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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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International Corporate Debt Markets

International Corporate Debt Markets

Chapter:
(p.210) 10 International Corporate Debt Markets
Source:
International Finance
Author(s):

GERANIO MANUELA

HALLAK ISSAM

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199754656.003.0010

International debt markets have gone through major changes during the past 20 years. Reduction in capital controls and privatization of the manufacturing and banking sectors created a higher demand for international debt, which is debt denominated in nondomestic currencies, from the private sector. This major change had important consequences. While international debt crises used to be attributed to state mismanagement of borrowed funds, such crises are now largely due to poor performance in the private sector. Yet, corporate debts have several advantages compared with sovereign debts. The chapter begins by discussing new developments and describing the impact on country risk and cost of capital. Next, the chapter explains how these developments affect the international financial architecture by describing the differences between corporate and sovereign debt. International bond issuance and the latest developments are then discussed to explain the impact of these main changes.

Keywords:   international corporate debt, international bond issuance, bookrunner, gross spread, bond spread

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