For Bank Loans, STP Initiative Promises New Frontier

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Syndicated loans, also known as bank loans, have been described in some circles as a type of "wild west" asset class that is largely opaque and not well-scrutinized. In the U.S., the space grew out of the aggressively leveraged buy-out deals of the 1980s that often required debt financing. In Europe, meanwhile, it is more regionalized and dominated by the private equity market, and was born with the introduction of the Euro. In both markets, however, bank loans remain highly manual, paper-int