How firms borrow in international bond markets. Securities regulation and market segmentation

Author:Alberto Fuertes, Jose María Serena
Position:Banco de Espana, Madrid, Spain

Purpose This paper aims to investigate how firms from emerging economies choose among different international bond markets: global, US144A and Eurobond markets. The authors explore if the ranking in regulatory stringency -global bonds have the most stringent regulations and Eurobonds have the most lenient regulations - leads to a segmentation of borrowers. Design/methodology/approach... (see full summary)

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