Determinants of spreads on new high yield bonds of shipping companies
This paper investigates determinants of pricing of new high yield bond offerings of shipping companies. New high yield bond offerings issued by shipping companies in the US market, during the period 1993-1998, are used in the investigation. The empirical results suggest that credit rating is the major determinant of the price spread of the bond offerings. Financial leverage and shipping market conditions also account for a significant part of the price variability.
Year of publication: |
2003
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Authors: | Grammenos, Costas Th. ; Arkoulis, Angelos G. |
Published in: |
Transportation Research Part E: Logistics and Transportation Review. - Elsevier, ISSN 1366-5545. - Vol. 39.2003, 6, p. 459-471
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Publisher: |
Elsevier |
Keywords: | High yield bonds Yield spread Credit rating Financial leverage Shipping market conditions |
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