity management.

22

PARTIES AND THEIR ROLES WITHIN THE SYNDICATION

PROCESS
The lead bank and participating banks are the main parties involved in loan
syndication. In large loan amounts, sometimes there are four parties
involved, other than the borrower, in the syndication process. These are
arranger {lead manager/ bank}, underwriting Bank, Participating Banks and
the facility manager {agent. their roles are defined as follows:1. Arranger/lead manager:- It is a bank which is mandated by the
prospective borrower and is responsible for placing the syndicated
loan with other banks and ensuring that the syndication is fully
subscribed. This bank charges arrangement fees for undertaking the
role of lead manager. Its reputation matters in the success of
syndication process as the participating banks would agree or disagree
based on the credibility and assessment expertise of this bank. In other
23

words , since the appraisal of the borrower and its proposed venture is
primarily carried out by this bank, onus of default is indirectly on this
bank. Thus this bank carries reputation risk in the syndication
process.
2. Underwriting bank:- Syndication is a process of arranging loans,
success of which is not guaranteed. The arranger bank may underwrite
to supply the entire remainder(unsubscribed) portion of the desired
loan and in such a case arranger itself plays the role of underwriting
bank. Alternatively a different bank may underwrite (guarantee) the
loan or portion (percentage of the loan). This bank would be called the
underwriting bank. It may be noted that all the syndicated loans may
not have this underwriting arrangement .Risk of underwriting is
obviously the underwriting risk. It means it will have to carry the
credit risk of the larger portion of the loan.
3. Participating banks:- These are the banks that participate in the
syndication by lending a portion of the total amount required. These
banks charge participation fees. These banks carry mostly the normal
credit risk i.e. risk of default by the borrower. As like any normal loan.
These banks may also be led into passive approval and complacency
risk. It means that these banks may not carry rigorous appraisal of the
borrower and has proposed project as it is done by the lead manager
and many other participating banks. It is this bankers trust that so
many high profile banks cannot be wrong. This may be seen in the
light of reputation risk of the lead manager.
4. Facility manager/agent:- Facility manager takes care of the
administrative arrangements over the term of the loan (e.g.
Disbursements, repayments and compliance). It acts for and on behalf
of the banks. In many cases the arranging/underwriting bank itself may
undertake this role. In larger syndications co-arranger and co-manager
may be used.

24

Loan Syndicating Financial Institutions

Union Bank of India, has entered into a Memorandum of
Understanding [MOU] with IDFC, one of the leading Infrastructure
Financing Institution and Bank of India, another leading Public Sector
Bank for jointly Syndicating & Financing the large Infrastructure &
core industrial projects, which are coming up in the country.
This is the first time when a premier Infrastructure financing
Institution and two large Public Sector Banks are coming together to
share the skill sets developed over a period of time, to
Syndicate/Underwrite the Debt and extend total financial solution for
large projects coming up in the Public Private Partnership [PPP]
domain as well as in the Private Sector.
IDFC (Industrial Development Financial Corporation) is a premier
Infrastructure Financing Institution having vast experience in
25

financing mega projects over a broad spectrum of industries. Union

Bank of India & Bank of India are amongst the large Public Sector
Banks having vast experience in providing Working Capital besides
extending project finance.
This arrangement will facilitate joint identification, marketing and
appraisal of Syndicated Loans with underwriting arrangements.
It is envisaged that the promoters in the PPP would largely benefit
from this Tie-up, which would provide a total financial solution, Term
Loan for the project as well as Working Capital.
In fact, the benefits of Syndication would accrue to all the concerned
parties especially the borrower:
- Single point contact with the Lead Arranger.
- Submission of papers only to the Lead Arranger.
- Joint Appraisal leading to quick decisions.
- Possibility of securing competitive terms.
Financial sector plays an indispensable role in the overall
development of a country. The most important constituent of this
sector is the financial institutions, which act as a conduit for the
transfer of resources from net savers to net borrowers, that is, from
those who spend less than their earnings to those who spend more
than their earnings. The financial institutions have traditionally been
the major source of long-term funds for the economy. These
institutions provide a variety of financial products and services to
fulfill the varied needs of the commercial sector. Besides, they
provide assistance to new enterprises, small and medium firms as well
as to the industries established in backward areas. Thus, they have
helped in reducing regional disparities by inducing widespread
industrial development.
The Government of India, in order to provide adequate supply of
credit to various sectors of the economy, has evolved a well developed
structure of financial institutions in the country.

