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Determinants of spreads on new high yield bonds of shipping companies

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  • Grammenos, Costas Th.
  • Arkoulis, Angelos G.

Abstract

This paper investigates determinants of pricing of new high yield bond offerings of shipping companies. New high yield bond offerings issued by shipping companies in the US market, during the period 1993-1998, are used in the investigation. The empirical results suggest that credit rating is the major determinant of the price spread of the bond offerings. Financial leverage and shipping market conditions also account for a significant part of the price variability.

Suggested Citation

  • Grammenos, Costas Th. & Arkoulis, Angelos G., 2003. "Determinants of spreads on new high yield bonds of shipping companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 39(6), pages 459-471, November.
    • Handle: RePEc:eee:transe:v:39:y:2003:i:6:p:459-471
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    Citations

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    Cited by:

    1. Alexandridis, George & Kavussanos, Manolis G. & Kim, Chi Y. & Tsouknidis, Dimitris A. & Visvikis, Ilias D., 2018. "A survey of shipping finance research: Setting the future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 115(C), pages 164-212.
    2. Shahzad, Syed Jawad Hussain & Bouri, Elie & Hernandez, Jose Areola & Roubaud, David, 2021. "Causal nexus between crude oil and US corporate bonds," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 577-589.
    3. Mitroussi, K. & Abouarghoub, W. & Haider, J.J. & Pettit, S.J. & Tigka, N., 2016. "Performance drivers of shipping loans: An empirical investigation," International Journal of Production Economics, Elsevier, vol. 171(P3), pages 438-452.
    4. Kavussanos, Manolis G. & Tsouknidis, Dimitris A., 2014. "The determinants of credit spreads changes in global shipping bonds," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 70(C), pages 55-75.
    5. Arthur J. Lin & Hai-Yen Chang & Brian Hung, 2022. "Identifying Key Financial, Environmental, Social, Governance (ESG), Bond, and COVID-19 Factors Affecting Global Shipping Companies—A Hybrid Multiple-Criteria Decision-Making Method," Sustainability, MDPI, vol. 14(9), pages 1-29, April.
    6. Syriopoulos, Theodore C., 2007. "Chapter 6 Financing Greek Shipping: Modern Instruments, Methods and Markets," Research in Transportation Economics, Elsevier, vol. 21(1), pages 171-219, January.

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