So it's both a credit service and credit creation. The syndication is just shuffling around of money, whether it exists or needs to be created by other entities (and the part sold down by the underwriter may itslef be destroyed of shuffled elsewhere).

The only distinction between bank debt and capital market instruments is that bank debt is syndicated to a smaller pool of potential participants, and is less easy to trade. But fundamentally it's not very different.

In the long run, we're all dead. John Maynard Keynes