Corporate Bond Markets

Author : Li L. Ong,Pipat Luengnaruemitchai
Publisher : INTERNATIONAL MONETARY FUND
Page : 25 pages
File Size : 51,6 Mb
Release : 2005-07-01
Category : Electronic
ISBN : 1451861710

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An Anatomy of Corporate Bond Markets: Growing Pains and Knowledge Gains by Li L. Ong,Pipat Luengnaruemitchai Pdf

The objective of this paper is to discuss the key issues relating to the development of local corporate bond markets. We examine the requirements for local corporate bond market development, and compare and contrast experiences across both mature and emerging markets. We suggest that core aspects such as benchmarking, corporate governance and disclosure, credit risk pricing, the availability of reliable trading systems, and the development of hedging instruments are fundamental for improving the breadth and depth of corporate debt markets. The demand and supply of corporate bonds are dependent on factors such as the investor base, both local and foreign, and government policies toward the issuance process and associated costs, as well as the taxation regime. The sequencing of reforms is key to market development.

Author : Mr. Alfred Schipke,Mr. Markus Rodlauer,Ms. Longmei Zhang
Publisher : International Monetary Fund
Page : 52 pages
File Size : 46,5 Mb
Release : 2019-03-13
Category : Business & Economics
ISBN : 9781513582788

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The Future of China's Bond Market by Mr. Alfred Schipke,Mr. Markus Rodlauer,Ms. Longmei Zhang Pdf

China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

Author : Frank J. Fabozzi,Francesco A. Fabozzi
Publisher : MIT Press
Page : 937 pages
File Size : 45,8 Mb
Release : 2021-12-07
Category : Business & Economics
ISBN : 9780262367424

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Bond Markets, Analysis, and Strategies, tenth edition by Frank J. Fabozzi,Francesco A. Fabozzi Pdf

The updated edition of a widely used textbook that covers fundamental features of bonds, analytical techniques, and portfolio strategy. This new edition of a widely used textbook covers types of bonds and their key features, analytical techniques for valuing bonds and quantifying their exposure to changes in interest rates, and portfolio strategies for achieving a client’s objectives. It includes real-world examples and practical applications of principles as provided by third-party commercial vendors. This tenth edition has been substantially updated, with two new chapters covering the theory and history of interest rates and the issues associated with bond trading. Although all chapters have been updated, particularly those covering structured products, the chapters on international bonds and managing a corporate bond portfolio have been completely revised. The book covers the basic analytical framework necessary to understand the pricing of bonds and their investment characteristics; sectors of the debt market, including Treasury securities, corporate bonds, municipal bonds, and structured products (residential and commercial mortgage-backed securities and asset-backed securities); collective investment vehicles; methodologies for valuing bonds and derivatives; corporate bond credit risk; portfolio management, including the fundamental and quantitative approaches; and instruments that can be used to control portfolio risk.

Author : J. Ross Peters
Publisher : McGill-Queen's Press - MQUP
Page : 127 pages
File Size : 51,6 Mb
Release : 1971-01-01
Category : Business & Economics
ISBN : 9780773593626

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Economics of the Canadian Corporate Bond Market by J. Ross Peters Pdf

Author : Ms.Diana Ayala Pena,Milan Nedeljkovic,Christian Saborowski
Publisher : International Monetary Fund
Page : 45 pages
File Size : 55,7 Mb
Release : 2015-07-07
Category : Business & Economics
ISBN : 9781513579757

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What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies by Ms.Diana Ayala Pena,Milan Nedeljkovic,Christian Saborowski Pdf

This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. During the recent boom episode, however, global cyclical factors accounted for most of the variation of bond shares in total corporate debt. The sensitivity to global factors appears to vary with relative bond market size—which we interpret to be associated with liquidity and easy entry and exit—rather than local fundamentals. Foreign bank linkages help explain why bond markets increasingly substituted for banks in channeling liquidity to EMs. Our results highlight the risk of capital flow reversal in EMs that benefited from the upturn in the global financial cycle mostly due to their liquid markets rather than strong fundamentals.

Author : Svetlana Vtyurina,Adrian Robles,Mr.Bennett W Sutton
Publisher : International Monetary Fund
Page : 30 pages
File Size : 43,7 Mb
Release : 2017-07-11
Category : Business & Economics
ISBN : 9781484305911

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A License to Issue (Anywhere) by Svetlana Vtyurina,Adrian Robles,Mr.Bennett W Sutton Pdf

This paper overviews patterns in bond issuance in local and external markets by firms in six large Latin American countries. Data suggest that despite rising issuance, local markets remain small and shallow in several countries. Nevertheless, since greater funding is available to many firms in both markets, we investigate the factors that may explain the firm’s choice on where to issue a bond. Using an unbalanced panel of firm and market-level indicators for years 1995-2015, we control for variables representing several theories of capital structure, and the results show that firm characteristics such as size and liquidity increase the likelihood of firms to issue externally. With respect to market characteristics, the market completeness hypothesis generates the most support, where market scale and depth are most important for the issuer’s choice of the market, suggesting that local markets will have to become deeper to draw more firms and investment.