26

 These financial institutions can be broadly categorized into All India

institutions and State level institutions, depending upon the
geographical coverage of their operations.
At the national level, they provide long and medium term loans at
reasonable rates of interest. They subscribe to the debenture issues of
companies, underwrite public issue of shares, guarantee loans and
deferred payments, etc. Though, the State level institutions are mainly
concerned with the development of medium and small scale
enterprises, but they provide the same type of financial assistance as
the national level institutions.
Other Financial Institutions Include: - NABARD (National Bank for
Agriculture and Rural Development) EXIM (Export Import Bank of
India) IFCI (Industrial Financial Corporation of India).

LOAN DEPOT

27

The Loan Depot Inc was incorporated in Canada in October 1998 by a group
of Finance and Real Estate professionals with experience in the Domestic
and International Finance Markets and International Real Estate Hedge
Markets for over 10 years.
The main businesses of The Loan Depot are Domestic and International
Finance, Loan Syndication from International Funding Agencies and Major
World Banks, Project Financing, Real Estate Acquisition syndication and
hedging.
In 2000 the Corporation moved its head quarters from Ontario, Canada to
Chattanooga, TN. In 2001, the company expanded its operations to include
conventional and government guaranteed lending products. The Surviving
Company is now know as "THE LOAN DEPOT, LLC", and is committed to
provide the highest level of service to our customers, borrowers and brokers.
Their Mission at The Loan Depot is to anticipate and successfully meet the
changing needs of our client and match them with the requirements of the
capital market. The standard of excellence is upheld through our innovative
thinking, our unique competitive advantage, and most importantly, our
dedication to our client.
Their goal is to provide you attractive financing options that will best serve
your individual financing needs. They have successfully laid a firm
foundation for financing a broad range of loans. They look forward to
working with people and helping them in their business.
They pride themselves in being one of the most innovative, diversified group
of financial service companies in the United States and Canada and plan on
staying that way.

Loan Depot offers a number of custom services to helps to achieve financial

goals.

28

Mortgages
Loan Depot offers a wide variety of options for all mortgage needs offer the
best rates and with over 150 products we specialize in self employed and not
so perfect credit situations(i.e.: bankruptcy, divorce). Their programs include
100% financing for purchase or re-finance to consolidate debt or for
investment purposes.
Auto Loans
Offer a variety of finance plans for the purchase or re-finance of new and
pre-owned vehicles.
Loans
Loan Depot is a full service loan placement firm. They offer secured
and unsecured loans available to people in every credit situation. Their rates
are competitive and all situations are welcome.
Recreational Vehicles
Loan Depot offers financing on all recreational vehicles they offer
competive rates on boats, R.Vs and ATVs etc.Their programs allows to
finance new or used purchase or to-re-finance the existing vehicle at a lower
rate or better terms.
Credit Cards
Loan Depot offers a secure visa to help establish or re-establish credit with
all the convenience and services one can access with a visa card.

The Syndicated Loan Market

The syndicated loan market, a hybrid of the commercial banking and
investment banking worlds, is globally one of the largest and most
flexible sources of capital. Syndicated loans have become an
important corporate financing technique, particularly for large firms
and increasingly for midsized firms. The rapid development of the
syndicated corporate loan market took place in the 1990s exploring
the historical forces that led to the development of the contemporary
U.S. syndicated loan market, which is effectively a hybrid of the
investment banking and commercial banking worlds. Syndicated
lending aims to increase the risks and benefits involved in taking part

29

in the syndicated loan market.

