International Pricing Of Emerging Market Corporate Debt
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International Pricing of Emerging Market Corporate Debt
Author | : Ms.Sonja Keller |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2010-01-01 |
Genre | : Business & Economics |
ISBN | : 1451962479 |
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We examine risk spreads charged on corporate bonds placed by emerging market borrowers on international exchanges. While global developments have an important effect on spreads, changes in firm-level default risk also matter significantly in a way consistent with theory and experience in mature markets. In contrast, except during periods of financial crisis, country factors play a limited role. These findings go against the supposition that limited information on emerging market firms or significant agency problems prevent firm-level credit discrimination by international investors. The firm-level information capitalization into spreads possibly reflects protection afforded by the exchange listing on international markets.
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