scholarly journals Increase in the nominal value of subordinated bonds – validity and implications

2019 ◽  
Vol 51 (2) ◽  
pp. 81-90
Author(s):  
Paweł Węgrzyn
Keyword(s):  
Financial Institutions ◽  
Negative Impact ◽  
Bond Market ◽  
Corporate Bond ◽  
Market Development ◽  
Corporate Bond Market

In 2018, there were many changes in corporate bond market in Poland. One of them was an increase in the nominal value of subordinated bonds issued by some financial institutions to 400 000 PLN. The main aim of the article is to analyze the sense and consequences of the increase in the nominal value of subordinated bond. The author put forward a thesis, which assumes that increase nominal value of these instruments will have a negative impact on the bank bonds market development in Poland.

China's Corporate Bond Market Development

2011 ◽  
Vol 44 (5) ◽  
pp. 6-33 ◽  
Author(s):  
Andrew H. Chen ◽  
Sumon C. Mazumdar ◽  
Rahul Surana
Keyword(s):  
Bond Market ◽  
Corporate Bond ◽  
Market Development ◽  
Corporate Bond Market

EFFECT OF STOCK MARKET DEVELOPMENT ON THE GROWTH OF CORPORATE BOND MARKET IN KENYA

2017 ◽  
Vol 2 (2) ◽  
pp. 16
Author(s):  
Dr. David W. Wanyama
Keyword(s):  
Stock Market ◽  
Corporate Bonds ◽  
Bond Market ◽  
Market Volatility ◽  
Corporate Bond ◽  
Market Development ◽  
Stock Market Volatility ◽  
Policy Makers ◽  
Stock Market Development ◽  
Corporate Bond Market

Purpose: The purpose of this study was to analyze how stock market development influences the growth of corporate bond market in Kenya.Methodology: The study used descriptive and causal research designs.  Secondary data was used. The sample of the study consisted of daily and monthly time series covering six years beginning January 2009 to December 2014. Unit root tests using Augmented Dickey-Fuller (ADF) and Phillips-Perron tests were done. The study used Eviews econometric software to facilitate empirical analysis of data.Results: Regression of coefficients results shows that Stock market size and corporate bonds are positively and significant related (r=0.029, p=0.002), stock market liquidity and corporate bonds are positively and significant related (r=8.291, p=0.0008), Stock Market Concentration and corporate bonds are positively and significant related (r=0.014, p=0.017). Regression of coefficients results shows that Stock Market Volatility and corporate bonds are positively and significant related (r=0.000023, p=0.0001).Unique Contribution to Theory, Practice and Policy: This study recommends study recommends for Policy makers to come up with measures to enhance the liquidity of the stock market which will in turn encourage investment in corporate bonds. The study recommends that concerted efforts should be made to improve market concentration in the corporate bonds market so that it can operate optimally. Policy makers should be aware of and monitor the level of stock market volatility that is appropriate for promoting the growth of the corporate bond markets and indeed other financial markets. Policy makers in Kenya should find ways and means of increasing the size of the stock market to reap the aforementioned benefits.

scholarly journals The Growing Importance of the Economic Role of the Corporate Bond Market

2021 ◽  
Vol 20 (4) ◽  
pp. 5-37
Author(s):  
Attila Bécsi ◽  
Gergely Bognár ◽  
Máté Lóga
Keyword(s):  
Negative Impact ◽  
Bank Lending ◽  
Bond Market ◽  
Bank Loans ◽  
Corporate Bond ◽  
Corporate Bond Market ◽  
Economic Role ◽  
Wide Range ◽  
Liability Structure

The role of corporate bonds has expanded globally in the past decade, as they are an ideal financial instrument both for diversifying the liability structure of issuing companies and managing investors’ portfolios. An adequately developed, liquid corporate bond market has a beneficial effect on the functioning and transparency of the market mechanisms of the economy and can also strengthen the crisis resilience of the financial system. Several studies have shown that – in addition to the normal functioning of companies – the issue of corporate financing is also important in crisis management, as uncertainty during a crisis has a negative impact on the liquidity of bank lending, limiting companies’ funding options. In such a situation, it is therefore vital that companies can also rely on other forms of financing. Recognising this in the aftermath of the 2008–2009 economic crisis, central banks in a number of countries launched bond purchase programmes in order to start supporting the expansion of the corporate bond market. Thanks to the Bond Funding for Growth Scheme (BFGS) of the Magyar Nemzeti Bank (the Central Bank of Hungary, MNB), the Hungarian corporate bond market now offers a realistic financing alternative to bank loans for a wide range of companies.

