spreads). It also investigates the extent to which the practice by rating agencies and banks of not rating companies higher …-currency-denominated corporate bonds. The main findings are: (i) sovereign risk appears to be the single most important determinant of corporate … default premia in South Africa; (ii) the sovereign ceiling (in local-currency terms) does not apply in the spreads of the …

This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and … market integration. Applying several empirical approaches, we show that the co-movement of spreads across emerging markets is … higher today than it was in the historical sample. We also show that sharp changes in spreads today tend to be mostly related …

This study explores the determinants of corporate bond spreads in emerging markets economies. Using a largely … unexploited dataset, the paper finds that corporate bond spreads are determined by firm-specific variables, bond characteristics …

liquidity of sovereign bonds. …