Markets for Corporate Debt Securities

T. Smith

No 1995/067, IMF Working Papers from International Monetary Fund

Abstract: This paper surveys markets for corporate debt securities in the major industrial countries and the international markets. The discussion includes a comparison of the sizes of the markets for various products, as well as the key operational, institutional, and legal features of primary and secondary markets. Although there are some signs that debt markets may be emphasized in the future by some countries, it remains true that North American debt markets are the most active and liquid in the world. The international debt markets are, however, growing in importance. The paper also investigates some of the reasons for the underdevelopment of domestic bond markets and the consequences of firms shifting their debt financing needs from banks to securities markets.

Keywords: WP; primary market; junk bond; government bond; Standard and Poor's; U.S. dollar; secondary market; insider trading; CP market; deutsche mark; convertible bond; Treasury obligations; corporate bond bond market; equity issue; parent company; Eurobond issue; debt securities market; MTN market; Bonds; Securities markets; Corporate bonds; Securities; Bank credit; Europe (search for similar items in EconPapers)
Pages: 88
Date: 1995-07-01
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