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[Music] hello Im Philip Rawlings the ROI good professor of commercial law at the Center for commercial law studies Queen Mary University of London and also convener for the law of international finance syndicated loans on the international program of the University of London this course is about an important way in which large companies raise large amounts of money lets say a car maker wants to build a new factory at a cost of a billion pounds how does it raise the money they could go to its bank but the bank might be reluctant to lend such an enormous sum one solution is to persuade several banks a syndicate each to lend part of the money this is an enormous market across the world in 2015 borrowing through syndicated loans docHub four point seven trillion US dollars its also an international market and because of its global importance as a finance center London is one of the main places where such deals are arranged such deals raise a lot of interesting legal issues the first of wh