Days of cheap cash gone ... for now
By Chito Santiago
The loan syndication market used to be a borrowers' market where banks were willing to lend even at rock bottom pricing levels. In a reversal of role, as the cost of funding has shot up, borrowers are having to put up with higher spreads. Lenders have become much more selective and less willing to underwrite as they see safety in numbers, where several banks can agree on a pricing and share the risk
