On the Seasoning Process of New Bonds: Some Are More Seasoned than Others

Eric H. Sorensen

Journal of Financial and Quantitative Analysis, 1982, vol. 17, issue 2, 195-208

Abstract: In recent years, there have been a number of studies investigating the yield spread phenomena between new and seasoned bonds ([1], [2], [3], [4], [8], [10], [13]). This literature focuses upon two aspects of the equilibrium pricing of new versus seasoned bonds: (l) analysis of the microeconomic determinants of new issue/seasoned issue yield spreads such as specific differences in coupon rates, call features, maturity features, and the like; and (2) analysis of macroeconomic determinants of yield spreads such as economic growth, interest rate cycles, changing marginal tax rates, and the like.

Date: 1982
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