Key roles in the market for syndicated loans

Lead bank: This bank manages the arrangement of the syndicated loan. It selects the other banks to participate in the syndicate and sets financing terms. The lead bank receives an additional fee for providing this service. The lead bank is sometimes referred to as lead underwriter, lead arranger or bookrunner.


A “lead left” bookrunner is a single bookrunner appointed to run the whole general syndication phase. Mandated lead arranger (MLA): MLAs are banks mandated by the borrower to provide the primary arrangement and initial underwriting or provision of funds for the loan.

Joint bookrunner / Lead left bookrunner: When more than one bank acts as bookrunner, they are called joint bookrunners. In an underwritten deal the bookrunner(s) control the general syndication phase of selling the loan down to participant investors. A “lead left” bookrunner is a single bookrunner appointed to run the whole general syndication phase.