Currency choice in international bond issuance

Benjamin H Cohen

33 citations0/0 files storedRePEc: Research Papers in Economics

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Credit Risk and Financial Regulations Corporate Finance and Governance Global Financial Crisis and Policies

Abstract

Aggregate issuance of international bonds is found to be significantly higher in strong currencies than in weak ones. The mix of currencies is also found to be influenced by interest rate differentials, with greater issuance in higher-yielding currencies, and by the amount of home country issuance. Taken together, the results suggest that both the investor's and the issuer's preferences determine currency choice in international bond issuance.

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References

1997Why Firms Use Currency Derivatives 1974An equilibrium model of the international capital market 2001Exchange rate exposure, hedging, and the use of foreign currency derivatives 2003Foreign Currency–Denominated Debt: An Empirical Examination*2005Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era 1988Transactions Costs and Covered Interest Arbitrage: Theory and Evidence 2001Why Do Firms Raise Foreign Currency Denominated Debt? Evidence from Finland 1988The Eurobond market and corporate financial policy

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2012How Firms Use Domestic and International Corporate Bond Markets

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