登入選單
返回Google圖書搜尋
Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?
Kay ChungMr.Michael G. Papaioannou
出版International Monetary Fund, 2020-08-07
主題Business & Economics / Investments & Securities / BondsBusiness & Economics / Banks & BankingBusiness & Economics / Finance / Financial Risk Management
ISBN15135268479781513526843
URLhttp://books.google.com.hk/books?id=1Bn2zQEACAAJ&hl=&source=gbs_api
註釋This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns’ borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers’ moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.