Bank Debt versus Bond Debt: Evidence from Secondary Market Prices

  1. EDWARD I. ALTMAN1,
  2. AMAR GANDE2,
  3. ANTHONY SAUNDERS3

Article first published online: 20 MAY 2010

DOI: 10.1111/j.1538-4616.2010.00306.x

Issue

Journal of Money, Credit and Banking

Journal of Money, Credit and Banking

Volume 42, Issue 4, pages 755–767, June 2010

Additional Information

How to Cite

ALTMAN, E. I., GANDE, A. and SAUNDERS, A. (2010), Bank Debt versus Bond Debt: Evidence from Secondary Market Prices. Journal of Money, Credit and Banking, 42: 755–767. doi: 10.1111/j.1538-4616.2010.00306.x

Author Information

  1. 1

    Edward I. Altman is the Max L. Heine Professor of Finance, Department of Finance, Stern School of Business, New York University (E-mail: ealtman@stern.nyu.edu).

  2. 2

    Amar Gande is an Assistant Professor of Finance, Finance Department, Edwin L. Cox School of Business, Southern Methodist University (E-mail: agande@cox.smu.edu).

  3. 3

    Anthony Saunders is John M. Schiff Professor of Finance, Department of Finance, Stern School of Business, New York University (E-mail: asaunder@stern.nyu.edu).

  • See † for a comprehensive review of why banks are considered special.

  • We thank the editor (Deborah Lucas) and two anonymous referees for their valuable comments and suggestions. Our paper has benefited from helpful comments from Cliff Ball, Mark Carey, Sandeep Dahiya, Mark Flannery, Edith Hotchkiss, Craig Lewis, Ron Masulis, Manju Puri, Hans Stoll, and the seminar participants at the Western Finance Association annual meeting, the American Economic Association annual meeting, the Bank Structure Conference of the Federal Reserve Bank of Chicago, the Financial Management Association annual meeting, and at Vanderbilt University. We also thank Steve Rixham, Vice President, Loan Syndications at Wachovia Securities, for helping us understand the institutional features of the syndicated loan market, and Ashish Agarwal, Victoria Ivashina, and Jason Wei for research assistance, and the Loan Pricing Corporation (LPC), the Loan Syndications and Trading Association (LSTA), and Standard & Poor's (S&P) for providing us data for this study.

Publication History

  1. Issue published online: 20 MAY 2010
  2. Article first published online: 20 MAY 2010
  3. Received March 26, 2007; and accepted in revised form December 15, 2009.

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