NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

How Firms Use Domestic and International Corporate Bond Markets

Juan Carlos Gozzi, Ross Levine, Maria Soledad Martinez Peria, Sergio L. Schmukler

NBER Working Paper No. 17763
Issued in January 2012
NBER Program(s):   CF   IFM   ITI

This paper provides the first comprehensive documentation of the main features of corporate bond issues in domestic and international markets and analyzes how firms use these markets after they internationalize. We find that debt issues in domestic and international bond markets have different characteristics, not explained by differences across firms or their country of origin. International issues tend to be larger, of shorter maturity, denominated in foreign currency, and include a higher fraction of fixed rate contracts. Moreover, a large proportion of firms remain active in domestic bond markets after accessing international markets, and many of these firms use both markets for different types of issues. This evidence suggests that domestic and international bond markets provide different financial services and are not substitutes, but rather complements.

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Document Object Identifier (DOI): 10.3386/w17763

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