Club deals have expanded and developed primarily because of the financial crisis during 2008.

There were significantly higher levels of volatility, and that translated to making the syndication process between banks very, very difficult. So because of this and the need to speed up syndication, the most common solution to this was the development of a club deal. This is where you invite a relatively small number of banks to underwrite the transaction. You get the banks together and they bid as a whole. Rather than having one single mandated lead arranger, essentially it's like a very, very small syndicate, and the act together, it's much faster. And the fee negotiation is upfront and tends to be more equal because they're fairly equal participants.