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Panda bonds: opportunity or threat for Europe?

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  • Patrizia Stucchi

Abstract

We analyse the effect of panda bonds on indebted firms default probability. The theoretical default probability as a function of debt is evaluated in the Black, Scholes (1973) and Merton (1974) framework for various set of parameters values. We consider as benchmark the prevailing default rates for speculative-grade corporate companies based on the last reports by S&P (2019) and Moody’s (2018).

Suggested Citation

  • Patrizia Stucchi, 2020. "Panda bonds: opportunity or threat for Europe?," Journal Transition Studies Review, Transition Academia Press, vol. 27(1), pages 95-101.
    • Handle: RePEc:ase:jtsrta:v:27:y:2020:i:1:p:95-101:id:263
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