QUESTION B2 "The syndicated loan market, a hybrid of the commercial banking and investment banking worlds, is globally one of the largest and most flexible sources of capital. Syndicated loans have become an important corporate financing technique, particularly for large firms and increasingly for midsized firms." (Armstrong, 2003) Evaluate the above statement by fully discussing: (a) the roles of the different participants within a syndicated loan arrangement. (15 marks) (b) the advantages and disadvantages of a syndicated loan to (1) the borrower; (ii) the participating banks. 6