Corporate debt: post-GFC through the pandemic

Iñaki Aldasoro, Bryan Hardy and Nikola Tarashev

BIS Quarterly Review, 2021

Abstract: Debt securities markets have grown globally. Exploring the BIS international debt securities statistics, we find that the offshore affiliates of non-financial corporates (NFCs) have played an important role since the Great Financial Crisis. For NFCs from emerging market economies (EMEs) in particular, debt issuance through such affiliates – mainly in US dollars – has been closely linked with global financial conditions. Against the backdrop of a temporary spike in credit risk premia after the pandemic's outbreak, issuance has been robust throughout the past year. Combining data on both international and domestic debt securities reveals that borrowing by advanced economy firms and by hard-hit EME industries has surged.

JEL-codes: F30 G15 (search for similar items in EconPapers)
Date: 2021
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