Macroprudential policy and corporate loans: evidence from the syndicated loan market

Christophe Godlewski () and Małgorzata Olszak ()
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Christophe Godlewski: LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg
Małgorzata Olszak: Faculty of Management [Warsaw] - UW - Uniwersytet Warszawski [Polska] = University of Warsaw [Poland] = Université de Varsovie [Pologne]

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Abstract: We examine how macroprudential policy influences the structure of syndicated corporate loan contracts. Using a dataset of 4,853 European syndicated loans matched with detailed macroprudential policy indicators across nineteen EU countries, we study the impact of regulatory stance on loan amount, maturity, collateral and covenant use. Stricter macroprudential policy is associated with larger loans and a higher probability of collateralization, while macroprudential loosening reduces loan size. These adjustments occur along the intensive margin rather than through outright credit rationing and are concentrated among medium-sized loans and longmaturity facilities. We also show that borrower and lender characteristics mediate the response: larger, more leveraged firms and well-capitalized arranging banks are the primary drivers of the increase in loan size and collateral use. Our findings reveal a novel micro-level transmission channel of macroprudential policy and indicate that regulatory tightening reallocates credit toward safer contracts rather than suppressing overall lending.

Keywords: Macroprudential; policy (search for similar items in EconPapers)
Date: 2025-09-17
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Published in Journal of International Financial Markets, Institutions and Money, 2025, 104, pp.102223. ⟨10.1016/j.intfin.2025.102223⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05392486

DOI: 10.1016/j.intfin.2025.102223

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