Currency choice in international bond issuance

Benjamin Cohen

BIS Quarterly Review, 2005

Abstract: Aggregate issuance of international bonds is found to be significantly higher in strong currencies than in weak ones. The mix of currencies is also found to be influenced by interest rate differentials, with greater issuance in higher-yielding currencies, and by the amount of home country issuance. Taken together, the results suggest that both the investor's and the issuer's preferences determine currency choice in international bond issuance.

JEL-codes: G11 G15 G32 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (35)

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