We show that corporate bond issuers benefit from utilizing existing underwriter relationships when rolling over bonds, but at the same time become exposed to underwriter distress. A strong relationship enables the underwriter to credibly certify the issuer resulting in lower direct issuance costs and lower underpricing. However, if the underwriter becomes distressed, this spills over to the issuer's credit risk, because it weakens the relationship and increases the risk of involuntary relationship termination. The credit risk spillover is more pronounced for risky, information-sensitive issuers with high rollover exposure, i.e., those issuers most in need of certification by an underwriter.

我们表明，公司债券发行人在展期债券时会从利用现有的承销商关系中受益，但同时也面临承销商的困扰。牢固的关系使承销商能够可靠地对发行人进行认证，从而降低直接发行成本并降低定价不足。但是，如果承销商感到不安，这会蔓延到发行人的信用风险，因为这会削弱关系并增加非自愿关系终止的风险。信用风险外溢对于具有高展期风险的高风险，信息敏感的发行人（即那些最需要承销商进行认证的发行人）更为明显。