Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?
Refait-Alexandre, Catherine; Bouaiss, Karima; Alexandre, Hervé (2011), Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?, Annual Meeting of the Midwest Finance Association, 2011-03, Chicago, Etats-Unis
TypeCommunication / Conférence
External document linkhttp://halshs.archives-ouvertes.fr/halshs-00538328/fr/
Conference titleAnnual Meeting of the Midwest Finance Association
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Abstract (EN)The volume of credit granted in the form of syndicated loans saw a marked downturn in 2008. This article seeks to understand how certain firms were nonetheless able to benefit from larger facilities or a lower interest rate than others. Using a sample of syndicated loans issued in 2008 in North America and Europe, and records of syndicated loans since 2003, we show that firms that had developed a relationship with an investment bank obtained a lower spread, but did not benefit from greater loan facilities or longer maturities.
Subjects / KeywordsCredit Rationing; Banking Relationship; Syndicated Loans
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