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Currency choice in international bond issuance

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Author Info
Benjamin H Cohen
Abstract

Aggregate issuance of international bonds is found to be significantly higher in strong currencies than in weak ones. The mix of currencies is also found to be influenced by interest rate differentials, with greater issuance in higher-yielding currencies, and by the amount of home country issuance. Taken together, the results suggest that both the investor's and the issuer's preferences determine currency choice in international bond issuance.

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Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2005)
Issue (Month): (June)
Pages:
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Handle: RePEc:bis:bisqtr:0506e

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Find related papers by JEL classification:
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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This page was last updated on 2010-1-4.

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