Emerging market corporations have significantly increased their borrowing in international markets since 2008. This paper shows that this increase was driven by large-denomination bond issuances, most of them with face value of US$500 million. Large issuances are eligible for inclusion in international market indexes, which attract institutional investors. Emerging market firms were able to cut their cost of funds by roughly 100 basis points by issuing...
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INFORMATION
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2019/06/17
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Document de travail de recherche sur les politiques
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WPS8890
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1
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1
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2019/06/17
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Disclosed
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Search for Yield in Large International Corporate Bonds : Investor Behavior and Firm Responses
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bond
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