There has been a notable change in large corporate lending over the
past decade, as the old bilateral bank-client lending relationships have
been replaced by a world that is much more transaction-oriented and
market-oriented. The Canadian syndicated loan market has been
strongly influenced by its U.S. counterpart, but it is not yet at the same
level of development. It also explores potential risk issues for the new
corporate loan market, including implications for the distribution of
credit risk in the system, risks in the underwriting process, the
monitoring function, and the potential for risk arising from
asymmetric information.
The development of the market for syndicated loans, and has shown
how this type of lending, which started essentially as a sovereign
business in the 1970s, evolved over the 1990s to become one of the
main sources of funding for corporate borrowers. The syndicated loan
market has advantages for junior and senior lenders. It provides an
opportunity to senior banks to earn fees from their expertise in risk
origination and manage their balance sheet exposures.
Throughout history, innovation has driven the development of the
financial markets, and over the last 20 years, the syndicated loan
market has provided particularly fertile ground for financial
innovation. From a relatively esoteric field involving commercial
banks syndicating lines of credit, financial innovations have helped it
develop into a broad, dynamic market encompassing both an efficient
primary market that originates syndicated credits and a liquid
secondary trading market where prices adjust to reflect credit quality
and market conditions.
The development of an efficient and liquid syndicated loan market in
the U.S. has greatly impacted its capital markets. The syndicated loan
market bridges the private and public fixed-income markets and
provides borrowers with an alternative to high yield bonds and illiquid
bilateral commercial bank loans. It provides much-needed credit to
lower-rated companies and has strengthened the bankruptcy process in
the U.S. through its facilitation of DIP (debtor-in-possession) lending.

30

 Todays syndicated loan market benefits banks also; in times of

adversity, they can sell portions of the syndicated credits into a
relatively liquid secondary market and actively manage the risk in
their loan portfolios. This allows banks to avoid unnecessary lending
restrictions when the economy contracts and thus the impact of an
inefficient credit crunch.
The development of the secondary market for syndicated loans has led
to the creation of a new asset class with greater return per unit of risk
than many other fixed-income assets and low correlations with most
other classes of assets. The leveraged portion of the market, the part
of the market where most innovation has occurred, receives special
attention. Syndicated loans are an integral part of capital raising for
these markets.
This analysis provides a primer to investors and other parties
interested in a market that has, without great fanfare, been one of the
most rapidly growing and innovating sections of the U.S. capital
market in the past 20 years. It explores issues related to the main
features of the primary market using the most recent data available
and details the characteristics of the secondary market. Investment
returns, as well as the risks of the asset class, particularly credit risk,
receive special attention.
The syndicated loans market has grown rapidly in recent years, driven

primarily by an increase in corporate takeovers, private equity

transactions and infrastructure deals. Strong liquidity means there is
plenty of cash to invest, and banks are willing lenders.
The leveraged loan market remains small compared with the
investment-grade market and bankers said the investors and their
attitudes were markedly different. The volumes in the Indian offshore
syndicated loan market have grown enough in the past few years.

How the market works

Major corporate clients will almost automatically consider a
syndicated loan for sums above a few hundred million euros.
31

