What explains corporate sukuk primary market spreads?
نویسندگان
چکیده
منابع مشابه
Interpreting movements in high-yield corporate bond market spreads
Credit spreads in the United States widened considerably during 2000, particularly in the high-yield bond market. Even indices of single-A and AA rated bonds widened in the last few months of the year. By contrast, with the exception of telecoms bonds, there was little evidence of widening in UK credit spreads. In this article we explain why US spreads widened, and assess the implications for t...
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Much of recent Trade theory focuses on heterogeneity of firms and the differential impact trade policy might have on firms with different levels of productivity. A common problem is that most firm level dataset do not contain information on output prices of firms which makes it difficult to distinguish between productivity differences and differences in market power between firms. This paper de...
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I study the implications of fluctuations in corporate credit spreads for TFP and output. Motivated by that corporate credit spreads are countercyclical, I build a simple model in which the difference in default probabilities on corporate debts leads to the spread in interest rates paid by firms. In the model, firms finance their capital by issuing one-period bonds, and differ in the variance of...
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This paper examines the predictive power of credit spreads from the corporate bond market. The high-yield bond spread and investment-grade spread can explain 68 per cent and 42 per cent of output variations one year ahead, while the term spread based on government debts can explain only 12 per cent of them. For output forecasts up to one year ahead, the corporate bond spreads also outperform po...
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There has been a rapid increase in the number of corporate bonds issued in Australia since the middle of 1998. This increase has stimulated interest in characterising the yield curves and the factors that determine changes in these spreads. The focus of this paper is on measuring any impact of stock market volatility on spreads using two different measures. One measure is based on volatility im...
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ژورنال
عنوان ژورنال: Research in International Business and Finance
سال: 2017
ISSN: 0275-5319
DOI: 10.1016/j.ribaf.2017.01.002