Corporate Bond Issuance Over Financial Stress Episodes: A Global Perspective

Valentina Bruno, Michele H. Dathan and Yuriy Kitsul
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Michele H. Dathan: https://www.federalreserve.gov/econres/michele-h-dathan.htm
Yuriy Kitsul: https://www.federalreserve.gov/econres/yuriy-kitsul.htm

No 1390, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: We use a merged global data set of security-level corporate bond issuance and firm-level financial statement data to show that, in contrast to earlier periods of financial stress, during the COVID pandemic nonfinancial firms around the world were more likely to issue bonds, driven by a boom in local-currency-denominated issuance. We observe a distinct cross-regional difference in the characteristics of issuing firms, finding that in advanced economies issuance during COVID was driven by less risky firms, as predicted by existing theories; in emerging markets, only issuance of U.S. dollar denominated bonds came from larger or less risky firms.

Keywords: Corporate bonds; Issuance; COVID; Crises (search for similar items in EconPapers)
JEL-codes: F30 G15 G30 (search for similar items in EconPapers)
Date: 2024-05-06
New Economics Papers: this item is included in nep-cfn, nep-fmk, nep-ifn and nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgif:1390

DOI: 10.17016/IFDP.2024.1390

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