Defaults of Original Issue High-Yield Convertible Bonds
Recent studies using aging analysis have found high rates of default for rated, nonconvertible high-yield bonds. This paper examines the remainder of the market and concludes that rated. and nonrated convertible high-yield bonds had significantly lower defaul t rates. It also provides some evidence that nonrated, nonconvertible securities may have lower default rates. Even after controlling for issue size and coupon rates in a logit model, these differences rema in statistically significant. Copyright 1993 by American Finance Association.
Volume (Year): 48 (1993)
Issue (Month): 1 (March)
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