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Liquidity and Price Pressure in the Corporate Bond Market

其他書名	Evidence from Mega-Bonds
出版	SSRN, 2019
URL	http://books.google.com.hk/books?id=C3r6zgEACAAJ&hl=&source=gbs_api

註釋Larger bonds offer greater liquidity, which should reduce their yields. A simple way for firms to reduce financing costs is to sell bonds with large face values. We find that mega-bonds are more liquid than smaller bonds. However, offering yield spreads on mega-bonds are not lower and are higher than spreads of bonds issued by similar companies. Our evidence suggests that the beneficial aspects of greater liquidity are counter-balanced by the negative effects of price pressure. This may explain why most firms prefer to split their offerings by maturity or across time rather than issue one large bond.