Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?
AbstractThe 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.
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Date of creation: 15 Sep 2010
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syndicated loans; banking relationship; credit rationing;
Other versions of this item:
- 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?," Economics Papers from University Paris Dauphine 123456789/5712, Paris Dauphine University.
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-04 (All new papers)
- NEP-BAN-2010-12-04 (Banking)
- NEP-FMK-2010-12-04 (Financial Markets)
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