Primary Corporate Debt Issuance in Europe

Hana Galetová

Master's thesis

Primární emise korporátních dluhopisů v Evropě

Anotácia:

A top-down analysis approach used for over 17 thousand of euro-denominated corporate bond issuances executed in the European primary bond market between 1999 and 2013. The main findings reveal not only the most active corporate issuers in Europe, but they also show the decomposition of issuance by coupon type, rated versus unrated issuance, debut and perpetual issuances, high grade as well as high yield new bond issues split by sector, rating and maturity. I used the opensource statistical package Gretl and applied the ordinary least square technique in order to quantify the association between euro-denominated corporate issuance and credit spreads.

Abstract:

A top-down analysis approach used for over 17 thousand of euro-denominated corporate bond issuances executed in the European primary bond market between 1999 and 2013. The main findings reveal not only the most active corporate issuers in Europe, but they also show the decomposition of issuance by coupon type, rated versus unrated issuance, debut and perpetual issuances, high grade as well as high yield new bond issues split by sector, rating and maturity. I used the opensource statistical package Gretl and applied the ordinary least square technique in order to quantify the association between euro-denominated corporate issuance and credit spreads.

Kľúčové slová

credit spreads, primary market, financial crisis, high grade, rating, regression, euro-denominated issuance, maturity, high yield, corporate bonds

Keywords

high grade, high yield, maturity, primary market, corporate bonds, regression, financial crisis, euro-denominated issuance, credit spreads, rating

Jazyk práce: English

Datum vytvoření / odevzdání či podání práce: 11. 3. 2015

Obhajoba závěrečné práce

• Obhajoba proběhla 27. 5. 2015
• Vedúci: Bohumil Stádník
• Oponent: Jiří Málek

Vysoká škola ekonomická v Praze

Master programme:
Finance and Accounting for Common Europe