Arbeitspapier
Large debt financing: syndicated loans versus corporate bonds
Following the introduction of the euro, the markets for large debt financing experienced a historical expansion. We investigate the financial factors behind the issuance of syndicated loans for an extensive sample of euro area non-financial corporations. For the first time we compare these factors to those of its major competitor: the corporate bond market. We find that large firms, with greater financial leverage, more (verifiable) profits and higher liquidation values tend to prefer syndicated loans. In contrast, firms with larger levels of short-term debt and those perceived by markets as having more growth opportunities favour financing through corporate bonds.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1028
- Klassifikation
-
Wirtschaft
Market Structure, Pricing, and Design: General
International Finance: General
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
corporate bonds
debt choice
syndicated loans
the euro
Kreditgeschäft
Unternehmensanleihe
Unternehmensfinanzierung
Eurozone
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Altunbas, Yener
Kara, Alper
Marqués-Ibáñez, David
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Altunbas, Yener
- Kara, Alper
- Marqués-Ibáñez, David
- European Central Bank (ECB)
Entstanden
- 2009
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