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Banking relationship and syndicated loans during the last financial crisis

Author

Listed:
  • Karima Bouaiss
  • Hervé Alexandre

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique)

  • Catherine Refait-Alexandre

    (CRESE - Centre de REcherches sur les Stratégies Economiques (UR 3190) - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE])

Abstract

Banking relationship has been showed to be important in lending, especially in small business lending. Few studies focus on banking relationship in syndicated loan, although they have became a major way of financing. The last financial crisis has clearly shown credit rationing, and credit conditions tightening, even in syndicated loans market. We investigate whether banking relationship helps firms to benefit from better syndicated loans terms in a chaotic financial environment. Using a sample of syndicated loans issued in 2008 in North America and Europe, and records of syndicated loans since 2003, we find that firms that had developed a previous relationship with an investment bank obtained a lower spread and for longer maturity during the financial crisis but did not benefit from greater loan facilities.

Suggested Citation

  • Karima Bouaiss & Hervé Alexandre & Catherine Refait-Alexandre, 2011. "Banking relationship and syndicated loans during the last financial crisis," Post-Print hal-01637916, HAL.
    • Handle: RePEc:hal:journl:hal-01637916
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    Keywords

    Syndicated loans; banking relationship;

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