Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?
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.
Domaines
Gestion et management
Origine : Fichiers produits par l'(les) auteur(s)
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