Syndicated Lending and Antitrust

Sammanfattning: Discussion on whether syndicated loan structures may give rise to anticompetitive risks has been increasing thus the European Commission is performing a study on the impact syndicated lending structures have on competition in the credit markets. This thesis will cover the main aspects of syndicated loan structures and then examine Article 101 TFEU and anticompetitive conduct. Syndicated lending has been an evolving form of corporate finance for the past decades and the market now amounts to one third of leveraged finance in the Euro Area. The structure of the syndicated loan agreements offers economic benefits for both lenders and the borrowers. This thesis aims to cover comprehensive discussion on syndicated lending, a form of multibank loan contracts where lenders provide shares of the loan to the borrower on the same terms. This thesis will explore the main features of syndicated lending and potential anticompetitive risks that may occur between the participants in a syndicated loan agreement.