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De facto seniority in the primary market for corporate bonds

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  • Kim, Ju Hyun

Abstract

This paper documents the existence of de facto seniority in the primary market for corporate bonds. Analysis of Korean data from 2018 to 2021 shows that investors require larger yield spreads for debt with later maturities in an issuance cohort. This relation is robust to controlling for macroeconomic conditions, important issue characteristics, the stated use of proceeds, and alternate fixed effects.

Suggested Citation

  • Kim, Ju Hyun, 2024. "De facto seniority in the primary market for corporate bonds," Finance Research Letters, Elsevier, vol. 62(PA).
    • Handle: RePEc:eee:finlet:v:62:y:2024:i:pa:s1544612324001466
    DOI: 10.1016/j.frl.2024.105116
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    More about this item

    Keywords

    De facto seniority; Corporate bonds; Issuance spread; Bond maturity; Primary market;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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