发行人
债券
业务
政府(语言学)
基点
金融体系
货币经济学
作者
Ran Zhang,Yifei Li,Yuan Tian
标识
DOI:10.1016/j.pacfin.2021.101697
摘要
• We model an implicit government guarantee as a partial protection for corporate bonds issued by state-owned enterprises (SOEs) and present pervasive evidence of its existence in the Chinese corporate bond market. • The protection effect is stronger among poorly rated SOE bonds than for highly rated SOE bonds. • For newly issued corporate bonds, the average guarantee premium is 72 basis points (bps) for AAA bonds while it is 166 bps for AA- (lowest issuance rating) bonds. • We find the guarantee premiums are higher for bonds issued by central government sponsored SOEs and by issuers from strategically important sectors. We model an implicit government guarantee as a partial protection for corporate bonds issued by state-owned enterprises (SOEs) and present pervasive evidence of its existence in the Chinese corporate bond market. The protection effect is stronger among poorly rated SOE bonds than for highly rated SOE bonds – for newly issued corporate bonds, the average guarantee premium is 72 basis points (bps) for AAA bonds while it is 166 bps for AA- (lowest issuance rating) bonds. We find the guarantee premiums are higher for bonds issued by central government sponsored SOEs and by issuers from strategically important sectors, raising concerns of the potential too-interconnected-to-fail problem.
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