local bond market development and in turn attract global investors, in part by promoting the development of derivative …This paper has two main goals: to analyze country allocations in international bond portfolios and to describe the … development of bond markets around the world. In the primary analysis, we find that country weights in U.S. investors' foreign …

corporate bond yields over Treasuries. I find that noncallable bond yield spreads fall when the level of the Treasury term … structure rises. The extent of this decline depends on the initial credit quality of the bond; the decline is small for Aaa …-rated bonds and large for Baa-rated bonds. The role of the business cycle in generating this pattern is explored, as is the link …