For large corporate syndicated debt, I've seen multiple banks given different titles in the syndicate. Can anyone shed some light on what the difference is between these? Thanks.
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The title is reflective of their relationship with the company and their balance sheet commitment to the given deal. More importantly it reflects their relative share of the fees. Syndication, doc agents, joint lead arrangers, etc. don't do anything as far as the syndication which is handled by the lead left admin agent.
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