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On the Seasoning Process of New Bonds: Some Are More Seasoned than Others

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  • Sorensen, Eric H.

Abstract

In recent years, there have been a number of studies investigating the yield spread phenomena between new and seasoned bonds ([1], [2], [3], [4], [8], [10], [13]). This literature focuses upon two aspects of the equilibrium pricing of new versus seasoned bonds: (l) analysis of the microeconomic determinants of new issue/seasoned issue yield spreads such as specific differences in coupon rates, call features, maturity features, and the like; and (2) analysis of macroeconomic determinants of yield spreads such as economic growth, interest rate cycles, changing marginal tax rates, and the like.

Suggested Citation

  • Sorensen, Eric H., 1982. "On the Seasoning Process of New Bonds: Some Are More Seasoned than Others," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(2), pages 195-208, June.
    • Handle: RePEc:cup:jfinqa:v:17:y:1982:i:02:p:195-208_01
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    Cited by:

    1. Habib, Michel A. & Ziegler, Alexandre, 2007. "Why government bonds are sold by auction and corporate bonds by posted-price selling," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 343-367, July.
    2. Jun-Koo, Kang & Lee, Yul W., 1996. "The pricing of convertible debt offerings," Journal of Financial Economics, Elsevier, vol. 41(2), pages 231-248, June.
    3. Rischen, Tobias & Theissen, Erik, 2018. "Underpricing in the euro area corporate bond market: New evidence from post-crisis regulation and quantitative easing," CFR Working Papers 18-03, University of Cologne, Centre for Financial Research (CFR).
    4. Galina Hale & João A. C. Santos, 2006. "Evidence on the costs and benefits of bond IPOs," Working Paper Series 2006-42, Federal Reserve Bank of San Francisco.
    5. M. Wayne Marr & G. Rodney Thompson, 1984. "The Influence Of Offering Yield On Underwriting Spread," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 7(4), pages 323-328, December.
    6. Rischen, Tobias & Theissen, Erik, 2021. "Underpricing in the euro area bond market: New evidence from post-crisis regulation and quantitative easing," Journal of Financial Intermediation, Elsevier, vol. 46(C).
    7. Michel A. Habib & Alexandre Ziegler, 2003. "Why Government Bonds Are Sold by Auction and Corporate Bonds by Posted-Price Selling," FAME Research Paper Series rp78, International Center for Financial Asset Management and Engineering.
    8. Gorton, Gary, 1996. "Reputation Formation in Early Bank Note Markets," Journal of Political Economy, University of Chicago Press, vol. 104(2), pages 346-397, April.
    9. Walter Wasserfallen & Daniel Wydler, 1986. "Die Preisbildung von neu emittierten Obligationen in der Schweiz," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 122(III), pages 425-442, September.

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