Worldwide, primary corporate bond markets have become an increasingly important source of financing for non …

Worldwide, primary corporate bond markets have become an increasingly important source of financing for non …

. Yet firms tend to be reluctant to issue secured debt when other forms of financing are available, as we demonstrate with … early 2020. We find that for firms that are rated non-investment grade and that have few alternative sources of financing in … theories that see collateral as a form of insurance, to be used only in extremis …