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The Impact of Lending Relationships on the Choice and Structure of Bond Underwriting Syndicates
| Content Provider | Semantic Scholar |
|---|---|
| Author | Carbó-Valverde, Santiago Cuadros-Solas, Pedro J. Rodríguez-Fernández, Francisco |
| Copyright Year | 2019 |
| Abstract | Past bank-firm lending relationships affect the probability of choosing a bank as debt-underwriter. However, there is no evidence regarding how these relationships may influence the decision to syndicate the issuance; nor is there evidence of their effect on the syndicate formation. Using a sample of European corporate bonds from 2003–2013, we show that prior lending relationships have a significant impact on the syndication choice. Reputable banks refrain from joining a syndicate if they perceive that they are matching with less reputable counterparts. Furthermore, when lending relationships explain the syndication choice, there is a negative effect on at-issue spreads |
| File Format | PDF HTM / HTML |
| DOI | 10.2139/ssrn.2943432 |
| Alternate Webpage(s) | http://www.fmaconferences.org/Boston/The_impact_of_lending_relationships_on_the_choice_and_structure_of_bond_underwriting_syndicates.pdf |
| Alternate Webpage(s) | http://www.fmaconferences.org/HongKong/Papers/The_impact_of_lending_relationships_on_the_choice_and_structure_of_bond_underwriting_syndicates_Nov2017_blind.pdf |
| Alternate Webpage(s) | https://doi.org/10.2139/ssrn.2943432 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
