Template-Type: ReDIF-Article 1.0
Author-Name: Iñaki Aldasoro
Author-Name: Bryan Hardy
Author-Name: Nikola Tarashev
Title: Corporate debt: post-GFC through the pandemic
Abstract: Debt securities markets have grown globally. Exploring the BIS international debt securities statistics, we find that the offshore affiliates of non-financial corporates (NFCs) have played an important role since the Great Financial Crisis. For NFCs from emerging market economies (EMEs) in particular, debt issuance through such affiliates – mainly in US dollars – has been closely linked with global financial conditions. Against the backdrop of a temporary spike in credit risk premia after the pandemic's outbreak, issuance has been robust throughout the past year. Combining data on both international and domestic debt securities reveals that borrowing by advanced economy firms and by hard-hit EME industries has surged.
Journal: BIS Quarterly Review
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2106b.pdf
File-Format: Application/pdf
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2106b.htm
File-Format: text/html
Year: 2021
Month: June
Classification-JEL: F30, G15
Handle: RePEc:bis:bisqtr:2106b