WORKING PAPER SERIES
Global Banks and Syndicated Loan Spreads:
Evidence from U.S. Banks
Edith X. Liu
Federal Reserve Board of Governors
Jonathan Pogach
Federal Deposit Insurance Corporation
November 2016
FDIC CFR WP 2017-01
fdic.gov/cfr
NOTE: Staff working papers are preliminary materials circulated to stimulate discussion and critical
comment. The analysis, conclusions, and opinions set forth here are those of the author(s) alone and do not
necessarily reflect the views of the Federal Deposit Insurance Corporation. References in publications to this
paper (other than acknowledgement) should be cleared with the author(s) to protect the tentative character
of these papers.
Global Banks and Syndicated Loan Spreads:
Evidence from U.S. Banks
Edith X. Liu
Federal Reserve Board of Governors
Jonathan Pogach
Federal Deposit Insurance Corporation
November 2016
FDIC CFR WP 2017-01
fdic.gov/cfr
NOTE: Staff working papers are preliminary materials circulated to stimulate discussion and critical
comment. The analysis, conclusions, and opinions set forth here are those of the author(s) alone and do not
necessarily reflect the views of the Federal Deposit Insurance Corporation. References in publications to this
paper (other than acknowledgement) should be cleared with the author(s) to protect the tentative character
of these papers.
Global Banks and Syndicated Loan Spreads: Evidence from US
Banks1
Edith X. Liu2 Jonathan Pogach3
November 16, 2016
1The views and opinions expressed here are those of the authors and do not necessarily reflect the views
of the Federal Reserve or Federal Deposit Insurance Corporation. This draft is preliminary and incomplete.
Please do not quote or distribute without permission. We thank Ricardo Correa, Linda Goldberg, Manju Puri,
Jack Reidhill for insightful discussions, as well as the seminar participants at the Federal Deposit Insurance
Corporation and Federal Reserve Board of Governors. We also thank Arthur Michaeli for excellent research
assistance. All errors and omissions are our own.
2Federal Reserve Board of Governors. edith.x.liu@frb.gov
3Federal Deposit Insurance Corporation. jpogach@fdic.gov
Banks1
Edith X. Liu2 Jonathan Pogach3
November 16, 2016
1The views and opinions expressed here are those of the authors and do not necessarily reflect the views
of the Federal Reserve or Federal Deposit Insurance Corporation. This draft is preliminary and incomplete.
Please do not quote or distribute without permission. We thank Ricardo Correa, Linda Goldberg, Manju Puri,
Jack Reidhill for insightful discussions, as well as the seminar participants at the Federal Deposit Insurance
Corporation and Federal Reserve Board of Governors. We also thank Arthur Michaeli for excellent research
assistance. All errors and omissions are our own.
2Federal Reserve Board of Governors. edith.x.liu@frb.gov
3Federal Deposit Insurance Corporation. jpogach@fdic.gov