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Choice of currency in bond issuance and the international role of currencies Author info | Abstract | Publisher info | Download info | Related research | Statistics Nikolaus Siegfried () (Thames River Capital LLP, 51 Berkeley Square, London W1J 5BB, United Kingdom. )
Emilia Simeonova () (Columbia University, 2960 Broadway, New York, NY 10027-6902, USA. )
Cristina Vespro () (ISS Governance Services - RiskMetrics Group, Chaussée de la Hulpe 181, B-1170, Brussels, Belgium. )
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This paper investigates bond issuance of non-financial corporations in advanced economies during the period 1999-2003, attempting to understand motives for issuing in foreign currency, and determinants for the choice of currency. We consider the following influences on the currency choice when issuing foreign currency denominated debt: the microeconomic characteristics of the firm, the macroeconomic institutional environment and the financial particularities of the bond issue. We find that in addition to cost minimisation, hedging motives and the desire to establish an investor base influences the choice of currency. At the same time, market conventions and regulation also affect the choice. JEL Classification: C25, E44, F23, G32.
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Paper provided by European Central Bank in its series Working Paper Series with number
814.
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Length: 40 pages
Date of creation: Sep 2007Date of revision:
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Keywords: Bond issuance Foreign currency denominated debt Panel logit nested logit conditional logit. This paper has been announced in the following NEP Reports :
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