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First-time corporate bond issuers in Italy
Accornero, Matteo; Russo, Paolo Finaldi; Guazzarotti, … - Banca d'Italia - 2015
The paper looks at the characteristics of Italian non-financial firms that accessed the bond market for the first time … between 2002 and 2013. The results of logit estimations indicate that first-time bond issuers are significantly larger and … bond market stems from a need to finance growth, especially where internal resources are limited, and to rebalance maturity …
Persistent link: https://www.econbiz.de/10011265437
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The pricing of government-guaranteed bank bonds
Levy, Aviram; Zaghini, Andrea - Banca d'Italia - 2010
Brothers demise to help banks retain access to wholesale funding. We describe the evolution and the pattern of bond issuance … the issuing bank or of the bond itself. …
Persistent link: https://www.econbiz.de/10008626021
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The riskiness of corporate bonds
Taboga, Marco - Banca d'Italia - 2009
When the riskiness of an asset increases, then, arguably, some risk-averse agents that were previously willing to hold on to the asset are no longer willing to do so. Aumann and Serrano (2008) have recently proposed an index of riskiness that helps to make this intuition rigorous. We use their...
Persistent link: https://www.econbiz.de/10008527060
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The cost of firms� debt financing and the global financial crisis
Pianeselli, Daniele; Zaghini, Andrea - Banca d'Italia - 2014
We provide an assessment of the determinants of the risk premium paid by non-financial corporations on long-term bonds. By looking at 5,500 issues in the period 2005-2012, we find that the turbulence in the sovereign debt market has been a major driver of corporate risk in recent years. Compared...
Persistent link: https://www.econbiz.de/10011099704
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The market for corporate debt private placements
Branzoli, Nicola; Guazzarotti, Giovanni - Banca d'Italia - 2015
access the public bond market, turn to one or more large institutional investors. Compared to a public offering, a private …-term investments and contribute to the development of the public bond market. A wider use of private placements in Europe is hindered …
Persistent link: https://www.econbiz.de/10011206252
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Canonical term-structure models with observable factors and the dynamics of bond risk premiums
Pericoli, Marcello; Taboga, Marco - Banca d'Italia - 2006
We study the dynamics of risk premiums on the German bond market, employing no-arbitrage term-structure models with …
Persistent link: https://www.econbiz.de/10005113607