Panda bonds: opportunity or threat for Europe?

Patrizia Stucchi ()

Journal Transition Studies Review, 2020, vol. 27, issue 1, 95-101

Abstract: We analyse the effect of panda bonds on indebted firms default probability. The theoretical default probability as a function of debt is evaluated in the Black, Scholes (1973) and Merton (1974) framework for various set of parameters values. We consider as benchmark the prevailing default rates for speculative-grade corporate companies based on the last reports by S&P (2019) and Moody’s (2018).

Keywords: Capital structure; Credit risk; Bond markets; Chinese internationalization (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:ase:jtsrta:v:27:y:2020:i:1:p:95-101:id:263

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