Syndication splits the lending risk between large number of

investors, at price (margin and fees) determined by the market.
It is an efficient way of raising funds quickly and on best terms.
For borrowers the advantage is that they can raise larger
amounts and expand their group of bankers whilst at the Same
time only having to sign a single contract
For lenders, syndication allows a diversification of the lending
portfolio from both a geographical and sectorial point of view.
In addition, lenders get the benefit of the facility agents
expertise in management of drawdowns and of other events in
the lifetime of the loan after the facility agreement has been
signed.
The syndicated loan market was originally developed in the
USA in the 1970s as a means of financing leveraged buy-outs
(LBOs). It has since gone on to become the leading vector for
all sorts of financing. In Europe the market expanded rapidly in
the UK and then on the continent, particularly in France. The
markets rapid growth can be seen from the fact that in 1993
the total volume of the market worldwide was USD 1.4.
trillion, whereas in 2005 it exceeded USD 3 trillion (dialogic)
The rapid growth in syndicated facilities is certainly due in part
to the trend over the past fifteen years, across all sectors of the
economy, towards industry consolidation. for a borrower, the
choice between a syndicated loan and negotiable debt
instruments often comes down in favour of the first. syndicated
loans are the only means of raising, rapidly and with few
formalities, sums greater than are available on other markets,
like bonds and equities, or through private placements.
These loans may be used to cover a whole ranges of uses by the
borrower: refinancing, undrawn lines of credit supporting
commercial paper and treasury note programmes, acquisitions,
LBO financing, project and other structured financing. The
arrangement commission paid by the borrower is determined by
the complexity of the deal: the most profitable deals for banks
are leveraged acquisitions.

32

By taking full advantage of the syndicated loan market, some banks

have managed to make headway in increasing their returns and still
offering the borrowers some of the finest terms and conditions ever
seen. Features of the syndicated loan market such as transaction size,
availability, speed of reaction and flexibility ensure that it continues to
be one of the primary sources for issuers looking to raise capital from
the markets. It will examine the needs of both borrowers and lenders
involved in the origination, structuring, distribution and management
of syndicated loans and link the process of executing a successful deal
to the optimal design of a syndications unit. Banks have benefited
from this broadening of the syndicated loan market in several ways.
They are a cost-effective method for participating institutions to
diversify and exploit any funding advantages relative to agent banks.
To a large extent, the development of loan syndication market has
stemmed, if not reversed, the trend toward disintermediation of
corporate debt by reducing the differences between intermediated and
public debt markets.

Overview of ICICI Bank

33

ICICI Bank is India's second-largest bank with total assets of Rs. 3,446.58
billion (US$ 79 billion) at March 31, 2007 and profit after tax of Rs. 31.10
billion for fiscal 2007. ICICI Bank is the most valuable bank in India in
terms of market capitalization and is ranked third amongst all the companies
listed on the Indian stock exchanges in terms of free float market
capitalisation*. The Bank has a network of about 950 branches and 3,300
ATMs in India and presence in 17 countries. ICICI Bank offers a wide range
of banking products and financial services to corporate and retail customers
through a variety of delivery channels and through its specialised
subsidiaries and affiliates in the areas of investment banking, life and nonlife insurance, venture capital and asset management. The Bank currently
has subsidiaries in the United Kingdom, Russia and Canada, branches in
Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance
Centre and representative offices in the United States, United Arab Emirates,
China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our
UK subsidiary has established a branch in Belgium.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange
and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange
(NYSE).

History of ICICI Bank

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian
financial institution, and was its wholly-owned subsidiary. ICICI's
shareholding in ICICI Bank was reduced to 46% through a public offering of
shares in India in fiscal 1998, an equity offering in the form of ADRs listed
on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura
Limited in an all-stock amalgamation in fiscal 2001, and secondary market
34

sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI
was formed in 1955 at the initiative of the World Bank, the Government of
India and representatives of Indian industry. The principal objective was to
create a development financial institution for providing medium-term and
long-term project financing to Indian businesses. In the 1990s, ICICI
transformed its business from a development financial institution offering
only project finance to a diversified financial services group offering a wide
variety of products and services, both directly and through a number of
subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first
Indian company and the first bank or financial institution from non-Japan
Asia to be listed on the NYSE.
After consideration of various corporate structuring alternatives in the
context of the emerging competitive scenario in the Indian banking industry,
and the move towards universal banking, the managements of ICICI and
ICICI Bank formed the view that the merger of ICICI with ICICI Bank
would be the optimal strategic alternative for both entities, and would create
the optimal legal structure for the ICICI group's universal banking strategy.
The merger would enhance value for ICICI shareholders through the merged
entity's access to low-cost deposits, greater opportunities for earning feebased income and the ability to participate in the payments system and
provide transaction-banking services. The merger would enhance value for
ICICI Bank shareholders through a large capital base and scale of
operations, seamless access to ICICI's strong corporate relationships built up
over five decades, entry into new business segments, higher market share in
various business segments, particularly fee-based services, and access to the
vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of
Directors of ICICI and ICICI Bank approved the merger of ICICI and two of
its wholly-owned retail finance subsidiaries, ICICI Personal Financial
Services Limited and ICICI Capital Services Limited, with ICICI Bank. The
merger was approved by shareholders of ICICI and ICICI Bank in January
2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by
the High Court of Judicature at Mumbai and the Reserve Bank of India in
April 2002. Consequent to the merger, the ICICI group's financing and
banking operations, both wholesale and retail, have been integrated in a
single entity.

