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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">guuvest</journal-id><journal-title-group><journal-title xml:lang="ru">Вестник университета</journal-title><trans-title-group xml:lang="en"><trans-title>Vestnik Universiteta</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">1816-4277</issn><issn pub-type="epub">2686-8415</issn><publisher><publisher-name>State University of Management</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26425/1816-4277-2025-5-200-208</article-id><article-id custom-type="elpub" pub-id-type="custom">guuvest-6182</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ФИНАНСЫ И БАНКОВСКОЕ ДЕЛО</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>FINANCE AND BANKING</subject></subj-group></article-categories><title-group><article-title>Сравнительный анализ международных синдицированных кредитов</article-title><trans-title-group xml:lang="en"><trans-title>Comparative analysis of international syndicated loans</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-7902-5619</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Тарасов</surname><given-names>А. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Tarasov</surname><given-names>A. A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Тарасов Алексей Аркадьевич - Канд. экон. наук, эксперт по математическим методам и моделям в финансах</p></bio><bio xml:lang="en"><p>Alexey A. Tarasov - Cand. Sci. (Econ.), Expert for Mathematical Methods and Models in Finances</p></bio><email xlink:type="simple">alexey.tarasov@outlook.com</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Российская академия народного хозяйства и государственной службы при Президенте Российской Федерации</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Russian Presidential Academy of National Economy and Public Administration</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2025</year></pub-date><pub-date pub-type="epub"><day>26</day><month>06</month><year>2025</year></pub-date><volume>0</volume><issue>5</issue><fpage>200</fpage><lpage>208</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Тарасов А.А., 2025</copyright-statement><copyright-year>2025</copyright-year><copyright-holder xml:lang="ru">Тарасов А.А.</copyright-holder><copyright-holder xml:lang="en">Tarasov A.A.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://vestnik.guu.ru/jour/article/view/6182">https://vestnik.guu.ru/jour/article/view/6182</self-uri><abstract><p>В работе предлагаются три подхода к проведению сравнительного анализа международных синдицированных кредитов. В рамках первого подхода проводится сравнение сделок на первичном и вторичном рынках синдицированного кредитования. Данный анализ осуществляется по следующим направлениям: участники сделок; параметры синдицированных кредитов; применяемая юридическая документация; график реализации сделок. Второй подход предполагает сравнение последних для корпоративных заемщиков и финансовых институтов. На рынке синдицированного кредитования существует ряд форматов реализации сделок (классические синдицированные кредиты, сделки с предоставлением андеррайтинга), в то время как синдицированные кредиты для финансовых институтов, как правило, являются срочными кредитами, реализованными в клубном формате, и при этом имеют некоторые структурные особенности, включая опции продления срока сделки и использование специализированных финансовых ковенант. При третьем подходе сравниваются сделки на международном и российском рынках синдицированного кредитования. Данный анализ осуществляется с учетом того, что первые номинированы в иностранной валюте, подчиняются международному праву и реализуются с участием международных кредиторов и инвесторов, в то время как вторые номинированы в рублях, подчиняются российскому праву и реализуются с участием российских банков и институтов развития.</p></abstract><trans-abstract xml:lang="en"><p>The article proposes three approaches to the comparative analysis of international syndicated loans. The first approach includes comparison of transactions on the primary and secondary syndicated loan markets. This analysis is based on the following aspects: parties to the deal; parameters of the syndicated loans; specialised legal documentation; timelines of the deals. The second approach proposes the comparison of deals for corporate borrowers and financial institutions. In the syndicated   loan market corporate there is a wide array of transaction formats (classic syndicated loans, underwritten transactions), while the syndicated loans for financial institutions are usually term loans executed as club deals that include certain structural features, such as extension options and specialised financial covenants. The third   approach consists of comparing transactions in the international and Russian syndicated loan markets. This analysis is conducted considering the fact that the first ones are denominated in foreign currency, are subject to international law and are implemented with the participation of international creditors and investors, while the second ones are denominated in rubles, are subject to Russian law and are implemented with the participation of Russian banks and development institutions.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>Синдицированное кредитование</kwd><kwd>процесс синдикации</kwd><kwd>кредитная документация</kwd><kwd>юридические консультанты</kwd><kwd>управление активами банка</kwd><kwd>управление пассивами банка</kwd><kwd>привлечение корпоративного финансирования</kwd><kwd>инвестиционно-банковские услуги</kwd><kwd>брокеры</kwd><kwd>международные рынки капитала</kwd></kwd-group><kwd-group xml:lang="en"><kwd>Syndicated lending</kwd><kwd>syndication process</kwd><kwd>loan documentation</kwd><kwd>legal counsels</kwd><kwd>assets management</kwd><kwd>liabilities management</kwd><kwd>raising corporate finance</kwd><kwd>investment banking services</kwd><kwd>brokers</kwd><kwd>international capital markets</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Тарасов А.А. 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