We study secondary market trades of debt issues by foreign firms in the U.S. under SEC Rule 144A, a unique market where the counterparties are qualified institutional buyers (QIBs). We find that even though the secondary yield spreads of foreign 144A debt issues are larger than comparable public...

We examine the unique role played by institutional investors in the private corporate debt marketfor Rule 144A debt. We use the recent global financial crisis as a quasi-natural experiment to studyhow qualified institutional buyers (QIBs) facilitated funding to the foreign debt issuers in...

The Rule 144A private debt represents a significant and growing segment of the U.S. bond market. This paper examines the market liquidity effects of enhanced information disclosure induced by the public registration of 144A bonds. Using the regulatory version of TRACE data for the period...