LOS CRÉDITOS SINDICADOS Y LAS AGENCIAS DE CRÉDITOS Y GARANTÍAS EN LA REGULACIÓN DEL MERCADO DE CAPITALES CHILENO

Abstract

The financial markets have developed a variety of methods to cater for borrowers with substantial fi nancing requirements, while simultaneously devising mechanisms for risk diversifi cation. A key evolution was the development of the syndicated loans market. Its emergence represents a natural response to the increasingly complex fi nancing needs of large borrowers. It permits coordinated action by fi nancial institutions who wish to maintain independent borrowings and limit their exposure by diluting the risk. The syndicated loan, a result of the freedom of contract, is not currently recognized by our legal system other than by the indirect regulation of the administrative and collateral agencies, as governed by Law No. 20,190, of June 5th, 2007. On the basis of these rules and commercial practice, this article seeks to shed some light on the features and functionality of syndicated loans in the context of the Chilean law