Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?
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15 septembre 2010
- handle: 10670/1.nxlph8
- halshs: halshs-00538328
info:eu-repo/semantics/OpenAccess
Mots-clés
syndicated loans banking relationship credit rationing G - Financial Economics/G.G0 - General G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • GoodwillSujets proches
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Herve Alexandre et al., « Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis? », HAL-SHS : droit et gestion, ID : 10670/1.nxlph8
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Résumé
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.