35

ICICI SYNDICATION

36

ICICI Bank arranges foreign currency loans for corporates.

Foreign Currency credit is arranged through commercial loans,
syndicated loans, bonds and floating rate notes, lines of credit
from foreign banks and financial institutions, and loans from
export credit agencies
Backed by a vast network of 8 overseas offices and over 700
correspondent banks, ICICI Bank has an edge over others in its
ability to arrange cross-border financing. With an established
presence in all the major global financial centers and long
experience in structured financing, ICICI Bank is strongly
positioned to offer financial solutions that suit the specific
requirements of the client.
They have a primary focus on Indian clients and can provide with
insightful credit information and help to extract more value from
the transactions. They are very active in granting and arranging
various forms of External Commercial Borrowing (ECB)
facilities for the Indian corporates.
Syndication Desk at ICICI Bank
ICICI Bank has set up a dedicated syndication desk in its
International Banking Group in India to pursue syndication
business. The Syndication Group in India works in tandem with
the Corporate Banking Relationship Managers to lease with the
Indian corporates for arranging ECBs for them.
ICICI Bank has also formed syndication teams in various
overseas offices (USA, UK, Singapore and Bahrain). These teams
consist of specialists who are veterans in international syndicated
loans market and have strong understanding of the Indian ECB
market. International presence has not only increased ICICI
Bank's reach to the international investor community but also
significantly enhanced the underwriting capability.
Service Offering

Providing foreign currency loans to the Indian corporates.

37

Arranging / underwriting External Commercial Borrowings

for the Indian corporates by way of foreign currency loans,
FRNs, bonds, etc.
Participating in the international loan syndications.
Granting loans backed by Export Credit Agencies.
Consultancy services on the cross-border funding through
variety of sources.
Arranging credit facilities / financial packages for overseas
projects of the Indian Companies.

ICICI Bank services the financial sector for the entire set of
banking requirements and provides a complete range of
solutions. The Financial Institutions and Syndication Group
(FISG) are responsible for ICICI Bank's relationship with the
financial sector.
Under this umbrella, the Bank caters exclusively to the needs
of Domestic Financial Institutions.
Banks.
Mutual Funds.
Insurance Companies.
Fund Accounting.
The FISG has built strong relationships through various
interactive measures, like seminars, training programs, sharing
of market information and views with clients, organizing the
Bank CEOs' Forum, etc.
The services provided to the clients are as follows: Transaction Banking

The Bank delivers world class banking services to financial

sector clients. Their current roaming accounts empower you
with 'Anytime, Anywhere Banking'. They are designed for
your convenience.
Their comprehensive collection and payment services span
India's largest CMS network of over 4,500 branches.
They provide correspondent banking tie-ups with foreign
banks to assist them in their India-related businesses.

38

 Loan Syndication

The FISG is responsible for syndication of loans to corporate

clients. They ensure the participation of banks and financial
institution for the syndication of loans. Some of the products
syndicated are
1.
2.
3.
4.

Project Finance
Corporate Term Loans
Working Capital Loans
Acquisition Finance, etc.

