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The impact of lending relationships on the choice and structure of bond underwriting syndicates

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  • Carbó-Valverde, Santiago
  • Cuadros-Solas, Pedro J.
  • Rodríguez-Fernández, Francisco

Abstract

This paper examines the multiple-bookrunning phenomenon by focusing on the role of firm–bank relationships. Using a sample of European corporate bonds from 2003 to 2013, we show that the existence and strength of prior firm–bank relationships affects the multiple-bookrunning choice. Firms with strong (more concentrated) lending relationships are less likely to issue a multiple-bookrunner bond. Nevertheless, during the GFC crisis, the opposite effect is found. Issuer–bank relationships have a larger impact on issuers' selection of bookrunners during the crisis than before the crisis. However, reputable bookrunners refrain from becoming joint bookrunners if they are matching with less reputable counterparts.

Suggested Citation

  • Carbó-Valverde, Santiago & Cuadros-Solas, Pedro J. & Rodríguez-Fernández, Francisco, 2021. "The impact of lending relationships on the choice and structure of bond underwriting syndicates," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    • Handle: RePEc:eee:intfin:v:74:y:2021:i:c:s1042443121001207
    DOI: 10.1016/j.intfin.2021.101403
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    Keywords

    Bookrunners; Underwriting; Relationships; Multiple bookrunning; Bonds;
    All these keywords.

    JEL classification:

    • 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

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