TY  - JOUR
AU  - Gozzi,Juan Carlos
AU  - Levine,Ross
AU  - Peria,Maria Soledad Martinez
AU  - Schmukler,Sergio L.
TI  - How Firms Use Domestic and International Corporate Bond Markets
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 17763
PY  - 2012
Y2  - January 2012
UR  - http://www.nber.org/papers/w17763
L1  - http://www.nber.org/papers/w17763.pdf
N1  - Author contact info:
Juan Carlos Gozzi
International Finance Division
Board of Governors of the Federal Reserve System
Washington, DC
E-Mail: Juan.C.GozziValdez@frb.gov

Ross Levine
Haas School of Business
University of California at Berkeley
545 Student Services Building, #1900 (F685)
Berkeley, CA 94720-1900
Tel: 510-643-1419
E-Mail: Ross_levine@haas.berkeley.edu

Maria Soledad Martinez Peria
The World Bank
E-Mail: mmartinezperia@worldbank.org

Sergio Schmukler
The World Bank
MSN MC3-301
1818 H Street, N.W.
Washington, DC 20433
Tel: 202-458-4167
Fax: 202-522-3518
E-Mail: Sschmukler@worldbank.org
AB  - 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.
ER  -