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  • 标题:Corporate debt: post-GFC through the pandemic
  • 本地全文:下载
  • 作者:Iñaki Aldasoro ; Bryan Hardy ; Nikola Tarashev
  • 期刊名称:BIS Quarterly Review: International Banking and Financial Market Developments = BIZ-Quartalsbericht: Internationales Bankgeschäft und internationale Finanzmärkte
  • 印刷版ISSN:1012-9979
  • 出版年度:2021
  • 卷号:2021
  • 语种:English
  • 出版社:Bank for International Settlements
  • 摘要: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.
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