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Emisión de bonos corporativos durante la pandemoa de COVID-19: Comparativa con la crisis financiera global

Author

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  • Roberto Pascual González

Abstract

En los inicios tanto de la crisis financiera global como de la crisis del COVID-19 se alcanzaron niveles récord de emisiones de bonos por parte de las empresas no financieras y de las empresas financieras no bancarias de las economías avanzadas. Sin embargo, los motivos subyacentes son diferentes: mientras que en la primera se buscaba reemplazar los préstamos bancarios, durante la pandemia se ha intentado hacer frente a un problema de liquidez provocado por las restricciones frente al virus. Existen asimismo diferencias importantes entre las emisiones de ambas crisis: destaca la disminución sustancial de los costes de financiación por la reducción de los tipos de interés en los mercados, lo que ha podido favorecer el aumento de la duración media de los bonos y el mayor uso de los fondos para refinanciar pasivos anteriores. También se han producido un aumento de las emisiones de bonos de alto riesgo y un cambio en la composición sectorial de las empresas emisoras.

Suggested Citation

  • Roberto Pascual González, 2021. "Emisión de bonos corporativos durante la pandemoa de COVID-19: Comparativa con la crisis financiera global," Boletín Económico, Banco de España, issue 4/2021.
    • Handle: RePEc:bde:joures:y:2021:i:04:d:aa:n:33
    Note: Artículos Analíticos
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    More about this item

    Keywords

    emisiones de deuda; bonos corporativos; crisis financiera global; COVID-19; pandemia.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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