Search

Syndicated euroloans consist primarily of medium-term, unsecured, and secured credits provided by syndicates of international banks. Maturities range from one to twelve years, with average maturity of about five years. Technically euroloans are usually renewable six-month loans, rolled over or extended through the designated maturity. The interest rate floats, usually with relation to LIBOR. As such, euroloans in many ways resemble medium-term note issuance facilities. [ABSTRACT FROM AUTHOR]

A note issuance facility (NIF) is a medium-term commitment under which a borrower can issue short-term paper in its own name. The NIF commitment is typically made for a few years, while the paper is issued on a revolving basis, most frequently for maturities of three or six months. A broader range of maturities, however, is available, ranging from seven days up to one year. Most euronotes are denominated in US dollars and are issued in large denominations. [ABSTRACT FROM AUTHOR]

During the past two decades various international financial markets have grown very rapidly. This growth was accompanied by changes in the process of international financial inter mediation (Bloch, 1989; Courtadon, 1985; Miller, 1986). Our purpose here is to survey some of the recent developments in the international credit market. Specifically, we will review some of the regulatory changes that had an impact on international financial markets and describe the trend towards securitization. [ABSTRACT FROM AUTHOR]