This paper provides a comparative analysis of project finance (PF) and traditional corporate finance (CF) bond spreads and pricing. Using a cross-section of 47,196 bonds issued worldwide in the 1993-2020 period, we show that PF and CF bonds are differently priced, PF bonds have higher spreads...

This paper provides a comparative analysis of project finance (PF) and traditional corporate finance (CF) bond pricing, along with an examination of the choice determinants of PF vis-à-vis CF transactions. Using a cross-section of 47,196 bonds issued worldwide in the 1993-2020 period, we show...

This paper provides a comparative analysis of project finance (PF) and traditional corporate finance (CF) bond pricing. Using a cross-section of 47,196 bonds issued worldwide in the 1993-2020 period, we show that PF and CF bonds are differently priced, and although ratings are the most important...