Sell Down :- ICICI Bank is a market leader in the

securitization and asset sell-down market. From its

portfolio, the FISG offers different products to its clients
in this segment. The products are:
Asset-Backed Securities (ABS).
Mortgage-Backed Securities (MBS).
Corporate Loan Sell-down.
Direct Loan Assignment.
Resources: - The bank also raises resources from clients,

for internal use by issuing a variety of products, which

run from certificate of deposit(CDs) to term deposits.

SYNDICATION ADVISORY AND OTHER SERVICES

IDBI has set up a separate department called 'Sourcing and
Syndication Department' (SSD) to take up various investment banking
services so as to provide all types of financial and advisory services to
the companies for their project and expansion activities, raising funds
39

from domestic and international market, growth plans by way of

mergers & acquisitions, carbon credit activities etc. Important services
offered by SSD are as under:
Debt syndication - Syndication of long term loan (Rupee loans as well
as Foreign Currency loans), working capital loans, and non-fund
based limits etc. Debt Syndication can be in form of structured loans,
bonds/debentures etc.
Equity syndication - Syndication of equity funds by way of strategic
investment, private placement including with private equity funds,
preferential allotment, Qualified Institutional Placement (QIP) etc.
Public Issues / Right Issues - Managing Public Issues/Right Issues
through Ibiss subsidiary viz., IDBI Capital Market Services Ltd.
(ICMS).
Merchant appraisals - Appraisal of projects including new projects,
expansion, modernization, amalgamation/merger schemes which aids
the companies to take a decision for investment. Merchant appraisals
are also carried out for various projects in infrastructure sector for
qualifying in the bidding process.
Arranging funding for overseas acquisitions - Several corporate
aspire to acquire units abroad to achieve their global business plans
and require funds to acquire the stake in the units to be acquired. SSD
arranges for such funds through its strong relationship with all banks
and financial institutions.
Acting as an Initial Public Offer (IPO) monitoring agency - As per
guidelines of Securities and Exchange Bureau of India (SEBI), any
IPO of the size more than Rs. 500 crore requires a financial institution
to certify the end use of funds on semi annual basis.
Offering advisory and other services for Mergers/Acquisitions Advising companies in their plans of mergers/acquisitions including
identifying target companies, undertaking financial due diligence,
working out the financial projections, structuring of purchase
consideration etc.

40

 Bank syndicates control the risk sector by downsizing the industry

when market demand fails to meet the expectations
The market for syndicated loans is huge. The standard forces for why
banks join forces in a syndicate are risk diversification. The banks in
the syndicate share the risk of large indivisible investment projects.
Syndicates may also arise because additional syndicate members
provide informative opinions of investment projects. The motive for
syndication is to control the risk of the loan portfolio, rather than
sharing the risk.
Syndicated loan services include structuring, arranging and
underwriting of loan facilities. The syndicated market is one of the
largest and most flexible sources of capital in the international finance
marketplace.

SHRI CHINAI COLLEGE OF COMMERCE AND ECONOMICS

Survey for Project on Loan syndication
NAME:
DESIGNATION:
SIGNATURE:
41

CONTACT NO:
1) Are you aware of the syndicated loan facilities provided by the bank?
YES

NO

2) To whom are they more beneficial?

Financial institutions

Public

3) Do you think the formalities involved in the process are?

Simple

Complex

4) What according to you is the demand for syndicated loans is?

Increasing

Decreasing

5) For what purpose would you like to take these loans?

COMMENTS:

42

PROJECT GUIDE: Prof.Nishikant Jha

by

Survey conducted
Chandni Gala
T.Y.B.B.I
Roll No: 18

Signature:

Survey Report Analysis

1) Are you aware of the syndicated loan facilities provided by the bank?
YES

80%

NO

43

20%

YES
NO

2) To whom are they more beneficial?

Financial institutions

50% Public

50%

FINANCIAL
INSTITUTIONS
PUBLIC

3) Do you think the formalities involved in the process are?

Simple

75%

Complex

44

25%

SIMPLE
COMPLEX

4) What according to you is the demand for syndicated loans is?