Author : Eckhard Scharmer
Publisher : GRIN Verlag
Page : 27 pages
File Size : 46,5 Mb
Release : 2004-03-04
Category : Business & Economics
ISBN : 9783638258807

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Corporate Bonds in Germany: Market and Valuation by Eckhard Scharmer Pdf

Seminar paper from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7 (A-), European Business School - International University Schloß Reichartshausen Oestrich-Winkel (Department for Asset Management), 28 entries in the bibliography, language: English, abstract: The German corporate bond market is, like many other markets, subject to a constant development: New external conditions and changes in our economic environment always trigger new trends that can be observed when analysing the structure of capital markets. Particularly during the last months, a new significant tendency could be observed in Germany: As market statistics indicate, more and more German corporations decide to issue equity-linked securities such as convertible bonds instead of raising capital using straight corporate bonds or equity. Consequently, investors are now faced with a new asset class beyond debt, cash or equity. This implies more opportunities but also bears some risks, problems and pitfalls as each convertible has specific characteristics and covenants which have to be taken into account by the investor. The purpose of this study is to reveal the reasoning behind the growing popularity of convertibles within the German corporate bond landscape. In this context, the consequences and opportunities for the investor are emphasized as the paper shows how asset managers can benefit from the particular characteristics of convertibles. Moreover, the price reaction of the underlying share price on an announcement of a convertible issue will be analysed. In order to avoid a too theoretical approach, two extraordinary equitylinked issues that took place in Germany in 2003 are discussed and compared.

Author : Moorad Choudhry
Publisher : John Wiley & Sons
Page : 603 pages
File Size : 46,8 Mb
Release : 2011-12-14
Category : Business & Economics
ISBN : 9781118178997

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Corporate Bond Markets by Moorad Choudhry Pdf

Moorad continues to demonstrate his financial expertise, and shows us why he is one of the best-selling authors in our industry today. - Eric Subliskey, Vice President, Short-Term Fixed Income JPMorgan Securities inc., New York An invaluable reference work for anyone connected with the corporate debt markets, be they issuer, investor or trader. Dr Choudhry writes in his trademark accessible style and provides the reader with a wealth of data and insight on the latest market products and techniques. Highly-recommended. - Ketul Tanna, Assistant Vice President, Market Risk Management JPMorgan Chase Bank, London The Predominant fixed income author is back with this updated version of Corporate Bond Markets. A Comprehensive work on fixed income products and applications, this book is a valuable reference text and teaching tool. Why go anywhere else for bond market information? - Rod Pienaar, Research Partner YieldCurve.com

Author : T. Todd Smith
Publisher : International Monetary Fund
Page : 88 pages
File Size : 47,8 Mb
Release : 1995-07-01
Category : Business & Economics
ISBN : 9781451848878

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Markets for Corporate Debt Securities by T. Todd Smith Pdf

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.

Author : OECD
Publisher : OECD Publishing
Page : 85 pages
File Size : 50,8 Mb
Release : 2024-03-12
Category : Electronic
ISBN : 9789264647299

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Corporate Bond Markets in Asia Challenges and Opportunities for Growth Companies by OECD Pdf

This report presents a comprehensive analysis of the use and structure of corporate bond markets in Asia.

Author : OECD
Publisher : OECD Publishing
Page : 65 pages
File Size : 41,5 Mb
Release : 2022-10-14
Category : Electronic
ISBN : 9789264726994

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The Swedish Corporate Bond Market and Bondholder Rights by OECD Pdf

This report provides a detailed account of the Swedish corporate bond market. Based on original data, it offers an overview of how the market has developed in the past two decades with respect to, among other things, size, issuer characteristics, risk profile and liquidity. In particular, it documents how the market has changed since the 2008 financial crisis and explores the increasingly important role of real estate companies in the local bond market.

Author : F. Hagenstein,A. Mertz,J. Seifert
Publisher : Springer
Page : 333 pages
File Size : 43,8 Mb
Release : 2004-10-01
Category : Business & Economics
ISBN : 9780230523296

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Investing in Corporate Bonds and Credit Risk by F. Hagenstein,A. Mertz,J. Seifert Pdf

Investing in Corporate Bonds and Credit Risk is a valuable tool for any corporate bond investor. All the most recent developments and strategies in investment in corporate bonds are analyzed included with qualitative and quantitative approaches. A complete and up-to-date investment process is developed through the book, using many examples taken from banking practice. The growing significance of derivative instruments and credit diversification to bond investors is also analyzed in detail.

Author : Richard C. Wilson,Frank J. Fabozzi
Publisher : John Wiley & Sons
Page : 414 pages
File Size : 55,8 Mb
Release : 1995-02-15
Category : Business & Economics
ISBN : 1883249074

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Corporate Bonds by Richard C. Wilson,Frank J. Fabozzi Pdf

Corporate Bonds: Structures & Analysis covers every aspect of corporate bonds, including bond structures, credit analysis, and investment strategies. This book discusses state-of-the-art technology for valuing corporate bonds, as well as innovative new products such as step-up notes and range notes. Complete with contributions from today's top financial experts, Corporate Bonds is the definitive reference for this vital market.

Author : Alison Harwood
Publisher : World Bank Publications
Page : 538 pages
File Size : 52,6 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 0821348191

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Building Local Bond Markets by Alison Harwood Pdf

Since the Asia and Tequila crises of the late 1990s, a growing number of emerging market countries have focused on developing local bond markets to lock in local currency, fixed-rate and long-term funding, and help governments and corporations better manage their financing risks. International organizations from Washington to Southeast Asia are pushing bond market development, to reduce global instability by improving domestic risk management. This book is part of the International Finance Corporation's efforts to assist countries in South Asia and other parts of the world to identify their need for local bond markets, the impediments to developing them, and how those impediments might be removed. The book is based on papers presented at the South Asian Debt Market Symposium held in Sri Lanka in October 1999. It provides valuable insights to emerging market nations wrestling with the issue of building local bond markets. This book will be of interest to bond market specialists, policymakers, and the private sector.

Author : Jean-Pierre Casey,Karel Lannoo
Publisher : CEPS
Page : 142 pages
File Size : 40,6 Mb
Release : 2005
Category : Business & Economics
ISBN : 9789290795964

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Europe's Hidden Capital Markets by Jean-Pierre Casey,Karel Lannoo Pdf

Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.