Les changements fondamentaux sur le marché des obligations callables émises par les firmes américaines au cours des 40 années 1974-2013

Marion Goffin
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Marion Goffin: UP1 - Université Paris 1 Panthéon-Sorbonne, PRISM Sorbonne - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: Three deep changes have occurred during these decades: the share of callables in the bond issues of US companies has significantly reduced; the quality of these callable issues has decreased from a majority of « Investment grade » to a majority of « Speculative grade »; finally, the objective of these callable issues is no longer to benefit from a general decline in interest rates but a decline in the spread of the issuing firm.

Keywords: callable bonds; spread; investment grade; speculative grade; prepayment; refunding ratio; bonos callables; spread de tasa de interés; prepago; obligations callables; spread de taux; remboursement anticipé (search for similar items in EconPapers)
Date: 2017
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Published in La Revue des Sciences de Gestion, 2017, 287-288 (5), pp.51-62. ⟨10.3917/rsg.287.0051⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03898030

DOI: 10.3917/rsg.287.0051

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