Increasing

65%

Decreasing

35%

INCREASING

1
2

ANALYSIS ON THE SURVEY

45

Analysis for the better understanding of the ICICI account holders was
carried out. The purpose of analyzing was to know the customer satisfaction,
awareness of the syndicated loan facilities provided by the bank and they
would like to have any improvements suggested for better working of the
bank and higher satisfaction.
Questionnaire method was used to carry out the survey. Some interesting
facts came up which will be dealt in a detail later. A set of around 7-8
questions was used in the questionnaire, which varied from objective types
to descriptive type of questions. Questionnaire was formed and designed in
such a manner that it could be filled within 5 minutes by the person thus
saving the time of the interview.
The sample size of the survey was taken out to be 50. Out of this 50 people
20 professional and the remaining from other categories. Questions ranged
from getting information about the purpose of these loans, to whom are they
more beneficial and the demand for these loans.
Besides this the questionnaire, method information was also gathered by
means of secondary data which involves collection of data through books,
magazines, websites and journals.
ICICI Branches
ICICI Websites

QUESTIONNAIRE FOR BANKER

46

A questionnaire is a device for securing answers to questions by using a

form which the respondent fills in himself.
Q.1) What are the fees charged by the banker for undertaking the work of
loan syndication?
ANS:- The fees charged by the banker for undertaking the work of loan
syndication is 1% of the total loan amount.
Q.2) To whom are these loans specially designed for?
ANS:- It is specially designed for large and medium companies, government
and municipalities and financial institutions.
Q.3) What all does syndicated lending cover?
ANS:- It covers short term transactions,export finance, subsidy
management, capital market financing, structured financing, currency
management, leasing and factoring.
Q.4) Who are the main parties involved in loan syndication?
ANS:- The main parties involved in loan syndication are lead bank and the
participating bank.
Q.5) If the business is internal are the syndicated loans beneficial?
ANS:- YES, to a large extent. They have becoming a key for entering new
markets.
Q.6) How large is the syndicated loan market?
ANS:- In the past 10 years, secondary loan trading volume has grown
1500%. In 2001,the total syndicated loan volume was $1.1 trillion,
according to loan pricing corporation.
Q.7) From what time has the demand for these loans start increasing?
ANS:- The demand for these loans is increasing for over past fifteen years.

47

Conclusion
Banking sector has seen lot of transformation in the past post liberalization
period, it has become very important for bank to give services best to their
capabilities. if the customers are not satisfied with the services provided by
the bank, they will transfer their account to some other bank. result is loss of
revenue for the bank and the loss of goodwill.
New technology needs to be introduced in the banking sector as it is utmost
clear that people are not only expecting normal banking services but they
want to be as their business partners and help accordingly. Therefore, the
bank has give more and more services to the people in order to have
increased returns from fee-based function.
Professionalism is getting the key word in banking sector. People now
expect the privatized banks to become more and more professional rather
that of earlier years where the staff has no sympathy or understanding for the
time value of the customer. People today demand more working hours, more
services to be provided at no extra cost or minimum cost. this has led to
more professional attitude by the banking people.
Perhaps the oldest form of services sector known to human is going through
a radical change not only throughout the world but also in India. The
greatest beneficiary of this change is none other than the human itself.
Expectations from the study are that it may contribute to the real scenario of
loan syndication demand and accordingly the banks can go for new
innovative schemes. It will also specify some recommendations and based
on that banks can make suitable arrangements in a particular sector.

48

BIBLIOGRAPHY
www.goggle.com
www.banknet.com

BOOKS REFFERED
1) Syndicated Lending-: A Volume in Essential Capital Market ServicesANDREW FRIGHT.
2) Contributions Volume 3-: A Collection of Papers on Banking,
Insurance and Finance.
3) The Book of Loan Syndication and Trading:- ALLISON TAYLOR
A Special Thanks to :Sandesh Patil (ICICI)
Gloria Dias (ICICI)

49