2012年外文翻译--证券化会影响公司债务的成本吗？（节选）

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1、3200 英文单词， 1.7 万英文字符 ，中文 5250 字 文献出处： Nadauld T D, Weisbach M S. Did securitization affect the cost of corporate debt? J. Journal of Financial Economics, 2012, 105(2):332-352. Did securitization affect the cost of corporate debt? Taylor D. Nadauld, Michael S. Weisbach Abstract This paper investigate

2、s whether the securitization of corporate bank loan facilities had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 17 basis point lower spread than that of facilities that are not subsequently securitized. We

3、consider facility characteristics that are associated with the likelihood of securitization and estimate the extent to which these characteristics are related to spreads. We document that Term Loan B facilities, facilities of B-rated rms, and facilities originated by banks that originate CLOs are se

4、curitized more frequently than other facilities. Spreads on facilities estimated to be more likely to be subsequently securitized have lower spreads than otherwise similar facilities. The results are consistent with the view that securitization caused a reduction in the cost of capital. Keywords: Se

5、curitization； Collateralized loan obligations (CLO)； Corporate bank loans 1. Introduction While much attention has focused on the role of securitization in the mortgage market, relatively little has been paid to the securitization of corporate bank loans in the form of collateralized loan obligation

6、s (CLOs).1 This lack of attention is surprising given that both the volume of non-investment-grade bank loans and the number of newly originated CLOs spiked dramatically between the years 2002 and 2007, from over $125 billion of loans and 43 CLOs in 2002 to over $540 billion of loans and 213 CLOs in 2007.2 One potential explanation for this pattern was that the popularity of CLOs created a demand for collateral that could be used to construct them (see, for example, Gennaioli, Shleifer, and