Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?

Hervé Alexandre (herve.alexandre@dauphine.psl.eu), Karima Bouaiss (karima.bouaiss@univ-lille2.fr) and Catherine Refait-Alexandre

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Abstract: 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.

Keywords: syndicated loans; banking relationship; credit rationing (search for similar items in EconPapers)
Date: 2010-09-15
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