scholarly journals Corporate Bond Market in Poland—Prospects for Development

2020 ◽  
Vol 13 (12) ◽  
pp. 306
Author(s):  
Jakub Kubiczek
Keyword(s):  
Corporate Bonds ◽  
Bond Market ◽  
Corporate Bond ◽  
Annual Growth ◽  
Market Development ◽  
Supply Side ◽  
Upward Trend ◽  
Corporate Bond Market ◽  
Bond Issuers

The Polish corporate bond market does not have a history as long as the American one, however, it is characterized by stable annual growth. The growth of the market is related to the growth of its liquidity and is determined by a number of entities, both on the demand and the supply side. The aim of the study was to present the structure of the Catalyst market and bond trading in Poland. The study also discusses the market’s development and identifies the factors that determine this development. Based on reports concerning trading on the Catalyst market, a huge growth was noticed in the 10 years since the market’s establishment. Forecasts indicate that the growth will continue. The outbreak of the SARS-CoV-2 pandemic will cause the market development to be slower than the model’s forecast, although the data for the first nine months of 2020 suggest that the upward trend will be maintained. Moreover, for the market to continue to thrive, a rating must be compulsory for corporate bond issuers. A comparison of the ratings of individual issuers enables investors to analyze the risk and profitability of corporate bonds in an easier way.

scholarly journals MULTIVARIATE ANALYSIS OF SHORT AND LONG-IMPACT INDICATORS FOR CORPORATE BOND MARKET DEVELOPMENT

2016 ◽  
Vol 14 (1) ◽  
pp. 116-135
Author(s):  
Ieva ASTRAUSKAITĖ
Keyword(s):  
Capital Market ◽  
Banking Sector ◽  
Bond Market ◽  
Corporate Bond ◽  
Market Development ◽  
Corporate Bond Market ◽  
Performance Development ◽  
Long Term Impact ◽  
The Capital Market

An additional instrument or established access to the capital market funding would increase business opportunities for performance, development, growth, channeling financing for sustainable and long-term economic growth and job creation. Capital market and its level of development or further development opportunities are exposed to different factors. Clear identification of them mobilizes the attention of accurate and useful decisions or actions influencing the expected results, their adoption and implementation, monitoring. With the purpose to identify a set of factors influencing the capital market deve lopment as well as to introduce a model of their short term and long term impact projections, the ARDL model for the US and Lithuanian cases is introduced. The concluding remarks state on different legal and regulatory framework, banking sector and ICT measures exposures to the different stages of the corporate bond market development.

scholarly journals Developing the Corporate Bond market- International Experience and Lessons for Vietnam Companies

2021 ◽  
Vol 9 (2) ◽  
Author(s):  
Nguyen Duy Thinh ◽  
Vu Ngoc Xuan
Keyword(s):  
Commercial Banks ◽  
Business Performance ◽  
Negative Impact ◽  
Bond Market ◽  
Middle Income Country ◽  
Corporate Bond ◽  
Middle Income ◽  
Corporate Bond Market ◽  
The World

Vietnam is in the process of developing into a middle-income country in the world. The widespread epidemic of covid-19 has had a negative impact on most Vietnam enterprises. However, the Vietnamese government's success in disease control has contributed to the recovery of business performance and efficiency. Vietnamese enterprises used to mobilize capital mainly through banking channels. In recent times, bonds are an important long-term capital mobilization tool for businesses, helping businesses reduce their dependence on commercial banks. This article mentions the development of the Vietnamese corporate bond market based on the experiences of several countries around the world.

Momentum in Korean Corporate Bond Market

2020 ◽  
Vol 33 (3) ◽  
pp. 301-338
Author(s):  
Minyeon Han ◽  
◽  
Jemoon Woo ◽  
Hyounggoo Kang
Keyword(s):  
Bond Market ◽  
Corporate Bond ◽  
Corporate Bond Market
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